θ What is an actuary?
Actuaries are professionals working in the business world. They use various problem solving skills to assess risk, including mathematical and statistical techniques, thereby helping their company to make informed and profitable decisions.
Actuary is consistently ranked among the top 5 careers in the United States, based on environment, income, employment outlook, physical demands, security and stress. Actuaries are well-paid and they control their own advancement by reaching various industry standard benchmarks; most notably, passing examinations to improve professional standing.
Actuaries provide the backbone of the insurance industry, allowing the economy to function smoothly in face of all the unexpected events which the world presents.
θ Preparing for your career while at Shippensburg
Actuaries are business people as well as mathematicians and statisticians. As such, you will require a broad liberal arts education, with an emphasis on business and mathematics. Shippensburg University is an excellent environment in which to obtain these skills.
To prepare for your career, we suggest you pursue a B.S. in mathematics with a statistics concentration and a business minor. With a thorough grounding in calculus, statistics, finance, general business and liberal arts, you will possess a skill set uniquely suited to actuarial work. A suggested course schedule appears later in this package.
θ Professional
Requirements VEE and Actuarial Exams
Various benchmarks must be passed to become a certified actuary. These include VEE (Validation by Educational Experience) and actuarial examinations, as well as other forms of professional development.
VEE requirements can be satisfied by achieving a B- or better in approved college course sequences. All three VEE certifications are available at Shippensburg: VEE Economics (ECO101 - Principles of Macroeconomics and ECO102 - Principles of Microeconomics or ECO113 Principles of Economics), VEE Corporate Finance (FIN311 - Financial Management and FIN313 Advanced Financial Management) and VEEApplied Statistical Methods (MAT413 Statistics II). VEE requirements can also be satisfied by passing standardized tests.
Along with the VEE requirements, there are the actuarial exams and other requirements such as online coursework. These achievements determine advancement in the profession. The more you complete, the higher your standing.
The first two exams, Probability and Financial Mathematics, are accessible to upper-class undergraduates. The Shippensburg probability course MAT476 and mathematical statistics course MAT486 will prepare you for the Probability exam. The exam should be attempted during or immediately following MAT486. The Financial Mathematics exam should be attempted following FIN311 and some additional studying. FIN312, FIN313 and FIN314 each address topics not covered by FIN311.
Probability Exam
Schedule (2009 Fee $175)
|
Exam Sitting |
Registration Deadline |
Examination Date |
|
September 2009 |
August 6, 2009 |
September 15-24, 2009 |
|
November 2009 |
October 8, 2009 |
November 18-30, 2009 |
|
January 2010 |
November 24, 2009 |
January 5-16, 2010 |
|
March 2010 |
February 9, 2010 |
March 23-April 4, 2010 |
|
May 2010 |
April 14, 2010 |
May 26-June 6, 2010 |
Financial Math Exam
Schedule (2009 Fee $175)
|
Exam Sitting |
Registration Deadline |
Examination Date |
|
December 2009 |
October 22, 2009 |
December 1-8, 2009 |
|
February 2010 |
December 29, 2009 |
February 9-15, 2010 |
|
May 2010 |
April 7, 2010 |
May 19-25, 2010 |
θ Further
Information
For more information about being an actuary and the professional requirements, please visit the following websites:
- http://webspace.ship.edu/pttaylor/ActuaryHandbook.pdf - Shippensburg actuary preparation handbook
- http://www.beanactuary.org/ - An excellent, broad resource.
- http://www.soa.org/ - Society of Actuaries professional organization
- http://www.casact.org/ - Casualty Actuarial Society professional organization
- http://www.prometric.com/SOA/default.htm - List of test centers (click Locate a test center).
- http://www.beanactuary.org/exams/cbt.cfm - Exam schedule and registration information
- http://www.casact.org/admissions/syllabus/exam1.pdf - Probability exam syllabus
- http://www.casact.org/admissions/syllabus/exam2.pdf - Financial mathematics exam syllabus
- http://www.beanactuary.org/exams/exam_sample.cfm - Sample exams
- http://www.beanactuary.org/college/vee.cfm - Information on VEE requirements
For information regarding the Shippensburg program, please contact Dr. Taylor (pttaylor@ship.edu), Dr. McNichols (dtmcni@ship.edu) or Dr. McGivney (kgmcgi@ship.edu).
Suggested Course Schedule
|
|
Fall |
Spring |
|
First Year |
HCS100 - Human Comm HIS105 World History
I MAT211 Calculus
I 2 Gen Ed Electives |
ENG106 Writing
Seminar HIS106 World
History II MAT212 Calculus
II MAT225 Discrete
Mathematics ECO113
Principles of Economics |
|
Second Year |
MAT213 Calculus
III MAT318 Elem.
Linear Algebra CSC110 Computer
Science I ACC200 Fund. of
Financial Accounting Gen Ed Elective |
MAT320 Intro to
Abstract Algebra MAT313 Statistics
I FIN311 Financial
Management 2 Gen Ed Electives |
|
Third Year |
One of MAT413 Statistics II** Or MAT476 Probability* FIN312 Investments MKT305
Principals of Marketing 2 Gen Ed Electives |
MAT441 Real
Analysis One of MAT486 Math. Statistics** Or FIN313 Adv. Fin. Management MGT305
Organizational Behavior 2 Gen Ed Electives |
|
Fourth Year |
One of MAT413 Statistics II** Or MAT476 Probability* FIN314 Fin.
Institutions One of MAT4xx Elective*** Or Gen Ed Elective 2 Gen Ed Electives |
One of MAT486 Math. Statistics** Or FIN313 Adv. Fin. Management FIN442 Derivatives
Markets MAT326
Mathematical Modeling One of MAT4xx Elective*** Or Gen Ed Elective Gen Ed Elective |
* offered only odd years (2007, 2009, ) ** offered only even years (2008, 2010, )
*** recommended electives are MAT410 Numerical Analysis and MAT456 Deterministic Methods of Operations Research