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Questions to Ask & The University of Iowa Response
• How many students are in the actuarial program?
• How many faculty? Do any faculty members hold actuarial credentials (e.g., ASA, FSA, FCAS, FCIA)?
• Does your school have an actuarial club? What are its key functions?
• On average, how many actuarial exams do your students pass by graduation?
• On average, what is your job placement rate?
• Does your school hold actuarial career fairs or other on-campus events with actuarial employers? How many actuarial employers typically attend?
• On average, how many of your students have at least one internship by graduation?
Actuarial Science Faculty
Dr. Ambrose Lo
Assistant Professor
Fellow, Society of Actuaries
Chartered Enterprise Risk
Analyst
Ph.D. University of Hong Kong,
Hong Kong
Phone: (319) 335-1915
Office: 368 Schaeffer Hall
Research Interests:
Dependence Structures, Risk
Measures, Quantitative Risk
Management
Academic web
page: https://sites.google.com/
site/ambroseloyp/
Dr. N.D. Shyamalkumar
Associate Professor
PhD, Purdue University, 1996
Phone: (319) 335-1980
Office: 208 Schaeffer Hall
Research Interests:
Actuarial Science
http://www.stat.uiowa.edu/~nshyamal/
Dr. Elias Shiu
Professor
Office: 362 Schaeffer Hall
PhD, California Institute of Technology, 1975
Principal Financial Group Professor of Actuarial Science
Research Interests:
Asset/Liability Management, Mathematical Finance, Risk Theory
http://www.stat.uiowa.edu/~eshiu/
[email protected] Phone: (319) 335-2580
Dr. Qihe TangProfessor
PhD, University of Science and Technology of China,
2001
Phone: (319) 335-0730
Office: 360 Schaeffer Hall
Research Interests:
Extreme Value Theory in Insurance, Finance and
Quantitative Risk Management
http://www.stat.uiowa.edu/~qtang/
Dr. Michelle Larson
Instructional Faculty
Associate, Society of Actuaries
PhD, University of Iowa, 2002
Phone: (319) 335-0814
Office: 221 Schaeffer Hall
University of Iowa Department of Statistics and Actuarial Science
The Department of Statistics and Actuarial Science has four interrelated missions by
which it serves the University, the state, and the world. These four missions are:
•to provide both undergraduate and graduate students with strong degree programs
and excellent instruction in probability, statistics, and actuarial science;
•to conduct and publish outstanding research in probability, statistics, and actuarial
science;
•to promote the solid practice of statistics at the University and beyond; and
•to produce leaders in the insurance, pension, and actuarial consulting industry.
Number of Students
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In the forefront of actuarial folklore stands the belief that the actuarial examinations constitute a mystery impenetrable by mortal man. Charles A. Spoerl, Transactions of the Society of Actuaries, Volume 1 (1949)
Terry Lillis, CFO,
Principal Financial Visited Campus this Fall
2017 Graduates2017 Graduates Majors and Certificate Programs Exams passed Employer
Nathan Howard Benya
Actuarial Science, Business Administration (Minor), Mathematics (Minor), and Risk Management & Insurance (Certificate) P FM MFE MLC PricewaterhouseCoopers
Kayla Ashley Berkowitz
(H) Actuarial Science, Mathematics, Risk Management & Insurance (Certificate), and Statistics P FM MFE Conduent
Sara Chen***Actuarial Science, Large Data Analysis Certificate, ***Mathematics, and ***Statistics P FM MFE C Nationwide
John Crowley*** (H) Actuarial Science, ***Mathematics, and ***Statistics P FM MFE MLC Principal Financial Group
Anthony Dagner (H) Actuarial Science and Mathematics P FM MFE MLC Cigna
Haonan Guo Actuarial Science, Mathematics and Statistics P
Michael Hackbarth** (H) Actuarial Science, Risk Management & Insurance (Certificate), and **Mathematics P FM MFE MLC Transamerica
Yuhao Hu Actuarial Science, Mathematics, and Statistics P FM MFE
Christine Hunt
(H) Actuarial Science, Mathematics (Minor), Risk Management & Insurance (Certificate), and Statistics P FM MFE Principal Financial Group
Yu Tung LeeActuarial Science, Mathematics, and Risk Management & Insurance (Certificate) P FM MFE
Qianping Liu Actuarial Science, Mathematics and Statistics P FM
Damon Mehrl** (H) Actuarial Science, **Mathematics and **Statistics P FM MFE MLC Liberty Mutual
Boya Peng Actuarial Science, Mathematics and Statistics P FM
Trent Stastny-Perez
(H) Actuarial Science, Mathematics, Risk Management & Insurance (Certificate), and Statistics
P FM MFE MLC C Principal Financial Group
Chen Xie(H) Actuarial Science, Mathematics, and Psychology (Minor) P FM MFE
** With High Distinction*** With Highest Distinction(H) Honors in the Major
The Actuarial Science Program prepares
students for careers as actuaries. It helps them learn material that is
included in professional examinations administered by the Society of
Actuaries, which actuarial students must pass in order to achieve
professional status. In addition to actuarial science courses, students
can take courses in preparation for business aspects of the actuarial
profession such as accounting, law, finance, insurance, and
economics. The Society of Actuaries (SOA) has recognized University of
Iowa’s actuarial science program as a Center of Actuarial Excellence
(CAE). There are eight criteria for the designation, including
curriculum, faculty composition, graduate quality, connection to
industry, and research/scholarship. We are a small department in a
large University and graduate between 20-15 undergraduate students
each year. We do have SELECTIVE admission due to the difficulty of
the professional examinations.
Students interested in
becoming actuaries should
declare an Interest
in Actuarial
Science as their major when they
ENTER the university.
Required Course for BS Degree in Actuarial Science
• CS:1210 (22C:016) Computer Science I: Fundamentals (4 s.h.)
• ECON:1100 Principles of Microeconomics (4 s.h.)
• ECON:1200 Principles of Macroeconomics (4 s.h.)
• MATH:1850 Calculus I (4 s.h.)
• MATH:1860 Calculus II (4 s.h.)
• MATH:2700 Introduction to Linear Algebra (4 s.h.)
• MATH:2850 Calculus III (4 s.h.)
• MATH:3770 Fundamental Properties of Spaces and Functions I (4 s.h.)
• STAT:3100 Introduction to Mathematical Statistics I (3 s.h.)
• STAT:3101 Introduction to Mathematical Statistics II (3 s.h.)
• STAT:4100 Mathematical Statistics I (3 s.h.)
• STAT:4101 Mathematical Statistics II (3 s.h.)
• ACTS:3080 Mathematics of Finance I (3 s.h.)
• ACTS:4130 Quantitative Methods for Actuaries (3 s.h.)
• ACTS:4180 Life Contingencies I (3 s.h.)
• ACTS:4280 Life Contingencies II (3 s.h.)
• ACTS:4380 Mathematics of Finance II (3 s.h.)
Additional Opportunities
• Second Major in Statistics, Mathematics & Others
• Large Data Analysis Certificate
• Risk Management and Insurance Certificate
• Minor in Business Administration
• Graduate with Honors in Actuarial Science
Sample Schedule
Year Fall Semester Spring Semester
1
MATH:1850 Calculus I
CS:1210 Computer Science I: Fundamentals
ECON:1100 Principles of Microeconomics
MATH:1860 Calculus II
MATH:2700 Introduction to Linear Algebra
ECON:1200 Principles of Macroeconomics
2
MATH:2850 Calculus III
STAT:3100 Introduction to Mathematical
Statistics I (Exam P)
MATH:3770 Fundamental Properties of Spaces
and Functions I
STAT:3101 Introduction to Mathematical
Statistics II
ACTS:3080 Mathematics of Finance I (Exam FM)
3
STAT:4100 Mathematical Statistics I
ACTS:4130 Quantitative Methods for Actuaries
FIN:3300 Corporate Finance
STAT:4101 Mathematical Statistics II
ACTS:4180 Life Contingencies I
ACTS:4380 Mathematics of Finance II
4
ACTS:4280 Life Contingencies II
STAT:4540 Statistical Learning
STAT:4560 Statistical for Risk Modeling
ACTS:4380 Mathematics of Finance II (Exam
MFE)
ACTS:6580 Credibility and Survival Analysis
(Exam C)
UI Courses and Examinations
SOA Examinations UI Courses
P Probability STAT:3100, 4100
FM Financial Mathematics ACTS:3080
IFM Investment & Financial Markets ACTS:4380, FIN:3300
LTAM Long-Term Actuarial
Mathematics
ACTS:4130, 4180, 4280
STAM Short-Term Actuarial
Mathematics
STAT:4101, ACTS:6480, 6580
SRM Statistics for Risk Modeling STAT:4540, 4560
VEE UI Courses
Economics ECON:1100, 1200 or ECON:3100,
3150
Accounting & Corporate Finance ACCT:2100, FIN:3000 or 3300
Mathematical Statistics STAT:3101 or STAT:4101 or 5101
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The University of Iowa has the second oldest actuarial science program in the U.S.A. It began with the course “The Mathematical Theory of Insurance,” taught by Dr. Westfall, in academic year 1902/1903. Since 1913, actuarial science courses have been taught every year at UI. Five past presidents of the Society of Actuaries and two past presidents of the Casualty Actuarial Society were UI students.
Distinguished History – Promising Future
Department of Statistics and Actuarial Science Club
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If you're a student (undergraduate or graduate student) who is majoring in Actuarial Science and/or Actuarial Science Interest you are automatically a member of the Actuarial Science Club! The club has a ICON (Iowa Courses Online) site and a Facebook page and you are part of a mailing list (that the department sends out) that students share information.
2017 Actuarial Science Club Board
Pathway to
Membership
Risk is Opportunity
Ordinarily, students…..
Apply for Admission
to the Actuarial Science major in the fall
semester of their sophomore year, after they
have taken:
• Math:2850 Calculus III
• MATH:3770 Fundamental Properties of
Spaces and Functions I
• STAT:3100 Introduction to Mathematical
Statistics I
Students should apply no later than the end of
the spring semester of their junior year.
Last year 33 companies came to our 2017 Actuarial
Science, Insurance and Risk Management Job Fair
which was held on October 4th. Over 135
students attended this fair to learn more about the
opportunities these fine companies offer. In the
days and weeks ahead many will have follow-up
interviews seeking internship and job
opportunities. We are so appreciative to the
wonderful support and organization by our
Pomerantz Career Center Team to make this such
as successful event!
2017
InternshipsCody Borst Transamerica Cedar Rapids, Iowa
John Brindley Transamerica Cedar Rapids, IA
Erich Byers Lincoln Financial Group Ft Wayne, IN
Michelle Croghan Athene West Des Moines, Iowa
Justin Dickinson Ernst & Young New York, NY
Tony Dagner Cigna Bloomfield, Connecticut
Nicole Gonner Transamerica Cedar Rapids, IA
Leah Klejch Willis Towers Watson Chicago, IL
Felipe Su LiFarm Bureau Financial
ServicesDes Moines, IA
Jordan Nolz Transamerica Cedar Rapids, Iowa
Max Peterson Transamerica Cedar Rapids
Elle Qi Fidelity Investments Chicago, IL
Jonathan Reinhart Transamerica Cedar Rapids, IA
Jacob Schmitt Principal Des Moines, IA
Mitchell Tamashunas Prudential Newark, NJ
Connor Vandersnick Pacific Life Newport Beach, CA
Sam Werner Principal Des Moines, Iowa
Daniel YanceyFidelity Guaranty and
LifeDes Moines Iowa
Jeremy Ziemer Transamerica Cedar Rapids, IA
Morgan Zuidema Athene West Des Moines, IA
Club Leadership Opportunities!
One of our students, John
Crowley, was invited to share
his valuable experience at the
University of Iowa! This was
his contribution and published
in the Society of Actuaries
magazine!
Get involved in activities on and
off campus to develop time
management skills.
Activities directly related to actuarial science, such as
engagement within your school's actuarial science club, are
obviously beneficial to you and your resume. You don't have
to limit your involvement to strictly professional
development organizations though.
Any activity that gives you extra responsibilities will challenge
you to prioritize your commitments and to develop strategies
that will maximize the efficiency of how you use your time.
Everyone is an
individual.
This statement may seem
redundant or cliche, but don't
dismiss it as trivial quite yet. Think
about this advice in terms of how
you communicate with the people
around you. In daily interactions
you most likely alter the way you
speak to people according to your
relationship with them. For me,
this behavior is especially
prevalent when I send emails. I use
a lot more of a formal style when I
email professors or recruiters as
opposed to the casual emails I
send to classmates. The key is to
be conscious of how your
correspondence will be interpreted
by different people. Avoid
pigeonholing people together and
expecting them to react the same.
Many actuaries grow into
leadership roles, so it is important
for them to understand the
mindset of the individuals with
whom they work.
Seek Out Mentor.No one expects entry-levelactuaries to know everythingabout the business in which theywork. Consequently, it is a greatidea to find someone who hastraveled down the path that youintend to follow. By learning about their experiences, you may find answers to questions that you wouldn't have ever thought to ask. Similarly, students just entering the actuarial major could gain a lot of perspective by asking an upperclassman to serve as their mentor. The initial conversation may seem difficultto start, but many people wouldbe happy to share their stories when asked.
Ask the next question.
To demonstrate that you are engaged in a project, ask the question that will arise after
you finish the step on which you are currently working. You can show that you
comprehend the purpose of the given task by questioning the implications of the
possible outcomes. Answering these questions before they occur allows you to work
more efficiently instead of repeatedly stopping after each task. One key to keep in
mind is that you should not ask the next question just for the sake of asking the
question. Make sure you understand the response and take notes
if needed to avoid repeating yourself later.
Be able to summarize the importance of
your current project in three sentences.
Especially as an intern or entry-level actuary, this last piece of advice is crucial and, at
times, challenging. It is easy to get lost in the details of the task immediately in front
of you. By only focusing on your role within the larger project, you limit the amount of
knowledge you can gain. You are also less flexible as an employee since you don't
learn how your work can be adapted and applied to similar projects. Asking questions
about the importance of the larger project may not make it easier to finish your current
task, but it is valuable to your professional development within the company.
Professional Development
Charles E. and Eleanor G. Wilson Scholarship
This fund was established with numerous gifts
from Charles E. and Eleanore G. Wilson. Charles
Wilson (BA, 1941) attended The University of Iowa
during the Depression only because of a
scholarship. He was an actuary for 45 years. He
established this fund because he wanted to give
future students the same opportunity he had and
to help the actuarial profession. The College of
Liberal Arts assists us with the application
process. In 2017-18 we are funding over 26
students in scholarships ranging from $2,000 to
$20,000.
Other Scholarships & Awards
The department will send out information for the Lloyd
Knowler Scholarship, Principal Financial Group Foundation
Scholarship, Harold W. Schloss Memorial Scholarship, D. W.
Simpson & Company Scholarship, Towers Watson
Scholarship and the Transamerica Scholarship. Additionally
students may receive Taylor Award in Academic
Performance.
Actuarial Diversity Scholarship with
Society of Actuaries
Curtis E. Huntington Memorial
Scholarship
The Actuarial Diversity
Scholarship promotes diversity within
the profession through an annual
scholarship program for Black/African
American, Hispanic, Native North
American and Pacific Islander students.
The Curtis E. Huntington Memorial
Scholarship (formerly The John Culver
Wooddy Scholarship) was established to
recognize the remarkably positive
impact Huntington had on his students
and on the actuarial profession.
Sponsored by the Actuarial Foundation.
The University of Iowa hosted the 5th Annual Actuarial Science Midwest Conference (MASC) on September 29 & 30, 2017
• We cordially invited students to attend the 5th annual Midwest Actuarial Student Conference, a two-day Conference for college students who are studying or interested in actuarial science. The conference will include presentations of interest to actuarial science students, as well as opportunities to network with your peers.
• There was NO COST to attend this Conference.
• Breakfast, lunch, and refreshment breaks were provided.
• Before the Conference, we had an event called"Meet your Sponsors". This provided a great opportunities for students to meet the sponsors, including several employers, in an informal setting. Dinner for this time was provided at no cost.
• Held at the Marriott Conference Center in Coralville, Iowa.
