Department of Mathematical Sciences
Division of Statistics
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Department of Mathematical Sciences Division of Statistics |
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Program Actuarial Club Employment & Internship Practice Session General Information Contact Us Relative Links Corporate Affiliations |
Been thinking about your future?
Do you like Business?
Math?
Statistics?
Do you like high salaries and job
security?
Have you thought about a career as an actuary?
The job "actuary" has been consistently rated as one of the top four best jobs in the US by the Jobs Rated Almanac in at least six of its editions. Occupations are ranked on the basis of six key criteria including environment, income, employment outlook, physical demands, security, and stress (work-life balance). The data come from government sources such as the US Bureau of Labor Statistics and the US Census Bureau, as well as studies from trade associations and industry groups. Actuaries have gained in importance and will continue to be in high demand as companies and governments prepare to cope with future risks.
WHAT DO ACTUARIES DO?
Insurance, as the saying goes, is the oxygen of free enterprise. Actuaries are business professionals who analyze the financial consequences of risk. They work on a wide variety of projects in diverse business environments. For example they may (please visit www.beanactuary.org): " Analyze insurance rates, such as for cars, homes or life insurance, " Estimate the money to be set-aside for claims that have not yet been paid, " Forecast the potential impact of catastrophes like hurricanes making landfall in the coastal US, " Participate in corporate planning, such as mergers and acquisitions.
HOW DO YOU BECOME AN ACTUARY?
In the Department of Mathematical Sciences - Division of Statistics here at NIU, we have a new BS (MATH) emphasis (approved in spring 2007). New Emphasis 6 will train you for a career in the actuarial profession and help you to prepare for three of the actuarial exams of the Society of Actuaries (SOA)/Casualty Actuarial Society (CAS). Recruiters for actuarial internships or full-time actuarial careers prefer those that have started the series of examinations on their own and have already passed at least one or two. Typically, employers provide the necessary support to such employees to finish any remaining exams and to accomplish their goal of becoming an actuary. Therefore, proper planning early in your NIU career is crucial for you to successfully complete this program. You can also join the Northern Illinois University Actuarial Club to meet other students who share your interests and actuarial aspirations by e-mailing the president of the Club at president_actuarial[at]math.niu.edu. For admission to this math major and/or more information about the exams of SOA/CAS and the actuarial profession, please call 815-753-6714 to schedule an appointment with Prof. Rama Lingham, Director of the Division of Statistics. ACTUARIAL SCIENCE PROGRAMThis program in Actuarial Science was approved by NIU in spring 2007. Although the program description below will appear in the 2008-09 undergraduate catalog, this program is open for enrollment beginning in fall 2007.This inter-disciplinary track prepares students for careers in the actuarial profession and helps them learn material included in the Exams P/1 (Probability), FM/2 (Financial Mathematics) and M/3 (Actuarial Models) of the Society of Actuaries (SOA)/Casualty Actuarial Society (CAS). A few courses relevant to Exam C/4 (Construction and Evaluation of Actuarial Models) of the SOA/CAS are also available to actuarial students. Interested students should contact the Division of Statistics for advisement in this emphasis. Note: A student seeking to attain membership with the SOA and/or CAS is
required to complete the Validation by Educational Experience (VEE)
requirements of the societies in three areas: applied statistics,
economics and corporate finance. Although not a requirement for
completion of this emphasis, a student can receive VEE credits by
completing STAT 473, STAT 478, ECON 260, ECON 261, FINA 330 and FINA 340
with a grade of B or better in each course.
All of the following:
Three from the following (7-10): The following additional courses cover some of the important topics in,
and will help students who plan to take, Exam C/4 of the SOA/CAS: Students should see their advisors in the Division of Statistics before scheduling these additional courses in their individual programs of study. MINOR IN ACTUARIAL SCIENCEThe main goals of this minor are to
BS (MATH) - Minor in Actuarial Science was approved by NIU in spring 2007. Although the program description below will appear in the 2008-09 undergraduate catalog, this minor is open for enrollment beginning in fall 2007. The Required Courses of the Minor in Actuarial Science (29 hours):
Ten or more semester hours in the minor must be taken at NIU. Students who have passed the four courses FINA 330, FINA 340, FINA 350 and FINA 455 will get credit for STAT 382 in the minor in actuarial science. You must attain a minimum cumulative GPA of 2.00 in all courses taken in the minor at NIU. Proper planning early in your NIU career is crucial for you to successfully complete this minor. You can also join the Northern Illinois University Actuarial Club to meet other students who share your interests and actuarial aspirations by e-mailing the president of the Club at president_actuarial[at]math.niu.edu For admission to this math minor, more information about the exams of SOA/CAS and the actuarial profession, please call 815-753-6714 to schedule an appointment with Prof. Rama Lingham, Director of the Division of Statistics. |
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NIU ACTUARIAL CLUB
The NIU Actuarial Club is an organization of students interested in Actuarial Science and Actuarial Careers. The club has career oriented presentations throughout the school year, posts the club members' resumes on the website, and organizes a variety of activities of interest to actuarial students. Students interested in actuarial science and actuarial careers will benefit in several ways by joining the club. The club provides a forum for interaction and informal exchange of ideas among students interested in actuarial science. Timely information on the actuarial profession and actuarial exams will become readily available to all members. Join the NIU Actuarial Club!
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