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Math and Computer Science

Actually, Actuarial Science Opens Doors for LTU Students


Luke Sabo ’21 holds a Bachelor of Science in Mathematical Science with a concentration in Actuarial Science from LTU. He loves his job as an actuarial analyst. Sabo always liked math and was good at math in school. But he’d never heard of an “actuary” until one of his high school teachers left the profession to become an actuary. 

“While you learn most things on the job, LTU does what college is supposed to do: give you the tools to succeed.”

– LUKE SABO ‘21

Five years ago, LTU established this degree program to open a new career opportunity for students. Program Director Yelena Vaynberg explained that mathematical occupations are growing much faster than the national average – with median salaries well above the national average in fields such as actuarial science, finance and mathematics. Actuarial science includes business studies, finance, insurance, retirement investments, among other related fields. “It’s one of those ‘secret’ jobs,” Vaynberg said. “There are only 40 to 50 thousand actuaries in the whole country but it’s a growing field.

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Luke Sabo ’21, proudly displaying his LTU Alumni banner in his home office

“Not many people know what an actuary does. Math is what an actuary does. Like any mathematician, you solve real-world problems and have a social impact.”

Actuaries are employed by banks, financial and stock brokerage firms, insurance companies, automotive and other manufacturing companies, and government agencies. “You study statistics, probability, calculus, and other math disciplines but you also must know how math is applied in the business world,” Vaynberg said. LTU’s Actuarial Science curriculum includes a business class where students learn how annotation works, how stocks and bonds work, and how banks work. 

“What are the selling points?” Vaynberg asked rhetorically. “Independence; it’s easy to get a job; you don’t have to go to graduate school; interesting and intellectually challenging; relevant; there’s job security; and you have a professional career,” Vaynberg replied.

“Independence; it’s easy to get a job; you don’t have to go to graduate school; interesting and intellectually challenging; relevant; there’s job security; and you have a professional career.”

– YELENA VAYNBERG, ACTUARIAL SCIENCE PROGRAM DIRECTOR

There are two professional organizations that support and credential actuaries. The Society of Actuaries, whose members are in the practice areas of pensions, life insurance, casualty insurance, health insurance, financial reporting, and risk management, and Casualty Actuarial Society, whose members focus on property and casualty insurance, reinsurance, finance, risk management and enterprise risk management. 

“There’s a ton of legality associated with this profession, a lot of protected classes. We can’t discriminate, for example. And there’s a lot of state regulations you have to comply with. What LTU does is set you up for success. While you learn most things on the job, LTU does what college is supposed to do: give you the tools to succeed," Sabo said. 

Included in LTU’s actuarial science studies is preparation for the P Exam (Probability) and FM Exam (Financial Mathematics), which are required for a position as an actuarial assistant. Sabo, who is following the property and casualty path, has passed the P, FM, and the IFM (Investment in Financial Markets), and will sit for the fourth exam, the MAS1 (Modern Actuarial Statistics) on November 1. He explained that CAS offers seven exams that test the level of knowledge and experience of an actuary, and at which point an individual is credentialed as an actuary and designated an Associate (ACAS). Successfully passing three more exams designates a practitioner as a Fellow (FCAS). He enjoys the challenge of preparing for and taking the exams. “I definitely get a sense of accomplishment,” he said. “Without the challenge, it’s not worth it.”

by Renée Ahee

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