This page contains answers to some frequently asked questions about actuarial science and about our program. At the bottom of the page is a form on which you can submit your own question. If it is asked frequently enough, the answer will be posted here.Regardless, someone will provide an answer to you.  To go to the form directly, click here. Questions that are more relevant for current students are at the end. To go there directly, click here.

1. Is Drake's program accredited?

Drake University and the College of Business and Public Administration are accredited by the appropriate bodies. There is no organization that accredits actuarial science programs. However, as of December 15, 2009, Drake University has been designated as a Center for Actuarial Excellence (CAE) by the Society of Actuaries (SOA). There are only nine schools in USA (12 in North American) that have received such a designation. For more information about the CAE designation, click here.

2. What is special about Drake?

While many schools offer programs in actuarial science, Drake's program is unique among schools in the Midwest. For example:

• We are a private university with focus on undergraduate education. With this focus, students know that our resources are devoted to their success.
• We are located in a college of business. Studies by the actuarial societies confirm that employers want more than technical skills. They want "business savvy ". A wide range of courses are required that ensure our graduates are ready to be great employees upon graduation. In addition, our organizational structure allows easy access to additional courses in important areas such as finance and accounting.
• We have three faculty members who are members of actuarial societies (we will have four members starting in August 2010). Thus, there is always someone available with the expertise to help.

3. What distinguishes the three types of actuarial science majors?

It is possible to major in actuarial science alone, but most of our students major (or have a concentration in) more than just actuarial science. When concentrating in a second area, (choices of study include Insurance, Information Systems, Economics, and Mathematics), it is possible to earn a minor or second major and still graduate in four years. When majoring in Finance or Accounting, it is usually not possible to complete a second major and finish on time. Hence, we allow for the possibility of a joint major, where students complete about 80% of the requirements for each degree. Because the curriculum is common (for single and joint majors) for the first year, no decision need to be made about whether to do a single or joint major until the second year.

4. Does Drake offer a Master's program in actuarial science?

No, not at this time. It is possible that we may soon develop a Master's program in Risk Management that is aligned with the Chartered Enterprise Risk Analyst (CERA) designation. For more information on the CERA designation, click here.

5. Can I graduate in four years?

Students who enter from high school and begin the actuarial program immediately always graduate in four years and sometimes less. Transfer students, whether from another University of from another major, may not finish in four years if they have not taken appropriate courses.

6. If I want to transfer to Drake, what should I have accomplished?

All courses taken at an accredited college or university could transfer. If transferring after one year, you should have completed a year of introductory economics and at least Calculus I and II. Other courses could include financial and magerial accounting, micro and macro economics, or courses that will fulfill Drake's general education requirements. After two years you should have completed a year of accounting, Calculus III, linear algebra, and an introduction to probability. The probability course should be calculus-based and cover the probability material on SOA Exam P (also known as CAS Exam 1). If you have not completed such a course prior to the junior year, it will take 2.5 years to complete our program.

7. For what actuarial exams will I be prepared by the time I graduate?

Students who follow the model schedules will be prepared for five Society of Actuaries exams (P, FM, MLC, MFE, and C) and four Casualty Actuarial Society Exams (1, 2, 3, and 4). For more information about these exam systems, please click here.

8. What is an actuary?

An actuary uses techniques from mathematics, probability, statistics, and finance to analyze the financial consequences of uncertain events. Most actuaries work either for insurance companies or for consulting firms. Clients of consulting firms include both insurance companies and employers requiring assistance with employee benefits and risk management. Actuaries can also be found in government, academia, banking, and software firmsMore information about actuaries and the profession can be found via our links page.

9. What else can I do while at Drake?

Employers like well-rounded students who have engaged in other activities and have had a chance to demonstrate some leadership. Within our College, there are three organizations that provide these opportunities. They are:

• Drake Actuarial Student Society
• Delta Sigma Pi (a chapter of a national professional fraternity (but women are included)); this serves all students with an interest in business.
• Alpha Kappa Psi (a chapter of a different national professional business fraternity); this also serves all students with an interest in business.

All three of the aforementioned organizations bring in professional speakers, conduct field trips, participate in community service, and coordinate social activities. Our students also participate in a variety of other activities, including intercollegiate and intramural sports, student government, orchestra/band, chorus, and drama.

10. What about internships and placement?

A number of our students have part-time jobs with local insurance companies (Des Moines metropolitan area has around 28 companies which employ approximately 306 actuaries) and many more find summer internships across the country. Our career center brings over 30 companies to campus each fall to conduct interviews for full-time employment and for summer internships. Many of these same companies (along with a few new ones) may also visit Drake in the spring for interviews, or at other times to simply give informal presentations.

11. What do I have to accomplish in college to get a good actuarial job?

The most important factor is success on actuarial exams. Students with three or more exams are able to pick from the best companies and should be able to attract offers from the location of their choice. Students with two exams will get interviews with most companies and will likely get several good offers. Students with one exam will get some offers, but may not be able to choose their preferred location (unless hired by a major actuarial employer with multiple offices). Students with no exams may still get jobs, but such students need to stand out significantly on other attributes.
These other attributes include: (1) Communication skills (2)High GPA (it should be no less than 3.3 to be safe) (3) Leadership activities (4) Prior internships/experience.

12. What do all those initials after people's names mean?

ASA = Associate of the Society of Actuaries.
FSA = Fellow of the Society of Actuaries.
ACAS = Associate of the Casualty Actuarial Society.
FCAS = Fellow of the Casualty Actuarial Society.
MAAA = Member of the American Academy of Actuaries.
FCIA = Fellow of the Canadian Institute of Actuaries.
FCCA = Fellow of the Conference of Consulting Actuaries
EA = Enrolled Actuary

13. How long has Drake had an actuarial science program?

Our first graduate was in 1949. Thus, we are now in our seventh decade!
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For current students

S1. How do I get actuarial exam results?

SOA will make the official decile scores be available for both CBT and pencil-and-paper candidates approximately eight weeks after the exam administration in the SOA online transcript facility

S2. How do I learn about internships and full-time employment opportunities?

Each fall (usually in early October), Drake hosts Actuarial Career Day, whereby over 30 actuarial employers from around the U.S. are on campus for both formal interviews and to otherwise promote their firm. Prior to actuarial career day, all Drake students have an opportunity to submit their resume through the CBPA Career Center (contact Annette Watson if you have specific questions). Then, shortly before Career Day, the various companies will notify you about if and when you have an interview scheduled. Even if you don't receive an official interview, you can still make contact with the companies of your choice at the Career Day Job Fair. At other times during the year, when we learn of a specific opening, it is communicated by e-mail. The notice will include a job description, qualifications required, and how to apply. The same process applies for summer internships and full-time jobs (when interviews are not conducted on campus). Openings will also be posted at the jobs page.

N1. Do I need to use/buy a study manual to pass my actuarial exam, and if so, which one is most recommended?

It is not necessary to use/buy a study manual when preparing for actuarial exams. However, many students find them to be valuable as a supplementary resource, especially in terms of providing extra practice problems. The most valuable resource in preparing for actuarial exams are the publicly released exam questions on the SOA/CAS websites. Some of these questions are from actual old exams, and others are simply 'sample exam' questions that are similar in scope and difficulty level to what the upcoming exam may contain. Note that it is necessary to use/buy the recommended textbooks for each actuarial exam, but at Drake, we already use these texts in our classes, so you should not need to buy additional books.

N2. Does Drake offer help to prepare for the exams other than in class?

Yes! The ABC (Adams Bowers Center) has been set up exclusively to help Actuarial Students prepare for the ASA/ACAS exams/ The center has study materials and tutors available. Students can also attend weekly tutoring classes taught by their peers who have recently passed exams.

N3. What is the difference between working as an actuary in an insurance company and working as an actuary at a consulting firm?

Insurance company work tends to be more specialized; that is, you become an expert in a small area of the company. Work is more cyclical, and the corporate structure is more hierarchical. Consulting work tends to be more general, with focus on problem solving capabilities (i.e. - whatever the client needs done). Hours are more irregular and can be longer, and the work atmosphere is more team/group-oriented. Also, while insurance company work tends to be more traditional (e.g. - pricing, reserving, financial reporting, investment), consulting work often focuses on employee/retirement benefit plan design.

N4. Is the purpose of Drake actuarial classes only to prepare students for the applicable actuarial exams?

No. While our classes do cover all the material that actuarial exam questions are based on, we 'don't teach to the exam.' In other words, we attempt to provide both a strong theoretical foundation of concepts in mathematics, statistics, and modeling, but also strive to incorporate more practical skills that make individuals better, more well-rounded actuaries. We may do some sample actuarial exam problems in class, if time permits, but it is the student's responsibility to put in extra time outside of class working these problems in preparing for actuarial exams.

N5. Where do most Drake actuarial majors get jobs after they graduate?

A complete list of geographic locations would be too long to list here. However, the two most popular locations are Chicago (and surrounding suburbs) and right here in Des Moines. There are 28 insurance companies in the Des Moines area, and at least at least half a dozen consulting firms with offices in the Chicago area. Other popular regional locations include Minneapolis, St. Louis, Kansas City, Omaha, Milwaukee, and Denver. Still, many students also work in the Northeast financial centers, such as New York, Philadelphia, Boston, and Hartford. Finally, a sizeable number of our students go to East Asia in financial centers like Hong Kong, Singapore, and Kuala Lumpur.

N6. What is VEE, and how do I satisfy all the VEE requirements while at Drake?

VEE stands for Validation by Educational Experience, and consists of a system of academic requirements that have replaced the need for extra actuarial exams. There are three such requirements, one each for economics, corporate finance, and regression (applied statistics). At Drake, one needs to take ECON 1 and 2 (or ECON 173 and 174) to fulfill the economics requirements, FIN 102 to fulfill the corporate finance requirements, and either STAT 142 or ECON 107 to fulfill the regression requirement. Note that you must receive a grade of A or B in each of these classes to receive the appropriate VEE credits.

N7.What do Drake actuarial students typically do during the summer?

The most productive summer activity is to work as an intern with an actuarial (or related) employer. Ideally, our four-year students would have their first internship after their sophomore year, and have a second internship after their junior year. It is preferable that these two internships be with different companies (and perhaps even in different locations) so that the student can get a better sense of what fits best for them when applying for full-time jobs. Although 1st-year students do not normally get summer actuarial internships, this does happen occasionally, so don't be afraid to apply. Other summer activities might include taking classes at Drake; even though no actuarial classes are offered over the summer, many students use this time to help satisfy various distributional requirements (core business classes or AOIs). Finally, now that most preliminary actuarial exams are offered year-round, summer is a great time to study for and/or take these exams.

N8. Outside of classes, how can I stay connected to Drake-sponsored actuarial events?

It is strongly encouraged that all Drake actuarial students join, or at least participate in, DASS (Drake Actuarial Student Society). DASS holds several meetings during the semester, especially in the fall, that help prepare students for resume construction, job applications, and the interview process. On an annual basis, DASS presentations will also review the comprehensive actuarial exam system and cover the differences between various types of actuarial career paths currently available. E-mails are sent out to all actuarial majors announcing any upcoming DASS or general-Drake-sponsored actuarial event. This might include company presentations, or social events (some of which are only open to due-paying DASS members). DASS also provides many leadership opportunities for students who are elected as officers (there are 8 such student positions, each good for 1 calendar year). Finally, Drake actuarial professors frequently attend such events, and often offer the latest updates on both actuarial exams, employers, and careers.

Another way to stay connected is to work on the Drake Actuarial Science Alumni Newsltter. The program in association with DASS puts out an alumni newsletter twice a year.

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Submit a question

Use the form below to submit a question. If the form does not submit properly (it should send an e-mail), e-mail the requested information to Rahul Parsa at Rahul.Parsa@drake.edu

Send email to Rahul Parsa with questions or comments about this web site.
Last modified: November 1, 2009