Transcript Slide 1

Thursday, September 4th, 2014 (5:45 - 7:15pm)
110 Business
Revised 10/1/2014
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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
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# 1 School for Recruiters
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Largest actuarial program in US
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( per WSJ )
( per BusinessWeek)
(50% bigger than #2)
About150 exam passers per year
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About ½ from Smeal and ½ from Eberly (Math & Stat)
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Center of Actuarial Excellence – only 15 in US
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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 (& grad schools) only look at students with GPA > 3.5
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Take STAT 414 & SOA Probability Exam in Sophomore year
Eberly students can transfer to UP early to take STAT 414
We enforce the STAT 414 prerequisite for RM 410
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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)
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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
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Yuan Huang: PhD candidate in Statistics
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Lisa Weaver, LLD
 Teaching RM 420 this Spring
 Retirement Consultant, Teaches INS 401 (Pensions) each Spring
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Lisa Posey and Dave Cather
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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 Reasonable hours
o Clear reporting structure – one boss
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
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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:
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Students who had Internships: on Club’s website
Employers and Alums: email names on Club’s website
www.clubs.psu.edu/up/actsci
Yr
1st
Fall
MATH 140* (Calc I)
ECON 102 (Micro) - VEE
Spring
MATH 141* (Calc II)
ECON 104 (Macro) - VEE
2nd MATH 230* (Calc III) preferred per Eberly STAT 414* (Probability Theory)
MATH 220 (Matrices) helps in 412/MLC Take P Exam in May
FIN 301 (Corp Finance) -VEE
STAT 483# (better SAS class)
3rd
R M 410* (Financial Math) Excel
Take FM in December
STAT 415# (Math Stat) helps 412/C/ST
R M 411* (Life Contingencies) VBA
STAT 416#(Stochastic Processes) helps MFE/ST
Take CAS’s ST Exam in April
4th
R M 412* (Life Contingencies)
Take MLC in late October
RM 420* (P&C/Health) take C in June
orRM401(Pensions) Stat allows 420 as sub
STAT 463# (Applied Time Series) R
STAT 462# (Regression Analysis) Minitab
To catch up, take Math 230 in summer at UP or World Campus
* C or better required. If C’s, consider other options or majors
# for STAT minor; 462/463 already needed for VEE
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R M 301* (Fall Only)
◦ Risk & Decisions
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R M 320W* (Spring Only)
◦ Risk Management & Insurance
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RM 430* (Fall Only)
◦ Life & Health Insurance
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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 (Excel & Access!)
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
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Additional Statistics & Mathematics courses:
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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 (483 is better)
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)
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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
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Additional Mathematics & Statistics courses:
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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 415 or 420: Loss Models? (asking now)
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Business courses required:
◦ ECON 102 & 104: Micro & Macro-Economics
◦ FIN 301: Corp Finance & Financial Markets
◦ RM 302: Risk & Insurance (Fall is a good time to take it)
◦ Replaces RM 301/320/430 so you can take RM 420 !!
◦ RM 410*/411*/412*: Actuarial Courses
◦ ACCTG 211: Accounting (Stat Majors)
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Business courses not required:
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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
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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 – great for Markov Chains & MLC exam
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
HPA 057: Consumer Choices In Health Care for gym Gen Ed
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RM Courses 410 (Excel); 411 (VBA); 412 (Pivot Tables)
STAT 462: some Minitab used
STAT 463: some R used
STAT 483: SAS is really good – 3 credits 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
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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
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◦ Use breaks to pass exams
◦ Tough passing FM exam when in RM 411
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We cover all 6 exams here
◦ Some pass all before graduation
◦ Almost Associates in the SoA
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We pay you $100 if pass
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See Club’s Exam Passer webpage for details
Request right away. Right before graduation is too late
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SOA Sample Q
Best Manual
Take it
when?
Comments
InfiniteActuary
Sophomore
year!!
Otherwise,
take in Jan
ASM
December
Don’t take when
in RM 411
ASM or
ADAPT
July
Don’t take when
in RM 415
Late
October
MLC satisfies
CAS’s LC exam
InfiniteActuary
June
Stan says easy
after Zhongyi’s
RM 420 class
Stochastic Processes
& Mathematical
Statistics
Statistics &
Probabilistic Models
Exam
Course(s)
1/P - Probability
Theory
STAT 414 &
RM 497C
2/FM - Financial
Mathematics
RM 410
3F/MFE –
Financial Econ
RM 415
LC/MLC - Life
Contingencies
RM
411/412
InfiniteActuary
4/C – P&C and
Health Ins
RM 412/420
STAT 415/416
ACTEX or ADAPT
Study it in summer
or ADAPT
cheap in last wk
or ASM
ST exam (CAS)
STAT 415/416
?
April 30, 2015 &
October 29, 2015
S Exam (CAS)
STAT 416/462/463
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October 30, 2015
& RM 411
Tutorials at http://instruction.bus.wisc.edu/jfrees/UWCAELearn/default.aspx
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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
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Apply for VEE credit after passing P & FM
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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 or ECON 483 if available)
o You can mix and match
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Get STAT Minor - if also take:
o STAT 415 (Mathematical Statistics)
o STAT 416 (Stochastic Processes) starting in 2016
o STAT 480 (Intro to SAS - 1 credit) STAT 483 is better
Some get ECON Minor: take ECON 302/304 & 6 credits of 400 level ECON
such as 445 (Health Policy), 412 (Labor), 444 (Corp), & 457 (Banking)
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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
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Résumé, Symplicity, & Mock Interview
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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)
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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
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◦ Even if you don’t have exam: practice interviews
◦ 1st & 2nd yr. students can get internships w/o exams
if are very good in Math
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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
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Exam Review Sessions
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Tutors for help on exams
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Field Trip to Actuarial Employers (Spring)
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Speakers Series: AAA President Tom Terry
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THON involvement
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Junior Liaisons
(listed on Club’s Home Page)
(Club’s Review Sessions Page)
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Let’s look at our Club website now
List Serve signup at www.clubs.psu.edu/up/actsci
Facebook group
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https://www.facebook.com/groups/158631222604/
Study Manual exchange
Questions about Actuarial Exams & PSU Classes
Socials
Our Internships
Questions?
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