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Actuarial Science Meeting

Actuarial Science Meeting. Wednesday, September 3 rd , 2014 (6 - 7:30pm) 112 Forestry Building Revised 10/1/2013. Topics. Introductions Career Opportunities discussed Penn State Courses Actuarial Exams & VEE Actuarial Science Club Internships Questions. Penn State Actuarial Program.

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Actuarial Science Meeting

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  1. Actuarial Science Meeting Wednesday, September 3rd , 2014 (6 - 7:30pm) 112 Forestry Building Revised 10/1/2013

  2. Topics • Introductions • Career Opportunities discussed • Penn State Courses • Actuarial Exams & VEE • Actuarial Science Club • Internships • Questions

  3. Penn State Actuarial Program • # 1 Job in US ( per 4/22/13 WSJ ) • # 1 School for Recruiters ( per BusinessWeek) • Largest actuarial program in US • Over 100 exam passers per year • Almost half of Math and Stat majors • 70 from Smeal and 50 from Eberly (Math & Stat) • Center of Actuarial Excellence – only 14 in US • Very Difficult Degree • Students with A’s in Calculus: pass exams, get jobs • Students with C’s rarely pass exams/get jobs – try ERM? • Most employers only look at students with GPA > 3.5 • STAT 414 & SOA Probability Exam – take Sophomore year

  4. Faculty & Club Officers • Ron Gebhardtsbauer, FSA (Academic Advisor to Seniors) • Pension Consulting, Insurance, Congress, spokesperson for profession in US • Teaches RM 410/411/412/415 (Financial Math, Pricing Life Ins & Derivatives) • Zhongyi Yuan, PhD in Actuarial Science (Academic Advisor to Juniors) • Teaches RM 410 (Financial Math) in Fall • Teaches RM 420 (C Exam = P&C & Health material) in Spring • Maggie Niu • Assistant Professor in Statistics teaching RM 410 • Brian Johnson, ACAS • Works for SwissRe (Property & Casualty Reinsurance Company) helps RM 420 • Lisa Weaver, LLD • Retirement Consultant, Teaches INS 401 (Pensions) each Spring • Lisa Posey and Dave Cather • PhDs teaching Insurance and Risk Management • Actuarial Science Club Officers (Available for questions too) • President – Stan Korostin (interned at Phoenix in Hartford and E&Y in Philly) • VP – TJ Chukwueke (interned at TMNA in BalaCynwyd and Mercer in Philly)

  5. TOP THINGS TO DO FOR YOUR CAREER Actively seek out companies (in cities you’d like), using • Internet (e.g., Met Life & AXA only use their website) • Actuarial Career Fair • Info Sessions • Students who had Internships (Club’s website) • Your resume on Symplicity • 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 • Use Employer list on Club website www.clubs.psu.edu/up/actsci/employers.html

  6. What classes should I take? …The Big Question…

  7. Sample Schedule See www.math.psu.edu/ug/advising/vs on whether to place out of 140/141 MATH 220 (Matrices) valuable for Markov Chains in RM 412 & MLC STAT 415 valuable for RM 420 & Exam C. * C or better required. If C’s, you should consider alternatives # needed for STAT minor

  8. Smeal Major Required Courses • R M 301* (Fall Only) • Risk & Decisions • Prereq: FIN 301, MATH 140, STAT 200 • R M 320W* (Spring Only) • Risk Management & Insurance • Prereq: R M 301 • RM 430* (Fall Only) • Life & Health Insurance • Prereq: R M 320W * C or higher required

  9. Smeal Required Courses reference • STAT200*/SCM200*: Elementary Statistics (easy-AP can waive) • SCM200 has more business applications & RM (ActSci) students don’t have to take SCM 301 anymore • MIS 204*: Intro to Business Information Systems • B LAW 341 & BA 342: Business Law & Ethics • Smeal’s Business Core • FIN 301* Finance • ACCTG 211* Accounting • MKTG 301* Marketing • MGMT 301* Management • BA 411: Analyzing Business & Industry (BA 412 for Schreyer) * C or higher required Consult your degree audit at elion.psu.edu Sample schedule at Smeal Undergraduate Student Exchange http://ugstudents.smeal.psu.edu/academics-advising/degree-requirements/majors

  10. Stat Major -Actuarial Optionreference • 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: Introduction to 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 • 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. Math Major -Actuarial Optionreference • 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

  12. Eberly Majors -Actuarial Optionreference • Business courses required: • ECON 102 & 104: Micro & Macro-Economics • FIN 301: Corp Finance & Financial Markets • RM 302: Risk & Insurance • RM 410*/411*/412*: Actuarial Courses • ACCTG 211: Financial/Managerial Accounting (Stat Majors) • Business courses not required: • RM 301, 320W, 430, and 401/420 • ACCTG 211: Accounting (Math Majors) • Business Core and BA 411 • B LAW 341 & BA 342: Business Law & Ethics • MIS 204: Intro to Business Information Systems * C or Higher required

  13. Other Good Courses to Take reference • STAT 480: SAS • COMP SCI 203: Excel with some Access • CMPSC 102: Intro to VB • MATH 220: Matrices • MATH 251:Differential Equations • MATH 232 (after MATH 231) • MATH 412 Partial Differential Equations • MATH 451 or 455: Numerical Computations/Analysis • MATH 486: Game Theory • FIN 305: Financial Mgmt of Business Enterprise • FIN 408: Financial Markets and Institutions • FIN 410: Derivatives Markets (RM 415 without Calculus) • FIN 414 or 415: Financial Trading; Advanced Financial Modeling • ACCTG 211: Accounting • ECON 302/304: Intermediate Micro/Macro Economics • ECON 351: Money and Banking

  14. Courses with Programming reference • RM Courses 410 (Excel); 411 (VBA); 412 (Pivot Tables) • STAT 462: some Minitab used • STAT 463: some R used • STAT 480: SAS • 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. Actuarial Exams • Given in Harrisburg, Philly, Pittsburg by: • Society of Actuaries (SOA) • Life/Pension/Health/Enterprise Risk Mgmt • Casualty Actuarial Society (CAS) • Property/Casualty • SOA exams usually satisfy CAS, but not vice-versa • See www.BeAnActuary.org

  16. Why should I take these exams? • Passing 1 exam helps get internship • 2 or 3 exams for Full-Time job • Top student with 3.96 & no exams: no job • We cover all 5 exams in our courses here • Two students passed all 5 exams before graduating • They are almost Associates in the Society of Actuaries • We partially reimburse exam fees, if pass • SeeClub’s Exam Passer webpage for getting $100 • Take FM Exam this December • Tough passing FM exam when in RM 411 • Use summer & winter breaks to pass exams

  17. SOA/CAS Exams All exams are computer based at Prometric in Philly, Harrisburg, or Pittsburgh (except MLC which is given here, on paper, with essays)

  18. Validation by Educational Experience (VEE) • Required to be a Member of SOA or CAS • Employers want hires to have VEE • ECON 102/104 & FIN 301 already required • Must receive a grade of B- or better • Or 4 or 5 on AP tests, on College Board transcript • Apply for VEE credit after passing P & FM

  19. VEE: Applied Statistical Methods • Accepted Courses: take one from each • Applied Regression • STAT 462, STAT 501, or ECON 306 • Prerequisites can be satisfied by Stat 414 • Applied Time Series • STAT 463, STAT 510, ECON 483* • You can mix and match • Get STAT Minor - if take above STAT courses & • STAT 415 (Mathematical Statistics) • STAT 480 (Intro to SAS - 1 credit) • STAT 416 (Stochastic Processes) in future • MATH 220 (Matrices – 2 credits) in future *Some used to get an ECON Minor if took ECON 302/304 (Intermediate Micro & Macro Econ) and an ECON 4xx, when ECON 483 given

  20. Penn State Classes

  21. Actuarial Science Club • Résumé Workshop & Symplicity • Wednesday 9/10: 6 – 7:15 PM in XXX Business • Put resumes on SmealConnect/SciOpps by 9/14 • Must use instructions on Club’s Resume webpage • Mock Interview Training • Wednesday 9/17: 6 – 7:15 PM in XXX Business • Study a company coming to our Career Fair • We’ll pretend you are interviewing that company • Local alums/profs/officers will interview you • International Mtg with Mock Career Fair • Wednesday 9/17: 7:30 – 9 PM in XXX Business

  22. Actuarial Science Career Fair • Monday 9/22/13: 5 – 8 PM in Atrium • 30 companies last year • Insurance companies & Consulting firms • Investment firms & Public accounting firms • Government agency • 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 • GPA>3.20, A’s in Calculus, or Exam • Pay Dues

  23. Actuarial Science Club • Company Info Sessions • Exam Review Sessions • Field Trip to Actuarial Employers (Spring) • Mentorsfor Juniors (& interested Frosh/Soph) • If interested, email Jeff Lyons jel5275@psu.edu • Speakers Series: SoA Pres. Mark Freedman • Wednesday 11/20: 6 - 7:30PM in 110 Business • THON presence • Interested in being a Junior Liaison? • Email Stan Korostin sak5389@psu.edu

  24. Actuarial Science Club • Facebook group • https://www.facebook.com/groups/158631222604/ • Study Manual exchange • Questions about Actuarial Exams or PSU Classes • Reminders about Socials • List Serve sign up at www.clubs.psu.edu/up/actsci • Internships Questions?

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