Graduate School in Actuarial Science

3rd Annual Midwest Actuarial Student Conference

October 3, 2015

Kristen Moore

Should I Go to Graduate School?

The Bottom Line: Exams

The credential that is recognized, valued, and rewarded in the actuarial profession is Associateship or Fellowship in one of the actuarial societies

An advanced degree can augment or enrich this, but it cannot replace it

Bottom line: you must pass the exams

What Are Your Career Goals?

I would like to work as an actuary in an insurance company or consulting firm

I would like to be a Professor of Actuarial Science

I don’t know

Other

Career in Insurance or Consulting

Case 1: Undergraduate degree in Actuarial Science and 2+ exams passed

You are well-qualified for an entry-level position.

Get a job

Focus on exemplary job performance and passing exams

Career in Insurance or Consulting

Case 2: Undergraduate degree in another field, no exams passed

The Latecomer, The Career Changer

Applying to Master’s Programs in Actuarial Science might be a good idea

Teaching assistantships (financial support) may be available

University Professor: Basics of Supply and Demand

The SOA’s CAE program has created demand for people with both academic and actuarial credentials Ph.D. + Fellowship

Low supply of candidates

This is good news for aspiring academic actuaries

University Professor: More Economic Basics

Generally speaking, salaries are higher in industry than in academe

Generally speaking, salaries are higher in business schools than in Math or Stat departments

Actuarial Career Path in Academe:What is Your Brand and Target Market?

Do you want to be a Professor of Actuarial Science at a CAE?

Or do you want to be a Math or Stat Professor at a smaller college or university and support a much smaller or fledgling actuarial program?

Actuarial Career Path in Academe:Where Should You Do Your Ph.D.?

Depending on the university, the actuarial program might live in Math, Stat, or Risk Management and Insurance department

Will your Ph.D. be in Actuarial Science, or will it be in Math (or Stat) with an actuarial dissertation?

This determines the “flavor” of your Ph.D. and hence, your opportunity set of potential employers

Some Graduate Programs in Actuarial Science

There are 16 CAEs that offer Master’s or Ph.D.’s in Actuarial Science10 in the U.S., 6 in Canada

Location of Actuarial Program

Math Stat Business School

Illinois Iowa Temple

Michigan UCSB Wisconsin

UConn Waterloo Nebraska

Illinois State Toronto Georgia State

Other Career Scenarios:I Have No Idea What I Want to Do

A Master’s program might be a good way for you to take some extra time and consider your option

Or it might be procrastination and a waste of time

“You can’t steer a ship that isn’t moving.”

Up on the watershed, standing at the fork in the roadYou can stand there and agonize till your agony’s your heaviest load.

You’ll never fly as the crow flies, get used to a country mile.When you’re learning to face the path at your pace,

every choice is worth your while.

-- Indigo Girls, 1990

Other Career Paths for Which Graduate School Might Make Sense

I want to work in insurance or consulting, but I want a really “non-traditional” role I want to be super-specialized and ultimately do

research

A Few Final Thoughts

Don’t begin a Ph.D. program simply because you can’t think of a different or better option or because it seems like the path of least resistance

Listen to your heart (soul, gut) in making your career choices

My wish for you

Thank youQuestions / Discussion