Department of Mathematics and Statistics, Binghamton University actuary

Actuarial Association

2026-01-19T18:37:57-04:00

Actuarial Association

Please Subscribe to Our Email List: https://bengaged.binghamton.edu/actuarial/club_signup

About Actuaries

The actuarial profession focuses on evaluating the possible outcomes of a variety of risks and determining the possible impact they can have on an organization. In doing so, actuaries utilize a variety of both business and mathematical skills, utilizing advanced statistical models, financial valuation, computer programming, and organizational management.

What the Actuarial Association does

The Actuarial Association's primary goal is to assist students in their pursuit of a career as an actuary by helping them obtain the skills that they need to prepare them for their future careers. These skills may not be explicitly taught in the classes of the actuarial science major here at Binghamton. We aim to assist students with things such as interviewing, knowledge of the structure of businesses, computer programming, and working with Excel. Various events that we intend to host throughout the year include:

Information Sessions
Hosting Case Competitions
Microsoft Excel Workshops
Mentorship Program
Resume Building/Critique
Public Speaking Workshop
Inviting recruiters to Binghamton University

Our Executive Board is here to help you pursue your actuarial profession

The executive board members of the Actuarial Association for 2025–2026 are:

President: Beatrice Antoinette
Vice President: Benjamin Tom
Treasurer: Adam Zarember
Secretary: Nathan Glick
Event Coordinator: Vicky Jiang
Vice President of Marketing: Sharon Reynolds

Contact Us

To receive club updates, news, and event announcements, you can find us here:

Email: actuarial@binghamtonsa.org
LinkedIn: https://www.linkedin.com/company/actuarial-association/
Instagram: https://www.instagram.com/bingactuarial/
GroupMe: https://groupme.com/join_group/109546540/o0RLFeDH
Discord Server: https://discord.com/invite/KzMwhwXewp

Actuarial Association

2017-01-05T18:20:20-04:00

Actuarial Association

Please Subscribe to Our Email List: https://bengaged.binghamton.edu/actuarial/club_signup

About Actuaries

What the Actuarial Association does

Information Sessions
Hosting Case Competitions
Microsoft Excel Workshops
Mentorship Program
Resume Building/Critique
Public Speaking Workshop
Inviting recruiters to Binghamton University

Our Executive Board is here to help you pursue your actuarial profession

The executive board members of the Actuarial Association for 2025–2026 are:

President: Beatrice Antoinette
Vice President: Benjamin Tom
Treasurer: Adam Zarember
Secretary: Nathan Glick
Event Coordinator: Vicky Jiang
Vice President of Marketing: Sharon Reynolds

Contact Us

To receive club updates, news, and event announcements, you can find us here:

Email: actuarial@binghamtonsa.org
LinkedIn: https://www.linkedin.com/company/actuarial-association/
Instagram: https://www.instagram.com/bingactuarial/
GroupMe: https://groupme.com/join_group/109546540/o0RLFeDH
Discord Server: https://discord.com/invite/KzMwhwXewp

2014/09/15 17:52

Links of interest

2022-09-20T15:00:53-04:00

Links of interest

A beginner’s guide to the casualty actuarial language
Be An Actuary provides introductory information about the profession for the beginner.
The Insurance Files of B. Anne Actuary a presentation of the actuarial career.
Society of Actuaries provides certification for life insurance actuaries. Its website has information on the exams needed to joint the actuarial profession.
Casualty Actuarial Society provides certification for property insurance actuaries. Its website includes a students' corner and career information area along with areas accessible only to members.
American Society of Pension Professional and Actuaries provides certification for retirement plan actuaries.
American Academy of Actuaries is a society of USA actuaries from different areas.
Actex Publications publishes books and different study materials for the preparation of actuarial exams. It also organizes seminars (1-2 days lectures on one actuarial exam).
The Actuarial Bookstore publishes books and different study materials for the preparation of actuarial exams. It also organizes seminars (1-2 days lectures on one actuarial exam).
BPP Professional Education publishes different study materials for the preparation of actuarial exams. It also organizes seminars.
Actuarial Outpost, besides a discussion forum and job postings, it contains free downloads.
Actuary.com contains online information for people in the actuarial profession.
After College offers a list of some job opportunities.
Actuary.ca. Besides a discussion forum, it has some information on study materials.
The Actuarial Grads Network offers information for entry level actuaries.
S. C. International helps companies to recruit actuaries.
Actuarial Careers Inc. is dedicated to the placement of advanced actuaries. High salaries are paid.
Actuarial Network. Actuarial discussion forum from Actuary.com.
American Academy of Actuaries is a professional organization of actuaries from all practice areas.
The National Underwriter, Business Insurance and Best's review are magazines for insurance professionals.
International Actuarial Association, worldwide association of professional actuarial associations.
International Association of Black Actuaries.
Business Insurance by BusinessWeek News.

Awards and Scholarships

2021-08-31T21:47:50-04:00

Awards and Scholarships

Actuarial Awards

Each year, Department of Mathematical Sciences offers several actuarial awards to outstanding students having passed actuarial exams.

The Miguel Arcones Memorial Awards. This actuarial award is to honor the memory of the late Professor Miguel Arcones. It recognizes and rewards a graduating senior who has demonstrated academic excellence in the Department of Mathematical Science, especially in the actuarial program.
The Guardian Life Insurance Company of America Awards. This actuarial award is endowed by the Guardian Life Insurance Company of America. The intent of this award is to recognize and reward outstanding undergraduate students who have interests in the field of actuarial science.
The Swiss RE Actuarial Award. This actuarial award is endowed by the Swiss RE Life & Health America Inc. The intent of this prize is to recognize and reward an outstanding undergraduate student who has an interest in the field of actuarial science.

All awards entail cash awards (upon availability) and certificates of recognition.

Selection Procedures

The candidate will be selected by the chair of Department of Mathematical Sciences after consultation with his or her colleagues.

Recent Awardees

Katherine O'Donnell (2018 Guardian)
Connor Phelan (2018 Guardian)
Rocco Bavuso (2018 Guardian)
SeungJae Lee (2018 Arcones Memorial)
Michael Sweeny (2018 Arcones Memorial)
Jordan Roeder (2017 Arcones Memorial)
Billie Rothberg (2017 Arcones Memorial)
Kenliang Yang (2017 Guardian)
Matthew Bochen (2017 Guardian)
Emmanuel Davis (2017 Guardian)
Jordan Roeder (2016 Guardian)
Matthew Ehrlich (2016 Guardian)
Billie Rothberg (2016 Guardian)
Brandon Young (2016 Arcones Memorial)
Muhammad Ghazi Andiraputra (2016 Arcones Memorial)
Yonglin Liang (2015 Guardian)
Rachel Hochberg (2015 Guardian)
Sami Aiman (2015 Guardian)
Melinda Moss (2015 Arcones Memorial)
Alexander Halikias (2014 Guardian)
Rebecca Lang (2014 Guardian)
Bawar Noori (2014 Guardian)
Carly Galek (2014 Arcones Memorial)
Chang Wang (2013 Guardian)
Jiami Han (2013 Guardian)
Victoria Dwyer (2012 Guardian)
Michael House (2012 Guardian)
Brett Hall (2011 Guardian)
Simcha Sholomson (2011 Guardian)
Junhao Chen (2010 Guardian)
Ronald Ziemba (2010 Guardian)
Yu Luo (2011 Swiss RE)

Scholarships

Besides actuarial awards, the following is a list of scholarships, which actuarial majors can apply.

Actuarial Diversity Scholarship, information available at The Actuarial Foundation; an award of \$2000 - 3000; promotes diversity through an annual scholarship program for Black/African American, Hispanic and Native North American students. Applicants must pursue a degree that may lead to a career in the actuarial profession.
CAS/SOA reimbursement program: granted by the CAS/SOA; CAS/SOA Committee on Actuarial Diversity is offering a reimbursement program rewarding those Diversity students who pass Exam P/1 and/or FM/2. Diversity students - African North American, Hispanic, or Native North American - who pass Exam P/1 and/or Exam FM/2 will be reimbursed for the fees for the passed exam.
CAS Trust Scholarship: granted by the Casualty Actuarial Society; Three annual \$2,000 scholarships to students interested in the property/casualty actuarial profession.
Casualty Actuaries Of Greater New York (CAGNY) Scholarship, information available at CAGNY; An applicant must have demonstrated high scholastic achievement and strong interest in pursuing an actuarial career in the property/casualty insurance industry. Preference will be given to applicants native to the Greater New York area or attending universities in the Greater New York area.
Ezra Penland Actuarial Scholarship: granted by Ezra Penland Actuarial Recruitment; The \$500 scholarship will be awarded to a full-time undergraduate student who: Completed at least one actuarial exam; Demonstrated leadership abilities; Scholastically accomplished (3.0/4.0 minimum); Full-time Undergraduate at an accredited US- or Canadian-based university; Member of The Entry-Level Actuary group on LinkedIn.
Insurance Scholarship Foundation of America Scholarships / NAIW College Scholarship, granted by The Insurance Scholarship Foundation of America; range from \$500 to \$5,000.
International Association of Black Actuaries Foundation (IABA Foundation) scholarship: granted by the The IABA Foundation; \$3000-5000.
John Culver Wooddy Scholarship: granted by The Actuarial Foundation; \$2,000 merit-based scholarship for actuarial undergraduate students. Eligibility Requirements: college seniors who have successfully completed at least one actuarial examination, rank in the top quartile of their class and are nominated by a professor at their school.
Max Weinstein Memorial Scholarship, information available at The Adirondack Actuaries Club. Annual award for college freshmen, sophomore or junior who is pursuing postsecondary education at an accredited college or university to study the field of Actuarial Science. Applicant must have passed at least one Actuarial exam. Preference will be given to Albany, New York residents. Award amount varies.
Mutual of Omaha Actuarial Scholarship for Minority Students: granted by the Mutual of Omaha.
S. C. International, Ltd. Actuarial Scholarship program, information available at S. C. International, Ltd.; offer one \$1,000 and one \$500 scholarship for each of the Fall and Spring Semesters, each year.
Actuary of Tomorrow-Stuart A. Robertson Memorial Scholarship: granted by The Actuarial Foundation; an award of \$7,500 for education expenses at any accredited U.S. educational institution. Eligibility Requirements: a full-time undergraduate student entering as a sophomore, junior or senior, must have a minimum cumulative GPA of 3.0 (on 4.0 scale) and must have successfully completed two actuarial exams.

Another opportunity is The Society of Actuaries James C. Hickman Scholar program, which was established to increase the number of academic actuaries who hold a PhD and an actuarial designation, and who intend to pursue academic careers in the United States or Canada.

There exists a list of scholarships for undergraduate students at Be an Actuary..

CERA

2021-08-26T14:49:44-04:00

What you can do other than being an actuary?

The Credential

Developed by the Society of Actuaries (SOA), the Chartered Enterprise Risk Analyst (CERA) credential encompasses the most comprehensive and rigorous demonstration of enterprise risk management (ERM) expertise available.

Combines actuarial discipline and rigor with critical and creative thinking
Applies both qualitative and quantitative insights to ERM
Instills the highest professional standards, with an impeccable code of ethics and unparalleled educational requirements
Best equips risk management professionals to empower better business decisions

The Opportunity

Global demand for skilled enterprise risk management professionals is growing in nearly every industry. CERAs are working in:

Insurance
Reinsurance
Consulting
Financial services
Transportation
Technology
Manufacturing
Healthcare

The roles that CERAs are able to play are changing as well. CERAs can be found at all levels of an organization, including:

Risk Manager
Chief Financial Officer
Operational Risk Manager
Consulting Actuary
Chief Actuary
Modeling & Analytics Director
Risk Strategy Director
Chief Risk Officer
Quantitative Solutions Analyst

Curriculum

Read about the current CERA curriculum here https://www.soa.org/education/exam-req/edu-cera-req/.

Courses

2022-07-18T13:03:56-04:00

Course Information

Check the University Bulletin for listed courses in the Department of Mathematics and Statistics.

Check the Course Schedules in the Department of Mathematics and Statistics.

Here is a summary of all related courses and their status. When you plan your schedule, pay attention to those courses that are not offered every semester.

Course No.	Course name	Semester	Required/ recommended	Prerequisites
224/225	Calculus I	every	BA and BS	none
226/227	Calculus II	every	BA and BS	225
230	Honors Calculus	every	BA and BS (alternative to 226/227)	225
304	Linear Algebra	every	BA and BS	225
323	Calculus III	every	BA and BS	227 or 230
330	Number Systems	every	BA and BS	227 or 230
346	Intro. to Financial Mathematics	every	BA and BS	227 or 230
404	Advanced Linear Algebra	spring only	elective	304 and 330
447	Probability Theory	every	BA and BS	323
448	Mathematical Statistics	every	BA and BS	330 and 447
450	Long-term Actuarial Math I	fall only	elective	330, 346, and 447
452	Long-term Actuarial Math II	every other spring	elective	304 and 450
454	Financial Mathematics	occasional	elective	346 and 447
455	Intro. to Regression Models	spring only	elective	329 and 448
457	Intro. to Statistical Learning	fall only	elective	329 and 448
458	Time Series	every other spring	elective	448
472	PDE and Mathematical Analysis	spring only	elective	323, 330 and one of 324, 371, or 372
478	Real Analysis I	fall only	elective	304, 323, and 330
479	Real Analysis II	spring only	elective	478
Econ 160	Principles of Microeconomics	every	BA and BS	none
Econ 162	Principles of Macroeconomics	every	BA and BS	none
Econ 360	Microeconomic Theory	every	BS	Econ 160, 220 or 221
Econ 362	Macroeconomic Theory	every	BS	Econ 162
Econ 467	Economic Forecasting	every	elective (alternative to 458)	ECON 362, 366 and 466, MATH 220 or 224/225
Fin 311	Financial Management	every	No required. May be helpful.	Junior Standing and Acct 211, Econ 160 and 162, Math 220 or 224/225
Fin 322	Investments	every	No required. May be helpful.
Fin 324	Corporate Finance	every	No required. May be helpful.

Calculus

Calculus is a branch of mathematics that studies continuously changing quantities. A key notion is the passage to the limit: quantities that tend to ultimate values. The basic tools from calculus are differentiation and integration. The methods of calculus are essential to any modern science. Department of Mathematics and Statistics offers the following courses in calculus:

Math 224/225. Calculus I.
Math 226/227. Calculus II.
Math 230. Honors Calculus. Directed at students who already have credit for calculus 1 or even calculus 2 and a strong record of performance in mathematics (like a high score on the calculus AP exam). It is appropriate for strong and mathematically curious students ready to work hard. It can be taken instead of Math 226/227
Math 323. Calculus III.

Probability and Statistics

Many problems which an actuary has to deal with are contingent/uncertain events. Probability theory is the branch of mathematics that studies the assignment of probabilities to random events. Department of Mathematics and Statistics offers the following courses in Probability:

Math 447. Probability Theory: Counting techniques, independence and conditional probability, discrete and continuous random variables, special distributions, expected values and moments, multivariate distributions, conditional distributions, transformations of random variables, limit theorems. 4 credits. Offered both in Fall and Spring.

Another part of mathematics studying randomness is Statistics. Statistics studies the collection and analysis of data. Department of Mathematics and Statistics offers the following courses in Statistics:

Math 448. Mathematical Statistics: Random sampling, point estimation, t, chi-squared, and F distributions, sufficient statistics, minimum variance unbiased estimators, confidence intervals, tests of hypothesis, uniformly most powerful tests, Bayesian methods, linear models. 4 credits. Offered both in Fall and Spring.
Math 455. Introduction to Regression Models. This course covers the mathematical foundation and practical implementations of linear and generalized linear regression models. Topics include estimation and diagnostics of linear models, transformations of variables, model selection, polynomial regression, and logistic regression. The emphasis of the course will be on applications. 4 credits. Offered in Spring only.
Math 457. Intro to Statistical Learning. Statistical learning refers to a set of tools for modeling and understanding complex datasets. This course covers such topics as regression, classification, resampling, model selection, regularization, tree-based methods, support vector machine, principal components analysis, and clustering methods. It concentrates more on the applications of the methods and provides students with valuable hands-on experience. 4 credits. Offered in Fall only.
Math 458. Time Series: The statistical analysis of time series data. Autocorrelation; stationarity, basic time series models; AR, MA, ARMA; trend removal and seasonal adjustment; invertibility; spectral analysis; estimation; forecasting; introduction to financial time series and the ARCH model.

These courses fulfill the Applied Statistics subject and the Mathematical Statistics subject of the VEE requirements. Please see the VEE requirements for more information. These courses also cover partially the syllabi for CAS: Statistics and Probabilistic Models Exam, Construction and Evaluation of Actuarial Models Exam, Statistics for Risk Modeling Exam, and Predictive Analytics.

Financial Mathematics

Department of Mathematics and Statistics offers the following courses in Financial Mathematics:

Math 346. Introduction to Financial Mathematics: Accumulation function, simple and compounded interest, effective and nominal rates of interest and discount, the force of interest, level and nonlevel annuities and perpetuities, amortization, reinvestment, sinking funds, bonds, depreciation methods, short sales of stock, term structure of the interest rates, duration, convexity, derivative markets. The material will focus on the requirements for the Exam FM/2. 4 credits. Offered both in Fall and Spring.
Math 454. Financial Mathematics: Interest rate models, the principle of no-arbitrage, fundamental theorem of asset pricing, evaluation of derivatives, put-call parity, European put and call options, binomial models, Black-Scholes option-pricing model, American options, option Greeks, exotic options, lognormal distribution, diffusion process, Ito's lemma, simulation, and delta-hedging. The material will focus on the requirements for the Exam MFE. 4 credits. Math 346 and Math 447 are prerequisites of this course.

Actuarial Mathematics

Actuaries use sophisticated probability models. Department of Mathematics and Statistics offers the following courses in actuarial stochastic models:

Math 450. Life Contingency Models I: Survival models, life tables, life insurance, life annuities, benefit premiums. 4 credits. Offered each Fall.
Math 452. Life Contingency Models II: Benefit reserves, multiple life functions, multiple decrement models, Markov chains, Poisson processes. 4 credits. Offered in Spring. Availability depends on enrollment.

Economics and Finance

An actuary studies contingent / uncertain events which have financial consequences. Hence he/she must have a good knowledge of Economics and Finance. In addition, VEE requirements include microeconomics, macroeconomics, and corporate finance. The following courses deal with microeconomics and macroeconomics. They fulfill the VEE requirements on the Economics subject:

ECON 160. Principles of Microeconomics.
ECON 162. Principles of Macroeconomics.
ECON 360. Microeconomic Theory.
ECON 362. Macroeconomic Theory.

So far, to fulfill the VEE requirements on the Finance subject, students must take courses from the school of management (SOM):

FIN 311, Financial Management.
FIN 322, Investments.
FIN 324, Corporate Finance.

FIN 311 is open for registration for Harpur students in the Financial Economics major and the Actuarial major. FIN 322 or FIN 324 is not yet open for registration for students out of SOM. Please seek help from your advisor should you want to register for FIN 322 or FIN 324.

Other courses

Other related courses are ECON 466. Introduction to Econometrics; ECON 467. Economic Forecasting; CQS 112. Statistics for Management; ECON 442, Financial Economics.

For computing skills, students can take CS 105, which provides some help on spreadsheets such as Excel, and CS 110, which introduces students to programming using python as the language.

Exams

2021-08-26T14:36:20-04:00

Prepare for exams

Preliminary Exams

Each exam is offered several times a year. Application forms for the preliminary exams are available on BeAnActuary.org. In particular, the preliminary exams are:

Probability Exam (SOA Exam P): May be used to obtain Exam 1 credit with the CAS. The exam consists of three hours of multiple-choice questions. The purpose of this exam is to develop knowledge of probability. The application of these tools to problems encountered by actuaries is emphasized. A thorough command of calculus and probability topics is assumed. Additionally, a very basic knowledge of insurance and risk management is assumed.
Financial Mathematics Exam (SOA Exam FM): May be used to obtain Exam 2 credit with the CAS. The exam consists of three hours of multiple-choice questions. This exam covers interest theory (discrete and continuous) and an introduction to derivative securities. It assumes a basic knowledge of calculus and probability.
Investment and Financial Markets (SOA Exam IFM): May be used to obtain Exam 3F credit with the CAS. The exam consists of three hours of multiple-choice questions. The syllabus for Exam IFM develops the candidate’s knowledge of the theoretical basis of corporate finance and financial models and the application of those models to insurance and other financial risks. A thorough knowledge of calculus, probability (as covered in Exam P), basic corporate finance (as covered in VEE Accounting and Corporate Finance) and interest theory (as covered in Exam FM) is assumed.
Long-Term Actuarial Mathematics Exam (SOA Exam LTAM): The syllabus for Exam LTAM develops the candidate’s knowledge of the theoretical basis of contingent payment models and the application of those models to insurance and other financial risks. A thorough knowledge of calculus, probability (as covered in Exam P), mathematical statistics (as covered in VEE Mathematical Statistics) and interest theory (as covered in Exam FM) is assumed.
Modern Actuarial Statistics I Exam (CAS Exam MAS-I): This exam is administered by the CAS. There is not a waiver or SOA equivalent for this exam. MAS-I is a four-hour exam. This examination covers Probability Models (Stochastic Processes and Survival Models), Statistics, Extended Linear Models, and Time series with Constant Variance.
Modern Actuarial Statistic II Exam (CAS Exam MAS-II): This exam is administered by the CAS. There is not a waiver or SOA equivalent for this exam. MAS-II is a four-hour exam. This examination covers Introduction to Credibility, Linear Mixed Models, Bayesian Analysis and Markov Chain Monte Carlo, and Statistical Learning.

Some of these exam can be taken locally at Binghamton and Vestal. Binghamton University is an examination center for Exam MLC. There is also an exam center near campus that is not affiliated to the university which administers Exam P/1 and Exam FM/2. The university itself has nothing to do with the design of the exam questions; it is merely an agent of SOA / CAS, administering the exams for the convenience of the Binghamton students. Please contact the actuarial societies and BeAnActuary.org for information about registering for an exam.

The Order of Course and Exam Taking

The fastest way for a student to pass four to five exams in college is to

take (224,225)-(226,227,304)-(323,346) in the first three semesters and pass Exam FM in the fourth semester;
take (447,330,329) in the fourth semesters and pass Exam P in the following summer;
take 448-455-457 in the subsequent semesters to prepare for SOA Exams on Statistics for Risk Modeling and Predictive Analytics and CAS exams on statistics.
take 450, 452 in the junior or senior years and pass Exams LTEM before graduation.

If everything goes as planned, the student can pass two exams before his/her junior year. Then in the fifth semester (Fall of the junior year), he/she can have a better chance to be hired as a summer intern. Permanent position offers are often derived from summer internships.

Frequently Asked Questions

2021-08-26T14:54:31-04:00

Frequently Asked Questions

Q: I am interested in actuarial science. Actually, I may declare the major. Where do I start?

A: First you may want to read our program very carefully. Secondly, you really need to do well in Calculus I-III. You may think that Calculus I is easy, and that may indeed be the case. But students often go into some trouble when the material gets complicated in Calculus II and III. Having a solid background in Calculus is the first step towards being successful in actuarial science. When you think you have made your decision, click here to declare the major.

Q: I am an actuarial major and I have passed Exam P before taking Math 447. Can I be waived on the major requirement on Math 447?

A: We are glad for your achievement in passing an actuarial exam without taking 447. Our Math 447 does cover a lot of material that is useful in Exam P; however, it is never meant to be a prep course. The course serves a more general purpose and targets a broader audience. Some of the required material in 447 is not covered in Exam P. Most importantly, studying to pass an exam is very different from studying in a course. Hence, you still need to take 447 despite your passing grade in Exam P.

Q: I am an actuarial major. I took Math 447 last semester and I got a D. I felt sorry for that and I have studied very hard over the summer and I have passed Exam P and got 10 out of 10. Can you change my grade in Math 447 from D to A?

A: No. Grade in a course reflects the student's performance in the course. The professional exam is not part of the assessment process, and even a perfect grade in a professional exam cannot justify changing the grade in a course retroactively.

Q: I am an actuarial major and I have passed Exam FM before taking Math 346. Can I be waived on the major requirement on Math 346?

A: We never waive a requirement. But in this case, the requirement may be substituted. You may choose to take another actuarial-related course in the department for the substitution. But before you do so, make sure that you talk with your advisor or the director of undergraduate studies in the department.

Q: I have heard about these actuarial awards. How can I be considered for such an award? What are the criteria?

A: We usually send out a survey asking for self-nominations in the spring for the awards. We also ask faculty for nominations. Focus on your study and make sure that you stand out. Our main criteria are overall GPA, math GPA, the number of actuarial exams passed, passing grades (perhaps less important), and potential in the actuarial field.

Q: Can I take Exam FM before Exam P? How about the other exams?

A: Exam P and Exam FM can be taken in any order. But both are required before taking any of the subsequent exams.

Q: I want to take a finance course in SOM because it satisfies the VEE requirement. Can you help me get into that course?

A: Fin 311 should be open for registration for actuarial majors (and also economics majors). If there is another course that you want to get in, talk with the chair of the actuarial science committee (or your advisor).

Q: I want to take some course in the economics department because it satisfies the VEE requirement. But the course is restricted to Econ BS majors. How can I get into the course?

A: We are very sorry that the department of mathematical sciences cannot ask other departments to open seats for courses which they mean to reserve for their own majors. We wish things can change but could do nothing at this moment. On the other hand, taking courses in college is not the only way to VEE. You could take some other professional exams to have the requirements satisfied. You could take some summer courses near your hometown to have the VEE requirements satisfied. Note that VEE is not required for the actuarial majors.

Q: Can you tell me how many of the students in the actuarial program have passed Exam P and Exam FM each year?

A: As this is confidential information that is known by only the student/candidate and the actuarial societies, the department does not have access to this information.

Q: How many exams should I pass in order to find a job?

A: In general, as many as possible. In practice, at least 2 (by the start of the junior year!) The recommendation is 3. You may not be surprised to know that every fall, large insurance companies collect a large pile of resumes from actuarial students for their internship programs. Most of these resumes list at least two exams passed and there seems to be no difference between these candidates. Hence, in addition to passing exams, it is also important that you maintain a high GPA, you participate in some extracurricular activities (such as contributing to the actuarial association, or even being an officer in the association), you have some network and you show professionalism on your resume. Some practical work calls for skills in Excel or computer programming in general.

Q: What is the recommended order to take the math courses in the actuarial program?

A: First you need to finish Calculus I, II, and III, and Linear Algebra as soon as possible. As soon as you have finished Calculus II, you need to take Math 330. Math 330 introduces you to the art of proof, using number systems as a medium. The way you think and reason will be much improved after Math 330. In addition, you want to take Math 346 and Math 447 early, as they prepare you for Exam FM and Exam P. Math 346 may be taken concurrently with Math 330. Although not in the prerequisite, you are recommended to take Math 447 after Math 330.

For other courses, you can pretty much take them according to the prerequisites. Please keep in close contact with your advisor for course scheduling.

Internships

2017-01-05T18:20:20-04:00

Internships

In recent years, many large and small companies have actively recruited on our campus. Doing an internship during the summer is the best way to know whether you really like the Actuarial profession. In some companies, you do not need to have passed any exams. Summer positions provide students with valuable experience and excellent summer income.

You can arrange interviews for summer internships through the Career Development Center (Phone: 607-777-2400, LSG500 and LNG300) of Binghamton University. In this center you also can get information about careers, graduate schools, internships, or employers. For a small fee, you can get a very complete information on the interviews on campus for summer internships.

The following companies have shown interest in hiring students in the past:

Aveta
AXA Equitable Life Insurance Company
Cigna
General Re Life Corporation
Genworth
Guardian Life Insurance Company
Mercer Human Resource Consulting
New York Life
Prudential and Prudential Actuarial Leadership Program
Swiss Re
Selective Insurance

Local companies:

The Actuarial Association on campus also helps to organize many information sessions regarding summer internship.

The previous list is far from complete. Some of them may be out-dated. You are recommended to go the Career Development Center to arrange for interviews for summer internships and/or actuarial jobs.

You also can contact companies directly:

The following websites offer listings of actuarial jobs:

After College In addition to actuarial jobs, it lists jobs for math majors.
Actuarial Outpost
Actuary.com

The following companies recruit actuaries for other companies:

Actuarial Majors

2022-07-18T13:05:00-04:00

Declare Actuarial Majors

Binghamton University offers two degrees in this field: BA in Actuarial Science and BS in Actuarial Science. Before you declare a major in actuarial science, you may want to think about the following questions very carefully:

Have you shown strong aptitude in mathematics or quantitative skills in general? An example would be grades of your calculus courses. Usually, if you did not get a grade greater than B in calculus, it is early indicator that you will have some difficulties in the actuarial program. In extreme cases, you may suffer from studying something that you are not very good at, fail several attempts to an exam and may not even find a job related to actuarial career after graduation.
Are you a self-motivated person? Can you work on yourself to study the materials without an instructor? Do you study because you want to become an actuary or your parents want you to do? Remember there are many advanced exams to pass even after you graduate from college.

If your answers to either questions are YES, then you may be on the right track to become an actuary.

To declare an actuarial major, click here.

On the other hand, be aware that you can become an actuary without a degree in actuarial science. A really self-motivated person can buy a book off the bookstore and study without the class.

Major Requirements

The major requirements for each student may differ and they depend on the time that the student first entered the university. See the university bulletin for the requirements for a particular year. In case of ambiguity, the student should consult the Degree Work, the designated advisor in the math department, the director of undergraduate studies in the math department, or the Harpur advising office.

Effective for students entering the university in or after Fall 2017

The following courses are required for the BA and BS degrees.

Common requirements for both BA and BS
- Calculus and Linear Algebra: 224 and 225, either both 226 and 227 or 230, 323, 304;
- Number Systems: 330 (it is strongly advised that this course is taken as soon as 227 or 230 is completed);
- Computing: 329;
- Actuarial foundation courses: 346, 447, 448;
- Actuarial elective courses: two courses from 450, 452, 454, 455, 457, and either 458 or ECON 467;
- Economics courses: ECON 160 and 162.
Additional requirements for BS only
- Advanced math courses: two courses from 404, 472, 478 and 479;
- Actuarial elective courses: two additional courses from 450, 452, 454, 455, 457, and either 458 or ECON 467;
- Advanced Economics courses: ECON 360 and 362.

For a course to count for the degree, a grade 'C' or better must be obtained. See the Grade Requirements and Prerequisites section below.

There are 12.5 required 4-credit courses for the BA degree (10.5 from the Department of Mathematics and Statistics and 2 from the Department of Economics).

There are 18.5 required 4-credit courses for the BS degree (14.5 from the Department of Mathematics and Statistics and 4 from the Department of Economics).

Sample Course Lineup

The table below shows a sample schedule for a typical BS actuarial major. For BA students, fewer courses are required. Many of our majors come in with AP credits for Calculus I (224/225) and Econ 160/162. In this case, shift the schedule up by one or two semesters.

Semester	Math courses	Other courses	Notes
1	224/225	Econ 160 (vee)
2	226/227 (or 230), 304	Econ 162 (vee)
3	323, 346	Acct 211 (vee)	Prep for FM
4	330, 447,	Fin 311 (vee)	Take FM & Prep for P
summer			Take P/1
5	329, 448 (vee), 450	Econ 360	Look for internship
6	452, 455	Econ 362	MLC
7	457, 478
8	454 or 458, 479		MFE, Statistics Exam, Predictive Analytics

Courses that fulfill a VEE requirement are labeled (vee). Not all the courses above are required. Those which are not part of the major requirements are recommended but not required.

Grade Requirements and Prerequisites

Effective for students entering the university in or after Fall 2020

Any math course in which a student earns a grade of C- or less is not acceptable as a prerequisite for any other course offered by the Department of Mathematics and Statistics unless stated otherwise in the course description.
Any math course in which a student earns a grade of C- or less cannot be used to fulfill the requirements of the major or minor.
Math courses may only be repeated once to meet the above minimum grade requirements for the major. No course for the major may be taken more than twice. Students who fail to receive a grade of C or better after two attempts in a required major course will be dropped from the major. Withdrawals do not count towards the attempt limit. Students who are seniors may petition for an exception to this policy.
A pass grade (P) does not count toward the major or minor unless the only grade available is Pass/Fail; in this case, consent of the Department is required.
A student who has received credit for a course may not take one of its prerequisites for credit at a later time.

Career Prospects

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Who are actuaries?

Actuaries use probability models to quantify uncertainty and risk in business problems. Here risk refers to the chance of a financial loss. Actuaries assemble and analyze data related with risks to answer questions such as how much to charge policy-holders for auto, life or health insurances, how to set up retirement plans, how to formulate investment strategies in light of future risks. They provide an evaluation of risk for their companies for strategic decisions.

Because of the crucial role in such decision making, actuaries are are rewarded accordingly; salaries offered to actuaries are substantial (see two salary surveys done by D.W. Simpson & Company and Ezra Penland here), and there is ample opportunity for advancement in the actuarial profession. Moreover, actuarial careers often lead to upper management and executive positions.

Actuary is one of the top rated jobs in America. Read this article for a Ranking of Best and Worst Occupations in the U.S. where actuary is ranked as the second best occupation. Incidentally, the first and third best occupations are mathematician and statistician, both of which are within the domain of mathematical sciences.

Actuaries are employed not only by insurance companies but also by consulting firms, federal and state insurance departments, universities, banks, investment firms, large corporations and public accounting firms. In government, actuaries help to manage such programs as the Social Security system and the Medicare. Consulting actuaries help different clients to establish benefit programs (insurance and retirement) for their employees and they also provide consulting service to smaller insurance companies. Actuaries also analyze investment programs and participate in corporate planning, such as merger and acquisition.

Among the specialties of actuary are: life insurance, health insurance, (property) casualty insurance, (retirement planning) pensions, consulting. About 70% of the actuaries work in the insurance industry. For example,

Property/Casualty (P/C) actuaries use mathematical models to understand different information to be used in the development and maintenance of the company's products. Their main task is insurance pricing. They study which rate to charge customers for insurance, run computer programs calculating the earned premiums and losses, and create better models. They have to be extremely detail-orientated and be a wizard when it comes to spreadsheet manipulations. Calculations made by actuaries are crucial to the competitivity of their company. These calculations include the rate of an insurance product, how much an insurance company expects to pay in claims when financial losses occur, and estimates on the evolution of the investments of the fund reserve of the company.
Pension actuaries do computations related to retirement programs. Many companies supply pensions to their employees by setting up a company pension fund. Calculations have to be made to know whether the pension is well funded. Benefit calculations have to be made for estimating the future payment in pension and the evolution of the reserves in the pension fund. As these pension funds have to follow federal regulations, actuaries must know the tax law. Government papers certifying that the pension fund is well funded must be signed by an actuary. An actuary gets certified to sign these legal documents by passing some actuarial exams.

Actuarial work is a challenging and rewarding way to use an aptitude for mathematics combined with an ability to work with people. Besides a natural aptitude for mathematics, a creative mind, and the ability to reason logically, actuaries must be up-to-date on business issues and they must be good communicators to explain things to non-actuaries.

Further information on what is an actuary can be found on the website Be An Actuary and in the Occupational Outlook Handbook from the US Department of Labor.

How to become an actuary

To become an actuary one needs to get training in mathematics, probability/statistics, economics, finance and business in general. Professional certification is obtained by passing a series of examinations administered by the actuarial societies, including the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS). More specialized organizations are the American Society of Pension Actuaries and the Conference of Consulting Actuaries.

Actuaries earn professional designations based on the organization they belong to and their status in the professional exam system. Common credentials are named Associates and Fellows. For example, FSA means Fellow of the Society of Actuaries and ASA means Associate of the Society of Actuaries. Again, to obtain these designations, one has to meet certain professional educational standards by passing a series of exams. The early exams are jointly administered by the two societies SOA and CAS.

Get to get associateship

To attain the Associate of the Society of Actuaries (ASA) designation, candidate needs to successfully complete

VEE Mathematical Statistics
VEE Economics
VEE Accounting and Finance
Exam P–Probability
Exam FM–Financial Mathematics
Exam IFM–Investment and Financial Markets
Exam LTAM–Long-Term Actuarial Mathematics
Exam STAM–Short-Term Actuarial Mathematics
Exam SRM-Statistics for Risk Modeling
Exam PA-Predictive Analytics
Fundamentals of Actuarial Practice (FAP) e–Learning Course
Associateship Professionalism Course (APC)

CAS is a little different. To become an Associate member of the Casualty Actuarial Society (ACAS), a candidate must fulfill the following requirements

VEE - Accounting and Finance
VEE - Economics
Exam 1 - Probability
Exam 2 - Financial Mathematics
Exam 3F - Financial Economics
MAS-I Modern Actuarial Statistics I
MAS-II Modern Actuarial Statistics II
Online Courses
- Risk Mgmt. & Insurance Ops.
- Insurance Accounting, Coverage, Analysis, Insurance Law & Insurance Regulation
Course on Professionalism
EXAM 5 Basic Techniques for Ratemaking and Estimating Claim Liabilities
EXAM 6 Regulation & Financial Reporting (Nation-Specific)

VEE requirements

The actuarial societies allow to have some requirements to be Validated by Educational Experience(VEE). Please see the VEE requirements for more information.

Study during and after college

The completion of all these exams take several years. Most preparation for these exams is done through self-study while attending college and while working. Candidates must being able to motivate themselves.

Students wishing careers in this field are urged to complete at least 2 actuarial exams while in college. At the very least, students pursuing this career must pass one exam within a few months after graduation in order to earn a chance to be considered in the job market. Nowadays, with more and more attentions on the actuarial profession, it is difficult to even find an internship position without having two exam passed before the junior year. Hence, students who wish to enter the career must be aware of what they are facing and start preparing for exam as early as possible.

The completion of the rest of the professional credentials is done while working as an actuary after college. Most employers hire college graduates who have shown interest and great potential in passing these series of examinations. Employers often establish programs to assist students and employees in preparing for exams (in the forms of providing exam fees, study materials, study time, on-the-job training for the exams, award raises for each exam passed.) At the same time, job provides a broad experience in actuarial work.

Fellowship

Requirements for fellowship usually include additional examinations and training on a candidate's chosen track. Please refer to the societies' website for more information.

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Actuarial Science Program

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Actuarial Science Program

Binghamton University offers two degrees related to actuarial career: BA in Actuarial Science and BS in Actuarial Science. We offer courses covering five actuarial exams: P, FM, LTEM, SRM, PA. At Binghamton University, a student can take courses that cover all three VEE requirements, including Economics, Mathematical Statistics, and Account & Finance.

Please find out more information about the actuarial program by clicking one of the links on the left-side panel.

VEE

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When you search the VEE directory for approved courses on the SOA website, please look for the page “State University of New York - Binghamton” instead of “Binghamton University”.

VEE Requirements

The actuarial societies allow to have requirements to be validated by educational experience. There are three subjects in VEE requirements:

Mathematical Statistics
Accounting and Finance
Economics

Currently, the following series of Binghamton courses can be used to satisfy VEE requirements. The updated information can be checked at VEE Directory of Approved Courses and Alternate Options.

Binghamton VEE courses

Economics. Both components below must be covered.
1. Microeconomics component: by ECON 160, 360, or 500.
2. Macroeconomics component: by ECON 162, 362, or 501.
Mathematical Statistics
1. By MATH 448, or 502
Accounting and Finance
1. Accounting component: by ACCT 211
2. Finance component: by FIN 311

If a student cannot get enough VEE credits while in college, he/she can use standardized examinations or other educational experiences to get the credits. A list of accepted approaches is on the SOA website, such as Chartered Financial Analyst (CFA) Exams, Global Association of Risk Professions (GARP) FRM Exam, online courses, and so on.

Students should be reminded that the most important factor for being hired as an actuary in an entry-level position is to pass the first two actuarial exams (P/1 and FM/2). Taking courses to fulfill the VEE requirements should not be placed as a first priority.