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Actuarial Mathematics at Kent State University:Course Sequencing and Professional ExamsDarci L. KrachtProfessorActuarial Mathematics Program CoordinatorDepartment of Mathematical SciencesKent State UniversityFebruary 17, 2022
Actuarial Mathematics at Kent State UniversityIIIBS in Actuarial Mathematics beginning with the 2019-20catalogPreviously Concentration under BS in MathematicsIf you are on an old catalog, your requirements haveNOT changed.
Sequencing Recommendations: General PrinciplesIMax 3 MATH courses per semesterISpread Kent Core courses across whole 4 yearsISpread Business courses, but start early if considering minoror double majorICS requirement early— first semester is bestISummer MATH classes very challengingIRemember that all MATH prereqs require C or better (reallyshould have B or better)ITwo issues in prerequisites:IIContentMathematical maturity
Sequencing RecommendationsITake in sequence without skipping a semester:IIIII12002120032200532044Analytic Geometry and Calculus IAnalytic Geometry and Calculus IIAnalytic Geometry and Calculus IIIOrdinary Differential Equations (“Calc IV”)Can take concurrently with MATH 12003 (Calc II)IIIMATHMATHMATHMATHMATH 21001 Linear AlgebraMATH 20011 Decision Making Under UncertaintyCan take concurrently with MATH 22005 (Calc III)IIMATH 30055 Mathematical Theory of InterestMATH 31011 Proofs in Discrete Mathematics
Highlights of Course TimingIMATH 30055 (Theory of Interest) is offered in FallIIIMATH 40011 (Probability) is offered both Fall and SpringIIIActuarial Math students should take it Fall of sophomore yearThen take Exam FM in springActuarial Math students should take it Spring of sophomoreyearThen take Exam P in summerMATH 40055-6 (Act Math I-II) can then be taken junior yearIIPrereqs are MATH 30055 and MATH 40011Exam LTAM is being replaced by FAM and ALTAM
Sequencing RecommendationsIMATH 40059 Stochastic Actuarial Models is probably hardestcourse in Actuarial Math curriculum— take Spring of senioryearIIIExam IFM is being eliminatedSome material moved to Exam FAM and othersECON 32050 Applied Econometrics IIPrerequisitesIIIIMATH 12002 (Calc I)MATH 20011 (Decision Making Under Uncertainty)ECON 22060 (Microeconomics)ECON 32051 Applied Econometrics II is a good course for ourstudents, so maybe take ECON 32050 earlier than indicated onroadmap
AdvisingSee your advisors each semester!IProfessional Advisor: College of Arts & SciencesIIIFaculty Advisor: Dr. Kracht: drkracht.youcanbook.meIIIIUniversity and College graduation requirementsCan lift your pin to register for classesMathematics requirementsAdvice on which course to take whenCan lift your pin to register for classesAdditional advisors for other majors, minorsIHow many courses can be double-counted?
Typical/Recommended Second Major or MinorIFinanceIEconomicsIData AnalyticsIComputer ScienceIInsurance StudiesIForeign languageIAnything the you love!
SOA Credentialing: ASA (Associate of the Society of Actuaries)IIIExam P–ProbabilityExam FM–Financial MathematicsExam IFM–Investment and Financial Markets(last sitting Nov 2022)IExam FAM–Fundamentals of Actuarial Mathematics(first sitting Oct 2022)IExam ALTAM–Advanced Long-Term Actuarial Mathematics(first sitting Spring 2023)IExam ASTAM–Advanced Short-Term Actuarial Mathematics(first sitting Spring 2023)IIIIIExam SRM–Statistics for Risk ModelingExam PA–Predictive AnalyticsVEE Mathematical StatisticsVEE EconomicsVEE Accounting and Finance
KSU is designated UCAP-Advanced Curriculum by the SOAIExam P–Probability: MATH 40011IExam FM–Financial Mathematics: MATH 30055IExam IFM–Investment and Financial Markets: MATH 40059IExam FAM–Fundamentals of Actuarial Mathematics: MATH40055–56; 40059 (covers half)IExam ALTAM–Advanced Long-Term Actuarial Mathematics:MATH 40056 (covers some)IExam ASTAM–Advanced Short-Term Actuarial MathematicsIExam SRM–Statistics for Risk ModelingIExam PA–Predictive AnalyticsIVEE Mathematical Statistics: MATH 40012IVEE Economics: ECON 22060-1IVEE Accounting and Finance: ACCT 23020, FIN 36063(Grade of B- or better required for VEE credit)
ASA Pathway Requirements and Transition RulesISeveral other modules and elearning courses are required forthe ASAINew requirements and exams will be phased in over a fewyears.IFor full -asa-req/
ACAS: Associate of the Casualty Actuarial SocietyIExam 1/P –Probability: MATH 40011IExam 2/FM–Financial Mathematics: MATH 30055IMAS-I–Modern Actuarial Statistics IIMAS-II–Modern Actuarial Statistics IIIExam 5–Basic Ratemaking and Estimating Claim LiabilitiesIExam 6–Regulation and Financial ReportingIVEE Economics: ECON 22060-1IVEE Accounting and Finance: ACCT 23020, FIN 36063(Grade of B- or better required for VEE credit)ISeveral other modules and elearning courses requiredIFor full ents
Actuarial ExamsIGoal:IIPass 2 exams before graduatingEarn credential within 5 years of graduatingIPass rates typically approx 50%IStudents grossly underestimate time and effort needed to passIApprox 100 hours of study per hour of examIDownload syllabus and readings from SOA websiteExam prep materials:IIIIIIIISample questions and solutions on SOA website (Free)ASM (Actuarial Study Materials) Manuals (Inexpensive)ACTEX Learning Manuals (Inexpensive)ACTEX GOAL SoftwareThe Infinite Actuary (TIA) on-line materials (Expensive)Coaching Actuaries on-line materials (Expensive)Register for exam on SOA site, then reserve time at PrometricTest Center
Highlights of Course Timing I MATH 30055 (Theory of Interest) is o ered in Fall I Actuarial Math students should take it Fall of sophomore year I Then take Exam FM in spring I MATH 40011 (Probability) is o ered both Fall and Spring I Actuarial Math students should take it Spring of sophomore year I Then take Exam P in summer I MATH 40055-6 (Act Math I-II) can then be taken junior year
