Prepare to Become an Actuary
What is the likelihood of landing a rewarding job as an actuary? The odds are in your favor with a Bachelor of Science in Mathematical Sciences, and a concentration in actuarial sciences.
With your aptitude for math and an interest in finance or business, you are well-suited to a career consistently ranked among the top ten jobs in the United States, based on environment, income, employment outlook, physical demands, security, and stress. Actuary is #9 of the 100 Best Jobs according to US News and World Report, and Actuary ranks as the #2 highest paying job according to Indeed.
What is an Actuary?
Actuaries use mathematics and statistics to evaluate probabilities and to manage the risks associated with possible scenarios. They are instrumental in helping companies and individuals maintain sound finances.
Employment opportunities for actuaries exist throughout the financial services sector of the economy, especially in the insurance industry, but also in commercial and investment banking, retirement-fund management, and more. Many actuaries act as consultants to large corporations.
Other actuaries are consultants, helping with benefits and business decisions, both for small businesses and large corporations.
Being an Actuary
The leading professional organization for the actuarial profession is the Society of Actuaries. (SOA). Actuaries earn recognition as Associates of the Society of Actuaries (ASA) and Fellows of the Society of Actuaries (FSA) by passing a series of exams and completing other requirements, including Validation by Educational Experience (VEE) coursework. Get career advice on becoming an actuary.
Tomorrow Needs Actuaries
As financial risks grow ever larger and the frequency of adverse events accelerates, so does the need for talented actuaries with a strong foundation in mathematics, statistics, accounting, finance, and economics. A concentration in actuarial science is a pathway to a challenging, successful, and rewarding career.
Career Opportunities
Your future career options are diverse with a degree in mathematics with a concentration in actuarial sciences. Career opportunities include:
- Accountant
- Actuary (Auto, Commercial, Life, Health, and Homeowners Insurance)
- Benefits Analyst
- Budget Analyst
- Business Analyst
- Consultant
- Credit Analyst
- Data Scientist
- Financial Advisor
- Financial Planner
- Investment Analyst
- Risk Analyst
- Risk Management Specialist
- Tax Preparer
- Underwriter
Get Hired By
These are just some of the companies hiring Michigan Tech mathematics majors with an actuarial sciences concentration:
- Auto-Owners Insurance
- Blue Cross Blue Shield of Michigan
- Credit Acceptance Corporation
- Epic
- Healthcare Services Corporation
- Milliman
- Willis Towers Watson
Prepare for Actuarial Certification
A key part of the actuarial profession is the certification process administered by the SOA, consisting of passing a series of rigorous examinations and projects. At Michigan Tech, the curriculum:
- Prepares you for the first two actuarial exams (P and FM);
- Gives you a good start in preparing for later exams, when combined with advanced course work;
- Fulfills VEE requirements.
Students can and should pass the P and FM exams during their undergraduate study. Because actuaries are in great demand, passing these exams and completing an actuarial internship places you in a very competitive position to get a job.
Thanks to your course of study at Michigan Tech, you’ll be prepared to pass the first two exams while still in school and graduate well-prepared for later exams and all aspects of the actuarial credentialing process.
Earning VEE Credits at Michigan Tech
Three SOA requirements are met through VEE credit, which students earn by passing these courses with a grade of BC or better.
Economics:
EC 2001 is taken by students fulfilling the concentration requirements.
Accounting and Finance:
These courses are taken by students fulfilling the concentration requirements.
Statistics:
MA 4760 is not a VEE course, but required prerequisite for MA 4770.
To fulfill this requirement, students should take MA 4760 as a concentration elective (see "Choose one of the following" under the concentration requirements on the degree audit) and MA 4770 as a free elective.