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Rutgers Actuarial Club

Table of Contents

Overview of an Actuary

  • What is An Actuary
  • Why become an Actuary

About the Rutgers Actuarial Club

  • Purpose
  • What We Do
  • Meeting Information
  • Mailing List

For Employers

More About the Actuarial Career

  • General
  • Required Skills
  • Examples of Actuarial Work

Fellowship Process

  • Overview
  • Actuarial Exams
  • VEE Requirements

Additional Actuarial Resources

2017-2018 E-Board

Academic Advisor


Overview of an Actuary

What is an Actuary?

An actuary is a business professional who deals with the measurement and management of risk and uncertainty. Actuaries traditionally specialize in the insurance industry, with typical roles including calculating premiums(pricing), and calculating insurance reserves (reserving). A candidate must undergo a rigorous fellowship process to become a credentialed actuary.

Why become an Actuary?

As quoted from

  • Top-Ranked. Actuary has consistently been rated one of the top jobs in the United States.
  • Head start. Actuaries earn great starting salaries that can double within the first five years.
  • Job security. Actuaries enjoy certainty in uncertain times. We're always in demand as the world confronts risk.
  • Impressive impact. Actuaries participate in high-level business decision-making and solve real problems in every industry.
  • Life in balance. More than a fulfilling career, being an actuary allows you to maintain a low-stress, highly sought-after work/life balance.



About the Rutgers Actuarial Club


The Actuarial Club's purpose is to guide the efforts of Rutgers undergraduate students to becoming actuaries. We provide training in technical and soft skills, networking opportunities with students, recruiters, and those working in the actuarial professions, and aid in the actuarial examination process.

What We Do

The Rutgers Actuarial Club provides aspiring actuaries at Rutgers University the guidance, resources, and opportunities to start their actuarial careers.

  • Career Development Opportunities
    • ○ We host an annual Fall Actuarial Career Fair with 10+ companies seeking to employ Rutgers students for actuarial intern and actuarial entry-level analyst positions
    • ○ We frequently invite working actuaries from varying companies, industries and levels to provide networking/recruiting sessions and informational sessions for club members
    • ○ Senior club members lead resume critique sessions and mock actuarial interviews
  • Actuarial Exam Preparation
    • ○ We prepare our members for actuarial exams by providing study materials, assistance, course recommendations, and general guidance
    • ○ Assist in forming student study groups for actuarial exams
  • Technical Skills
    • ○ We provide training for members in Excel, VBA, R, SQL, etc.
  • Soft Skills
    • ○ We provide opportunities for members to improve important actuarial soft skills including presentation skills, communication skills and teamwork
    • ○ We run multiple activities to provide our members the confidence and professionalism to communicate effectively with recruiters in various professional settings

Meeting Information:

  • Location: Livingston Student Center LSC 202A
  • Time: Thursdays 7:00 - 8:45 pm


Mailing List:

The Rutgers Actuarial Club sends weekly emails to our members to keep everyone up to date with events and activities. To be included into our mailing list, please fill out the form below.

Mailing List Form:

If you have any questions about the actuarial career, the fellowship process, courses to take at Rutgers, etc., please feel free to email the club email at

Our club resources, meeting schedules, slides, etc are uploaded to the Rutgers Actuarial Club Google Drive:

Like us on Facebook:

We hope to see you soon!


For Employers

If you are interested in attending our annual Fall Rutgers Actuarial Career Fair or are interested in holding an information session or workshop for the Rutgers Actuarial Club, feel free to reach out to us at


More About the Actuarial Career


Actuaries in the U.S. obtain fellowship from one of two actuarial societies: the Society of Actuaries (SOA) or the Casualty Actuarial Society (CAS). The SOA focuses on what is broadly considered “Life” Insurance, and includes actuarial specializations in Life Insurance, Health Insurance, Pensions, Investments, Enterprise Risk Management (ERM), and most recently, General Insurance; in contrast, the CAS specializes solely in Property and Casualty (P&C) Insurance. Actuaries are mostly found in insurance, reinsurance, and consulting firms, but due to the versatile blend of technical and business knowledge, actuaries are also able to easily transition into other industries with relative ease.

Required Skills

Actuaries use analytical skills to decipher technical data and, perhaps more importantly, use their business background to understand and communicate the implications of their technical findings. As a result, to excel at their work, actuaries need both a strong mathematical and business background. In addition, in recent years the industry has shifted such that actuaries need to develop stronger technical skills; programming abilities in languages such as R, SAS, SQL, VBA, etc. are highly valued and widely used in industry.

Examples of Actuarial Work



Banking and Financial Services

help banks and financial services companies with product portfolio, capital management and risk analysis


advise clients on actuarial financial risks, usually associated with employee benefits and insurance

Enterprise Risk Management

provide tools, techniques and perspective to manage operational risks at an enterprise or corporate level

Entrepreneurial Actuaries

represents a wide range of opportunities for actuaries who desire to set up and run their own business

Environmental Finance

apply finance techniques and practices to environmental issues

Health and Retirement Financing

offer advice on aspects of social insurance including funding levels and population projections

Investments and Fund Management

focus on asset risks for asset managers but also contribute in areas such as hedging strategy, derivatives structuring and structured finance


certify the contributions needed to fund a pension plan

Predictive Analytics

use modeling and data analysis techniques on large data sets to discover predictive patterns and relationships for business use


determine product features and pricing

Product Line or Segment Risk Management

perform risk management functions for a specific line of business for an insurance company


perform traditional actuarial duties for a reinsurer that would accept risk from a direct insurance company

Sales and Marketing

help set policies, messages and compensation levels for those directly involved in marketing

Senior Management

provide broad business and management oversight for an organization’s most senior decision makers


perform experience studies, cash flow testing and other tasks to set the amount of reserve and capital held by an insurer

Wealth Management and Financial Planning

contribute skills and expertise to wealth management firms and individuals (rather than to insurance companies)

Source for table:


Fellowship Process


The CAS and SOA award fellowship credentials upon completing a set of requirements. Follow the links below to understand the requirements of each fellowship.

CAS Fellowship:

SOA Fellowship:

Despite the different requirements for each fellowship track, the first few requirements overlap between the two societies; therefore, it is possible to start preparing for fellowship in college by taking the preliminary actuarial exams and fulfilling VEEs, then deciding upon a specific fellowship track at a later date.

Actuarial Exams

The most significant step to earning an actuarial credential is through passing actuarial exams. The topics of actuarial exams range from probability theory and financial mathematics to the understanding and evaluation of actuarial models

While in college, students are typically expected to pass at least one exam prior to obtaining an internship, and pass at least two exams prior to graduation for full-time employment. Passing exams are not an initial requirement for an actuarial internship or entry level position but demonstrate a student’s dedication to the career, facilitating the process of employment.

Certain courses at Rutgers can help prepare students for several of the preliminary actuarial exams:

Exam Name:

Exam Topic:

Rutgers Courses:

Exam 1/P (Probability)

Probability Theory

01:640:477 - Mathematical Theory of Probability

Exam 2/FM
(Financial Mathematics)

Interest Theory

01:640:285 - Intro to Interest Theory

Exam 3/MFE
(Models for Financial Economics)

Financial Derivatives

01:640:485 - Math Finance

33:390:420 - Derivatives

Exam MLC
(Models for Life Contingencies)

Models for Life Contingencies

01:640:486 - Life Contingencies I

01:640:487 - Life Contingencies II


VEE Requirements

Validation by Educational Experience (VEE) require that students complete SOA approved university courses under the subjects of economics, corporate finance, and applied statistical methods. These requirement should be fulfilled during a student’s undergraduate studies.

More about VEEs:

A list of approved VEE courses at Rutgers can be found here:

*please filter by New Jersey, and then by Rutgers University New Brunswick


Additional Actuarial Resources


2017-2018 E-Board:

President:            Eric Hang

Vice-President:   Rose Nixon

Secretary:            Lawrence Lin

Treasurer:            WeiLong Chen


Academic Advisor:

Professor Daniel Ocone

Contact Us

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Department of Mathematics

Department of Mathematics
Rutgers University
Hill Center - Busch Campus
110 Frelinghuysen Road
Piscataway, NJ 08854-8019, USA

Phone: +1.848.445.2390
Fax: +1.732.445.5530