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Actuarial Sciences

An actuary is a business professional who uses mathematical skills to define, analyze, and solve financial and social problems. Preparation for a career as an actuary requires mathematical aptitude, but actuarial work involves a practical type of mathematical ability mixed with business skills. An actuary deals with real-life problems rather than theoretical ones, must be curious, have sound judgment, and be able to think logically and creatively. The goal of the program in actuarial mathematics is to prepare students for positions in life and health insurance companies, property and casualty insurance companies, consulting firms, or state or federal government agencies.

The most widely accepted standard of professional qualification to practice as an actuary in the United States is a Fellowship in either the Society of Actuaries (SoA) or the Casualty Actuarial Society (CAS). Each organization administers a series of examinations leading to Fellowship. The first few in this series are mathematical in nature covering topics in calculus and linear algebra, probability, mathematical and applied statistics. Students interested in the actuarial mathematics program should read the latest SoA Associateship Catalog for more information. This catalog may be obtained from the Department of Mathematical Sciences, or from the Society of Actuaries.

The actuarial mathematics program at WPI provides the first steps in preparing for these examinations and an introduction to fundamentals in business and economics. Students with mathematical aptitude should be able to pass the first two SoA examinations before graduation.

After graduation, most actuarial training is through self-study combined with on-the-job experience. Many employers rotate their actuarial trainees through various assignments exposing them to different aspects of business operations. In addition, companies frequently maintain actuarial libraries, sponsor group study sessions, and give trainees study time during work hours.

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Last modified: July 17, 2006 16:37:34