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Actuarial Science at Oakland

Actuarial Science at Oakland. Major. Actuarial Science Major: Blends business and math Strong math skills are necessary Important Classes STA 427 is a good to prepare for P exam FIN 416, 422, and ACC 301 help prepare for the FM exam Side note: ECN 321 can substitute for ECN 302. Minors.

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Actuarial Science at Oakland

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  1. Actuarial Science at Oakland

  2. Major • Actuarial Science Major: • Blends business and math • Strong math skills are necessary • Important Classes • STA 427 is a good to prepare for P exam • FIN 416, 422, and ACC 301 help prepare for the FM exam • Side note: • ECN 321 can substitute for ECN 302

  3. Minors • Mathematics Minor • Automatic • Apply at graduation • Economics Minor • Requires one extra ECN course if ECN 405 is taken • Otherwise two extra courses • Finance Minor • Requires ACC 210 as the only extra course • Applied Statistics • Requires one extra STA course if STA 402 and STA 428 or STA 425 are taken

  4. Advising • Head Program Advisor (Professor Grossman) • Meet at least once a year to check degree progression • SBA Advising (Debbie Lengyel) • Help plan business course progression • Overrides for classes (FIN & ACC) • Can email Donna Free for these • College of Arts and Sciences Advising • Help plan general education requirements • Other • Professor Tracy • Miscellaneous questions • Schedule Planning

  5. Professional Associations • SOA • CAS

  6. Society of Actuaries (SOA) • www.soa.org • User-friendly website • Helpful information on the website • Finance, Health, Pensions, Life Insurance, etc… • Offer the first 5 exams in conjunction with CAS • More module based certifications • Information on becoming an associate and fellow in the society

  7. Casualty Actuarial Society (CAS) • www.casact.org • Property, Casualty, and related risk areas • Exams are said to be much harder • Statistically have higher salaries • Do not forget about CAS

  8. Be An Actuary Website • www.beanactuary.org • Information on the career, exams, and other frequently asked questions • Job listing are posted here • Helpful statistics including salary levels, companies that employ the most actuaries, etc…

  9. Exams • Probability Exam / Exam 1 • Advised to take STA 427 prior or during the time period registered for • Continuing education review class starting in the fall • Dates will be sent out soon • Financial Math Exam / Exam 2 • Advised to take FIN 416, 422, and ACC 301 prior • Continuing education review class starting either fall or early winter • Information will be sent out soon • Financial Economics Exam / Exam 3 • Finance course coming soon

  10. General Exam Information • 30 questions on an exam • Must get a 60% to pass • For more information on grading, follow this link • http://www.casact.org/admissions/studytools/exam1/Exam_1pass.pdf • Pass rates approx. 50% • Don’t worry about failing an exam, it happens to everyone • Typical of professional exams (CPA, CFA, CFP) • Study materials • Review books (will be available for check-out in library soon)

  11. Exam Prep. Materials • Actuarial Bookstore • www.actuarialbookstore.com • Commonly used manuals are ASM, ACTEX, and TIA • Actuarial Outpost • www.actuarialoutpost.com • Provides discussions on exams • Also has information on job openings, careers, etc…

  12. Internships • Generally must have one exam passed • Typically begin looking and preparing in the summer • Many large companies select interns by the end of October • Towers Watson, Blue Cross Blue Shield of Michigan, and other insurance companies • Professional internships not related to actuarial science are extremely beneficial • No exams necessary

  13. Entry Level • D.W. Simpson   • www.actuaryjobs.com (recruiters) • provide an annual salary survey • SC International • www.scinternational.com (recruiters) • SOA • Provide an application to search job openings • NOTE: considered entry-level when degree is complete

  14. Other Career Paths • Actuarial Science Major is applicable and advantageous in the following fields as well: • Retirement Accountancy • Corporate Finance • Financial Statistics • Economics

  15. Society of Actuarial Science • Follow us on Facebook • Society of Actuarial Science – Oakland University • Members can post information and questions • Ask questions which the officers can answer • GrizzOrgs • Sample Schedule and Powerpointhave been added as files on SAS page • Emails sent out prior to each meeting • Website is coming soon

  16. Contacts • ouasclub@gmail.com • Best for questions, information, etc… • Answered faster than any other emails provided below • Officers • Nicole Bramos– President • nmbramos@oakland.edu • Aaron Teachout– Vice-President • amteacho@oakland.edu • Menachem Davis – Treasurer • msdavis@oakland.edu • ZacBudrow– Secretary • zabudrow@oakland.edu • S.A.S. Adviser • Prof. Ogunyemi • ogunyemi@oakland.edu • Professors • Prof. Tracy • tracy@oakland.edu • Prof. Grossman • grossman@oakland.edu • Prof. Schmidt • schmidt@oakland.edu • Prof. Donna Free • free@oakland.edu • Debbie Lengyel (SBA Advising) • lengyel@oakland.edu

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