Careers of Recent C of C Math Graduates:
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Job Description:
- Actuaries are the people who do statistics for insurance
companies. Generally, one thinks of health insurance or
automobile insurance in which the actuary's job is to calculate the probabilities of an illness or accident. However, Ashley's
job is to deal with
funding projections in order to make sure that companies have enough money in their pension plans. - Ashley writes "Part of what I love about my job is that no two pension plans are alike, so I am constantly kept `on my toes' by reading and interpreting plan documents to determine how each plan should be administered."
Math on the Job:
- The Defined Benefit Analyst must constantly use mathematics. Basic math skills are needed to calculate a retiree's retirment benefit. More advanced statistics (including the use of mortality tables and actuarial equivalence factors) are also needed to determine a client's funding status. In addition, tools from mathematical finance are required to compute the present value of future benefits and to make projections. In addition to mathematical knowledge, Ashley must also keep up to date with IRS funding standards and follow the federal ERISA laws.
Background:
- Ashley Sweat received a B.S. in mathematics from the College of Charleston in 2003.
Advice for Current Students:
- "When I applied for this job, I had little experience other than my degree in Math from College of Charleston and a lot of enthusiasm to pursue becoming an actuary. My boss tells me that she was drawn to my resume because even without experience, a degree in math shows that I am an analytical thinker, which I think can be said of all math majors. It was great to get my `foot in the door' into the actuarial profession before fully committing to taking the actuarial exams. By beginning at the Analyst level, I was able to learn about the actuarial field by working closely with actuaries who have been in the field for 20+ years. The company I am with now pays the actuarial exam fees, gives me paid time off to study for the exams, and rewards me monetarily with each exam I pass. While it was hard at first to create my own study schedule without a professor's syllabus, I have learned how to manage my time and have discovered the importance of using my colleague's expertise to help me gain knowledge for the actuarial exams. While the actuarial exams are difficult and the road to becoming an actuary is a long, hard road, the fact that I am continuing to learn new things is very rewarding."