Thursday, September 4 th, 2014 (5:45 - 7:15pm) 110 Business Revised 9/24/2014

 Introductions (Ron)  Career Opportunities  Penn State Courses (Officers)  Actuarial Exams & VEE  Actuarial Science Club  Internships  Questions 2

 # 1 Job in US ( per WSJ )per WSJ  # 1 School for Recruiters ( per BusinessWeek)per BusinessWeek  Largest actuarial program in US (50% bigger than #2)  About150 exam passers per year  About ½ from Smeal and ½ from Eberly (Math & Stat)  Center of Actuarial Excellence – only 14 in US  Very Difficult Degree  Students with A’s in Calculus and Probability: pass exams, get jobs  Students with C’s rarely pass exams/get jobs – try ERM?  Some employers only look at students with GPA > 3.5  STAT 414 & SOA Probability Exam – take Sophomore year  Eberly students can transfer to UP early to take STAT 414 3

 Ron Gebhardtsbauer, FSA  Pension Consulting, Insurance, Congress, spokesperson for US profession  Teaches RM 410/411/412/415 (Financial Math, Pricing Life Ins & Derivatives)  Zhongyi Yuan, PhD in Actuarial Science  Teaches RM 410 (Financial Math) in Fall  Has taught RM 420 (C Exam = P&C and Health) in Spring  Yuan Huang: PhD candidate in Statistics  Teaching RM 420 this Spring  Brian Johnson, ACAS  Works for SwissRe (Property & Casualty Reinsurance Company) helps RM 420  Lisa Weaver, LLD  Retirement Consultant, Teaches INS 401 (Pensions) each Spring  Lisa Posey and Dave Cather  PhDs teaching Insurance and Risk Management  Actuarial Science Club Officers ( them your questions)  President – Eric Stoltz (interned at AON Hewitt in Chicago)  VP – Bradford Conners (interned at CIGNA in Hartford) 4

 Insurance, Consulting, Government, Academia o Insurance o Month Rotational Programs o Competitive study programs o Consulting, Investment, and Accounting Firms o Longer hours – especially during busy season o Dynamic work environment o I ndustries o Life/Annuity o Health o Retirement o Property/Casualty o Reinsurance o Finance/Investment 5

o Internet (e.g., Met Life & AXA only use their website) o Actuarial Career Fair o Info Sessions o Linked-In o Your resume on Symplicity o Used for Club’s Resume Booklet o Pass Actuarial Exams and take all VEE courses o Get involved in student organizations o Keep GPA above 3.20 to get an internship/job o Talk to: o Students who had Internships: on Club’s website o Employers and Alums: on Club’s website

YrFallSpring 1 st MATH 140* (Calc I)MATH 141* (Calc II) 2 nd MATH 230* (Calc III) preferred prereq for 414 per Eberly MATH 220 (Matrices) STAT 414* (Probability Theory) !!! Take P Exam in May for internship STAT 480# (SAS) 3 rd R M 410* (Financial Math) Excel Take FM in December (pts in RM 410) STAT 416# (Stochastic Processes) R M 411* (Life Contingencies) VBA R M 415 (Derivatives Markets) Take MFE in July (>80% passed!) STAT 415# (Mathematical Statistics) Take CAS’s ST Exam in April 4 th R M 412* (Life Contingencies) Take MLC in October (pts in RM 412) STAT 462# (Regression Analysis) Minitab RM 420 P&C/Health: take C in June orRM401Pensions Stat: allows 420 as sub STAT 463# (Applied Time Series) R 7 See on whether to place out of 140/141www.math.psu.edu/ug/advising/vs If you got a 5 on the AP exams, I recommend you place out of course MATH 220 (Matrices) valuable for Markov Chains in RM 412 & MLC STAT 415 valuable for RM 412 & 420, Exam C, & CAS Exam ST * C or better required. If C’s, consider other majors # needed for STAT minor

YrFallSpring 1 st MATH 141* (Calc II)MATH 230* (Calc III) 2 nd STAT 414* (Probability Theory) Take P Exam in Jan for internship MATH 220 (Matrices) R M 410* (Financial Math) Excel Take FM Exam in June STAT 416# (Stochastic Processes) 3 rd R M 415 (Derivatives Markets) Take MFE in March no December exam STAT 415# (Mathematical Statistics) R M 411* (Life Contingencies) VBA STAT 483# (better SAS class) Take CAS’s ST Exam in April 4 th R M 412* (Life Contingencies) Take MLC Exam in October STAT 462# (Regression Analysis) Minitab RM 420 (P&C/Health) Stat may allow as sub Take C Exam in June STAT 463# (Applied Time Series) R 8 See on whether to place out of 140/141www.math.psu.edu/ug/advising/vs If you got a 5 on the AP exams, I recommend you place out of course MATH 220 (Matrices) valuable for Markov Chains in RM 412 & MLC STAT 415 valuable for RM 412 & 420, Exam C, & CAS Exam ST * C or better required. If C’s, you should consider other majors # needed for STAT minor

 R M 301* (Fall Only) ◦ Risk & Decisions  R M 320W* (Spring Only) ◦ Risk Management & Insurance  RM 430* (Fall Only) ◦ Life & Health Insurance  Eberly students take RM 302 instead * C or higher required 9

◦ SCM 200* Statistics for Business (easy-AP can waive) More business applications than STAT 200, which Eberly students must take ◦ MIS 204* Business Information Systems  FIN 301* Finance  ACCTG 211* Accounting  MKTG 301* Marketing  MGMT 301* Management ◦ BA 411: Analyzing Business & Industry (BA 412 for Schreyer) ◦ B LAW 341 Business Law ◦ BA 342 Business Ethics  Act Sci students can skip Supply Chain 301 * C or higher required Consult your degree audit at elion.psu.eduelion.psu.edu Sample schedule at Smeal Undergraduate Student Exchange or Club website

 Additional Statistics & Mathematics courses: ◦ MATH 220: Matrices (good course for RM 412) ◦ STAT 415: Mathematical Statistics (good course for C exam) ◦ STAT 461: Analysis of Variance ◦ STAT 470W: Problem solving in Applied Statistics ◦ STAT 480 (1 credit) or 483 (3 credits): SAS (good course) ◦ STAT 462/463:Applied Regression/Time Series Analysis-VEE ◦ 1 from CMPSC 101/102/121/200/201/202: C++,VB,Matlab,Fortran ◦ Select 9 credits from:  STAT 416: Stochastic Modeling  RM 420: Loss Models (needs a petition, which will be accepted)  STAT 440: Computational Statistics  STAT 464: Applied Nonparametric Statistics  STAT 466: Survey Sampling  MATH 436/441: Linear or Matrix Algebra  MATH 451/455: Numerical Computations & Numerical Analysis  IE 434/436: Quality Control/Industrial Engineering 11

 Additional Mathematics & Statistics courses: ◦ MATH 311W & 312: Discrete Math & Real Analysis ◦ MATH 251: Ordinary & Partial Differential Equations ◦ MATH 220: Matrices (good course) ◦ MATH/STAT 415: Mathematical Statistics (good course) ◦ MATH/STAT 416: Stochastic Modeling (good course) ◦ MATH 486: Game Theory or MATH 451: Numerical Computations ◦ MATH 484: Linear Programming ◦ STAT 462: Applied Regression Analysis (good course) ◦ STAT 463: Applied Time Series Analysis (good course) ◦ CMPSC 101, 121, 201C: Computer Programming ◦ IE 425: Operations Research  RM 420: Loss Models? (asking now) 12

 Business courses required: ◦ ECON 102 & 104: Micro & Macro-Economics ◦ FIN 301: Corp Finance & Financial Markets ◦ RM 302: Risk & Insurance ◦ Replaces RM 301/320/430 so you can take RM 420 !! ◦ RM 410*/411*/412*: Actuarial Courses ◦ ACCTG 211: Accounting (Stat Majors)  Business courses not required: ◦ ACCTG 211: Math Majors don’t need for Fin 301 ◦ Business Core ◦ B LAW 341 & BA 342: Business Law & Ethics ◦ MIS 204: Intro to Business Information Systems * C or Higher required 13

 STAT 483 (3): More SAS – great for Health and P&C jobs  CMPSC 102: Intro to VB  CMPSC 203: Excel with some Access  MATH 220: Matrices  MATH 251:Differential Equations with PDEs  MATH 412: Partial Differential Equations  MATH 451 or 455: Numerical Computations/Analysis  MATH 486: Game Theory  FIN 305 (2 piece): Financial Mgmt of Business Enterprise  FIN 408 (2 piece): Financial Markets and Institutions  ECON 302/304: Intermediate Micro/Macro Economics  ECON 351: Money and Banking 14

 RM Courses 410 (Excel); 411 (VBA); 412 (Pivot Tables)  STAT 462: some Minitab used  STAT 463: some R used  STAT 480: SAS (1 credit) (STAT 483 is really good – 3 cred) online  STAT 497: R  CMPSC 203: Excel with some Access  CMPSC 101 Intro to C++  CMPSC 102: Intro to VB lynda.psu.edu can also help w VBA  CMPSC 200: MATLAB  CMPSC 201: C++  CMPSC 202: FORTRAN  CMPSC 37C: SQL  MATH 451: MATLAB used  FIN 414 or 415: VBA used 15

 Given in Harrisburg, Philly, Pittsburg by: ◦ Society of Actuaries (SOA)  Life/Pension/Health/Enterprise Risk Mgmt  MLC Exam is given here ◦ Casualty Actuarial Society (CAS)  Property/Casualty  SOA exams mostly satisfy CAS ◦ But not vice-versa 16

 To get internships  Internship + 2 or 3 exams for FT job  Take FM Exam in December after RM 410 ◦ Use breaks to pass exams ◦ Tough passing FM exam when in RM 411  We cover all 6 exams here ◦ Some pass all before graduation ◦ Almost Associates in the SoA  We pay $100 if pass  See Club’s Exam Passer webpage 17

ExamCourse(s) SOA Sample Q Best Manual Take it when? Comments 1/P - Probability Theory STAT 414 InfiniteActuary ACTEX or ADAPT Sophomore year!! Otherwise, take in Jan 2/FM - Financial Mathematics RM 410 ASM Study it in summer December Don’t take in Feb when in RM 411 3F/MFE – Financial Econ RM 415 ASM or ADAPT July >80% pass rate!!! LC/MLC - Life Contingencies RM 411/412 InfiniteActuary or ADAPT cheap in last wk Late October MLC satisfies CAS’s LC exam 4/C – P&C and Health Ins frequency/severity/aggregate RM 412/420 STAT 415/416 InfiniteActuary or ASM June Stan says easy after Zhongyi’s RM 420 class ST exam (CAS) STAT 415/416 April PoissonProcesses & Mathematical Statistics 18 Tutorials at

 Required by SOA, CAS, & Employers  ECON 102/104 & FIN 301 required to graduate  Must receive a grade of B- or better ◦ Or 4 or 5 on AP tests  Apply for VEE credit after passing P & FM ◦ Or apply after you get job (& get a raise) ◦ Other Campuses can use Univ. Park per SOA  Can also get credit by exam thru ◦ ACTEX for Finance & Applied Stat VEE’s ◦ CLEP for Econ VEE 19

 Accepted Courses: take one from each o Applied Regression  STAT 462, STAT 501, or ECON 306  ECON prerequisites can be satisfied by Stat 414 o Applied Time Series  STAT 463, STAT 510*, ECON 483* o You can mix and match  Get STAT Minor - if also take: o STAT 415 (Mathematical Statistics) o STAT 416 (Stochastic Processes) starting next year o STAT 480 (Intro to SAS - 1 credit) Some get ECON Minor: take ECON 302/304 & 6 credits of 400 level ECON *Gone? 20

VEE/ExamCourse 1Course 2Other? VEE EconEcon 102Econ 104 VEE FinanceFIN 301 VEE StatisticsSTAT 462STAT 463 or STAT 501/510 or ECON 306/483 Exam P/1STAT 414 Exam FM/2R M 410 Exam MLC/3LR M 411R M 412 Exam MFE/3FR M 415 Exam C/4R M 412R M 420STAT 415/6 21

 Résumé, Symplicity, & Mock Interview ◦ Wednesday 9/10: 6 – 7:30 PM in 107 Forest Res ◦ Put resumes on SmealConnect/SciOpps by 9/14 ◦ Must use instructions on Club’s Resume webpage ◦ RM 411 students must do mock interview by 9/14  Meeting for International Students ◦ Monday 9/8: 7 -8 PM in 110 Thomas ◦ Ideas for internships, jobs, grad school (e.g., MAS)  Mentors for Juniors (& interested Frosh/Soph) ◦ If interested, Corey Lutz 22

 Monday 9/22/14 from 5 to 8 PM in Atrium  Over 30 companies  Great place to find Internships ◦ Even if you don’t have exam: practice interviews ◦ 1 st & 2 nd yr. students can get internships w/o exams  To Attend: ◦ Must do Mock Interview with Mentor by 9/14 ◦ GPA>3.20, or A’s in Calculus, or Exam Passed ◦ Pay Club Dues 23

 Company Info Sessions (listed on Club’s Home Page)  Exam Review Sessions (Club’s Review Sessions Page)  Tutors for help on exams  Field Trip to Actuarial Employers (Spring)  Speakers Series: AAA President Tom Terry  THON involvement  Junior Liaisons 24

 Facebook group ◦ ◦ Study Manual exchange ◦ Questions about Actuarial Exams or PSU Classes ◦ Socials  List Serve sign up at  Internships Questions? 25

 International students get jobs in US ◦ CPT/OPT/H1-B/Green cards/Eb5 really help  Communication as important as exams ◦ Join HW groups with US students ◦ Talk English all the time! ◦ Having US roommates has worked well  Important to pass Exam P before Junior  3 exams to get Full-Time Job  If can’t get internship or FT job ◦ Try grad school, and then easier to get job PSU has Masters in Applied Statistics 26