actuarial science at UW Madison 2
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Consider a Career as an Actuary
Presenter 1, XYZ Insurance Company
Presenter 2, UW-Madison actuarial
student
About XYZ Insurance
Headquartered in xxx, xx
X,xxx employees worldwide, including xx actuaries
Core business is yyyy
Member of UW-Madison’s Actuarial Co-curricular
Learning Board
Agenda
The Actuarial Profession
Characteristics of actuaries
Why Become an Actuary?
Steps to become an Actuary
Wrap-up and Questions
Agenda
The Actuarial Profession
Math Related Professions
ACTUARY
Engineer
Computer systems analyst
Economist
Statistician
What is an Actuary?
Business professional with strong quantitative skills
Problem solver with expertise in understanding and
managing financial risks
Specialist who uses historical information and models
to help predict the future
Expert in an area of practice (like a lawyer or doctor)
Actuarial Areas of Expertise
Property & Casualty – expert in personal property
risks and risks associated with businesses
Life & Health – expert in risks of illness, disability or
death
Pension – expert in developing and analyzing
retirement programs
Where do Actuaries Work?
Insurance companies
Consulting firms
Government
Others – where quantifying risk is needed
(management consultants, investment firms)
Desirable Skills for Actuaries
Good analytical and problem solving skills
Strong computer skills
Good business acumen
Excellent communication and interpersonal skills
Actuarial Exercise
Automobile insurance: What variables do you think are
predictive of insurance claims for :
Different drivers
Different cars
Actuarial Exercise
Some of the predictive factors for auto insurance
Driver : Age, Sex, Driving Record, Credit Report,
Grades (students), Residence (area you drive)
Vehicle: Age, Make/Model, Value
Actuaries identify these predictive factors from a wealth
of policy data and quantify the expected impact
of each of these factors.
Types of Actuarial Projects
Pricing hurricane insurance
Designing and pricing of health insurance programs
Evaluating price and risks of potential business
acquisitions
Designing and pricing life insurance
Agenda
The Actuarial Profession
Characteristics of actuaries
Diverse Roles of an Actuary
Accountant - Financial Reporting Actuary
Financial Analyst - Investment Actuary
Sales - Marketing Actuary
Management - Executive Actuary (CEO, CFO)
Consultant - Consulting Actuary
Product Manager – Product Development Actuary
Fits a broad range of strengths
Working with computers
Great mathematicians
Working in teams
Working with people
Great business skills
Working individually
Agenda
The Actuarial Profession
Characteristics of actuaries
Why Become an Actuary?
Interesting work
Projects are diverse and the work is dynamic
Use a broad range of your problem solving skills:
analytical, technical, & creative
High level of job satisfaction
Work individually and in teams to accomplish
objectives
Strong Job Market
High demand profession
Historically, more positions available than there are
actuaries
Easy to get a job after college
Many actuaries hold senior level executive positions
(CEO, CFO, Consulting Partner)
A Highly Rated Profession
Top 5 Professions by Jobsrated.com (2009)
1. Mathematician
2. Actuary
3. Statistician
4. Biologist
5. Software Engineer
Ranking of 200 professions
Factors of evaluation: Stress, Work Environment,
Physical Demands, Income and Outlook
Employment Statistics (U.S.)
Employment Category
2006
Growth
Growth
2006 - 2016
%
Food and beverage serving
7,442,000
993,000
13.3%
Accountants and auditors
1,274,000
226,000
17.7%
Physicians and Surgeons
633,000
90,000
14.2%
Lawyers
761,000
84,000
11.0%
Athletes, coaches, umpires
18,000
3,400
18.9%
Actuaries
18,000
4,300
23.9%
Source: U.S. Bureau of Labor Statistics
Financial Rewards
Wisconsin School of Business Undergraduate
Starting Salaries (2007-2008 academic year)
Major
Average Starting Salary
Actuarial Science
$57,000
Finance, Investment & Banking
$52,000
Real Estate & Urban Land Economics
$51,500
Accounting
$49,800
Marketing
$46,200
Management & Human Resources
$45,300
Credentialed actuaries with 5 -10 years of experience can
make in excess of $100,000 a year
Source: WSOB salary survey, DW Simpson salary survey
Agenda
The Actuarial Profession
Characteristics of actuaries
Why Become an Actuary?
How do I become an Actuary?
What Can I Do Now?
Take classes that prepare you for college
Take math classes every year and take AP exams
Take computer science courses
Choose a university which will prepare you to
become an actuary
What to look for in a University?
UW-Madison
Offers degree in Actuarial Science
In the school of business
Offers Risk Management and Insurance major and classes
Offers all actuarial courses every year
Has an active student Actuarial club
Produces a significant number of graduates each year
Produces high quality graduates who are in demand by employers
Connects to industry through advisory boards, campus speakers
Employs at least one full-time credentialed actuary on faculty
Actuarial Science specific career fair
Close Connections to Industry
UW-Madison’s Actuarial Co-Curricular Learning Board
Outside of the classroom learning opportunities with
industry professionals
Unique opportunities to interact and learn about the
industry
Structured learning events, informal lunches, social
events
