First Meeting Powerpoint

Report
Actuarial Science Club
2014-2015
Who makes it all happen
Board Members
Faculty Members
 Nate Stemberger
•
Gabor Francsics
 Karno Sarkar
•
Emiliano Valdez
•
Albert Cohen
•
Tom Mccollum
 Tommy Lewis
 Billy Buddle
 Hayley Black
 Hannah Cregg
Defining Actuarial Science
*A formal mathematical discipline applied to valuating and precisely analyzing the
financial implications of future contingent events.
-Interdisciplinary study inclusive of pure mathematics, statistics,
finance, economics and computer programming.
-Provides data collection, measurement, estimating, forecasting
and valuation tools that aid management in making critical
financial and marketing decisions regarding business
opportunities and risks.
Major at MSU
-First semester as a major was fall 2011.
-Housed within the math department which
is within the College of Natural Sciences
-You can also declare an actuarial
specialization (21 credits)
Some Actuarial Roles
*Actuaries take on risk management roles by assisting companies
with there future planning and minimizing potential financial losses.
-Life Insurance
Focus is on the analysis of mortality
-Health Insurance
Analysis of rates of disability, illness and other health contingencies
-Pension Industry
Cost analysis as pertaining to design, redesign, funding, accounting, and
maintenance of pension plans.
-Property and Casualty Insurance
Involves specializing in personal and commercial lines of insurance
i.e. automotive, fire, catastrophe, theft, property, product liability etc.
Professional Outlook
Salaries and bonuses are typically functions of experience, performance,
and exams passed.
-2013 DWSimpson Salary Survey:
2013 Average Total Comp. = $7,474(Yrs of Experience) + $63,315
2013 Average Entry Level Comp. = $1,683(Number of Exams) + $54,063
-Bureau of Labor Statistics:
The median annual wage for actuaries in May 2012 was $93,680
Employment for actuaries is expected to grow 26% from 2012 to 2022
-General work place environment
Actuaries typically work in an office setting with workweeks usually in the
40-60 hour range.
It is not uncommon for actuarial consultants to travel frequently in order
to meet with clients.
Long Run Picture of Exams
SOA (Society of Actuaries) has three primary designations:
ASA- Associate of the Society of Actuaries
Exams Required: P, FM, MLC, MFE, C
VEE: Applied Statistics, Economics or Corporate Finance
Modules: Fundamentals of Actuarial Practice, Associateship Professionalism Course
CERA- Chartered Enterprise Risk Analyst
Exams Required: P, FM, MFE, C, ERM
VEE: Economics or Corporate Finance
Modules: Enterprise Risk Management Course, Associateship Professionalism Course
FSA- Fellow of the Society of Actuaries
ASA
Completion of one of the following tracks:
Individual life and Annuities, Corporate Finance/ERM, Quantitative Finance/Investment,
Retirement Benefits, Group/Health and General Insurance
*Each fellowship track includes around three exams, three modules and various seminars
Actuarial Preliminary Exams
Exams
• P – Probability
• FM – Financial
Mathematics
• MLC – Modeling
Life
Contingencies
• MFE – Financial
Economics
• C – Construction
of Actuarial
Models
Source: http://www.ezrapenland.com/salary/
SOA vs. CAS
Society of
Actuaries
• Work with
Pensions, Life
Insurance,
Retirement, etc.
• More common
Casualty Actuarial
Society
• Work with Property
and Casualty (Auto
Insurance and Home
Insurance)
• Typically more
rewarding but harder
exams
How MSU prepares you
P – STT 441
FM – MTH 360, FI 379
MLC – STT 455, STT 456
MFE – MTH 458, STT 457
Study Tips
• Order a study
manual
(Actex vs. ASM)
• 100 study hours per
exam hour
• Get a group to study
with
Our Goal
 To provide opportunities for members to receive
internships and full time positions
Club Changes
 Volunteer opportunities available
 A way to boost your resume & feel good about
yourself!
 Good way to get to know other club members
Study Manual Library
 In the process of setting up a library for study manuals
 If you have old manuals you don’t use you can donate
them to the library
Club Overview Cont.
•
•
1.
2.
3.
•
Dues (start collecting next week)
What you get out of dues
Resume Book
Networking
Study Groups
Attendance (New Board Members)
MSU Company Visits
MSU Company Visits
 Provide students an opportunity to meet actuaries from
various companies.
 Learn about companies and a life of an actuary within
the company.
 Networking opportunities.
 A way to get a head-start towards an actuarial
internship
Companies that will visit
 Deloitte
 Towers Watson
 Humana
 Blue Cross Blue Shield
 Accident Fund
 And much more…
What You Need To Know
 A company visit works both ways
 Just as a company makes an impression on us, we
must also make a good impression on the company.
What We Expect
 We expect a good turn-out for EVERY company visit
 Always come in looking and prepared to impress
 Be respectful
 Come with questions
 Always look for opportunities
SEIZE THE DAY!!!
Next Meeting
September 11th
7pm room C304 (here)
Topic: Actuarial Preliminary Exams in Depth and
Resume/Interview Tips
Begin Dues Collection
First Company Visit
Deloitte
6:30pm room C304 (here)
Thank you for coming out!

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