Actuarial Program at Illinois State University
Why study Actuarial Science?
Actuaries put a price tag on future risks. Those risks are usually associated with possible financial losses. An actuary uses mathematical skills to define, analyze, and solve business and social problems. Actuaries calculate costs of insurance, pensions, and social programs (e.g., Social Security, Medicare), represented in the premium or taxes paid, and they also estimate the amounts that insurance companies, or pension plans, or social insurance systems, must set aside in reserves to be able to meet their obligations.
The actuarial profession may be the best kept secret. If you have never heard of it, or never met an actuary, your experience is not unusual. The actuarial profession numbers only about 30,000 people in North America. But do not let that small number, or relative lack of prominence fool you. This may be the best job there is. Actuaries are respected professionals. They are paid very well (see the DW Simpson website, and also the Ezra Penland websites), and they like what they do for a living.
Find Your Career in Actuarial Science
Since actuaries’ calculations and judgments often influence organizational policies and practices, actuaries are involved in such business activities as management, marketing research, investments, accounting, and administrative and corporate planning. Actuaries may advance to high-level administrative and executive positions such as president, vice president, or senior partner in a variety of companies.
There is a special site devoted to the actuarial career: http://www.BeAnActuary.org, which contains a great variety of valuable information about the profession.
Two key professional actuarial organizations in the United States are the Society of Actuaries and the Casualty Actuarial Society. Other acturial organizations in North America are: American Academy of Actuaries, American Society of Pension Professionals and Actuaries, Canadian Institute of Actuaries, Colegio Nacional de Actuarios, Conference of Consulting Actuaries.
Scholarships not only provide financial support but also recognize and reward academic excellence in the field of Actuarial Science. These scholarships play a crucial role in encouraging students to pursue a career in Actuarial Science and contributing to the growth of the profession. If you are a prospective student or an undergrad student, applying for these scholarships can provide valuable financial support to help you achieve your goals.
Support the Actuarial Program
The Actuarial Program at Illinois State University values the contributions of alumni, friends, and corporate partners to provide financial support for students and the program. Your donation will be used towards providing scholarships and other financial assistance to actuarial students at Illinois State University, as well as for Actuarial Program development. Donations to Illinois State University Foundation are tax-deductible (to the extent allowed by law). Information about the Foundation is posted here. We welcome and appreciate your support.
You can also go to our on-line donation page to make a gift to the program. Please note that the fields concerning graduation year are for alumni and are not required to process a donation.
How to Donate
Donations can be sent to Actuarial Science account No. 452-5256.
Illinois State University Foundation
Campus Box 8000
Normal, IL 61790-8000, U.S.A.
Credit card (Visa, Master Card, Discover) donations can be processed by calling tel. 1-309-438-4483.
More to Explore
The Department of Mathematics at Illinois State University and the Katie School of Insurance & Risk Management, as part of the College of Business, provides students with a comprehensive education in mathematics and insurance that prepares them for successful careers in various industries.