The Mathematical Economics Major and Careers in Actuarial Science

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The Mathematical Economics Major and Careers in
Actuarial Science

• Dr. Jason Owen
• Department of Mathematics and Computer Science

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About Me

• Ph.D. in Statistics, University of South Carolina
• Faculty UNH 1997-2002
• Faculty UR 2002-present
• Teach courses on statistics (all levels) and
  financial mathematics
• personal stuff

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Mathematical Economics major

• Basics
• B.S. degree (interdisciplinary)
• equal weight of math/stat and econ
• more cohesive than a separate major and minor
• includes a capstone course (research based)

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Coursework

• Math
• calculus I, II, multivariate
• linear algebra
• probability, mathematical statistics
• intro. to computing
• upper-level elective

• Econ
• intro micro/macro
• micro/macro theory
• econometrics
• mathematical economics
• upper-level elective

Plus the Capstone experience (senior
year) Honors program also available
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Possible career paths

• any job that specifies business majors only
  but set yourself apart!
• business careers that demand more math, e.g.
  financial engineer
• graduate study in economics
• actuary

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What is an actuary?

• Definition a business professional who analyzes
  the financial consequences of risk
• Main employers
• insurance companies
• consulting firms
• government
• HR departments in large corporations
• Consistently listed in the top five jobs in the
  United States (Jobs Rated Almanac)
• http//online.wsj.com/article/SB123119236117055127
  .html?modspecial_page_campaign2008_mostpop

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Examples

• Genworth Financial, Markel Corp., Mercer HR
  Consulting
• Anthem, CIGNA, AETNA
• GEICO, Allstate
• AON Consulting

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Preparation at UR

• Exam 1 Probability (Math 329) low US pass rate
  ?, but were better ?
• Exam 2 Financial Mathematics (Math 395)
• Educational Experiences
• Economics (Econ 101/102)
• Applied Statistics (Econ 340)
• Corporate Finance (Fin 360/366)

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More information

• Be an Actuary www.beanactuary.com
• UR www.mathcs.richmond.edu/wowen
• Society of Actuaries www.soa.org
• Casualty Actuarial Society www.casact.org
• American Acad. of Actuaries www.actuary.org