University of Michigan Actuarial Program Actuarial Mass Advising

University of Michigan Actuarial Program Actuarial Mass Advising Session Wednesday, November 7, 2018 Psychology Auditorium – 1324 East Hall 6: 30 PM – 8: 00 PM 1

AGENDA Course Requirements Course Planning Declaring Actuarial Math Major Margaret E. Huntington Prize Exam Strategy Exam Fee Reimbursements Actuarial Scholarships

INTER DISCIPLINARY PROGRAM BUSINESS COMPUTER SCIENCE MATH ACTUARIAL SCIENCE ECONOMICS STATISTIC S

Actuarial Professionals Society of Actuaries Casualty Actuarial Fellows (FSA) 19, 462 Fellows (FCAS) Associates (ASA) 12, 349 Associates (ACAS) Source: SOA (June ’ 18) Source: CAS (Sept. ’ 18) Society 5, 469 2, 839 There are 1. 3 millions Physicians in the USA

Actuarial Requirements (*) Min Grade of C Minus Required Cognates Suggested (2 Needed) FIN 302 Making Financial Decisions (SOA VEE Accounting & Finance Exam IFM) CORE Courses MA 316 (*) BASIC Courses Pre Requisites Life Contingencies Part I (Exam LTAM) Compound Interest & Life Insurance (Exam FM) Differential Equations OR MA 286 MA 215 (*) Calculus III OR 255/285/295 OR 296/395 Life Contingencies Part II (Exam LTAM) Mathematics of Finance (Exam IFM) MA 217 (*) Linear Algebra MA 521 MA 423 (*) Advanced Analytics for Management Consulting (Exam PA) Data Mining and Statistical Learning (Exam SRM) Financial Accounting (SOA VEE Accounting & Finance) MA 520 (*) MA 424 (*) TO 414 STATS 415 ACC 300 MA 523 (*) Loss Models I (Exam STAM) MA 425 (*) Introduction To Probability (Exam P) ECON 101 Microeconomics (SOA VEE Micro. Economics) MA 524 Loss Models II (Exam STAM) STATS 426 (*) Introductory Theoretical Statistics (SOA VEE Mathematical Statistics) ECON 102 Macroeconomics (SOA VEE Macro. Economics) EECS 183 Elementary Programming Concepts

COURSE DEPENDENCIES EECS 183 Pass MA 215 Min C- MA 217 Min C- MA 423 Min C- MA 425 Min C- STATS 426 Min C- STATS 415 Pass 10/7/2020 MA 316 Min C- MA 424 Min C- ECON 101 Pass ECON 102 Pass MA 523 Min C- MA 520 Min C- TO 414 Pass MA 521 Pass FIN 302 Pass ACC 300 Pass 6

Curriculum of a Student (With Credit for Calculus I & II) FRESHMEN FALL WINTER MA 215 MA 425 EECS 183 MA 217 ECON 101 ECON 102 MA 424 SOPHOMORE JUNIOR SENIOR EXAM / INTERNSHIP Exam P – July Exam FM – Feb STATS 426 MA 423 Exam IFM – July ACC 300 FIN 302 Internship STATS 415 (*) MA 523 Exam SRM – Nov MA 524 Exam STAM – June TO 414 (*) Internship MA 316 MA 520 Exam PA – Dec MA 521 Exam LTAM – May (*) suggested additional courses

Curriculum of a Student (With Calculus I, but Without Calculus II) FRESHMEN FALL WINTER MA 116 MA 215 EECS 183 ECON 102 EXAM / INTERNSHIP ECON 101 SOPHOMORE JUNIOR SENIOR MA 425 MA 424 Exam P – Feb ACC 300 MA 217 Exam FM – June MA 423 Exam IFM – Mar FIN 302 MA 316 STATS 426 STATS 415 Internship TO 414 Exam SRM – Sept MA 523 MA 524 Exam STAM – May MA 520 MA 521 Full Time Job

Curriculum of a Student (Without Credit for Calculus I & II) FRESHMEN FALL WINTER MA 115 MA 116 EECS 183 ECON 102 EXAM / INTERNSHIP ECON 101 SOPHOMORE JUNIOR SENIOR MA 215 MA 425 ACC 300 MA 217 MA 424 MA 423 Exam FM – Feb STATS 426 FIN 302 Exam IFM – July MA 316 STATS 415 Internship TO 414 Exam SRM – Sept MA 523 MA 524 Exam STAM – May MA 520 MA 521 Full Time Job Exam P – Feb

Declaring Actuarial Math Major Pre Requisites MA 215 (*) Calculus III OR 255/285/295 MA 217 (*) Linear Algebra OR 296/395 ECON 101 Microeconomics (SOA VEE Micro. Economics) ECON 102 Macroeconomics (SOA VEE Macro. Economics) EECS 183 Elementary Programming Concepts • Don’t need to complete all 5 courses above. • Can declare major AFTER getting good grades in MA 215 & 217. • Declare AFTER announcement of Margaret S. Huntington Prize ($ 1, 000) – March or April • Declare BEFORE taking Exam P

Margaret S. Huntington Prize • Purpose: To influence Freshmen and Sophomore non-actuarial students to consider Actuarial Math as Major • Many awards - $ 1, 000 each • Announced March or April • Watch for e-mail from Actuarial Program Director – Feb/Mar • Must get a grade of “A Minus” or better in one of MA 115, 116, 156, 175, or 185 OR • Must get a grade of “B” or better in one of MA 215, 285, or 295

Associate of the Society of Actuaries (ASA) ASA EXAMS 1. Probability 2. Financial Mathematics 3. Investments and Financial Markets 4. Statistics for Risk Modeling 5. Short Term Actuarial Models 6. Predictive Analytics 7. Long Term Actuarial Models Validation by Educational Experience (VEEs) 1. 2. 3. Economics Mathematical Statistics Accounting and Finance Fundamentals of Actuarial Practice (e-Learning Course) Associateship Professionalism Course (Seminar)

FSA – Various Tracks Corporate Finance and Enterprise Risk Management Quantitative Finance and Investment Individual Life and Annuities Retirement Benefits Group and Health General Insurance 13

Fellow of the Society of Actuaries Individual Life and Annuities Track Modules (e-Learning) FSA EXAMS 1. Life Pricing 2. Life Finance and Valuation 3. Life Risk Management (OR) Enterprise Risk Management 1. 2. 3. 4. Regulation & Taxation Enterprise Risk Management Financial Economics Decision Making and Communication (DMAC) Fellowship Admissions Course (Seminar) FSA 10 Exams + 3 VEEs + 5 Modules + 2 Professionalism Courses

Curriculum Actuarial Exams Introduction To Probability (MA 425) 90% Probability Mathematical Interest Theory (MA 424) 90% Financial Mathematics of Finance(MA 423) & Making Financial Decisions (FIN 302) 80% Investments and Financial Markets XX% Statistics for Risk Modeling 100% Short Term Actuarial Model 100% Predictive Analytics 87% Long Term Actuarial Model Data Mining and Statistical Learning (STATS 415) Loss Models I & II (MA 523/524) Advanced (Predictive) Analytics (TO 414) Life Contingencies I & II (MA 520/521)

SOA Actuarial Exams Exam P Exam FM Exam IFM Exam SRM Exam STAM Exam LTAM Exam PA Jan Feb Mar Jan Feb Apr Jun Mar Apr Jul May Jun Oct Dec May Jun Nov Sep Oct Jul Aug Sep Oct Nov Dec

Curriculum VEE Credits (Validation by Educational Experience) The SOA gives VEE Credit if a student gets a grade of “B Minus” or better, in Pre-Approved courses, and in Pre-Approved Universities. Micro-Economics (ECON 101 – 4 Credits) VEE - Microeconomics Macro-Economics (ECON 102 – 4 Credits) VEE - Macroeconomics Introductory Theoretical Statistics (STATS 426 – 3 Credits) VEE – Mathematical Statistics Making Financial Decisions (FIN 302/300 – 3 Credits) VEE - Finance Financial Accounting (ACC 300 – 3 Credits) VEE - Accounting

Exam Fee Reimbursements • Must have declared Actuarial Math as your major at the time you took an Actuarial Exam • Must be a registered student at the time you are applying for Reimbursements • If you get Provisional Pass (immediately after most CBT Exams), that is sufficient to apply for Reimbursement. You don’t have to wait for SOA’s number grade. • Good idea to apply for Reimbursements within 30 days after passing an exam • However, you can still apply for reimbursement if you FORGOT to apply within 30 days (talk to Actuarial Program Director).

Actuarial Awards / Scholarships (Get Good Grades in Math Courses) $$$ Actuarial Scholarships $$$ Irwing Wolfson Award $$$ $$ Cigna Awards (1 Freshman & 2 Sophomores) $$ $$$ Otto Richter Memorial Prize $$$ D. W. Simpson Award $$$ Margaret S. Huntington Prize (many) $$$ Natarajan Family Award $$$

ANY QUESTIONS ? ? ?