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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