Wednesday, September 3 rd, 2014 (6 - 7:30pm) 112 Forestry Building Revised 1/16/2014

 Introductions ◦ Career Opportunities discussed  Penn State Courses  Actuarial Exams & VEE  Actuarial Science Club  Internships  Questions 2

# 1 Job in US ( per 4/22/13 WSJ )per 4/22/13 WSJ # 1 School for Recruiters ( per BusinessWeek)per BusinessWeek Largest actuarial program in US Almost 150 exam passers per year Half of Math and Stat majors 70 from Smeal and 60 from Eberly (Math & Stat) Center of Actuarial Excellence – only 14 in US Be sure to put ACTSC option in Major Preference #1 on elion Very Difficult Degree Students with A’s in Calculus: pass exams, get jobs Students with C’s rarely pass exams/get jobs – try ERM? Some employers only look at students with GPA > 3.5 STAT 414 & SOA Probability Exam – take Sophomore year 3

 Ron Gebhardtsbauer, FSA  Pension Consulting, Insurance, Congress, spokesperson for US profession  Teaches RM 410/411/412/415 (Financial Math, Pricing Life Ins & Derivatives)  Zhongyi Yuan, PhD in Actuarial Science  Teaches RM 410 (Financial Math) in Fall  Teaches RM 420 (C Exam = P&C & Health material) in Spring  Maggie Niu  Assistant Professor in Statistics teaching RM 410  Brian Johnson, ACAS  Works for SwissRe (Property & Casualty Reinsurance Company) helps RM 420  Lisa Weaver, LLD  Retirement Consultant, Teaches INS 401 (Pensions) each Spring  Lisa Posey and Dave Cather  PhDs teaching Insurance and Risk Management  Actuarial Science Club Officers (Available for questions)  President – Eric Stoltz (interned at AON Hewitt in Chicago)  VP – Bradford Conners (interned at CIGNA in Hartford) 4

 Insurance, Consulting, Government o Insurance o Month Rotational Programs o Competitive study programs o Consulting, Investment, and Accounting Firms o Longer hours – especially during busy season o Dynamic work environment o I ndustries o Life/Annuity o Health o Retirement o Property/Casualty o Reinsurance o Finance/Investment 5

Actively seek out companies you’d like, using o Internet (e.g., Met Life & AXA only use their website) o Actuarial Career Fair o Info Sessions o Linked-In o Students who had Internships (see Club’s website) o Your resume on Symplicity o Used for Club’s Resume Booklet o Pass Actuarial Exams and take all VEE courses o Get involved in student organizations o Keep GPA above 3.20 to get an internship/job o Employers list on Club website

YrFallSpring 1 st MATH 140* (Calc I)MATH 141* (Calc II) 2 nd MATH 230* (Calc III) preferred prereq for 414, per Eberly MATH 220# (Matrices) STAT 414* (Probability Theory) !!! Take P Exam in May for internship STAT 480# (SAS) 3 rd R M 410* (Financial Math) Take FM in December STAT 415# (Mathematical Statistics) R M 411* (Life Contingencies) R M 415 (Derivatives Markets) Take MFE in June (>80% passed!) 4 th R M 412* (Life Contingencies) Take MLC in November STAT 462# (Regression Analysis) R M 420 (P&C Ins) or RM 401 Take C in May STAT 463# (Applied Time Series) 7 See on whether to place out of 140/141www.math.psu.edu/ug/advising/vs MATH 220 (Matrices) valuable for Markov Chains in RM 412 & MLC STAT 415 valuable for RM 420 & Exam C. * C or better required. If C’s, you should consider alternatives # needed for STAT minor

 R M 301* (Fall Only) ◦ Risk & Decisions ◦ Prereq: FIN 301, MATH 140, STAT 200  R M 320W* (Spring Only) ◦ Risk Management & Insurance ◦ Prereq: R M 301  RM 430* (Fall Only) ◦ Life & Health Insurance ◦ Prereq: R M 320W * C or higher required 8

◦ STAT200*/SCM200*: Elementary Statistics (easy-AP can waive) ◦ SCM200 has more business applications ◦ MIS 204*: Intro to Business Information Systems ◦ B LAW 341 & BA 342: Business Law & Ethics ◦ Smeal’s Business Core  FIN 301* Finance  ACCTG 211* Accounting  MKTG 301* Marketing  MGMT 301* Management  ActSc students don’t have to take SCM 301 anymore ◦ BA 411: Analyzing Business & Industry (BA 412 for Schreyer) * C or higher required Consult your degree audit at elion.psu.eduelion.psu.edu Sample schedule at Smeal Undergraduate Student Exchange or Club homepage 9

 Additional Statistics & Mathematics courses: ◦ 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: Introduction to SAS (good course) ◦ 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  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 10

 Additional Mathematics & Statistics courses: ◦ 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 ◦ 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 11

 Business courses required: ◦ ECON 102 & 104: Micro & Macro-Economics ◦ FIN 301: Corp Finance & Financial Markets ◦ RM 302: Risk & Insurance ◦ RM 410*/411*/412*: Actuarial Courses ◦ ACCTG 211: Financial/Managerial Accounting (Stat Majors)  Business courses not required: ◦ RM 301, 320W, 430, and 401/420 ◦ ACCTG 211: Accounting (Math Majors need not take) ◦ Business Core and BA 411 ◦ B LAW 341 & BA 342: Business Law & Ethics ◦ MIS 204: Intro to Business Information Systems * C or Higher required 12

 STAT 483: Thorough SAS course – great for Health Ins jobs  COMP SCI 203: Excel with some Access  CMPSC 102: Intro to VB  MATH 220: Matrices  MATH 251:Differential Equations  MATH 232 (after MATH 231)  MATH 412 Partial Differential Equations  MATH 451 or 455: Numerical Computations/Analysis  MATH 486: Game Theory  FIN 305: Financial Mgmt of Business Enterprise  FIN 408: Financial Markets and Institutions  FIN 410: Derivatives Markets (RM 415 without Calculus)  FIN 414 or 415: Financial Trading; Advanced Financial Modeling  ACCTG 211: Accounting  ECON 302/304: Intermediate Micro/Macro Economics  ECON 351: Money and Banking 13

 RM Courses 410 (Excel); 411 (VBA); 412 (Pivot Tables)  STAT 462: some Minitab used  STAT 463: some R used  STAT 480: SAS (1 credit) (STAT 483 is really good – 3 cred) 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 14

 Given in Harrisburg, Philly, Pittsburg by: ◦ Society of Actuaries (SOA)  Life/Pension/Health/Enterprise Risk Mgmt ◦ Casualty Actuarial Society (CAS)  Property/Casualty  SOA exams usually satisfy CAS, but not vice-versa  See 15

 Passing 1 exam helps get internship  3 exams for Full-Time job  We cover all 5 exams in our courses here ◦ Some students here passed all 5 exams before May ◦ Almost Associates in the Society of Actuaries  We partially reimburse exam fees, if pass  See Club’s Exam Passer webpage for getting $100  Take FM Exam this December ◦ Tough passing FM exam when in RM 411 ◦ Use summer & winter breaks to pass exams 16

ExamCourse(s) SOA Sample Q & Best Manual Take it when? Comments 1/P - Probability Theory STAT 414 InfiniteActuary or ACTEX Sophomore year!! Otherwise, take in Jan 2/FM - Financial Mathematics RM 410ASMDecember Don’t take in Feb when in RM 411 3F/MFE – Financial Econ RM 415 ASM or ADAPT July >80% pass rate!!! LC/MLC - Life Contingencies RM 411/412 InfiniteActuary or ADAPT cheap in last wk Early November MLC satisfies CAS’s LC exam 4/C – P&C and Health Ins RM 412/420 STAT 415/416 InfiniteActuary ADAPT or ASM June ST exam (CAS) STAT 415/416 April PoissonProcesses & Mathematical Statistics 17 Exams are given at Prometric in Philly, Harrisburg, or Pittsburgh (MLC is given here)

 Required by SOA/CAS  Employers want hires to have VEE  ECON 102/104 & FIN 301 already required  Must receive a grade of B- or better ◦ Or 4 or 5 on AP tests, on College Board transcript  Apply for VEE credit after passing P & FM  Can also get credit by exam thru ◦ ACTEX for Finance & Applied Stat VEE’s ◦ CLEP for Econ VEE 18

 Accepted Courses: take one from each o Applied Regression  STAT 462, STAT 501, or ECON 306  Prerequisites can be satisfied by Stat 414 o Applied Time Series  STAT 463, STAT 510*, ECON 483* o You can mix and match  Get STAT Minor - if take above STAT courses & o STAT 415 (Mathematical Statistics) o STAT 480 (Intro to SAS - 1 credit) o STAT 416 (Stochastic Processes) in future o MATH 220 (Matrices – 2 credits) in future *May be gone. Some used to get an ECON Minor if took ECON 302/304 (Intermediate Micro & Macro Econ) and an ECON 4xx, when ECON 483 given 19

VEE/ExamCourse 1Course 2Other? VEE EconEcon 102Econ 104 VEE FinanceFIN 301 VEE StatisticsSTAT 462STAT 463 or STAT 501/510 or ECON 306/483 Exam P/1STAT 414 Exam FM/2R M 410 Exam MLC/3LR M 411R M 412 Exam MFE/3FR M 415 Exam C/4R M 420RM 412STAT 415/6 20

 Résumé, Symplicity, & Mock Interview ◦ Wednesday 9/10: 6 – 7:15 PM in XXX Business ◦ Put resumes on SmealConnect/SciOpps by 9/14 ◦ Must use instructions on Club’s Resume webpage  International Mtg with Mock Interview ◦ Wednesday 9/17: 6 – 7 PM in XXX Business ◦ Ideas for internships, jobs, and grad school  Mentors for Juniors (& interested Frosh/Soph) ◦ If interested, Corey Lutz 21

 Monday 9/22/14 from 5 to 8 PM in Atrium  Over 30 companies last year  Great place to find Internships ◦ Even if you don’t have exam: practice interviews ◦ 1 st & 2 nd yr. students can get internships w/o exams  To Attend: ◦ Must do Mock Interview with Mentor ◦ GPA>3.20, A’s in Calculus, or Exam ◦ Pay Dues 22

 Company Info Sessions  Exam Review Sessions & Tutors  Field Trip to Actuarial Employers (Spring)  Speakers Series: SoA President XXX ◦ Wednesday 11/20: 6 - 7:30PM in 110 Business  THON involvement  Interested in being a Junior Liaison? ◦ President Eric Stoltz 23

 Facebook group ◦ ◦ Study Manual exchange ◦ Questions about Actuarial Exams or PSU Classes ◦ Socials  List Serve sign up at  Internships Questions? 24