Most schools in the U.S. that are considered to have a complete undergraduate or
Masters degree actuarial science program (e.g. Nebraska, Drake, Iowa, Wisconsin,
Illinois, Michigan, Illinois State, Georgia State) are very similar in academic
content and the quality of the faculty and of the actuarial education. Differences
include administrative location (Business college, Math department, Statistics department,
etc), and emphases beyond the academic program. At Nebraska, our emphasis beyond
the academic program is the connection to the actuarial profession through the active
external advisory committee of actuaries, the student actuarial science club, emphasis
on summer internships, and problem labs that provide content review and problem
practice to assist students in preparing for the professional actuarial examinations.
One of the primary goals for our unique Actuarial Applications in Practice
course is to help students make the transition from actuarial theory to actuarial
practice by using case studies and introducing students to tools that actuaries
use in practice to complete actuarial tasks, such as EXCEL and commercially available
actuarial software (TAS, MGALFA, PROPHET). The course also introduces students to
the additional considerations in practical applications of actuarial theory, such
as assumption setting, Actuarial Standards of Practice, the professional code of
conduct, and effective communication. Actuaries as guest speakers have contributed
significantly to the success of the course. During the spring of 2011, several guest
speakers contributed: Dean Way, FSA, discussing the role of the Illustration Actuary;
Jeanne Daharsh, FSA, and John Rink,
Nebraska Department of Insurance, discussing the actuarial work and responsibilities
involved in the regulation of insurance; Don Segal, FSA, Society of Actuaries President,
discussing his career path, professional issues, and advice to actuarial students;
Denise Olson, FCAS, presenting a casualty case study; and Karen Rudolph, FSA, and
Cole Naughton, ASA, presenting an asset liability management
case study. This course is typically taken during the last year before graduation.
The Actuarial Science Program is a part of the finance department
in the College of Business. However, all undergraduate courses are
offered to majors or minors in both the College of Business and the College of Arts
and Sciences. One can pursue an actuarial career having majored or minored in actuarial
science in either the College of Business or the College of Arts and Sciences (A&S). Regardless of the
college, the core background provided for an actuarial career is essentially the
same. The considerations in choosing a college include what other interests a student
has, the general requirements of the college, and the scholarships and financial
aid available. Currently, the majority of actuarial science majors are in
the College of Business.