**Announcements**

**September 2019. ** This year's Actuarial Career Fair will be held on Tuesday, September 24th in LGRT 1634, from 5:30pm-8:30 pm. This is a great opportunity to talk with recruiters about externships, internships, and full-time positions. Even if you are a freshman or sophomore, come to start building relationships with recruiters and learn the process for gaining future employment. More details will be provided at the beginning of the school year. Companies attending are Anthem, Aetna, Aon, Oliver Wyman, Hanover, The Hartford, Tufts Health Plan, Guardian Life, Mass Mutual, Milliman, Voya, Sun Life, and Blue Cross Blue Shield MA.

Our Actuarial Club is a chapter of Gamma Iota Sigma: GIS.

** **

**
**

**Introduction**

**Introduction**

**The actuarial field is a vibrant one and a great way to put to use the mathematics and statistics knowledge you are learning as a major. Actuary is listed as the 4th best job in the 2014 U.S. Bureau of Labor Statistics survey behind Mathematician, Tenured Professor, and Statistician.**

**The Department of Mathematics and Statistics offers several courses to prepare students for an actuarial career, including courses to prepare for the first two actuarial exams. We are one of only three institutions in Massachusetts on the 2018 UCAP list(link is external) maintained by the Society of Actuaries.**

**We currently have 180 students selecting the Actuarial Concentration within the major, several of whom are also majoring in another field (Finance, Engineering, Economics,...). Our alumni are employed at insurance and other financial companies throughout the country. We have an active Actuarial Club(link is external) that holds events throughout the year.**

**Our Casualty Actuary Society (CAS) University Liaisons are Chad Wilson and Hayley Shi, from Travelers. Chad is a Fellow of the CAS and Hayley is active in the Property and Casualty analytics space and is also a recent UMass graduate.**

**Thanks to Robert Pollack, Hanover Insurance, and the Actuarial Club of Hartford and Springfield for generous donations to the program this year.**

**Companies with internship or job opportunities for our students should contact the Actuarial Coordinator, HongKun Zhang.**

**VEE Requirements**

**The actuarial societies allow to have requirements to be validated by educational experience. There are three subjects in VEE requirements:**

**§ Applied Statistics, to be replaced by Mathematical Statistics**

**§ Corporate Finance, to be replaced by Accounting and Finance**

**§ Economics**

**There will be changes the VEE requirements, starting July 1, 2018. See https://www.soa.org/Education/General-Info/2016-vee-requirements.aspx. In particular, VEE Applied Statistics will end (it will become a full exam,) and VEE Mathematical Statistics will take its place. There will also be some changes to VEE Corporate Finance.**

**Currently the following series of UMass Amherst courses can be used to satisfy VEE requirements. The updated information can be checked at VEE Directory of Approved Courses and Alternate Options.**

** **

**UMASS AMHERST VEE courses**

**§ Economics. Both components below must be covered.**

**1. Microeconomics component: Economics 103.**

**2. Macroeconomics component: Economics 104.**

**§ Mathematical Statistics.**

**1. STAT 515 & STAT 516**

**§ Accounting and Finance.**

**1. Accounting component: Accounting 211. This course will be offered to majors starting in Spring 2019. **

**2. Finance component: Finance 301. Math majors who have declared the Actuarial concentration may contact Jacob Lagerstrom to submit a request to be enrolled in Finance 301. Requests for enrollment should occur during advising week.**

**Part of the previous VEE on Applied Statistical Methods has been subsumed into a new exam, named Statistics for Risk Modeling. A student may prepare for this exam by taking Stat 597TS and Stat 525.**

**Actuarial exam courses**

**The department offers several courses related to the actuarial exams. Students must take at least one of the exam courses, and also the Math Finance course (Math 537), for the concentration.**

**· Exam P/1: This is an exam covering probability. Math 536 is a course dedicated to preparing students for the exam. The underlying material is covered in Stat 515 and Math 233 and a few students have taken the exam after completing just those courses by studying on their own.**

**· Exam FM/2: The updated version of this exam covers just the interest rate theory material. Math 437 is dedicated to preparing students for this exam. Some of the material is also touched upon in Finance 301.**

**· Exam SRM (Statistics for Risk Modeling NEW): This is one of the two components on the new curriculum that is devoted to predictive analytics education. It provides the transition from mathematical statistics as presented in the Probability Exam and Mathematical Statistics VEE to predictive analytics and its applications. It covers the regression and time series topics formerly in the Applied Statistics VEE subject. This exam will add the generalized linear model. This exam will be CBT and will be a formal prerequisite for the Predictive Analytics Exam. Stat 597TS, Stat 525 is dedicated to preparing students for this exam. Some of the material is also touched upon in Finance 301.**

**· Parts of Exam MFE/3: Math 537 covers a good portion of the subject matter of this exam, but 537 is not an exam preparation course per se.**

**· MAS-I: Stat 597TS, Stat 525, Stat 515, Stat 516 will cover a good portion of the following topics: Probability Models (Stochastic Processes and Survival Models); Statistics; Extended Linear Models; Time Series with Constant Variance.**

**· MAS-II: will cover the following topics: Introduction to Credibility, Linear Mixed Models; Bayesian Analysis and Markov Chain Monte Carlo; Statistical Learning.**

**Other requirements**

**Other requirements**

**The other requirements for the concentration are found on the main undergraduate page.**

**Suggestions and announcements for actuarial concentrators**

**· Complete Stat 515 in your sophomore year.**

**· Take an exam course (typically, Math 536) during your sophomore year so that you can pass one exam by the summer before junior year. This makes it more likely to secure an internship during the Actuarial Career Fair and thus have an internship during the summer between junior and senior year. **

**· Bob and Lynne Pollack Actuarial Exam Fund: The department will reimburse the full fee for any of the first three exams that are successfully passed. In addition, we will reimburse up to $75 in study material costs for the passed exam. Please contact Jinguo Lian for more details.**

**· The Actuarial Club(link is external) is now a chapter of Gamma Iota Sigma(link is external), a national organization of students interested in risk and insurance (including actuarial science). See also the campus pulse page here(link is external).**

**Helpful Links**

**Actuarial Societies**

**· Society of Actuaries (SOA)(link is external)**

**· Casualty Actuarial Society (CAS)(link is external)**

**Requirements of the professional societies**

**· ASA Requirements(link is external)**

**· CAS Admissions Process(link is external)**

**Exam Preparation**

**· Advice from the SOA(link is external)**

**· The Infinite Actuary(link is external)**

**· Coaching Actuaries(link is external)**

**· Actuarial Outpost(link is external)**

**Actuarial Job and Internship Search**

**· Rollins Job Bulletin(link is external)**

**· Actuary Grads Network(link is external)**

**· INROADS**

** **

_{}

** **