What is an Actuary?
What Do Actuaries Do?Actuaries combine business and math skills to model risks in insurance and finance. Their calculations ensure that companies can keep financial promises. One unique thing about the actuarial profession is its certification process. Actuaries must pass a series of exams on subjects ranging from probability and statistics to finance and insurance. These exams are great for actuaries because, like medical or law certifications, they give employers proof of an actuary's proficiency. |
Is Being an Actuary a Good Career?The Wall Street Journal did the math to find "good jobs" and ranked being an actuary one of the top jobs for 2018. Actuaries are well compensated – entry-level positions can pay upwards of $100,000, and many experienced actuaries can earn between $150,000 and $250,000+ annually! They also have a great work-life balance. Most actuaries report low stress and average 40-hour work-weeks. |
Where Do Actuaries Work?
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Private insurance companies provide contracts to groups and individuals that protect against various risks – about 60% of actuaries are employed by private insurance companies. Throughout the insurance industry, actuaries traditionally perform many of the same basic functions. These may include determining premiums for insurance products (pricing), developing mathematical models to forecast the value of cash outflows to policyholders (modeling), and determining the appropriate level of cash on hand to guarantee that the insurer can meet all obligations to policyholders (valuation). Although many of the core roles remain fairly consistent across the insurance industry, there is still plenty of variation among the different types of insurance companies.
Another common career path for actuaries is consulting. When companies need to perform actuarial calculations and don't employ actuaries themselves, they hire actuarial consultants. This path is great for actuaries who want a dynamic, fast-paced work environment. Career paths outside of insurance and consulting are sometimes called nontraditional. Actuaries in nontraditional roles may work in enterprise risk management, banking and finance, or data science. Actuaries who consider themselves "entrepreneurial" can thrive in nontraditional roles, where they have more freedom to create their own unique career paths. |
Life Insurance
Life insurance products provide benefits that are contingent on the life of the policyholder. Some examples of life insurance products are whole life insurance, universal life insurance, and term life insurance. If you’re interested in the content from RM 411/RM 412 and SOA (Society of Actuaries) Exam LTAM, then the life insurance industry may be for you. Companies that offer life insurance and commonly hire Penn State actuarial students: Prudential Financial, MetLife, Guardian Life, New York Life, Transamerica, Lincoln Financial Group, Erie Insurance. Life actuaries become certified by the SOA. After earning ASA (Associate of the Society of Actuaries) designation, most complete the ILA (Individual Life and Annuities) track to earn FSA (Fellow of the Society of Actuaries) designation. Health Insurance
Health insurance covers medical expenses for individuals. Health insurance companies may administer individual coverage plans, which individuals purchase directly from the insurance company, or employer-sponsored/group coverage plans, which individuals purchase through their employer. If you’re interested in the health content from RM 420/RM 430 and SOA Exam STAM, then the health insurance industry may be for you. Companies that offer health insurance and commonly hire Penn State actuarial students: Cigna, Aetna, Highmark Health. Health actuaries become certified by the SOA. After earning ASA designation, most complete the Group and Health track to earn FSA designation. Property & Casualty (P&C) Insurance
Property and casualty insurance is a broad category of insurance products that cover either damage to a policyholder’s property, or liability expenses from accidents in which the policyholder is legally responsible for another person’s injuries or damage to the person’s property. Examples of P&C insurance products include homeowner’s insurance, car insurance, and renter’s insurance. If you’re interested in the content from RM 420, then the property and casualty industry may be for you. Companies that offer property and casualty insurance and commonly hire Penn State actuarial students: Nationwide, Chubb, Erie Insurance, Geico, Selective Insurance. Property and casualty actuaries become certified by CAS (Casualty Actuarial Society). P&C actuaries can earn both ACAS (Associate of the Casualty Actuarial Society) and FCAS (Fellow of the Casualty Actuarial Society) designation by completing exams and online coursework. Reinsurance
Reinsurance, or stop-loss insurance, is a type of insurance that is purchased by other insurance companies to protect against the risk of not having enough cash on hand (reserves) to pay obligations to policyholders. Actuarial work within a reinsurance company depends on the type of insurance company being reinsured – life actuaries, health actuaries, and P&C actuaries can all work for reinsurance companies. Companies that offer reinsurance and commonly hire Penn State actuarial students: Munich Reinsurance, Swiss Reinsurance. Actuaries interested in reinsurance may choose to become certified by CAS or SOA, depending on whether they are pursuing P&C reinsurance or Life/Health reinsurance. Consulting
Another popular career path for actuaries is consulting. Consulting actuaries are employed by consulting companies and often work on projects for multiple clients at once. Although projects can vary significantly, consulting actuaries commonly perform audits of clients’ internal insurance departments, provide research and analysis for actuarial-related problems, or fulfill standard actuarial roles like pricing and valuation (when a client lacks the resources to do so in-house). Generally, working as a consulting actuary provides a more dynamic, fast-paced work experience than working as an insurance actuary. Companies with consulting actuaries that commonly hire Penn State actuarial students: Deloitte Consulting,Ernst & Young, KPMG, PwC, Mercer, Wakely Consulting. Consulting actuaries can work in life/health or P&C, so both the SOA and CAS exam paths are appropriate. Non-traditional
Although most actuaries work in either consulting or insurance, a few choose to work in “non-traditional” actuarial roles. The possible fields for actuaries in non-traditional roles are wide-ranging and can include anything from financial services to technology to energy. If you're interested in learning how other actuaries have applied their unique skillsets outside of insurance and consulting, check out the resources below.
Any company that is looking for employees who can solve problems could likely use an actuary. Don't feel limited, with the appropriate toolbox, you can work anywhere! An FSA or an FCAS designation is great to make you employable in a non-traditional setting, but even just an actuarial science major with a couple of exams passed can be enough to get you in the door in a non-traditional setting! |
About The Major
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Founding Penn State’s actuarial science major was founded in 1973 by Dr. Arnold Shapiro in the Department of Mathematics. By 1990, the degree had expanded to have an actuarial science major within the Insurance Department of the College of Business Administration (today, this is the Risk Department in the Smeal College of Business). The two majors had over 90 juniors and seniors between them! Recognition Early on, a great deal of emphasis in the actuarial courses was placed on communication, stressing particularly the conceptualization of mathematical and statistical concepts. This excellence in teaching continued through the turn of the millennium, and Penn State was rewarded with the distinction of a “Center of Actuarial Excellence” in 2011, becoming just the 21st school to receive such a designation. The distinction officially recognizes actuarial science programs for their degree curriculum, graduate count and quality, faculty composition, appropriate integration of courses, connection to industry, and research and scholarship. The Major Today Today, there are three paths to major in actuarial science: Actuarial Mathematics, Actuarial Statistics, and Actuarial Science. Across the three majors, Penn State graduates over 200 aspiring actuaries every year! Provided through the Penn State are 1) the courses needed to satisfy the professional Verification by Educational Experience (VEE) requirements and 2) courses designed to help you pass five of the preliminary professional examinations in the Society of Actuaries (SOA) or Casualty Actuarial Society (CAS), which one needs to be an actuary. |
About the ClubFounding After the actuarial science major was established, it quickly grew. In the early 1990s, the large major had only one professor, and it needed help supporting its students. Who came to the aid of the students? The students themselves! Students organized the Actuarial Science Club as an active organization for the academic and social interaction for Penn State actuarial students. Working directly with the department, the club flourished and has continued helping actuarial students. The Club Today One of the most important responsibilities of the Actuarial Science Club today is the organization of the Actuarial Science Career Fair. The student-run fair brings together over 150 students and about 30 companies each year, spanning industries from insurance to consulting. As a result of a successful career fair, The Club is able to financially support its students, offering exam reimbursements and study materials. Additionally, the club hosts workshops, events, and speakers to supplement coursework and provide additional career-focused development. We strongly encourage all first-year students to become involved with the Club to ensure successful development of essential career skills. |
Career Tips
Finding Jobs And Internships
It is never too late to start! Here are some overall pieces of advice on accelerating your actuarial career. Once you have the big picture, go through the information at the bottom of this page on the next steps to take!
General advice:
*Once you have accepted an internship or full-time job, please fill out these forms - Internship or a Full-Time Job - so the club can take you out of the resume books. This ensures you won't be contacted by recruiters and ensures the recruiters have the most accurate information.
General advice:
- It's important to actively seek out companies you'd like to work for (in cities you'd like to live in) through company websites, the club's Actuarial Career Fair and Information Sessions, and Nittany Lion Career Services, Smeal, and Eberly Career Services organizations.
- The club's Resume Book page provides information on how to get your resume into our Resume books, which we email to all of our 300+ recruiters.
- Please fill out these forms when you accept an Internship/Full-Time Job and take your resume off of the NLCN or Smeal Connect websites, so that you don't continue to get requests from employers.
- These pages are also a great place to see where students have worked. It's a great idea to reach out to those individuals to learn more about the company and how to be a competitive applicant there.
- Recent Alumni on this list may also talk about their company.
- This intern website provides info on companies & how students felt about their internships there.
- Interns: Please take the short survey on your internships to help other students. It’s anonymous!
- Click here to view DW Simpson's PowerPoint slides from their 1/22/2014 presentation on landing internships and full-time jobs.
- 2020 Career Development Night Zoom Meeting Recording
*Once you have accepted an internship or full-time job, please fill out these forms - Internship or a Full-Time Job - so the club can take you out of the resume books. This ensures you won't be contacted by recruiters and ensures the recruiters have the most accurate information.
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Update your Resume
- Your resume should be 1-page.
- Add any new experiences since your last update. Triple check all formatting and grammar.
- Ensure both your email address and phone number are listed.
- If you have not already, visit the career center and ask for a resume review.
- Ensure you have plenty of copies; Some company reps may each want their own resume to review!
- Review the list of companies attending and identify those that have openings for which you qualify (e.g. internship vs. full-time opportunities).
- If you are interested in a particular industry, narrow the companies down to that industry.
- Identify & prioritize your top companies to focus your efforts .
- Research these companies. Be sure to know basic information such as industry and location. Review the company website and familiarize yourself with their mission statement. Read recent news articles and press releases.
- Make sure you fill out the application for these companies online in advance. For many companies, this will be the first thing they ask you at the career fair so you want to be able to demonstrate interest and say, “Yes, I already applied online!”.
- Asking questions is an easy way to start a conversation and shows that you’re prepared.
- Create a list of “need to know” questions. These are questions you will want to ask every company you interview with. You can ask about company culture, mentorship opportunities, a typical day, and anything else that is important to you!
- Prepare company specific questions. These questions could focus on recent news articles or information from a recent press release, etc.
- Your ‘Elevator Pitch’ is your opening statement to the recruiter to introduce yourself
- Prepare your elevator pitch. Start by mentioning your main attributes (name, graduation year, major, etc.) as well as major accomplishments. Include a statement about why you are interested in the particular organization or industry.
- If you want, you could add something interesting that will make you more memorable such as an interesting hobby (i.e. I run a side business as a baker).
- Practice your elevator pitch- practice, practice, practice- until you can recite it in your sleep! It may help to practice with a friend or family member.
- The standard career fair dress code is business professional.
- Ensure that you’re comfortable walking and standing in your shoes for an extended period of time!
- Plan to attend information sessions or other networking events being hosted by companies you are interested in.
- Sit close to the front and ask any questions you may have.
- Approach a company rep and introduce yourself afterward. When you attend the career fair, remind them that you met at the information session and consider citing something you learned or found interesting. This is important; companies track & remember who attended their events and who is engaged.
- Don’t forget your resumes!!!
- Bring something to write with. You will need paper and a pen in case you need to write anything down.
- If you have a padfolio to put your papers and notepad in, this would be a nice touch. If not, bring a folder to keep your resumes and notes organized.
- Start with a company that is not on the top of your list to practice having a conversation with. This will help to ease your nerves.
- Walk up and introduce yourself with a firm handshake. Show interest and enthusiasm by smiling and making direct eye contact.
- Ask the rep if they would like a copy of your resume, handing them one if they say yes.
- Recite your elevator pitch and ask a question to get the conversation started.
- Once you have introduced yourself, try to keep the conversation casual. Recruiters are people too! They are more likely to remember someone that they genuinely enjoyed the conversation with, even if the conversation steers away from actuarial science.
- Ask for their business card or contact information (email address) at the end of the conversation so that you can follow-up after the fair.
- Thank the representative for their time.
- After you walk away from their booth, jot down any notes that you did not get to write while you were talking. These can be helpful to reference if you land an interview, and will make for a stronger follow-up, even at the following year’s career fair!
- Be available to answer calls from recruiters that want to set up interviews for the next day.
- Know your schedule, and try to be as flexible as possible.
- Make sure your voicemail inbox is set up and is not full.
- If you miss a call, return the phone call promptly.
- Most of the companies attending the career fair do next day interviews. Prepare for the interviews; You can use the “Interview” section of this Career Tips page as a guide.
- Send a thank you/nice to meet you email and express your continued interest in a role following the career fair, mentioning that you already applied (as long as you’ve done so).
- Include something specific that you enjoyed discussing or learning about to make your note more memorable.
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Interviews can be intimidating, however with reflection and adequate preparation, you will be more confident, allowing you to focus on presenting why you would be the best candidate for the role.
Most interviews include a mix of behavioral and technical questions, you’ll need to be prepared to support and explain the experience and education on your resume.
To effectively prepare, write down as many scenarios you can think of where you overcame a challenge that an employer in your field may face. It's possible that one example of a situation can answer more than one question, however be prepared to outline different skills that you personally contributed to the challenge or task.
Employer use a variety of interview formats which depend on different factors including industry sector, job requirements and team dynamics. You can increase your hiring potential by preparing for a variety of different interview formats.
Generally the format of these questions can be divided into three categories:
Most interviews include a mix of behavioral and technical questions, you’ll need to be prepared to support and explain the experience and education on your resume.
To effectively prepare, write down as many scenarios you can think of where you overcame a challenge that an employer in your field may face. It's possible that one example of a situation can answer more than one question, however be prepared to outline different skills that you personally contributed to the challenge or task.
Employer use a variety of interview formats which depend on different factors including industry sector, job requirements and team dynamics. You can increase your hiring potential by preparing for a variety of different interview formats.
- Individual/1-on-1
- Behavioral
- Technical
- Panel
- Usually for new grads or permanent hires
- May include a self-presentation or case study
Generally the format of these questions can be divided into three categories:
Open Ended
Open-ended interview questions are usually broad in scope to encourage the candidate to speak openly throughout the majority of the interview. Open-ended questions typically focus on broad topics like your strengths and areas for improvement; and how they can relate to your success in the role, or how you have developed a weakness into a strength. Be sure to describe how your skills and experiences relate to the job, and how they will help you perform effectively.
Behavioral
Behavioral interview questions focus on your behavior in any past professional, personal or interpersonal positions. They showcase the outcomes resulted from your actions.
You have probably heard of the STAR method which is highly effective for answering behavioral interview questions. You begin by explaining a situation, the tasks you personally performed, the actions you personally took and the results of those actions. This approach can help you highlight exactly what employers look for: effective communication, leadership, teamwork and/or interpersonal skills.
You have probably heard of the STAR method which is highly effective for answering behavioral interview questions. You begin by explaining a situation, the tasks you personally performed, the actions you personally took and the results of those actions. This approach can help you highlight exactly what employers look for: effective communication, leadership, teamwork and/or interpersonal skills.
Situational
Situational interview questions present candidates with real-world scenario's. They ask the candidate to solve a problem, or evaluate how they would approach a specific situation. Always give specific examples of how you handled similar situations in past roles, or describe how you would approach the scenario if you have no experience with situation that has been presented to you. It’s okay to acknowledge if you have not been in a particular situation before, although it is recommended clearly defining how you would make specific decisions to come to a resolution.
Interviewers agree that the skills below are important to measure throughout the interview process. Utilize examples in your answers to demonstrate how you contributed in the following areas:
- Culture Fit - The sense of working well with others in the company and team
- Motivation - What drives you to succeed
- Initiative - Create new ideas and identify opportunities
- Technical Skills - Technical skills that are relevant to the position
- Communication Skills - Your verbal communication as well as listening abilities
- Poise and Appearance - How you present yourself in both virtual and in-person settings
- Problem-Solving Skills - Looking beyond and finding creative solutions
- Interpersonal Skills – How you interact with different team members at all levels of an organization
Additional Interview Resources
- Click here to view the Actuarial Science Club's Interview Workshop Powerpoint
- Click here to view a handout from Mark Toniatti's presentation on developing a company report card
- Click here to see how to prepare case interview
- Click here to see some helpful interview tips and commonly asked questions from a reliable source
- Participate in our mentoring program to have a mock interview with mentors and get valuable advise from them
A well prepared resume will help you get an interview and is the first step in to finding a great job. If you are just getting started, take a look at the resources below for sample resumes and cover letters. If you are looking to improve your already completed resume, the club can help with that too! The best way to get your resume reviewed is to sign up for a mentor and have them provide feedback every month on your resume (sign up for a mentor here). The club also hosts resume review sessions, so be sure to check the club events calendar on the home page. You can also always reach out to any club officer to request a resume review!
Resources
Click here to view the Actuarial Science Club's Resume and Cover Letter Workshop Powerpoint
Template
Click here to view our resume templates
Examples
Click here and here to view sample Actuarial Cover Letters
Click here to view a sample Senior Actuarial resume
Click here to view a sample Junior Actuarial resume
Click here to view a sample Freshman Actuarial resume
Make sure upload your resume to the Resume Book here! Students have been offered 15+ interviews from the resume books alone, so be sure to utilize this great resource.
Resources
Click here to view the Actuarial Science Club's Resume and Cover Letter Workshop Powerpoint
Template
Click here to view our resume templates
Examples
Click here and here to view sample Actuarial Cover Letters
Click here to view a sample Senior Actuarial resume
Click here to view a sample Junior Actuarial resume
Click here to view a sample Freshman Actuarial resume
Make sure upload your resume to the Resume Book here! Students have been offered 15+ interviews from the resume books alone, so be sure to utilize this great resource.
Mark Toniatti gave a presentation on how to evaluate company offers, you can look at the presentation slides here! Please note that the discussion at the events is the most valuable piece because all circumstances are different. For that reason, The Club encourages you to keep an eye out for this event next year and to be sure to attend!
Executive Board
Club Advisor - Mandy Hammell
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Hi! My name is Mandy Hammell. I am the head of the Actuarial Science Program at Penn State. I graduated from Penn State (many years ago) with a degree in Mathematics with an option in Actuarial Science. I am an FSA and a CLU (Certified Life Underwriter). I worked for 30 years as an actuary at Prudential Financial. I had exposure to a wide variety of actuarial work during my career at Prudential. In my free time, I enjoy puzzles, travelling and spending time with friends and family. If you have questions about the career, I’m happy to chat with you! Contact Mandy with administrative questions or questions about the actuarial science program! |
President - Srikar Sunil
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Hi! My name is Srikar Sunil. I am the President of the Actuarial Science Program. I am a junior majoring in Actuarial Science through Smeal. Last summer, I was an actuarial intern at Liberty Mutual in their Commerical Property Pricing department. Currently, I am working at Milliman in their P&C practice, and this upcoming summer, I will be interning at Ernst & Young. I have passed Exam P, FM, and MAS-I. I enjoy working out, playing racquet sports, and hanging out with my friends. Contact me with questions about anything club/actuarial related! |
Vice President - Anthony Padula
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Hi! My name is Anthony Padula, and I am a junior double majoring in Actuarial Science and Spanish. This summer I will be interning with Oliver Wyman. Outside of the club, I am involved with the Sapphire Leadership Academic Program. I have passed Exams P, FM, and SRM, and currently am working towards UEC credit for FAM. In my spare time I like to play tennis, golf, read, work out, watch football, and play guitar. Contact me with questions about anything club/actuarial related! |
Director of Finance - Olivia Lechthaler
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Hi! I'm Olivia Lechthaler and I am double majoring an Actuarial Science and Accounting. Last summer I interned for Lincoln Financial Group and this upcoming summer I will be interning with Cigna. I have passed Exam P and am currently preparing for FM. I'm also involved in TEDxPSU, and in my free time, I love to ski, play tennis, read, and bake! Feel free to contact me regarding exam reimbursements, dues, or any general questions about Actuarial Science at Penn State! |
Director of Technology - Sean Gordon
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Hi! My name is Sean Gordon. I am the Director of Technology for the Actuarial Science Club. I am a sophomore double majoring in Actuarial Science and Accounting. This summer I will be interning with Highmark Health. I am also involved in the Sapphire Academic Leadership Program, and I love participating in their THON division. I have passed exam P and am currently working towards UEC credit for FM. Outside of my club involvements, I love playing basketball and volleyball, hanging out with my friends, and my favorite ice cream flavor from the Berkey Creamery is grilled stickies! Contact me with questions about the resume books, databases, or any general questions! |
Director of Corporate Outreach - Matthew Bretz
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Hi! My name is Matthew Bretz, and I am currently a second-year majoring in Actuarial Science. This past summer I interned with Resolution Life US and am excited to join Prudential this upcoming summer. I have passed exam P and am currently studying for FM. Outside of the club, I am involved in the Sapphire Leadership Academic Program and Club Pickleball. I enjoy working out, coin collecting, and reading. Contact me with questions regarding the career fair, information sessions, or anything actuarial related! |
Director of Communications - Lauren Lavis
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Hello! My name is Lauren Lavis and I am a junior majoring in Actuarial Science through Smeal. I have passed Exam P and FM, and am currently studying for Exam FAM-S. Last summer, I was an intern at Resolution Life US as a member of the Behavioral Analytics team. This upcoming summer, I am excited to be returning to Resolution Life US. Outside of the Actuarial Science Club, I am a member of the THON organization FOTO. In my free time I enjoy working out, baking, and playing board games. Contact me with any questions about club discounts, club events, or the weekly email! |
Director of Student Development - Luke Popadiuk
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Hi! My name is Luke Popadiuk. I am the Director of Student Development for the Actuarial Science Club. I am a junior majoring in Actuarial Science through Smeal. Last summer, I interned at Cigna in Philadelphia on their Supplemental Health team. Currently, Anthony Padula and I are TAs for RM 214, the Exam P class, as well as the THON Chair for Club Spikeball. This upcoming summer, I will be interning at Deloitte in New York. I have passed Exam P, FM, and took Exam SRM in January and am waiting on results. Contact me with any questions about the bootcamp getting involved as an actuarial student! |
CAS Ambassador
CAS Ambassador - Sam Sweeney
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Hi! My name is Sam Sweeney, and I am a junior majoring in Actuarial Science through Smeal with a minor in Economics. I have passed Exams P, FM, CAS DISC IA, CAS DISC RM, and CAS DISC DA. My role as CAS Student Ambassador gives me the opportunity to bring in resources from the Casualty Actuarial Society to support students tracking the Property and Casualty route. This upcoming summer, I will be interning with CNA in Chicago. Outside the CAS Ambassador Role, I have served on the Rush Committee for the Nationally Recognized Business Fraternity, Phi Beta Lambda. I am also a member of the nationally recognized Phi Kappa Theta Fraternity and a member of the Nonprofit Poker Club here at Penn State. In my free time I enjoy lifting and playing cards! Contact me with any questions about CAS opportunities and events! |
International Student Liaison
International Student Liaison - Honey Patel
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Hi! My name is Honey Patel. I am the International Student Liaison for the Actuarial Science Club. I am majoring in Mathematics with Actuarial science specialization through Eberly College of Science. I have passed exam P and will be interning with Prudential Financial in their Newark office this summer. I am also a TA in the Math department and involved in the Women in Math Association at Penn State. In my free time, I like to play badminton, go to gym, and spend time with my friends! Contact me with any questions about International and Commonwealth student opportunities! |
Board Structure
Officer Descriptions
President
Responsibilities:
- Manage Directors
- Primary contact for Directors of Corporate Outreach and Finance
- Check to make sure projects are being completed
- Confirm events with any cash flows (+/-)
- Aid where needed
- Focus on strategy plans for club with VP
- Check-in and maintain open communications with faculty advisor
- Oversee company relationships for PSU events
- Corporate mock interviews
- Direct club officers and executive board interviewing/hiring
- Lead/Present
- Executive club meetings
- Major Forum, Resume & Interview Workshops with VP
- Freshman Initiatives with VP
Vice President
Responsibilities:
- Manage directors
- Primary contact for Directors of Communication & Technology
- Check to make sure projects are being completed
- Confirm events with any cash flows (+/-)
- Aid where needed
- Focus on strategy plans for club with President
- Runs annual Boot Camp program
- Check-in and maintain open communication with faculty advisor
- Lead/Present
- Major Forum, Resume and Interview Workshops with President
- Freshman Initiatives with President
- Assist in running executive board meetings
Finance
Responsibilities:
- Manage club funds account/approve cash flows with President
- Enforce dues collection/process reimbursements through ASA
- Create general budget for each semester
Technology
Responsibilities:
Director
Assistant Director
Director
- Update and maintain recruiter and alumni databases
- Create resume books
- Plan technical/coding workshops
- Manage technical project portions of the boot camp
- Assist Webmaster in technology-related tasks
Assistant Director
- Update and maintain exam passers and students with jobs/internships lists
- Maintain scheduling tool
- Regularly update and improve website
- Find and/or create new resources for students be included on the website
- Track and boost website traffic
Corporate outreach
Responsibilities:
Director
Director
- Organize Career Fair and information sessions
- Coordinate room / atrium reservations
- Organize company field trips
- Assist Director in organizing the Career Fair and information sessions
- Make Career Fair brochure/floor plan
- Help organize company field trips
- Plan events/workshops for student professional development
communications
Responsibilities:
Director
Assistant Director
Director
- Organize, write, and distribute the annual club newsletter
- Send the club weekly email by communicating with all Directors and Assistant Directors
- Manage study material reimbursement programs with risk management classes
- Oversee class GroupMe and club communications
Assistant Director
- Create infographics and other advertising materials for club events
- Design and manage sale of club merchandise
- Assist in the development of the annual club newsletter
- Manage the Google calendar
- Oversee class GroupMe and club communications
Student engagement
Responsibilities:
Director
Director
- Manage club mentorship program
- Initiate projects and events to increase student involvement with an emphasis on underclassmen involvement
- Organize social events, including (ice cream) socials, barbecues/picnics, lunches, and games
- Oversee assistant director and guide them in their efforts
- Organize social events to increase international student involvement
- Create materials and to help international/commonwealth students with their transition
- Lead international/commonwealth student meeting
- Work with Corporate Outreach to create more opportunities for international students
- Reach out to commonwealth campuses so transferring students are aware of resources
Scholarship Opportunities
Scholarships
There are various scholarships offered for Actuarial Science majors. A great resource is the website for the Actuarial Foundation. Also, there is now an external scholarship database on the Smeal website. Be sure to check it out here! If you have any additional information about scholarships that you would like to share with your fellow Actuarial Science Majors, please let Sean Gordon, the Club's Director of Technology, know so we can add it to this list.
Scholarships/Financial Assistance
Penn state scholarships
The Brook J. Lenfest Trustee Scholarship provides significant financial aid for students attending Penn State University Park. Eligibility is based on demonstrated financial need through qualification for federal Pell Grant support. First preference will be given to Philadelphia Futures program. Second preference will be given to students who graduate from a public high school in the School District of Philadelphia.
Smeal Dean’s Merit Scholarship First-year students who earned a high school GPA of 3.3, SAT scores of at least 1050, and have active leadership involvement are eligible to apply for this scholarship. The program offers two renewable annual scholarships of $1,500 to $2,000.
General Smeal Scholarships are available to all Penn State students enrolled in the Smeal College of business. Complete the online application and Penn State will verify all scholarships you are eligible for. Scholarships can be based on academics, financial needs, or minority-status.
Smeal Dean’s Merit Scholarship First-year students who earned a high school GPA of 3.3, SAT scores of at least 1050, and have active leadership involvement are eligible to apply for this scholarship. The program offers two renewable annual scholarships of $1,500 to $2,000.
General Smeal Scholarships are available to all Penn State students enrolled in the Smeal College of business. Complete the online application and Penn State will verify all scholarships you are eligible for. Scholarships can be based on academics, financial needs, or minority-status.
SCHREYER, millenium, and provost's scholarships
Schreyer Honor Program offers students a $4,500 annually renewable scholarship, priority registration, grants for studying abroad, and special small-size honor classes. They have to write a thesis by graduation.
Class of 2019: Rafael Bergerman, Paul Birch, Michael Callahan, Ethan Fredrick, Ishan Phadke, Joe Sukunda, Lisa Winters, Ivan Yen
Class of 2018: Maris Hayes, Eric Lewis, Jon McKellar, John Miller, Shelley Shen, Pragya Singh, Yuxin (Victoria) Tang
Class of 2017: Ed Chen, Kerri Doyle, Liz Gong, Michelle Li and Stephen Rakoczy
Class of 2016: Brigh Dejardin, Robert Hedges, Samuel Kantner, Cameron Kellock, Tim Koenig, Allison Lavella, Matt Mielnik, Mary Newman, Luke Peterson, Colleen Tygh
Class of 2015: Bradford Connors, Marc London, Eric Stoltz (Koehler Award), Elizabeth Yerger (President of Schreyer Student Council), Chris Siergiej, Peter Hohman
Class of 2014: TJ Chukwueke, Jack He, Jesse Kober, Stan Korostin, Boya Li, Fanchen Yang, Jing Yang, Young Zhan
Class of 2013: Zach Altman, Snow (Xiaotong) Hui, Brian Miller, Laura Miller, Ben Pugh, Suzan Yener
Class of 2012: Evan Eastman, Justin Keen, Youjin Kwon, Tiffany Mosier
The Penn State Millennium Scholars get at least $15,000/year for 4 years. The program is designed for high achieving science, technology, engineering and math (STEM) students in Eberly who will become leaders in their chosen field, with intent to do research and write a thesis. Recipients: Ivan Yen and Ishan Phadke (2016).
Provost’s Awards can be $2,000 to $3,000 per semester. There is no application process. Awards are given to domestic students from diverse backgrounds (based on a multitude of factors) to encourage them to attend Penn State and are renewed if here full-time with high GPAs. Millennium Scholars often get them, if they keep their grades up. Less than 15% of an incoming class will receive it. The Provost’s Award has no impact on a student’s eligibility for other financial aid opportunities at Penn State. Recipients: Ivan Yen, Ishan Phadke, and Kerri Doyle (2016), John Miller and Neeraj Tatikola (2014).
Class of 2019: Rafael Bergerman, Paul Birch, Michael Callahan, Ethan Fredrick, Ishan Phadke, Joe Sukunda, Lisa Winters, Ivan Yen
Class of 2018: Maris Hayes, Eric Lewis, Jon McKellar, John Miller, Shelley Shen, Pragya Singh, Yuxin (Victoria) Tang
Class of 2017: Ed Chen, Kerri Doyle, Liz Gong, Michelle Li and Stephen Rakoczy
Class of 2016: Brigh Dejardin, Robert Hedges, Samuel Kantner, Cameron Kellock, Tim Koenig, Allison Lavella, Matt Mielnik, Mary Newman, Luke Peterson, Colleen Tygh
Class of 2015: Bradford Connors, Marc London, Eric Stoltz (Koehler Award), Elizabeth Yerger (President of Schreyer Student Council), Chris Siergiej, Peter Hohman
Class of 2014: TJ Chukwueke, Jack He, Jesse Kober, Stan Korostin, Boya Li, Fanchen Yang, Jing Yang, Young Zhan
Class of 2013: Zach Altman, Snow (Xiaotong) Hui, Brian Miller, Laura Miller, Ben Pugh, Suzan Yener
Class of 2012: Evan Eastman, Justin Keen, Youjin Kwon, Tiffany Mosier
The Penn State Millennium Scholars get at least $15,000/year for 4 years. The program is designed for high achieving science, technology, engineering and math (STEM) students in Eberly who will become leaders in their chosen field, with intent to do research and write a thesis. Recipients: Ivan Yen and Ishan Phadke (2016).
Provost’s Awards can be $2,000 to $3,000 per semester. There is no application process. Awards are given to domestic students from diverse backgrounds (based on a multitude of factors) to encourage them to attend Penn State and are renewed if here full-time with high GPAs. Millennium Scholars often get them, if they keep their grades up. Less than 15% of an incoming class will receive it. The Provost’s Award has no impact on a student’s eligibility for other financial aid opportunities at Penn State. Recipients: Ivan Yen, Ishan Phadke, and Kerri Doyle (2016), John Miller and Neeraj Tatikola (2014).
ALUMNI SCHOLARSHIPS
Mark and Ann Toniatti Scholarship for Smeal Actuarial Students of $2,400 is awarded to Juniors and Seniors that excel in actuarial science, based on financial need. Students cannot apply for this scholarship directly. However, by completing the general Smeal scholarship application for rising juniors and seniors, students will be considered for this award and many others. Recipients: Allison Seibert (2018-2020), Chris DePascale (2016-18), Zahra Jaffer (2014-16), Jason Zabelsky (2013-14), Gene Williams (2011-13), Jordan McClane (2009-11), Rachel Yaggie (2007-09), William Solomon (2005-07), Melissa Brodish (2004-05), and Dov Blutstein (2002-04).
Alum Gregory and Ann Malone Nittany Scholarship is given annually to full-time undergraduate students of at least junior academic standing enrolled in the Smeal College of Business, who have achieved a minimum 3.5 grade point average from the Actuarial Science Option in Risk Management. Greg Malone is an actuary at CIGNA and PSU alum on our Actuarial Advisory Board. Recipients: Carly Vigorito (2017).
Alum Kay Mooney Scholarship for Math Majors is a trustee scholarship which requires a high level of financial need to be eligible. Recipients are selected through Mary Beth William's office. No application is needed. Kay Mooney is a top actuary at Aetna and PSU alum on our Actuarial Advisory Board.
Alum Gregory and Ann Malone Nittany Scholarship is given annually to full-time undergraduate students of at least junior academic standing enrolled in the Smeal College of Business, who have achieved a minimum 3.5 grade point average from the Actuarial Science Option in Risk Management. Greg Malone is an actuary at CIGNA and PSU alum on our Actuarial Advisory Board. Recipients: Carly Vigorito (2017).
Alum Kay Mooney Scholarship for Math Majors is a trustee scholarship which requires a high level of financial need to be eligible. Recipients are selected through Mary Beth William's office. No application is needed. Kay Mooney is a top actuary at Aetna and PSU alum on our Actuarial Advisory Board.
DIVERSITY SCHOLARSHIPS
Milliman Opportunity Scholarship awards $5,000 scholarships to undergraduate students pursuing a career in the fields of actuarial science, data science, computer science, programming, economics, mathematics, statistics, data analytics, or finance. Applicants must enroll in full-time undergraduate study in the entire 2017-2018 academic year at an accredited college or university in the United States. This scholarship is to assist students from ethnic groups that are under-represented in the field mentioned above.
International Association of Black Actuaries Scholarships provides scholarships from $2000 to $4000 annually to minorities. Applicants must meet certain SAT and/or ACT standards and must maintain a GPA of 3.0. Recipients: Emmanuel Nkgare (2020), Kenny Allen (2014), Theophilus Chukwueke (2012 & 2013), Fuad Ligali (2013)
The Actuarial Diversity Scholarship of The Actuarial Foundation is offered to African American, Hispanic, and Native North American students by the CAS & SOA for undergraduate and graduate students. Applicants must maintain a 3.0 GPA and submit a personal statement, letters of recommendation, and an actuarial exam transcript. Recipients: Kenny Allen (2014 & 2011), Cristina Fernandez-Caban (2013), TJ Chukwueke (2010 & 2012)
Mutual of Omaha Scholarship for Minority Students of $5,000 is for Minority undergraduates preparing for actuarial careers. The application can be obtained by calling (402) 351-3300. The requirements are: (1) Be African-American, Hispanic, Native-American, Asian or Pacific Islander, Alaskan Eskimo, (2) Have sophomore status or 24 semester hours, (3) Be eligible for FT work in the US, (4) Have at least one SOA exam and (5) a 3.0 cumulative GPA.
The PWC Diversity Scholars Program offers African American, Hispanic, and Native American sophomores and juniors a $5,000 annual scholarship with a minimum GPA, interpersonal skills, and leadership; major in Accounting, Finance, Computer Science, or MIS; with a strong interest in pursuing a career in audit, financial advisory, tax, or systems/operational risk consulting; and able to work in the US without firm sponsorship.
Bunton-Waller Fellowship Named in honor of the first-recorded African American male and female Penn State graduates, the Bunton-Waller fellowship offers a full-tuition scholarship. Students with a GPA of 3.6, SAT scores of at least 1200 (600 minimum for math), with active leadership involvement are eligible to apply for this fellowship. Recipients: Kenny Allen (2011-14)
Other Scholarships for Asian American, African American, Hispanic American, and Native American students at any level (high school through postdoctoral) can be found at the AffordableColleges.com website.
International Association of Black Actuaries Scholarships provides scholarships from $2000 to $4000 annually to minorities. Applicants must meet certain SAT and/or ACT standards and must maintain a GPA of 3.0. Recipients: Emmanuel Nkgare (2020), Kenny Allen (2014), Theophilus Chukwueke (2012 & 2013), Fuad Ligali (2013)
The Actuarial Diversity Scholarship of The Actuarial Foundation is offered to African American, Hispanic, and Native North American students by the CAS & SOA for undergraduate and graduate students. Applicants must maintain a 3.0 GPA and submit a personal statement, letters of recommendation, and an actuarial exam transcript. Recipients: Kenny Allen (2014 & 2011), Cristina Fernandez-Caban (2013), TJ Chukwueke (2010 & 2012)
Mutual of Omaha Scholarship for Minority Students of $5,000 is for Minority undergraduates preparing for actuarial careers. The application can be obtained by calling (402) 351-3300. The requirements are: (1) Be African-American, Hispanic, Native-American, Asian or Pacific Islander, Alaskan Eskimo, (2) Have sophomore status or 24 semester hours, (3) Be eligible for FT work in the US, (4) Have at least one SOA exam and (5) a 3.0 cumulative GPA.
The PWC Diversity Scholars Program offers African American, Hispanic, and Native American sophomores and juniors a $5,000 annual scholarship with a minimum GPA, interpersonal skills, and leadership; major in Accounting, Finance, Computer Science, or MIS; with a strong interest in pursuing a career in audit, financial advisory, tax, or systems/operational risk consulting; and able to work in the US without firm sponsorship.
Bunton-Waller Fellowship Named in honor of the first-recorded African American male and female Penn State graduates, the Bunton-Waller fellowship offers a full-tuition scholarship. Students with a GPA of 3.6, SAT scores of at least 1200 (600 minimum for math), with active leadership involvement are eligible to apply for this fellowship. Recipients: Kenny Allen (2011-14)
Other Scholarships for Asian American, African American, Hispanic American, and Native American students at any level (high school through postdoctoral) can be found at the AffordableColleges.com website.
ACTUARIAL ORGANIZATION SCHOLARSHIPS
CAMAR Actuarial Scholarship: Casualty Actuaries of the Middle Atlantic Region (CAMAR) is offering scholarships of $2500 to $5000 for actuarial students that meet the following criteria: entering senior year, interested in property and casualty, at least one exam passed at least 3.2 GPA, U.S. citizen or permanent resident visa. To apply, you must be nominated by the Penn State Actuarial Science Department. If you would like to be considered for nomination, contact Mandy – do not submit an application to CAMAR. Details can be found at the link above, and the application is available here. Previous Recipients: Connor Grabowski (2019), Rafael Bergerman (2018), Maris Hayes (2017), David Bastian (2014), Stan Korostin (2013), Matt Bonczek (2012)
CAS Trust Scholarship Program funded by donations to the CAS Trust, awards three $2,000 scholarships. Recommendations, transcripts, actuarial exam results, work experience, and written essays will all be considered in selecting the award recipients. For questions, please contact Megan O'Neill at [email protected]
The Public Risk Management Association (PRIMA) Student Scholarship Program awards two scholarships to students enrolled in public policy and public administration programs. The scholarship covers all costs to attend PRIMA's Annual Conference on insurance, risk management, pooling, HR, legal and regulatory issues, and ERM. The scholarship winners will get a PRIMA mentor who is an experienced risk managers, and a one-year membership to PRIMA.
Virginia Association of Mutual Insurance Companies (VAMIC) created the $3,000 VAMIC L. Gerald Roach Scholarship for Virginia residents pursuing a degree in Insurance or Risk Management. The scholarship is intended to build awareness of our industry and bring youth and a fresh perspective upon graduation. Please let Ron know if you are a potential candidate for this scholarship to determine the next steps in the process.
The Casualty Actuaries of Greater New York (CAGNY) Scholarship is available to any U.S. or Canadian citizen or holder of a permanent resident visa who is currently a full-time student at a U.S. or Canadian college or university, and will attend a U.S. or Canadian college or university as a full-time student for the 2019-2020 academic year. An applicant must have demonstrated high scholastic achievement and strong interest in pursuing an actuarial career in the property/casualty insurance industry.
CAS Trust Scholarship Program funded by donations to the CAS Trust, awards three $2,000 scholarships. Recommendations, transcripts, actuarial exam results, work experience, and written essays will all be considered in selecting the award recipients. For questions, please contact Megan O'Neill at [email protected]
The Public Risk Management Association (PRIMA) Student Scholarship Program awards two scholarships to students enrolled in public policy and public administration programs. The scholarship covers all costs to attend PRIMA's Annual Conference on insurance, risk management, pooling, HR, legal and regulatory issues, and ERM. The scholarship winners will get a PRIMA mentor who is an experienced risk managers, and a one-year membership to PRIMA.
Virginia Association of Mutual Insurance Companies (VAMIC) created the $3,000 VAMIC L. Gerald Roach Scholarship for Virginia residents pursuing a degree in Insurance or Risk Management. The scholarship is intended to build awareness of our industry and bring youth and a fresh perspective upon graduation. Please let Ron know if you are a potential candidate for this scholarship to determine the next steps in the process.
The Casualty Actuaries of Greater New York (CAGNY) Scholarship is available to any U.S. or Canadian citizen or holder of a permanent resident visa who is currently a full-time student at a U.S. or Canadian college or university, and will attend a U.S. or Canadian college or university as a full-time student for the 2019-2020 academic year. An applicant must have demonstrated high scholastic achievement and strong interest in pursuing an actuarial career in the property/casualty insurance industry.
OTHER ACTUARIAL SCHOLARSHIPS
Curtis Huntington Memorial Scholarship awards $3,000 to Full-Time undergraduate students. Applicants must have a GPA of 3.0 or better and have passed an actuarial examination. A letter of recommendation is required from your professor and only one application per school will be accepted. Additionally, an essay submission is required. Recipients: Chad Stein (2023), Paul Birch (2018), John Miller (2017), Stephen Kowalski (2016), Luke Yang (2015), Eric Stoltz (2014), Stan Korostin (2013), Ben Pugh (2012), Tiffany Mosier (2011), Andrew Timcheck (2008), Kenneth Birk (2005)
Stuart A. Robertson Memorial Scholarship awards $9,000 scholarships to undergraduate students pursuing a career in actuarial science. Applicants must be entering their sophomore, junior or senior year and must have a minimum cumulative GPA of 3.0. Successful completion of at least two actuarial exams is required. Applicants must attach a copy of their transcript, provide two letters of recommendation, and submit an essay. Recipients: John Miller (2017)
Spencer Educational Foundation Scholarships (Over 20 Undergraduate Scholarships) Undergraduate Spencer scholarships are awarded in the amount of $5,000, with limited $7,500 and $10,000 scholarships awarded to the highest-ranked applicants. Recipients: Chad Stein-John T. Lockton Memorial Scholarships (2023), Angelina Krebs-Brown & Brown Scholarship (2023)
Angus Robinson Jr. Memorial Foundation Scholarship awarded scholarships in the past to students in Risk Management, Insurance, and Actuarial Science. Recipients: Theophilus Chukwueke (2014, 2013, 2012)
DW Simpson Scholarship of $1,000 is awarded to Juniors who have excellent performances in academics. The criteria for applying: 3.8 GPA and at least 2 exams. Must be eligible to work in the US without needing employer sponsorship. Recipients: Atharv Gupte, Frankie Haver, Shannon Cikowski (2019); Ethan Frederick, Paul Birch, Noah Blake, Rafael Bergerman (2018); Logan Smith, Arleen Williams, Alexa Abrahams, Chris Cacciola, Bradford Conners, Mike Mattox (2014). *Note*: please email your application to Professor Steve Putterman.
Southeastern Actuaries Conference Scholarship (SEAC) is open to any actuarial undergraduate or graduate student residing in or attending a southeastern school (AL, AK, FL, GA, KY, LA, MD, MS, SC, NC, TN or VA). For 2015 SEAC Scholarship, all applications must be postmarked by June 8th in order for SEAC to process and distribute awards before the Fall semester begins.
Ezra Penland Actuarial Recruitment Scholarship is $500 scholarship twice a year. The Spring deadline is May 1st . It will be awarded to a FT undergraduate student who has completed at least one actuarial exam, demonstrates leadership abilities, has a 3.0 GPA, and is a member of The Entry-Level Actuary group on LinkedIn. For more info, contact Jacob Galecki at [email protected]. Recipients: Emmanual Nkgare (2019)
The Derek Hughes/NAPSLO Educational Foundation Scholarship from the National Association of Professional Surplus Lines Offices, Ltd. awards multiple $5,000 scholarships each year to FT students majoring in Actuarial Science, Business, Economics, Insurance, Mathematics, or Statistics, with a GPA of 3.0. Financial need is considered. Students submit an application, a statement of career objectives, two letters of recommendation, and an official transcript by June 1. The scholarship program compliments NAPSLO’s summer internship program and the Associate in Surplus Lines Insurance (ASLI) designation.
The Angus Robinson Scholarship provides need and merit-based $5,000 scholarships awarded to students enrolled in a four-year insurance, risk management, or actuarial science program. Deadline: December 1.
Stuart A. Robertson Memorial Scholarship awards $9,000 scholarships to undergraduate students pursuing a career in actuarial science. Applicants must be entering their sophomore, junior or senior year and must have a minimum cumulative GPA of 3.0. Successful completion of at least two actuarial exams is required. Applicants must attach a copy of their transcript, provide two letters of recommendation, and submit an essay. Recipients: John Miller (2017)
Spencer Educational Foundation Scholarships (Over 20 Undergraduate Scholarships) Undergraduate Spencer scholarships are awarded in the amount of $5,000, with limited $7,500 and $10,000 scholarships awarded to the highest-ranked applicants. Recipients: Chad Stein-John T. Lockton Memorial Scholarships (2023), Angelina Krebs-Brown & Brown Scholarship (2023)
Angus Robinson Jr. Memorial Foundation Scholarship awarded scholarships in the past to students in Risk Management, Insurance, and Actuarial Science. Recipients: Theophilus Chukwueke (2014, 2013, 2012)
DW Simpson Scholarship of $1,000 is awarded to Juniors who have excellent performances in academics. The criteria for applying: 3.8 GPA and at least 2 exams. Must be eligible to work in the US without needing employer sponsorship. Recipients: Atharv Gupte, Frankie Haver, Shannon Cikowski (2019); Ethan Frederick, Paul Birch, Noah Blake, Rafael Bergerman (2018); Logan Smith, Arleen Williams, Alexa Abrahams, Chris Cacciola, Bradford Conners, Mike Mattox (2014). *Note*: please email your application to Professor Steve Putterman.
Southeastern Actuaries Conference Scholarship (SEAC) is open to any actuarial undergraduate or graduate student residing in or attending a southeastern school (AL, AK, FL, GA, KY, LA, MD, MS, SC, NC, TN or VA). For 2015 SEAC Scholarship, all applications must be postmarked by June 8th in order for SEAC to process and distribute awards before the Fall semester begins.
Ezra Penland Actuarial Recruitment Scholarship is $500 scholarship twice a year. The Spring deadline is May 1st . It will be awarded to a FT undergraduate student who has completed at least one actuarial exam, demonstrates leadership abilities, has a 3.0 GPA, and is a member of The Entry-Level Actuary group on LinkedIn. For more info, contact Jacob Galecki at [email protected]. Recipients: Emmanual Nkgare (2019)
The Derek Hughes/NAPSLO Educational Foundation Scholarship from the National Association of Professional Surplus Lines Offices, Ltd. awards multiple $5,000 scholarships each year to FT students majoring in Actuarial Science, Business, Economics, Insurance, Mathematics, or Statistics, with a GPA of 3.0. Financial need is considered. Students submit an application, a statement of career objectives, two letters of recommendation, and an official transcript by June 1. The scholarship program compliments NAPSLO’s summer internship program and the Associate in Surplus Lines Insurance (ASLI) designation.
The Angus Robinson Scholarship provides need and merit-based $5,000 scholarships awarded to students enrolled in a four-year insurance, risk management, or actuarial science program. Deadline: December 1.
FINANCIAL ASSISTANCE
Penn State is dedicated to providing financial assistance. Penn State students who complete the Free Application for Federal Student Aid (FAFSA) are considered for the following student financial aid programs:
- Federal, state, and University grants
- Federal work-study
- Federal loans
- Scholarships
- Federal Parent Loans for Undergraduate Students (PLUS)