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
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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
◦ ◦ ◦ ◦ ◦
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
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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
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 ◦ ◦ ◦ ◦
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