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Exam FM: Financial Mathematics Welcome! The Actuarial Science program prepares student for careers as actuaries. It helps them learn material that is included in processional examinations administered by the Society of Actuaries and Casualty Actuary Society, which actuarial students must pass in order to achieve professional status. Thank you for your interest in our Actuarial Science Program at the University of Iowa. The Actuarial Science program prepares students for careers as actuaries. It helps them learn material that is included in professional examinations administered by the Society of Actuaries, which actuarial students must pass in order to achieve professional status. In addition to actuarial science courses, students can take courses in preparation for business aspects of the actuarial profession such as accounting, law, finance, insurance, and economics. The Society of Actuaries (SOA) has recognized University of Iowa’s actuarial science program as a Center of Actuarial Excellence (CAE). There are eight criteria for the designation, including curriculum, faculty composition, graduate quality, connection to industry, and research/scholarship. We are a small department in a large University and graduate between 20-15 students each year. We do have SELECTIVE admission due to the difficulty of the professional examinations. Students interested in becoming actuaries should declare an Interest in Actuarial Science as their major when they ENTER the university. Ordinarily, students apply for admission to the Actuarial Science major in the fall semester of their sophomore year, after they have taken Math:2850 (22M:028) Calculus III or MATH:3770 (22M:055) Fundamental Properties of Spaces and Functions I and STAT:3100 (22S:130) Introduction to Mathematical Statistics I. Students should apply no later than the end of the spring semester of their junior year. We have 17 active faculty teaching Statistic courses and 5 teaching Actuarial Science classes. More information on our program follows! If you have any questions or concerns please contact Margie Ebert, Academic Program Coordinator at (319) 335-2082 or email [email protected] or actuarial- [email protected] Actuarial Science Fall 16 Orientation Schedule Undergraduates: Are you a new student or a transfer student interested in Actuarial Science? Specific details (time and place) will be sent to all students or check out the Club’s Facebook page for the latest information: https://www.facebook.com/ groups/163654807082416/ Thursday, August 18: College of Liberal Arts and Sciences (CLAS) Open House at Hubbard The University Park at 4-6 p.m. While promoting their majors and programs, departments will sponsor games, give of Iowa demonstrations, do art projects, and give away promotional items. Stop by to meet us! Department of Saturday, August 27: Actuarial Science Club Social Event with Fun and Games at the Statistics and Park! 1:30-3:30 p.m. More details soon! Actuarial Science Tuesday, August 30: Program Overview. We encourage all new and transfer undergraduate students to join us to learn more about the Actuarial Science major with Professor Shiu. 3:30 p.m. Thursday, September 1: Willis Towers Watson invited all student to attend their famous 241 Schaeffer Hall networking activity (Mocktail) and help with writing resumes! 6:30 p.m. Phone: 319 335-0712 Tuesday, September 6: Transamerica sponsored Picnic! Great way to meet all of our Actuarial Science students and have some fun! Details coming soon! Plan on 5-8 p.m. E-mail: actuarial- [email protected] Thursday, September 8: Resume Workshop/ Interview Skills Practice/short Hire-a-hawk overview, 6:30 p.m. Tuesday, September 13: Principal Presentation by the chief actuary & general information to prepare for the job fair! 6:30 p.m. Tuesday, September 20: Intern Night, 6:30 p.m. Learn more about what it is like to work as an Actuarial Intern! Thursday, September 22: from 9-4 in Pomerantz Center: Principal Mock Interviews Thursday, September 22: from 11-4 pm in the IMU: University Fall Job & Internship Fair Wednesday, September 28: from 1-4 pm in the IMU: Actuarial Science, Insurance & Risk Management Job and Internship Fair s & Actuarial Science For each event you attend, your name will be submitted in a raffle to have breakfast with a company before the fair! Join us at Actuaries Risk is Opportunity. Pathway to Membership Exam Exam FM (1st or MFE 2nd year) Exam FM: Financial Mathematics (3rd year) Exam Exam P: Probability MLC Exam MLC: Models of Financial Economics Exam P Exam C (4th year) Exam MFE: Models for Life Contingencies (2nd or 3rd (after year) graduation) Exam C: Construction and Evaluations of Actuarial Models VEE– Validation by Educational Experience FAP (Fundamentals of Actuarial Practice) Includes courses in Economics, Corporate They are e-Learning courses and written Finance and Applied Statistics. Required assessments. Usually done post graduation. specified grade after passing two exams. “In the forefront of actuarial folklore stands the belief that the actuarial examinations constitute a mystery impenetrable by mortal man.” Charles A. Spoerl, Transactions of the Society of Actuaries, Volume 1 (1949) “The primary unifying force of the actuarial profession in North America is the shared experience of the actuarial exams. These difficult and competitive exams . yield a bond among actuaries that is stronger and longer lasting than that produced by the entry trials of other professions and careers. Actuaries are unique in the extent to which they remember and discuss their qualifying process, contribute their time to the education and examinations of prospective actuaries, and share a sense of community with those who have traveled the same road. The exams are sufficiently difficult to produce a sense of accomplishment best appreciated by other successful candidates.” Society of Actuaries Task Force on the Actuary of the Future (1988) Required Courses for the BS degree in Actuarial Science • CS:1210 (22C:016) Computer Science I: Fundamentals (4 s.h.) • ECON:1100 (06E:001) Principles of Microeconomics (4 s.h.) • ECON:1200 (06E:002) Principles of Macroeconomics (4 s.h.) • MATH:1850 (22M:025) Calculus I (4 s.h.) • MATH:1860 (22M:026) Calculus II (4 s.h.) • MATH:2700 (22M:027) Introduction to Linear Algebra (4 s.h.) • MATH:2850 (22M:028) Calculus III (4 s.h.) • MATH:3770 (22M:055) Fundamental Properties of Spaces and Functions I (4 s.h.) • STAT:3100 (22S:130) Introduction to Mathematical Statistics I (3 s.h.) • STAT:3101 (22S:131) Introduction to Mathematical Statistics II (3 s.h.) • STAT:4100 (22S:153) Mathematical Statistics I (3 s.h.) • STAT:4101 (22S:154) Mathematical Statistics II (3 s.h.) • ACTS:3080 (22S:180) Mathematics of Finance I (3 s.h.) • ACTS:4130 (22S:174) Quantitative Methods for Actuaries (3 s.h.) • ACTS:4180 (22S:181) Life Contingencies I (3 s.h.) • ACTS:4280 (22S:182) Life Contingencies II (3 s.h.) • ACTS:4380 (22S:183) Mathematics of Finance II (3 s.h.) ACTS:4280 (3 s.h.) may be substituted with BOTH ACTS:6480 (22S:177) Loss Distributions (3 s.h.) and ACTS:6580 (22S:176) Credibility and Survival Analysis (3 s.h.). MATH:3600 (22M:100) Introduction to Ordinary Differential Equations (useful for Exams MFE and MLC) and STAT:6300 (22S:195) Probability and Stochastic Processes I (useful for Exam MLC and also the new Exam S of the Casualty Actuarial Society) are highly recommended. For satisfying the General Education Program requirements in Natural Sciences, calculus-based courses such as PHYS:1611, 1612 (029:081, 082) are recommended. Some Facts: The University of Iowa has the second oldest actuarial science program in the U.S.A. It began with the course “The Mathematical Theory of Insurance,” taught by Dr. Westfall, in academic year 1902/1903. Since 1913, actuarial science courses have been taught every year at UI. Five past presidents of the Society of Actuaries and two past presidents of the Casualty Actuarial Society were UI students. The total number of new Fellows of the Society of Actuaries (FSA) from 2000 to 2014 is 9669, of which 218 are graduates of UI. http://www.stat.uiowa.edu/fellows- society-actuaries-fsa In other words, UI has produced 2.25% of all new FSA’s. 1 Sample Schedules Year Fall Semester Spring Semester MATH:1850 Calculus I MATH:1860 Calculus II 1 CS:1210 Computer Science I: Fundamentals MATH:2700 Introduction to Linear Algebra ECON:1100 Principles of Microeconomics (for VEE) ECON:1200 Principles of Macroeconomics (for VEE) MATH:3770 Fundamental Properties of Spaces and Functions I MATH:2850 Calculus III 2 STAT:3101 Introduction to Mathematical Statistics II STAT:3100 Introduction to Mathematical Statistics I ACTS:3080 Mathematics of Finance I (Exam FM) ACTS:3080 Mathematics of Finance I (Exam FM) STAT:4101 Mathematical Statistics II STAT:4100 Mathematical Statistics I ACTS:4180 Life Contingencies I (Exam MLC) 3 ACTS:4130 Quantitative Methods for Actuaries ACTS:4380 Mathematics of Finance II (Exam MFE) ACTS:4380 Mathematics of Finance II (Exam MFE) FIN:3300 Corporate Finance (for VEE) ACTS:4280 Life Contingencies II (Exam MLC) ACTS:4380 Mathematics of Finance II (Exam MFE) ACTS:4380 Mathematics of Finance II (Exam MFE) 4 ACTS:6480 Loss Distributions (Exam C) STAT:4510 Regression, Time Series and Forecasting (for ACTS:6580 Credibility and Survival Analysis (Exam C) VEE and also Exam S of the Casualty Actuarial Society) • ACTS:3080 is offered in both semesters. It appears twice in the table above. Most undergrads will take it in the spring semester of their sophomore year, while transfer students will probably take it in the fall semester of their junior year. • ACTS:4380 is offered in both semesters beginning in 2016. It appears in four places above. Most undergrads will take it in the spring semester of their junior year. • ACTS:4130 will NOT be offered any more in the spring semester beginning 2017.
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