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Actuarial Science

Announcements

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, as well as all of the VEE requirements. 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 about 200 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 host an Actuarial Career Fair each fall and our Actuarial Club 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 and Lynne Pollack for their generous donations to the program over the past several years.

Companies with internship or job opportunities for our students should post their positions on Handshake.  They may also contact the Actuarial Coordinator, Jinguo Lian,

VEE Requirements

The actuarial societies require several courses as part of the process of obtaining certification within the profession.  These courses are known as Validation by Educational Experience (VEE).  As of July 1, 2018, the areas and courses are:

  • Economics:   Microeconomics (Economics 103) and Macroeconomics (Economics 104)

  • Mathematical Statistics:  Statistics 515 and 516

  • Accounting and Finance:  Accounting 221 and Finance 301.

Math majors who have declared the Actuarial concentration may contact Jacob Lagerstrom to submit a request to be enrolled in Accounting 221 or Finance 301. Requests for enrollment should occur during advising week.

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.

IFM/3:  Math 537 covers a portion of the subject matter of this exam, but 537 is not an exam preparation course per se.  Some topics are covered in Finance 301

Exam SRM (Statistics for Risk Modeling):  This is one of the two components of 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.   Stat 525 and Stat 535 will be helpful preparation for this exam.

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 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 is a chapter of Gamma Iota Sigma, a national organization of students interested in risk and insurance (including actuarial science). 

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

·        · The Infinite Actuary(link is external)

·         Coaching Actuaries(link is external)

·         Actuarial Outpost(link is external)

Actuarial Job, Internship, and Scholarship Search

·         Rollins Job Bulletin(link is external)

·         Actuary Grads Network(link is external)

·         INROADS

AICP Scholarship Program