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CENTRAL WASHINGTON UNIVERSITY
Ellensburg, WA
If you excel at mathematics, and like to apply your mathematical skills to challenging problems, then becoming an actuary may be your ticket to an exciting and rewarding management-track career.
WHAT DO ACTUARIES DO?
Actuaries are professionals who specialize in the assessment of risk. Actuaries define, analyze, and solve real-world problems using mathematical, statistical and financial techniques. Actuaries work on a variety of problems, such as applying mathematical models to insurance company pricing problems, investigating the effects of high-tech medical care on life expectancies, or participating in a company merger or acquisition.
WHY BE AN ACTUARY?
In the 1988 "Jobs Related Almanac," actuary was the top-rated job, and the 1999 edition has actuary rated second among several hundred job types. These ratings are based on salary, working conditions, stress, and potential for advancement. Actuaries are very well paid because people who can successfully apply mathematics in developing practical solutions to real-world problems are hard to find. Both large and small companies throughout the United States need actuaries. The unusually high demand for actuaries is expected to continue for the foreseeable future. And because actuaries are usually knowledgeable about all aspects of a business, they are well suited for management positions.
WHAT DOES IT TAKE TO BE AN ACTUARY?
In addition to having mathematical and statistical skills, actuarial candidates should have the ability to think logically and creatively. A basic knowledge of business and the desire to solve problems are also important. While analytical training and ability are definitely necessary, the ability to communicate effectively, both orally and in writing is of equal importance.
WHY ACTUARIAL SCIENCE AT CENTRAL?
Central's Department of Mathematics has 14 full-time members, including two specialists in probability, statistics and actuarial science. In the 13 years of its existence, Central's program in Actuarial Science has earned an enviable reputation for producing properly-trained students who are much in demand and who have done well on the job.
The Mathematics Department regularly offers specialized seminars designed to prepare prospective actuaries for the examinations given jointly by the Society of Actuaries and the Casualty Actuarial Society. Exam I covers standard coursework in calculus and probability theory. Exam II covers Economics, Finance and the mathematical theory of interest. Many prospective employers require passage of Exam I; passing both exams prior to graduation is a noteworthy achievement that will not go unnoticed by potential employers. Central students have demonstrated outstanding ability in these exams, having pass rates that generally exceed the national average. The Actuarial Science Program at Central Washington University offers small classes, and a high degree of faculty-student interaction. The genuine interest the Department of Mathematics has in the welfare of students is a key ingredient in the program's success.
SCHOLARSHIPS, GRANTS AND HONORS
SAFECO Insurance Company of Seattle, Washington, who has been a major supporter of Central’s actuarial science program, has instituted a grant program that gives each CWU student who passes Examination I a $150 cash award; those passing Exam 2 earn a $200 cash award. In addition, the Howard Johnson Company, a national consulting firm and a division of Merrill Lynch, awards occasional scholarships to promising students in Actuarial Science. Jodie Higbee Hansen, a recent graduate of CWU's actuarial science program and an Associate of the Society of Actuaries, has established an annual scholarship for a promising actuarial science student. In addition, an anonymous donor who appreciates the program, has recently made several extraordinarily generous contributions to set up an endowed scholarship fund for Actuarial Science students. Part of these donations were matched by the State of Washington, and beginning with the 2000-2001 school year, funds will be available. More information on these scholarships will be available at meetings of the Actuarial Science Club.
COURSEWORK FOR ACTUARIAL
SCIENCE OPTION IN MATHEMATICS
|
Required Courses |
Course Title |
Quarter Credits |
|
Math 172.1, 172.2 |
Calculus |
10 |
|
Math 265 |
Linear Algebra |
4 |
|
Math 272.1, 272.2 |
Multivariable Calculus |
10 |
|
Math 311 |
Statistical Methods |
5 |
|
Math 410.1, 410.2 |
Advanced Statistical Methods |
6 |
|
Math 411.1 |
Introduction to Probability Theory |
4 |
|
Math 411.2, 411.3 |
Mathematical Statistics |
6 |
|
Math 412* |
Actuarial Mathematics |
5 |
|
Math 464* |
Games and Programming |
5 |
|
Acct 251 |
Financial Accounting I |
5 |
|
Acct 252 |
Financial Accounting II |
5 |
|
Econ 201 |
Micro Economics |
5 |
|
Econ 202 |
Macro Economics |
5 |
|
Econ 330* |
Money and Banking |
5 |
|
Econ 356* |
Government and Business |
5 |
|
Finance 370 |
Business Finance |
5 |
|
Finance 475 |
Investments |
5 |
|
Choose one: Comp Sci 110 Comp Sci 157 Comp Sci 177 Comp Sci 187 |
Fundamentals of Computer Science COBOL FORTRAN C++ |
4 |
|
English 310* |
Technical Writing (or ADMG 385-Business Communications 5 credits) |
4/5 |
|
|
|
Total: 103/104 |
The following seminars, while not required, are recommended preparation for the actuarial exams indicated:
|
Course |
Title |
Preparation for |
|
Math 299 |
Seminar: Actuarial Science Problems I |
Course 1-Calculus & Linear Algebra Segment |
|
Math 416.1 |
Seminar: Actuarial Science Problems II |
Course 1-Probability&Mathematical Statistics Segment |
|
Math 416.2 |
Seminar: Actuarial Science Problems III |
Course 3&4 –Selected topics in Probability, Stochastic Processes and Applied Statistics |
CHANGES IN THE ACTUARIAL EXAMINATION STRUCTURE BEGINNING IN YEAR 2000
* The Society of Actuaries and the Casualty Actuarial Society have adopted sweeping changes in their examination processes beginning in year 2000. CWU's Actuarial Science Program will be revised/fine-tuned to reflect these changes. At the moment, most of these changes are handled through the substitution process. For example, instead of Math 412, we are teaching a two-quarter sequence in the mathematical theory of interest. Instead of Math 464, we are using Math 413, Introduction to Stochastic Processes. Also, we are encouraging people to take ECON 301 and ECON 302 rather than ECON 330 and ECON 356. ADMG 385, Business Communications, is an acceptable substitute for English 310, and has several more sections available each year. These changes will be formalized in the near future. Check here for updates.