Edition

An Actuarial Science Program: A Journey from an Introductory to an Advanced Curriculum

By Fang Yang

Expanding Horizons, June 2024

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Engaging with other actuarial science faculty from various universities and colleges at network events, such as conferences, always inspires me in terms of program curriculums, industry collaborations and more. One frequently discussed topic is how to elevate an actuarial science program to the next level. For instance, transitioning from the current Society of Actuaries (SOA) Universities and Colleges with Actuarial Programs (UCAP) Introductory Curriculum (IC) to the Advanced Curriculum (AC) level.

I served as the director of the actuarial science program at West Virginia University (WVU) for over a decade. In this article, I would like to share my experiences and timeline in building an actuarial science program from scratch and reaching the AC level in less than ten years.

Starting from the Ground Up

When I joined the Department of Mathematics at WVU in the fall of 2012, I began teaching Mathematics of Compound Interest, which was the only actuarial science course offered at that time. I realized that for the university to be eligible for an SOA UCAP-IC listing, it needed to offer at least two SOA preliminary exams and have approved courses for at least one Validation by Educational Experience (VEE) topic. I gathered data from the Bureau of Labor Statistics (BLS) on median pay and employment growth for actuaries. I then discussed with the department chair the increasing demand for actuarial professionals and the absence of an actuarial science program in the state of West Virginia. Additionally, introducing new actuarial science courses would equip students with the specific mathematical tools required to pass actuarial exams. With the support of the department chair, I undertook the following initiatives (note that only the first three were necessary for IC status):

  • Developed a new actuarial science course—Mathematical Foundations of Actuarial Science, which covers the SOA Probability Exam.
  • Restructured the existing course, Mathematics of Compound Interest, integrating numerous past SOA Financial Mathematics (FM) exam questions and incorporating calculator usage to better prepare students.
  • Submitted two VEE Courses Approval Applications and the supporting documentation to the SOA.
  • Established the Actuarial Student Club and served as the faculty advisor.
  • Offered weekly extra practice sessions to help students prepare for the SOA P and FM exams.
  • Invited guest speakers from industry and other universities to give talks.

In January 2016, WVU’s application to be on the SOA UCAP-IC list was approved.

Building to a Higher Level

From 2016 to 2021, I also developed the Actuarial Science Minor for both Bachelor of Science (BS) and Bachelor of Arts (BA) degrees in Mathematics. Many students passed one or two actuarial exams on their first attempts and secured internships or full-time positions at various companies. Additionally, as the actuarial science coordinator, I disseminated internship and job opportunities related to the actuarial profession to students, answered their inquiries about the field, and met with prospective students to discuss career paths and the benefits of joining the actuarial club.

Schools in the SOA UCAP-AC category must offer courses that cover at least four SOA preliminary exams and all VEE topics. To improve our program accordingly, I took the following steps (note that only the first two were necessary for AC status):

  • Developed three new actuarial science courses that cover the FAM and ASTAM exams.
  • Submitted VEE Course Approval Applications and the supporting documentation to the SOA for the remaining VEE subjects.
  • Established the Actuarial Program Advisory Board, consisting of eight members from the SOA (Society of Actuaries) and CAS (Casualty Actuarial Society).
  • Organized the West Virginia High School Actuarial Day.
  • Compiled students’ success stories to aid in recruitment and gave talks at high schools throughout the state.
  • Offered weekly extra practice sessions each semester to help students prepare for the SOA Exams P and FM.
  • Invited guest speakers from industry and other universities to give talks each semester.

In January 2021, the WVU actuarial science program was recognized as an SOA UCAP-AC.

 

There were numerous challenges involved in developing the program; one was collaborating with the industry. Actuarial science is a highly specialized field, and students greatly benefit from connecting with actuaries through job shadowing opportunities, actuarial talks and so on. I recommend reaching out to nearby insurance companies to inquire about their interest in co-programming and initiating the process of building networks.

Statements of fact and opinions expressed herein are those of the individual authors and are not necessarily those of the Society of Actuaries, the editors, or the respective authors’ employers.

Fang Yang, ASA, is a coeditor of Expanding Horizons and a clinical associate professor at the Maurice R. Greenberg School of Risk Science at Georgia State University. Fang can be reached at fyang10@gsu.edu.