What is an actuary?
Actuaries use mathematical skills to define, analyze, and solve business problems involving the cost of possible future events. Organizations such as insurance companies, financial institutions, consulting firms, corporations, government agencies, universities, and accounting firms employ actuaries.
Typical of an actuary's work are projecting how a seat-belt law will change insurance claims; investigating how life-insurance reserves and future premiums might balance future claims; estimating the benefit costs of a labor contract; analyzing investment risks; projecting financial costs of the AIDS epidemic.
How do you become an actuary?
To become an "Actuary", you need to become an Associate or Fellow of the two large professional organizations of actuaries:
- The Society of Actuaries (SOA) - the organization for actuaries working in life and health insurance, employee benefits, and pensions.
- The Casualty Actuarial Society (CAS) - the organization for actuaries working in automobile, fire, and liability insurance and workers' compensation.
These societies administer a series of examinations for persons wishing to qualify as an Associate or a Fellow as proof of their status as an actuary. Many students complete three or four examinations in while in college. Students possessing strong mathematical problem-solving skills and an interest in a business career should consider the actuarial profession. For detailed information on the actuarial profession, examinations, job prospects and course information, we recommend that you visit the SOA and CAS home pages.
Entry into the profession is very competitive and success in the field demands commitment and hard work during college and the few years after graduation when the actuarial exams are being taken. Potential employers suggest the minimum requirements for hiring are a 3.0 GPA or higher and at least 2 actuarial exams. The qualities sought in applicants are high technical ability, good communications skills, and a broad background including courses in mathematics, statistics, business, and the liberal arts.
Actuaries have the best job in America!
Jobs Rated Almanac by Les Krantz ranks actuarial science as the best job in America, taking into account such factors as high salaries, professional prestige, and high quality work environment. The book (ISBN 0-471-05495-X) rates 250 jobs on the basis of categories such as salary, benefits, outlook for the future, stress, work environment, and job security.
Actuarial Science at New Paltz
The Mathematics and Computer Science Department at SUNY New Paltz offers, as part of its Mathematics BA degree, a concentration in actuarial science. The recommended courses in this concentration are designed to provide you with the mathematical problem solving skills to succeed as an actuary and prepare you for the initial examintaions you need to take.
The Actuarial Science concentration consists of:
The Mathematics core
MAT260 Foundations of Mathematics I
MAT301 Foundations of Mathematics II
MAT251 Calculus I
MAT252 Calculus II
MAT353 Calculus III
MAT362 Linear Algebra
MAT359 Ordinary Differential Equations
MAT381 Probability and Statistics I
MAT364 Intro to Abstract Algebra I
MAT321 Intermediate Analysis I
Four electives
MAT382 Probability and Statistics II
MAT375 Numerical Methods
MAT393 Actuarial Mathematics
BUS312 Operations Management
In addition to these Mathematics courses, students are strongly advised
to take a Minor in Finance, offered by the Business School. This will
be
a good preparation for taking the actuarial examinations.