The University of Akron
Department of Statistics – Actuarial Science Program
Becoming an Actuary Quick Overview
Jan 11, 2021
Nao Mimoto, Ph.D.
https://www.uakron.edu/statistics/actuarial-science/ What Does Actuary Do?
• Models and Measures Risk, and determines the price of various insurance products.
• Distribution of the Risk, Law of Large Numbers, Central Limit Theorem.
• Roll are expanding into non-traditional risk managements. How to become an Actuary
• Bachelor’s Degree. (ActSci, Statistics, Math, Finance, etc.)
• Passing Exams P and FM will make you marketable for entry-level positions.
• Internships are very important.
• http://BeAnActuary.com/ • https://www.uakron.edu/statistics/actuarial-science/ SOA – 7 prelim exams to be an Associate https://www.soa.org
To Become an Associate of SOA
Exam P – Probability VEE Economics*
Exam FM – Financial Mathematics VEE Corporate Finance*
Exam IFM – Investments and Financial Mathematics VEE Applied Statistics*
Exam LTAM – Long-Term Actuarial Models FAP e-learning course
Exam STAM – Short-Term Actuarial Models APC course
Exam SRM – Statistics for Risk Modeling
Exam PA – Predictive Analysis * All VEE courses can be taken at UA SOA – to be Fellow
(Takes 6-10 years to complete after graduation)
Every track requires CAS – 7 Prelim Exams to Become an Associate https://www.casact.org
Same as SOA exam
https://www.casact.org/admissions/process/ CAS or SOA?
• Major Types of Actuary Property & Casualty Life/Health Pension/Retirement Other
CAS SOA SOA
• i.e. Depends on your line of work as an actuary. • First 3 exams are the same – you don’t have to choose for now. Why Actuary Get Paid a lot
• Unique combination of skills • Rigid Credential Process Probabilistic Calculation
Business Understanding Statistical Analysis with Data Actuary
Computational Skill Financial Knowledge (Excel, R, SAS) Actuarial Science Program at UA
• BS in Statistics – Actuarial Science Option
• Try to pass 2 Exams before the graduation
• Try to get an (actuarial) internship before you graduate
• Great Job Placement Rates https://www.uakron.edu/statistics/actuarial-science/ Major in Statistics – Actuarial Science Option
• Knowledge of Stats are essential to be a good Actuary • Gives you more career options
Take as many Stats courses as you can!
• Take business elective (Insurance) early • Join Gamma Iota Sigma (Student organization) How to Find Internship
• Best to apply individually https://www.uakron.edu/statistics/actuarial-science/
• Summer Internship for Large Company may start in FALL VEE requirements
• Completing BS-Stats AS option will automatically fulfill all VEE requirements.
• Economics • Accounting and Finance • Mathematical Statistics
• VEE Math Stats - (452) • VEE Econ - (3250:244 Intro Econ) or (201 and 202) • VEE Accounting and Finance – (6200:201 and 6400:301).
• If you follow Stats – AS option course requirements, all VEE requirements will be satisfied. Stats - AS degree Course Flow (After Fall 2019)
Freshman / Sophomore Summer Sophomore/Junior Summer Senior 472 (Spring) Actuarial 3450:221 Models 3450:223 (Ex. STAM) Calc I Calc III 451 (Fall) 452 (Spring) 495 Theo Stat I Theo Stat II Statistical Consulting (Ex. P) (VEE) (2 semesters) 2cr + 1cr 3450:222 461 (Fall/Spring) Calc II Graduation !! Applied Internship ? (may be non Statistics 462 (Spring) Internship ! (or 261/262 Intro ) Reg. and 3460:209 480 (Fall) ANOVA Comp. Sci. I - Data 471 (Spring) Actuarial) (Ex. SRM) (or Prgmg Mgmt. 4xx for Data Sci) Intro to (Register Early!) Take and pass 477 Stats Elective Act Sci Exam FM (Decision Tree, (Can be taken (Spring even) (Fall) Apply Machine Learning, 3250:244 with Calc II) for Time Series etc) Intro to (Ex. FM) (Ex. SRM) (Ex. SRM) (Fall) Apply Internship Econ Take and (Or 201/202) for pass Exam P Stats Core requirement [VEE] 6400:301 Internship Pri. of 6200:201 Finance One of 6400: Accounting [VEE] 414 Risk Mgmt: Prop. & Casu. AS requirement (Ex. ) Preps for SoA Exam 415 Risk Mgmt: Life & Health Stats Course (3470) [VEE] Satisfies SoA VEE req. 343 Investment Business Course AS major web page: www.uakron.edu/statistics/actuarial-science/ UA Alumni works at places like:
• Key Bank • Huntington • Progressive • Aon • Erie Insurance • Charles Schwab • Transamerica SoA Exam Reimbursement Program
Pass SOA exam, get reimbursed for Exam registration fee (approx. $200. actual amount may depend on budget availability)
• Exam P or FM only • Statistics – AS major only • One student can receive the reimbursement twice. • Processed at the end of each Academic Year (end of May) • Keep your registration pdf (or screenshot) as proof of payment • Send in proof of passing, with proof of payment to [email protected] Contact US
• Department of Statistics • Dr. Nao Mimoto • Office: CAS 413 • [email protected]
• https://nmimoto.github.io • https://www.uakron.edu/statistics/actuarial-science/