Minnesota Casualty Actuarial Symposium(MinnCAS)

MCFAM Minnesota Center for

Financial & Actuarial Mathematics

7-9-12 Presentation

Laurie Derechin

MCFAM Launched Summer 2010

• Within College of Science and Engineering’s (CSE) School of Mathematics

• Houses: University’s Actuarial Program Master of Financial Mathematics

MCFAM’s MISSION

• Provide best in class education with programs in financial & actuarial mathematics & academic and career advancement support that meets best practices

• Establish working environment for interactions between MCFAM students, University faculty & financial/actuarial sector.

• Cross train for well-rounded, “industry ready” graduates

• Encourage research on new approaches to industry problems

First 2 Years - Some Accomplishments

• Actuarial student body has increased by 35% vs. a year ago

• Strong synergies achieved by combining Actuarial & Financial Math disciplines

• At least 55% of 2012 graduating seniors have already secured Actuarial jobs or internships (many will graduate in 12/2012)

• The Actuarial curriculum has improved, resulting in higher student/employer satisfaction

• Industry involvement in MCFAM programs is growing

A Brief Report - Current Status of theActuarial Program at the University of Minnesota

Actuarial Program - Numbers

• About 190 Students

• 7 instructors teaching core actuarial courses (3 are practicing actuaries)

• 10 actuaries involved in additional teaching activities

• 3 advisors (academic & career) Rina Ashkenazi–Academic Director, MCFAM, PhD

Laurie Derechin–Executive Director, MCFAM, MBA

Aileen Lyle-Actuarial Lecturer/Advisor, MCFAM FCAS, MAAA

• 1 Post Doc – Elizabeth Kemajou – PhD

Actuarial Program - Curriculum

Course Alignment with Actuarial ExamsCourse Actuarial ExamMATH 5651 Exam - PMATH 4065 Exam FMMATH 5067 - 5068 Exam MLCMATH 5075 - 5076 Exam MFE

Courses Approved for VEE CreditCourse VEE Topic

ECON 1101 - 1102 Economics

FINA 3001 + 4221 Corporate Finance

ECON 4261 Applied Statistical Methods

Preparatory Workshop - SpringPreparatory Workshop - Fall

MATH 4067W Actuarial Mathematics in Practice

• Launched in Spring 2012

• Three 5-week modules led by practicing actuaries

• Students exposed to real world actuarial problems

• Excel / VBA is taught and used

• Course mimics business environment

• Emphasis on written & oral communication

MATH 4067W Actuarial Mathematics in Practice

During Spring 2012 actuaries from four companies taught Math 4067W

• Travelers• Allianz Life• UHG / Mercer

Interested in leading a module? Please contact us!

MCFAM Distinguished Lecture Series

• Launched Fall 2011: Hosts acclaimed scholars & practitioners in the field of Actuarial and Financial Mathematics,

• October 2011: Dr. Mary Hardy, the CIBC Chair in Financial Risk Management at the University of Waterloo gave a talk titled “Divided by a Common Language: Communicating Applied Research in Actuarial Science”.

• March 2012: Dr. Marco Avellaneda from Courant Institute of Mathematical Sciences, NYU, lectured on "Quantitative Hedge-Funds and Strategies: Myths and Realities".

Courant Institute of Mathematical Sciences (CIMS)

Actuarial Program – Research

Actuarial Advisory Board

• Multi-level Board: Strategic/Implementation Teams

20 members, broad base of local insurance/consulting

Strategy / guidance once per year – full board

Implementation Team – takes up projects

CAE designation process

Developed 4067W, Actuarial Seminar (forerunner)

Periodic meetings during project implementation

Actuarial Program Current Career Development

• Student Actuary Club; great participation from local industry

Mark Wilson: 2012-13 President: actuary@umn.edu

• 9 Seminars-September to February; involvement local industry

Strengths Assessment, Resumes, Career Fair, Interviewing

Networking Strategies

Personal Branding /Online Portfolios

Networking Events; Fall Career Fair at TCF Stadium;

2012 Career Fair: 10/4/12: 1-4PM and 5-8PM

TCF 2011Career Fair: 200 students/26 firms & 50 employee reps

2012 Spring Networking Event – 40 employer reps/70+ students

Actuarial Program – Next Steps Career Development

• Actuarial Mentorship Program

Match students with industry mentors

Opportunity for students to get real world view from role models

Kick Off 10/2012 pilot program–Project Leader: Aileen Lyle

• Company/MCFAM Student Collaboration on Projects

Projects involving students/companies

For things you don’t have time for, but need to get done!

• Monthly Actuarial “Brown Bag” Lunch Seminar

Address latest trends in the field

Guest lecturers and industry leaders

Actuarial Program Involvement opportunities

• Advisory Board

• Teaching actuarial classes

• Leading a module in Math 4067W

• Mentor/co-mentor a student research project

• Company-sponsored student projects -any kind

• Actuarial Mentorship Pilot Program Fall 2012

• Presentations at Actuary Club

• Involvement in Actuarial Seminar/Brown Bag Lunch Series

Contact Us to Get Started! ashke004@umn.edu, lderechi@umn.edu

THANK YOU!!!

We do all this in concert with you:The very collaborative, creative and generous Local Actuarial Community .

Together We Make It Happen!!!