Welcome New Students!
If you are a new student, congratulations! Penn State has one of the largest actuarial programs in the U.S. so there are lots of resources to help you along the path to becoming an actuary! To learn more about the Actuarial Science Club and Program, check out our About Us page.
Should I Major in Actuarial Science?Are you really good at math? Then you should consider Actuarial Science! BeAnActuary.com can help you decide if the actuarial profession is right for you! If you excel in Mathematics and/or Statistics, consider Actuarial Science. Actuarial Science is often found in a university's Mathematics Department, but some schools offer it under their Statistics Department or Business School. Penn State is unique, as we offer the major under all three. It can help to place out of Calc I by getting a 5 on your AP Exam. See this Math Department website on whether you place out of Calc I and II. |
How Do I Major in Actuarial ScienceThere are three ways to pursue Actuarial Science at Penn State (all three of these require the same Actuarial courses, but the entrance to major courses differ): Actuarial Science Major through the Smeal College of Business Mathematics (Actuarial Science Option) through the Eberly College of Science Statistics (Actuarial Science Option) through the Eberly College of Science |
Resources on the Club website for scheduling:
Any questions? Never hesitate to reach out to any of our club officers!
- Schedule Tool: A new Excel tool provided by the club to help you plan your future course schedule. It automatically verifies whether your schedule meets course requirements, and includes sample schedules and helpful tips about courses.
- RM Courses Information: Detailed information about each of the RM courses offered at Penn State
Any questions? Never hesitate to reach out to any of our club officers!
New Student Checklist
Below are the keys to success in your first year as an actuarial science student at Penn State.
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Bi-Weekly Email
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Major Forum
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Pay Dues
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Get Involved
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Start Studying
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Subscribe to the Actuarial Science Club Weekly Email!
The weekly email will keep you up to date on all things PSU Actuarial Science. Click below to sign up!
The weekly email will keep you up to date on all things PSU Actuarial Science. Click below to sign up!
Each year, the Actuarial Science Club hosts a Major Forum to teach incoming students about Actuarial Science at Penn State. The date for this year's event will be posted here and it would be held in 101 Thomas. Check out the 2023 Slide Deck for more information!
Dues are a one-time fee of $50 and are payable to the Club’s Director of Finance, Olivia Lechthaler via Venmo (@OliviaLech, include name and your PSU email) or cash. Once you pay dues, you are eligible for study material discounts and exam reimbursements.
Find a mentor!
Having a mentor who knows the actuarial curriculum can help you tremendously with your own college career. Sign up using our online mentee form. Mentor assignments will go out in early to mid-September
Attend the Actuarial Science Career Fair!
Check out the Club's Career Tips page to learn more!
Get Involved!
Check out the Club calendar on the Student Dashboard to see all of our upcoming events.
Having a mentor who knows the actuarial curriculum can help you tremendously with your own college career. Sign up using our online mentee form. Mentor assignments will go out in early to mid-September
Attend the Actuarial Science Career Fair!
Check out the Club's Career Tips page to learn more!
Get Involved!
Check out the Club calendar on the Student Dashboard to see all of our upcoming events.
Start studying for your first actuarial exam as early as possible!
Taking Math 141 is the first step to getting ready to start studying for Exam P. Learn more on the website's Exams and Exams Preparations pages to see how classes like RM 214 and other study resources can help you prepare.
Build your technical skills
Employers love actuarial students who have experience in technical tools like programming and Excel. Get started by checking out the website's Excel/Coding Resources!
Taking Math 141 is the first step to getting ready to start studying for Exam P. Learn more on the website's Exams and Exams Preparations pages to see how classes like RM 214 and other study resources can help you prepare.
Build your technical skills
Employers love actuarial students who have experience in technical tools like programming and Excel. Get started by checking out the website's Excel/Coding Resources!
Boot Camp
Bootcamp applications are currently closed. The next boot camp will be in Fall 2024. Any Penn State student at University Park or the Commonwealth Campuses this fall is eligible for the program. You will be required to pay $10 for the bootcamp but this will be deducted from your club dues.
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About the Program
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Benefits
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Requirements
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Our Actuarial Science Boot Camp started in 2020 and has become a go-to resource to many new students. The boot camp is open to all Penn State students interested in actuarial science and is THE pipeline to the best actuarial jobs at the most competitive firms. Students will learn many valuable skills through workshops, lessons, and projects and will graduate from the program at the end of the fall semester.
1. Direct email to top sponsors with a list of all boot camp graduates at the end of the program
2. Special designation in the resume books
3. Perfect Resume Builder, giving students the opportunity to learn many applicable skills outside of the classroom
4. Complete instruction on how to obtain the most competitive actuarial jobs
5. Guaranteed interview for Actuarial Science Club Executive board on graduation from the program
6. Graduation ceremony/gift bag (club sticker, candy, etc.)
2. Special designation in the resume books
3. Perfect Resume Builder, giving students the opportunity to learn many applicable skills outside of the classroom
4. Complete instruction on how to obtain the most competitive actuarial jobs
5. Guaranteed interview for Actuarial Science Club Executive board on graduation from the program
6. Graduation ceremony/gift bag (club sticker, candy, etc.)
Boot camp members are expected to complete several tasks, such as attending workshops, completing projects, and networking with other actuaries. For the complete list of boot camp graduation requirements, sign up for the program. If you have additional questions about the program, email the Director of Student Development, Luke Popadiuk.
What Is An Actuary?
What Do Actuaries Do?Actuaries combine business and math skills to model risks in insurance and finance. Their calculations ensure that companies can keep financial promises. One unique thing about the actuarial profession is its certification process. Actuaries must pass a series of exams on subjects ranging from probability and statistics to finance and insurance. These exams are great for actuaries because, like medical or law certifications, they give employers proof of an actuary's proficiency. |
Is Being an Actuary a Good Career?The Wall Street Journal did the math to find "good jobs" and ranked being an actuary one of the top jobs for 2018. Actuaries are well compensated – entry-level positions can pay upwards of $100,000, and many experienced actuaries can earn between $150,000 and $250,000+ annually! They also have a great work-life balance. Most actuaries report low stress and average 40-hour work-weeks. |
Where Do Actuaries Work?
Private insurance companies provide contracts to groups and individuals that protect against various risks – about 60% of actuaries are employed by private insurance companies. Throughout the insurance industry, actuaries traditionally perform many of the same basic functions. These may include determining premiums for insurance products (pricing), developing mathematical models to forecast the value of cash outflows to policyholders (modeling), and determining the appropriate level of cash on hand to guarantee that the insurer can meet all obligations to policyholders (valuation). Although many of the core roles remain fairly consistent across the insurance industry, there is still plenty of variation among the different types of insurance companies.
Another common career path for actuaries is consulting. When companies need to perform actuarial calculations and don't employ actuaries themselves, they hire actuarial consultants. This path is great for actuaries who want a dynamic, fast-paced work environment. Career paths outside of insurance and consulting are sometimes called nontraditional. Actuaries in nontraditional roles may work in enterprise risk management, banking and finance, or data science. Actuaries who consider themselves "entrepreneurial" can thrive in nontraditional roles, where they have more freedom to create their own unique career paths. |
Life Insurance
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Life insurance products provide benefits that are contingent on the life of the policyholder. Some examples of life insurance products are whole life insurance, universal life insurance, and term life insurance. If you’re interested in the content from RM 411/RM 412 and SOA (Society of Actuaries) Exam LTAM, then the life insurance industry may be for you. Companies that offer life insurance and commonly hire Penn State actuarial students: Prudential Financial, MetLife, Guardian Life, New York Life, Transamerica, Lincoln Financial Group, Erie Insurance. Life actuaries become certified by the SOA. After earning ASA (Associate of the Society of Actuaries) designation, most complete the ILA (Individual Life and Annuities) track to earn FSA (Fellow of the Society of Actuaries) designation. Health Insurance
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Health insurance covers medical expenses for individuals. Health insurance companies may administer individual coverage plans, which individuals purchase directly from the insurance company, or employer-sponsored/group coverage plans, which individuals purchase through their employer. If you’re interested in the health content from RM 420/RM 430 and SOA Exam STAM, then the health insurance industry may be for you. Companies that offer health insurance and commonly hire Penn State actuarial students: Cigna, Aetna, Highmark Health. Health actuaries become certified by the SOA. After earning ASA designation, most complete the Group and Health track to earn FSA designation. Property & Casualty (P&C) Insurance
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Property and casualty insurance is a broad category of insurance products that cover either damage to a policyholder’s property, or liability expenses from accidents in which the policyholder is legally responsible for another person’s injuries or damage to the person’s property. Examples of P&C insurance products include homeowner’s insurance, car insurance, and renter’s insurance. If you’re interested in the content from RM 420, then the property and casualty industry may be for you. Companies that offer property and casualty insurance and commonly hire Penn State actuarial students: Nationwide, Chubb, Erie Insurance, Geico, Selective Insurance. Property and casualty actuaries become certified by CAS (Casualty Actuarial Society). P&C actuaries can earn both ACAS (Associate of the Casualty Actuarial Society) and FCAS (Fellow of the Casualty Actuarial Society) designation by completing exams and online coursework. Reinsurance
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Reinsurance, or stop-loss insurance, is a type of insurance that is purchased by other insurance companies to protect against the risk of not having enough cash on hand (reserves) to pay obligations to policyholders. Actuarial work within a reinsurance company depends on the type of insurance company being reinsured – life actuaries, health actuaries, and P&C actuaries can all work for reinsurance companies. Companies that offer reinsurance and commonly hire Penn State actuarial students: Munich Reinsurance, Swiss Reinsurance. Actuaries interested in reinsurance may choose to become certified by CAS or SOA, depending on whether they are pursuing P&C reinsurance or Life/Health reinsurance. Consulting
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Another popular career path for actuaries is consulting. Consulting actuaries are employed by consulting companies and often work on projects for multiple clients at once. Although projects can vary significantly, consulting actuaries commonly perform audits of clients’ internal insurance departments, provide research and analysis for actuarial-related problems, or fulfill standard actuarial roles like pricing and valuation (when a client lacks the resources to do so in-house). Generally, working as a consulting actuary provides a more dynamic, fast-paced work experience than working as an insurance actuary. Companies with consulting actuaries that commonly hire Penn State actuarial students: Deloitte Consulting,Ernst & Young, KPMG, PwC, Mercer, Wakely Consulting. Consulting actuaries can work in life/health or P&C, so both the SOA and CAS exam paths are appropriate. Non-traditional
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Although most actuaries work in either consulting or insurance, a few choose to work in “non-traditional” actuarial roles. The possible fields for actuaries in non-traditional roles are wide-ranging and can include anything from financial services to technology to energy. If you're interested in learning how other actuaries have applied their unique skillsets outside of insurance and consulting, check out the resources below.
Any company that is looking for employees who can solve problems could likely use an actuary. Don't feel limited, with the appropriate toolbox, you can work anywhere! An FSA or an FCAS designation is great to make you employable in a non-traditional setting, but even just an actuarial science major with a couple of exams passed can be enough to get you in the door in a non-traditional setting! |