University of St. Thomas

When asked what one phrase best describes the actuarial science major at St. Thomas, a faculty member replied, “challenging, yet rewarding.”

A real student asks:

 

What exactly is actuarial science and why do people care about it?

An actuarial science faculty member responds: Actuarial science can be viewed as a career field that applies mathematical skills to areas of business. It is a science of managing personal- or business-related financial risks by using insurance and other financial products. Examples of personal risks are loss of income due to death, illness, injury or unemployment, and expenses arising from a car accident or property damage caused by a fire. Examples of business-related risks include product liability of a manufacturer, oil spills from a tanker and currency devaluation.

Insurance is essential for any individual or business entity. One cannot drive a car without insurance. Life insurance protects a family from financial difficulties when a breadwinner passes away. Doctors or lawyers cannot practice without professional liability insurance. Actuaries develop products to meet these needs and price the developed products. Insurance companies employ actuaries in all phases of operations including management, marketing, investments and selection of risks. Consulting firms and individual corporations also employ actuaries.

What jobs are possible with an Actuarial Science major?

What are recent graduates doing now?

The Actuarial Science Department has many graduates of whom we are very proud. They have achieved professional status as actuaries in short time periods by successfully passing a series of certifying exams while being exemplary employees of their respective companies such as Travelers, Allianz, Minnesota Life, Federated, CNA and Towers Perrin.

Actuarial science graduates choose their career paths as actuaries because the profession allows them to use their mathematical abilities and communication skills; it is also a challenging and demanding career that involves solving important and interesting problems.

What opportunities are there to bolster my resume while I'm in the program?

Internships. A significant majority of our majors have been able to obtain summer internships with insurance or consulting companies in the Twin Cities and many have permanent positions lined up well before they graduate.

Study abroad. Many actuarial science students who study abroad travel to the United Kingdom and/or Australia and take courses in business. Actuaries often communicate across countries and continents, so broadening one’s horizon is of great educational value to those pursuing a career in actuarial science. Major insurance companies run international operations. Some of our graduates have taken positions abroad.

Faculty at work

We have had summer student research projects such as “Optimal Timing of Social Security Benefits”, “Pricing Models for Long-term Care Insurance” and “Loss Reserve Triangle.” We also had a consulting opportunity on “Actuarial Assessment of Early Retirement Benefits” which was performed by students under faculty supervision.