Developing Actuarial Capacity Illinois State University

Transcription

1 Developing Actuarial Capacity Illinois State University Katie School of Insurance and Financial Services James Jones, Director Actuarial Program Center of Actuarial Excellence Krzysztof Ostaszewski, Director

2 Illinois State: General Information Center of Actuarial Excellence. Bachelor of Science in Mathematics, Actuarial Sequence. Master of Science in Mathematics, Actuarial Sequence. Undergraduate courses for the first five actuarial examinations plus graduate courses with more material. All Validation by Educational Experience requirements. Advanced Undergraduate, Graduate Education and Research program.

3 Align Courses with Relevant Actuarial Examinations Course P/1: Probability. Course FM/2: Financial Mathematics. Course MLC or 3L: Life Contingencies including Markov Processes. Course MFE/3F: Actuarial Models in Financial Economics. Course C/4: Construction and Evaluation of Actuarial Models.

4 Illinois State actuarial examinations successes Fall 2011 Spring 2011 Fall 2010 Spring 2010 Fall 2009 Spring 2009 Fall 2008 Spring 2008 Fall 2007 Spring 2007 Fall 2006 Spring 2006 Fall 2005 Spring 2005 Fall 2004 Spring 2004 Fall 2003 Spring 2003 Fall 2002 Spring 2002 Fall 2001 Spring 2001 Fall 2000

5 What do we do to attract students Scholarships very important to incoming students. And we are relatively inexpensive. Reimburse actuarial exam fees High school outreach. Web site and online practice problems at Dr. Ostaszewski s site. Google How to Pass Actuarial Exams? Listing among CAE helps generate more interest.

6 Complete coverage of exams and VEE in courses required of the actuarial majors. Exams seminars: P/1, FM/2, MLC, MFE/3F. Online since January 2012, but without MFE. Online study resources for those and C/4. Gamma Iota Sigma & Actuarial Club. Employment and internships support. Katie School of Insurance programs

7 Meet the Firms. Actuarial Banquet. High School Actuarial Career Fairs. Research Event. Lectures by visitors: actuaries and researchers. Employers visits. Actuarial Club events.

8 Graduate about 25 students a year. Students graduate with 2 exams and internship experience. Develop a Master program. Achieve national prominence. Consistently attract students in the top 5% of high school population. Program fully aligned with actuarial professional education. Graduate 25 to 30 students a year. Students typically graduate with 2 exams and internship experience. Master of Science in Mathematics, Actuarial Sequence. Center of Actuarial Excellence. Consistently attract students in the top 5%. We cover 5 exams in undergraduate classes,cover VEE in full.

9 We now have online study materials and practice examinations for Course P/1 + seminar Course FM/2 + seminar Course MLC + seminar Course MFE/3F Course C/4 Also: MAT 480: Reserving + Pension Funding MAT 483: Asset-Liability Management MAT 283: Actuarial Computing Undergraduate and Graduate Advisement Job placement

10 The Role of the Katie School of Insurance at Illinois State University Insurance Courses Industry speakers Student Toastmasters Club Company visits Leadership development Risk consulting for local non-profits Summer programs to attract high school students

11 Examples of Actuarial Projects Students work on applied projects tied to current industry knowledge needs. Product Development Competitive Analysis Regulatory Analysis Financial Analysis

12 Developing Actuarial Capacity Illinois State University Katie School of Insurance and Financial Services James Jones, Director Actuarial Program Center of Actuarial Excellence Krzysztof Ostaszewski, Director