Report

Thursday, September 4th, 2014 (5:45 - 7:15pm) 110 Business Revised 9/24/2014 Introductions (Ron) Career Opportunities Penn State Courses (Officers) Actuarial Exams & VEE Actuarial Science Club Internships Questions 2 # 1 Job in US # 1 School for Recruiters Largest actuarial program in US ( per WSJ ) ( per BusinessWeek) (50% bigger than #2) About150 exam passers per year About ½ from Smeal and ½ from Eberly (Math & Stat) Center of Actuarial Excellence – only 14 in US Very Difficult Degree Students with A’s in Calculus and Probability: pass exams, get jobs Students with C’s rarely pass exams/get jobs – try ERM? Some employers only look at students with GPA > 3.5 STAT 414 & SOA Probability Exam – take Sophomore year Eberly students can transfer to UP early to take STAT 414 3 Ron Gebhardtsbauer, FSA Pension Consulting, Insurance, Congress, spokesperson for US profession Teaches RM 410/411/412/415 (Financial Math, Pricing Life Ins & Derivatives) Zhongyi Yuan, PhD in Actuarial Science Teaches RM 410 (Financial Math) in Fall Has taught RM 420 (C Exam = P&C and Health) in Spring Yuan Huang: PhD candidate in Statistics Brian Johnson, ACAS Lisa Weaver, LLD Lisa Posey and Dave Cather Teaching RM 420 this Spring Works for SwissRe (Property & Casualty Reinsurance Company) helps RM 420 Retirement Consultant, Teaches INS 401 (Pensions) each Spring PhDs teaching Insurance and Risk Management Actuarial Science Club Officers (Email them your questions) President – Eric Stoltz (interned at AON Hewitt in Chicago) VP – Bradford Conners (interned at CIGNA in Hartford) 4 Insurance, Consulting, Government, Academia o Insurance o 12-18 Month Rotational Programs o Competitive study programs o Consulting, Investment, and Accounting Firms o Longer hours – especially during busy season o Dynamic work environment o Industries o Life/Annuity o Health o Retirement o Property/Casualty o Reinsurance o Finance/Investment 5 Internet (e.g., Met Life & AXA only use their website) Actuarial Career Fair Info Sessions Linked-In Your resume on Symplicity o o o o o o o o o Used for Club’s Resume Booklet Pass Actuarial Exams and take all VEE courses Get involved in student organizations Keep GPA above 3.20 to get an internship/job Talk to: o o o Students who had Internships: on Club’s website Employers and Alums: on Club’s website www.clubs.psu.edu/up/actsci Yr 1st Fall MATH 140* (Calc I) Spring MATH 141* (Calc II) 2nd MATH 230* (Calc III) STAT 414* (Probability Theory) !!! preferred prereq for 414 per Eberly Take P Exam in May for internship MATH 220 (Matrices) STAT 480# (SAS) 3rd R M 410* (Financial Math) Excel Take FM in December (pts in RM 410) STAT 416# (Stochastic Processes) R M 411* (Life Contingencies) VBA R M 415 (Derivatives Markets) Take MFE in July (>80% passed!) STAT 415# (Mathematical Statistics) Take CAS’s ST Exam in April 4th R M 412* (Life Contingencies) Take MLC in October (pts in RM 412) RM 420 P&C/Health: take C in June orRM401PensionsStat: allows 420 as sub STAT 463# (Applied Time Series) R STAT 462# (Regression Analysis) Minitab See www.math.psu.edu/ug/advising/vs on whether to place out of 140/141 If you got a 5 on the AP exams, I recommend you place out of course MATH 220 (Matrices) valuable for Markov Chains in RM 412 & MLC STAT 415 valuable for RM 412 & 420, Exam C, & CAS Exam ST * C or better required. If C’s, consider other majors # needed for STAT minor 7 R M 301* (Fall Only) ◦ Risk & Decisions R M 320W* (Spring Only) ◦ Risk Management & Insurance RM 430* (Fall Only) ◦ Life & Health Insurance Eberly students take RM 302 instead * C or higher required 9 ◦ ◦ ◦ ◦ ◦ SCM 200* Statistics for Business (easy-AP can waive) More business applications than STAT 200, which Eberly students must take MIS 204* Business Information Systems FIN 301* Finance ACCTG 211* Accounting MKTG 301* Marketing MGMT 301* Management BA 411: Analyzing Business & Industry (BA 412 for Schreyer) B LAW 341 Business Law BA 342 Business Ethics Act Sci students can skip Supply Chain 301 * C or higher required Consult your degree audit at elion.psu.edu Sample schedule at Smeal Undergraduate Student Exchange or Club website http://ugstudents.smeal.psu.edu/academics-advising/degree-requirements/majors 10 Additional Statistics & Mathematics courses: ◦ ◦ ◦ ◦ ◦ ◦ MATH 220: Matrices (good course for RM 412) STAT 415: Mathematical Statistics (good course for C exam) STAT 461: Analysis of Variance STAT 470W: Problem solving in Applied Statistics STAT 480 (1 credit) or 483 (3 credits): SAS (good course) STAT 462/463:Applied Regression/Time Series Analysis-VEE ◦ 1 from CMPSC 101/102/121/200/201/202: C++,VB,Matlab,Fortran ◦ Select 9 credits from: STAT 416: Stochastic Modeling RM 420: Loss Models (needs a petition, which will be accepted) STAT 440: Computational Statistics STAT 464: Applied Nonparametric Statistics STAT 466: Survey Sampling MATH 436/441: Linear or Matrix Algebra MATH 451/455: Numerical Computations & Numerical Analysis IE 434/436: Quality Control/Industrial Engineering 11 Additional Mathematics & Statistics courses: ◦ ◦ ◦ ◦ ◦ MATH 311W & 312: Discrete Math & Real Analysis MATH 251: Ordinary & Partial Differential Equations MATH 220: Matrices (good course) MATH/STAT 415: Mathematical Statistics (good course) MATH/STAT 416: Stochastic Modeling (good course) ◦ MATH 486: Game Theory or MATH 451: Numerical Computations ◦ ◦ ◦ ◦ ◦ MATH 484: Linear Programming STAT 462: Applied Regression Analysis (good course) STAT 463: Applied Time Series Analysis (good course) CMPSC 101, 121, 201C: Computer Programming IE 425: Operations Research RM 420: Loss Models? (asking now) 12 Business courses required: ◦ ECON 102 & 104: Micro & Macro-Economics ◦ FIN 301: Corp Finance & Financial Markets ◦ RM 302: Risk & Insurance ◦ Replaces RM 301/320/430 so you can take RM 420 !! ◦ RM 410*/411*/412*: Actuarial Courses ◦ ACCTG 211: Accounting (Stat Majors) Business courses not required: ◦ ◦ ◦ ◦ ACCTG 211: Math Majors don’t need for Fin 301 Business Core B LAW 341 & BA 342: Business Law & Ethics MIS 204: Intro to Business Information Systems * C or Higher required 13 STAT 483 (3): More SAS – great for Health and P&C jobs CMPSC 102: Intro to VB CMPSC 203: Excel with some Access MATH 220: Matrices MATH 251:Differential Equations with PDEs MATH 412: Partial Differential Equations MATH 451 or 455: Numerical Computations/Analysis MATH 486: Game Theory FIN 305 (2 piece): Financial Mgmt of Business Enterprise FIN 408 (2 piece): Financial Markets and Institutions ECON 302/304: Intermediate Micro/Macro Economics ECON 351: Money and Banking 14 RM Courses 410 (Excel); 411 (VBA); 412 (Pivot Tables) STAT 462: some Minitab used STAT 463: some R used STAT 480: SAS (1 credit) (STAT 483 is really good – 3 cred) online STAT 497: R CMPSC 203: Excel with some Access CMPSC 101 Intro to C++ CMPSC 102: Intro to VB lynda.psu.edu can also help w VBA CMPSC 200: MATLAB CMPSC 201: C++ CMPSC 202: FORTRAN CMPSC 37C: SQL MATH 451: MATLAB used FIN 414 or 415: VBA used 15 Given in Harrisburg, Philly, Pittsburg by: ◦ Society of Actuaries (SOA) Life/Pension/Health/Enterprise Risk Mgmt MLC Exam is given here ◦ Casualty Actuarial Society (CAS) Property/Casualty SOA exams mostly satisfy CAS ◦ But not vice-versa 16 To get internships Internship + 2 or 3 exams for FT job Take FM Exam in December after RM 410 ◦ Use breaks to pass exams ◦ Tough passing FM exam when in RM 411 We cover all 6 exams here ◦ Some pass all before graduation ◦ Almost Associates in the SoA We pay $100 if pass See Club’s Exam Passer webpage 17 Exam Course(s) SOA Sample Q Best Manual Take it when? Comments 1/P - Probability Theory STAT 414 InfiniteActuary Sophomore year!! Otherwise, take in Jan ASM December Don’t take in Feb when in RM 411 ASM or ADAPT July >80% pass rate!!! Late October MLC satisfies CAS’s LC exam June Stan says easy after Zhongyi’s RM 420 class April PoissonProcesses & Mathematical Statistics 2/FM - Financial Mathematics RM 410 3F/MFE – Financial Econ RM 415 LC/MLC - Life Contingencies RM 411/412 4/C – P&C and Health Ins RM 412/420 STAT 415/416 frequency/severity/aggregate ST exam (CAS) STAT 415/416 ACTEX or ADAPT Study it in summer InfiniteActuary or ADAPT cheap in last wk InfiniteActuary or ASM Tutorials at http://instruction.bus.wisc.edu/jfrees/UWCAELearn/default.aspx 18 Required by SOA, CAS, & Employers ECON 102/104 & FIN 301 required to graduate Must receive a grade of B- or better ◦ Or 4 or 5 on AP tests Apply for VEE credit after passing P & FM Can also get credit by exam thru ◦ Or apply after you get job (& get a raise) ◦ Other Campuses can use Univ. Park per SOA ◦ ACTEX for Finance & Applied Stat VEE’s ◦ CLEP for Econ VEE 19 Accepted Courses: take one from each o Applied Regression STAT 462, STAT 501, or ECON 306 ECON prerequisites can be satisfied by Stat 414 o Applied Time Series STAT 463, STAT 510*, ECON 483* o You can mix and match Get STAT Minor - if also take: o STAT 415 (Mathematical Statistics) o STAT 416 (Stochastic Processes) starting next year o STAT 480 (Intro to SAS - 1 credit) Some get ECON Minor: take ECON 302/304 & 6 credits of 400 level ECON *Gone? 20 VEE/Exam VEE Econ VEE Finance Course 1 Course 2 Econ 102 Econ 104 Other? FIN 301 VEE Statistics STAT 462 STAT 463 Exam P/1 STAT 414 Exam FM/2 R M 410 Exam MLC/3L R M 411 Exam MFE/3F R M 415 Exam C/4 R M 412 or STAT 501/510 or ECON 306/483 R M 412 R M 420 STAT 415/6 21 Résumé, Symplicity, & Mock Interview ◦ ◦ ◦ ◦ Wednesday 9/10: 6 – 7:30 PM in 107 Forest Res Put resumes on SmealConnect/SciOpps by 9/14 Must use instructions on Club’s Resume webpage RM 411 students must do mock interview by 9/14 Meeting for International Students ◦ Monday 9/8: 7 -8 PM in 110 Thomas ◦ Ideas for internships, jobs, grad school (e.g., MAS) Mentors for Juniors (& interested Frosh/Soph) ◦ If interested, email Corey Lutz [email protected] 22 Monday 9/22/14 from 5 to 8 PM in Atrium Over 30 companies Great place to find Internships ◦ Even if you don’t have exam: practice interviews ◦ 1st & 2nd yr. students can get internships w/o exams To Attend: ◦ Must do Mock Interview with Mentor by 9/14 ◦ GPA>3.20, or A’s in Calculus, or Exam Passed ◦ Pay Club Dues 23 Company Info Sessions Exam Review Sessions Tutors for help on exams Field Trip to Actuarial Employers (Spring) Speakers Series: AAA President Tom Terry THON involvement Junior Liaisons (listed on Club’s Home Page) (Club’s Review Sessions Page) 24 Facebook group ◦ ◦ ◦ ◦ https://www.facebook.com/groups/158631222604/ Study Manual exchange Questions about Actuarial Exams or PSU Classes Socials List Serve sign up at www.clubs.psu.edu/up/actsci Internships Questions? 25