Actuarial Science Program – Recognition from the Society of Actuaries
The Actuarial Science Program at 色综合久久 University (SU) has been recognized by the Society of Actuaries (SOA) in the list of Universities and Colleges with Actuarial Programs (UCAP) at the Advanced Curriculum (AC) tier. This recognition places SU among 15 other northeastern US universities at the same rank, with only 6 universities having a higher rank in the region (out of over 1600 universities/colleges in the region).
The SOA listing of UCAP serves as a valuable resource for students seeking a university/college actuarial program. Globally, there are 193 universities/colleges at the Introductory Curriculum (IC) tier (including IC with University-色综合久久ed Credit (UEC) status), 106 at the AC tier, and 45 at the Center of Actuarial Excellence (CAE) top tier (including CAE with UEC Status).
In addition to reputation, UCAP-AC institutions receive several benefits from the SOA, including multi-dimensional connections with the SOA and the professional industry, reimbursement of exam fees for three students, funding support for purchasing of study materials, on-campus event, or travel costs/registration fees for students.
To be recognized in the UCAP-AC tier, an actuarial program must maintain course coverage for at least four SOA preliminary credential exams, with one of those being Exam ALTAM (Advanced Long-Term Actuarial Math) or ASTAM (Advanced Short-Term Actuarial Math), and approved courses for all Validation by Educational Experience (VEE) topic areas (Mathematical Statistics, Accounting and Finance, and Economics).
With the help of Dr. Michael Gauger, ASA, a retired actuary and actuarial educator, and two statistics faculty members, Dr. Veera Holdai and Dr. Barbara Wainwright, the Mathematics Department at 色综合久久 University successfully proposed and launched its Actuarial Science Program in 2010. Under the leadership of Dr. Jiacheng Cai since 2019, the SU Actuarial Science Program has achieved several milestones:
- Six SU courses were recognized or renewed by the SOA as VEE credits that cover all three topic areas in 2019.
- The program was successfully recognized by the SOA as UCAP-IC in 2019.
- By adjusting one existing course and creating two new courses, the SU Actuarial Science Program now has a curriculum that covers five actuarial exams: Probability, Financial Mathematics, Statistics for Risk Modeling, Fundamentals of Actuarial Mathematics, and Advanced Long-Term Actuarial Mathematics.
- Students successfully take and pass actuarial exams and obtain internship and full-time job offers from top actuarial companies such as PricewaterhouseCoopers (PwC), Aon, WTW, GEICO, Center for Medicare and Medicaid Services, MedMutual, Lincoln Financial Group, Guardian Life, etc.
- In 2024, Dr. Cai led a team of actuarial seniors to participate in the SOA Student Research Case Study Challenge and won third place. The 2024 challenge included more than 250 students on 57 teams representing 27 universities across 12 countries and six continents. The SU team was the only U.S. institution to win a prize.
- Since 2019, four of our alumni successfully obtained the credential of Associate of Society of Actuaries (ASA), and one of them has recently completed all the requirements for the Fellow of Society of Actuaries (FSA).
The rapid development of the SU Actuarial Science Program has earned a reputation in the actuarial education field. SU was analyzed as a model example in the paper “Smaller Actuarial Programs: Advantages, Challenges and Recommendations” published in November 2024's “Expanding Horizons,” an international newsletter from the SOA Education and Research Section. Moreover, these achievements have been recognized by the SOA, placing the SU Actuarial Science Program among UCAP-AC institutions. This recognition highlights the educational quality of the program.
Actuaries are professionals who find ways to manage financial risk. Being an actuary is consistently rated as one of the best career choices in America. Experienced fellows have the potential to earn between $200,000 to $550,000 annually, while entry-level salaries range from $65,000 to $85,000, highly dependent on how many actuarial exams are passed.
Actuarial work requires a deep understanding of mathematics, statistics, finance, accounting, and economics. It demands strong analytical skills, oral and written communication skills, business knowledge, and an understanding of human behavior. The actuarial profession is perfect for individuals who enjoy challenges and problem-solving.
Becoming an actuary requires passing a series of examinations to earn an actuarial designation through the Society of Actuaries or the Casualty Actuarial Society. However, you can begin a career as an actuary by passing the first two exams: Exam P (Probability) and Exam FM (Financial Mathematics).
