1. Master of Science in Actuarial Science

2. Agenda
Industry Trends Program Philosophy and Overview Program Requirements and Curriculum Professional Development and Career Services Navigating the Program Admission Requirements and Deadlines Contact Information

3. Industry Trends

4. General Information
Various industries heavily use actuaries in order to manage risk and as a result of steady growth in many of these industries, actuarial science has become an increasingly attractive profession
The Actuarial profession has consistently been rated as one of the best jobs to have
CareerCast recently ranked it as the best job of 2013
According to the Bureau of Labor Statistics, the actuarial profession is set to grow 27% from in the United States
46% of actuaries work for private insurance companies
Insurance Brokers & Agencies 6.9% revenue growth, 1.2% employment growth in 2011
High demand for actuaries. Relatively few graduate Actuarial Science programs currently in existence. Most professionals come from various majors.
This includes Life and Health Insurance, Personal Property and Casualty Insurance, Commercial Property and Casualty Insurance, etc.

5. # OF ACTUARIES EMPLOYED
What Industries Do Actuaries Enter?
INDUSTRY %
Insurance companies
46%
Consulting firms
34%
Miscellaneous 6%
State insurance departments and other government offices 2%
Investment houses and banks
University and college educators 1%
TOP EMPLOYERS OF ACTUARIES
# OF ACTUARIES EMPLOYED
Mercer Human Resource Consulting
526
Towers Perrin
415
Watson Wyatt Worldwide
333
Hewitt Associates LLC
199
PricewaterhouseCoopers LLP
153
Buck Consultants Inc.
149
Aon Consulting
128

6. Program Philosophy and Overview

7. Components of the Program
M.S. in Actuarial Science
Baseline Foundation
Exams
Industry Focused - Mentors
Applied
Proseminar
Career Focused
Face to Face or Online

8. Program Philosophy
Rigorous program of study, helps with exams but focuses on practice
Our top priority is providing students with the tools to move beyond the level of knowledge that is necessary for the actuarial exams, and ensuring that they become deeply skilled in their field of study.
The program gives students the opportunity to study with some of the best minds in the country, and provides an academic experience that extends beyond the limits of basic test preparation.
An important aspect of accomplishing this goal is making sure that student are able to gain actuarial experience through internships, research projects, and ultimately through full time employment.
While passing the preliminary actuarial exams is important, it is of greater importance that students who complete this program leave with a strong foundation in Actuarial Science, and are prepared for to work and excel in their chosen industry.
The responsibility is ultimately on the student to understand the marketplace, network, use all available resources to obtain employment.

9. Program Overview Courses typically meet one or two times a week
Individualized programs of study may be developed to accommodate those students who have completed some of the required coursework prior to entering the program as well as those students who wish to do additional coursework in risk management, data analysis, and mathematical finance. 
Working students should be able to complete the program taking evening courses, although many courses are also offered during the day.
Students may enroll in the program either full- time (12 or more credits per term) or part-time (fewer than 12 credits per term).
Advanced students may take electives in mathematical finance, risk management, and advanced statistical methods.
Full-time students complete the program in three semesters, although some will be able to complete it in one calendar year. 
Students can complete program either on campus or online. (Fully online M.S. in Actuarial Science program launches Fall 2014.)
Part-time students are expected to complete the program in six terms. 

10. Where do program graduates work?

11. Program Requirements and Curriculum

12. Program Requirements – 2013
GPA > 3.0
Course completed within 3 years of start date (excludes summer)
36 points needed – Does not include Proseminar and internships (considered professional requirements)
STAT 4109 (or 4105/4107) and STAT 4840 required with a grade of B- or higher – Certain students can be exempted from 4840 if passed FM. No students can be exempted from 4109.
SOA/CAS exam related courses
STAT W4109 – Probability / Statistical Inference - 6 pts. – P
STAT W4840 – Theory of Interest – 3 pts. – FM
ACTU K4830 – Stochastic Processes – 3 pts – MFE
ACTU K4821 – Actuarial Methods – 6 pts – MLC
ACTU K4823 – Actuarial Models – 3 pts – C
VEE Courses
VEE Stat – STAT W4440 – Linear Regression and Time Series
VEE Corporate Finance – BUSI K4003 – Corporate Finance
VEE Economics – ECON 5211 & 5213 – Microeconomics and Macroeconomics
VEE Regression/Time Series – STAT W Linear Regression and Time Series Models (Core Class)

13. Class Information – Core Courses
STAT W4105. Probability. 3 pts. (combines in 4109 with 4107) – 4109 is 6 points
ACTU K4821. Actuarial Methods. 6 pts.
This course covers the non-stochastic process portions of the MLC/3L exam, and is about pricing and reserving of life insurance. Topics include actuarial present value, the equivalence principle, premiums, three methods of calculating reserves, joint life and multiple hazard.
Calculus-based introduction of probability.
STAT W4107. Statistical Inference. 3 pts. (combines in 4109 with 4105) – 4109 is 6 points
Calculus-based introduction to the theory of statistics.
STAT W4840. Theory of Interest. 3 pts.
ACTU K4823. Actuarial Models. 3 pts.
Introduction to the mathematical theory of interest as well as the elements of economic and financial theory of interest.
This course covers portions of the C/4 exam not covered elsewhere in the curriculum. Topics may include Bayesian statistics, credibility, and risk measures.

14. Class Information – Core Courses
ACTU K4830. Stochastic Processes for Actuarial Science. 3 pts.
Review of elements of probability theory including topics such as Poisson processes, exponential distribution, etc.
This course covers the material and the theoretical background for exam MFE.
STAT W4543. Survival Analysis. 3 pts.
STAT W4440. Linear Regression and Time Series Models. 3 pts.
Survival distributions, types of censored data, estimation for various survival models, nonparametric estimation of survival distributions
Theory and practice of regression analysis with simple and multiple regression.
STAT W4606. Elementary Stochastic Processes. 3 pts.

15. Accreditation Requirements
Actuarial Exams
P / 1: Probability
FM / 2: Financial Mathematics
MLC / 3L: Life Contingencies (Actuarial Methods)
MFE / 3F: Financial Economics
C / 4: Actuarial Models
Validation By Educational Experience (VEE)
Corporate Finance
Microeconomics
Macroeconomics
Regression / Time Series

16. Society of Actuaries exams passed
Conversion US and UK Exam (USUK)
Society of Actuaries exams passed
Subjects for which exemption is offered by the Institute and Faculty of Actuaries
Exam P - probability, and VEE statistics
CT3
Exam FM - financial mathematics
CT1
VEE corporate finance
CT2
Exam MLC and C (Both needed)
CT4 and CT5
VEE - economics
CT7
Exam MFE - financial economics
CT8
All modules of fundamentals of actuarial practice (you must provide evidence that all modules of fundamentals of actuarial practice including assessments, have been passed with the SoA. Students who have been granted an exemption from FAP by the SoA are not eligible to apply for an exemption from CA1)
CA1

17. Conversion US and UK Exam (UKUS)
Core Technical UK Exam
SOA/CAS Exam
CT3
Exam P
CT1
Exam FM
CT2
VEE Corporate Finance
CT7
VEE Economics
CT4 AND CT5
Exam MLC–Life Contingencies
CT6
Exam C and VEE Applied Statistics
CT8
Exam MFE–Financial Economics

18. Conversion US and UK Exam (UKUS)
Core Application and Specialist Application UK
SOA exam
CA1
Fundamentals of Actuarial Practice (FAP) Modules 1–5 and FAP Interim Assessment
CA2
FAP Modules 6–8 and FAP Final Assessment
SA1 and ST1
Exams DP–Design and Pricing and CSP–Company/Sponsor Perspective (Health, Group Life and Managed Care)
SA2 and ST2
Exams DP and CSP (Individual Insurance)
SA4 and ST4
Exams DP and CSP (Retirement)
SA5 and ST5
Exams Advanced Finance/ERM and Financial Economic Theory (Finance/ERM)
SA6 and ST6
Exams Advanced Portfolio Management and Financial Economic Theory (Investment

19. Actuarial Exam Course Structure

20. Electives

21. Professional Development and Career Services

22. Preparing for Exams
The Actuarial Society at Columbia University is a great tool for students who are preparing to take any of the Preliminary Exam.
Through Columbia University, you will have access to various test preparation materials.
Both electronic (Coaching Actuaries online exam preparation) and paper resources (ACTEX manuals & BPP manuals) will be made available to help students study for the preliminary exams. Students will be able to take practice tests in an environment similar to actual testing conditions as well.
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23. Career Service Offering Overview
Career Center
Career Coach
Advisors and Mentors
Proseminar & Recruiter
Empower

24. Career Resources Career Resources Link
View industry specific resources to guide your career research and deepen your knowledge of your field of study. students
The Center for Career Education (CCE)
- Resume review
- Workshops; career advising appointments
- Online resources
- Register for LionSHARE, Columbia’s job posting system
- Sign up for company presentations, interviews and job fairs

25. Career Resources
SCE provides students with support and resources for career management
Career Coach
Career Advising Appointments We employ a dedicated recruiting consultant that helps students on an individual basis.
For resume review, job search and professional development advice.
Program Directors/ Faculty For industry trends, hiring patterns and profiles.
Refine your career plans
Update your résumé; review a cover letter
Proseminar Series/ Program Specific Events Provide networking opportunities, as well as, educational value.
Create a target list of companies
Practice for an interview

26. Finding an Internship
Finding an internship can seem like a daunting task, but there are numerous facilities and programs available on campus to students to help them effectively search for, apply to, and ultimately obtain an internship.
Students can have their resume and cover letter reviewed by engaging in the program’s prescribed resume and cover letter review and revision process.
Proseminar – This course gives students numerous opportunities to network with industry professionals as well as attend a number of employer information sessions.
Job/internship opportunities that are exclusive to the Actuarial Science Program will be posted on the Ning social networking site periodically.

27. Internship Job Search
An internship in the actuarial field will increase the probability you will secure a job when you complete the program
Large insurance, healthcare and consulting companies with formalized, annual internship programs will interview well in advance
Most internships are offered for summer but some companies hire interns year round
Companies that hire on an as needed/project basis will interview and hire into late spring or close to the internship start date
The internship application process is a big part of both the spring and fall semesters, and a variety of resources are available to students to help them find opportunities they are interested in.

28. Navigating the Program

29. Student Resources After College Recruiter Proseminar Series
Access to live monthly seminar(s) for $10-$30
Past Seminars include topics such as: Special Needs Planning, Personal Financial Risk Management, Longevity Risk Management
A job board that has internship and fulltime positions that are unique to the Columbia University Actuarial Science Program. All students register for this invitation only job board and are then given access to opportunities unique to the Columbia University Actuarial Science Department
The ASNY Career Fair takes place at Columbia University and brings in many top employers.
Recruiter
Proseminar Series
Faculty and Program Advisors
Tuesdays and Thursdays from 4:00 to 6:00pm
Career Coach
All students sign up for Proseminar series each semester – There is no charge.
Sample of companies presenting this semester – PricewaterhouseCooper, AIG, SSINC , MetLife, Liberty Mutual
ASNY (Actuarial Society of New York)
Students encouraged to sign up for membership
Membership dues are $35

30. Building Relationships Within the Program
Communication
Strength in Numbers:
We consider this to be a students greatest asset or liability and as a result place an unique emphasis on helping to facilitate the development of our students communication skills
We like to think of our students as part of a team within the program. Together they are more powerful than alone.
In 10 years, we hope that each and every student will have a very powerful network that is rooted in their time here at Columbia.
While classes are offered to help with this development, we feel that nothing works better than practice. As such, we encourage our students to not only focus on performing at a high academic level, but also on ensuring that they build relationships within the program throughout their course of study.

31. Admission Requirements and Application Deadlines

32. Admission Requirements
Applicants must take and submit their GRE scores to Columbia University at the time of their application. Competitive applicants generally score very well on the quantitative portion of the GRE.
Applicants must hold at least a bachelor's degree or its equivalent and have a cumulative grade point average of 3.0 or better.
Applicants whose native language is not English or have not completed their undergraduate studies at an accredited US college or university are required to demonstrate proficiency in the English language by submitting official scores either from the TOEFL (Test of English as a Foreign Language) or IELTS (International English Language Testing System).
Students must have a knowledge of elementary economics (equivalent to ECON W1105), linear algebra (MATH V2010), and multivariate calculus (MATH V1202).
The Actuarial Science program can be taken on a full-time or part-time basis. Only international students enrolled in this program full-time qualify for a student visa.
Students required to take the TOEFL exam must score 100 on the computer version, or its equivalent on other versions.

33. Application Deadlines
Fall 2014
January 15, 2014; March 15, 2014; May 15, 2014
Spring 2015
October 1, 2014; November 1, 2014
For More Information
Please refer to

34. For More Information

35. Program Contact Information
Noor Rajah, FSA, FCA, EA, MAAA, CFA
Lina Xu, PhD, FSA
Program Director
Lewisohn Hall (SCE) - 5th Floor
Program Coordinators
Prajwal Kilari
Elena Lambridis
For More Information
Please contact

37. Questions?

38. Frequently Asked Questions
Can you switch between part time and full time?
Is it the same cost for in-person, online and the hybrid programs?
Can you tell us more about the online courses?
Are any scholarships offered?
What does it take to be approved for summer courses?
Are the math courses actual prerequisites? In other words, what does “familiar with linear algebra and multivariate calculus” mean?