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January 14, 2018 | Author: Anonymous | Category: Math, Statistics And Probability
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Thursday, September 4th, 2014 (5:45 - 7:15pm) 110 Business

Revised 9/24/2014

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Introductions (Ron) Career Opportunities Penn State Courses (Officers) Actuarial Exams & VEE Actuarial Science Club Internships Questions

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# 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

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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)

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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]

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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

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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)

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Facebook group ◦ ◦ ◦ ◦

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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

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