Actuarial Science Advising Guide

An actuary manages risk, primarily in insurance, retirement planning, and economic forecasting. Actuaries must have strong analytical skills, particularly in probability and statistics, business knowledge, and understanding of human behavior.

A student interested in a career in actuarial science should have a strong background in mathematics, statistics, and economics. A statistics major paired with a financial economics major or minor will equip students with the tools they need for a career in actuarial science. The sites below are a good place to learn about actuaries and how to become one. 

•  www.beanactuary.org: Provides information on what actuaries do, classes to take, the actuarial exams, and other resources
• Society of Actuaries (SOA; https://www.soa.org/): Major global professional actuarial science organization. Members are from all major actuarial science areas.
• Casualty Actuarial Society (CAS; https://www.casact.org/): Professional organization for actuaries specializing in property and casualty insurance.

Advice

Here are a few things to keep in mind when mapping out your path to graduation:

• Talk to a Statistics advisor about becoming an actuary. An advisor will help you map out your path to graduation, put you in contact with alumni, and help you navigate the certification process. 
• Arrange to jog shadow an actuary early in your college career (first year or sophomore year). This will allow you to get first-hand insight on what an actuary does and is a great way to network. The career centerr can help you make contact with alumns. 
• Plan on taking and passing at least one actuarial exam between your junior and senior years. 

How to Become an Actuary

Requirements to become a credentialed actuary include: examinations, e-learning courses, a proctored project assessment, validation of educational experiences outside of SOA or CAS (called VEE), and a professionalism seminar.

• Step 1: Pass the first 2 exams which are the same for SOA and CAS:
  • Exam 1: Probability
  • Exam 2: Financial Mathematics
• Step 2: Apply for VEE credit (https://www.soa.org/education/exam-req/edu-vee)
  • Used to demonstrate knowledge obtained through coursework
  • To receive VEE credit, courses must be passed with a grade of B- or higher. 
  • Gustavus coursework that is applicable for VEE credit:
    

    VEE Credit Courses

    VEE Area	Courses Accepted for VEE Credit
    Accounting and Corporate Finance	B/E 110 (Financial Accounting) AND B/E 270 (Business Finance)
    Economics	B/E 107 (Principles of Economics)—new course starting Fall 2024 OR B/E 108 (Principles of Microeconomics) AND B/E 109 (Principles of Macroeconomics OR B/E 281 (Intermediate Microeconomics) AND B/E 282 (Intermediate Macroeconomics)
    Mathematical Statistics	MCS 341 (Probability Theory and Mathematical Statistics I)  OR MCS 342 (Probability Theory and Mathematical Statistics II)

• Step 3: Differs for SOA and CAS
  
  • For SOA: Complete Pre-Actuarial Science Module
  • For CAS: Complete Exam 3 Financial Economics
•  Pathways for becoming fully credentialed are found at:
  • SOA: https://www.soa.org/education/exam-req/edu-asa-req/
  • CAS: https://www.casact.org/exams-admissions/exams 
•  Exams can be taken while in college
  
  • For SOA it is recommended to take (and pass) Exams 1 and 2 and apply for VEE credit before graduating
  • For CAS it is recommended to take (and pass) Exams 1-3 and apply for VEE credit before graduating
• Most companies allow you to complete the remaining exams and required modules to become a certified actuary while you are employed

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