The Society of Actuaries Recognizes University of Arizona Actuarial Science Curriculum

The Society of Actuaries (SOA) is the world’s largest actuarial professional organization. Their listing of Universities and Colleges with Actuarial Programs (UCAP) serves as a resource for students seeking university/college actuarial programs and curriculum worldwide. Earlier this month, the University of Arizona earned recognition at the UCAP Introductory Curriculum tier.  

“To achieve the Introductory Curriculum tier, programs must maintain course coverage for at least two SOA preliminary exams and at least one Validation by Educational Experience (VEE) topic area.” (SOA Press Release) Actuaries use mathematics, statistics, and financial theory to assess the financial cost of risks. Commonly used in the insurance, consulting, and finance industries, the occupation itself is projected to grow at a faster rate than average over the next several years.

“The SOA congratulates these universities on achieving UCAP,” said Ken Guthrie, Managing Director, Education at the SOA. “Their actuarial science programs play a crucial role in strengthening the future of the profession by equipping students with the foundational skills and knowledge needed to pursue SOA credentials and help society manage financial risk.”

While the Department of Mathematics, in collaboration with the Eller College of Management, is working on a proposal for an actuarial science major, this recognition will draw more students who are preparing to become actuaries to the university.

“The UCAP recognition from SOA affirms the work that the Department of Mathematics has undertaken for many years to support students pursuing actuarial credentials during their undergraduate studies,” shared Math Center Assistant Director Laurie Varecka, “This foundational work has positioned us well to develop a major in Actuarial Science, and I am excited for our collaboration with Eller on the proposal for a new degree program.” If approved, the Actuarial Science degree will allow the department to more clearly identify and advise students pursuing this pathway, provide more targeted support, and attract additional students to the university.  

Going back to 2009, Professor Emeritus Don Myers created a webpage with basic information about careers in actuarial science which was then passed on to the Math Center. From there, the department was assigned a liaison to the Casualty Actuary Society (CAS). The liaison would share presentations one or twice a year about the field, leading to the creation of a Financial Math class to help students prepare for the FM actuarial exam.  

During this time, a couple of students started the Risk Runners club. Risk Runners provides opportunities for students to get to know each other, connect to the broader actuarial community, pass actuarial exams, and develop open-source financial programming resources. The club also provides discounted exam materials.  

Alex Mach, Risk Runners club president, is currently studying both Accounting and Statistics and Data Science. “I chose this math department because the Statistics and Data Science major provided the best route for me to go into Actuarial Science,” Alex shared, “The department has been very supportive and encouraging in my journey, as well as in each student’s journey that goes through the major.”  

When asked what the SOA UCAP recognition means for the club, Alex noted that “this recognition means that the students actively involved in the club will be able to take further steps to advance their actuarial career. It also means that actuarial science, and as a result, Risk Runners will receive more interest from students who want to pursue a statistics and business-based career, but don’t necessarily know what that looks like. It means a lot for the club to receive this recognition and to see that all the efforts towards building up an actuarial science program is paying off.”

For students considering or currently working toward actuarial careers, Alex added “talk to people in positions that interest you and figure out whether you actually want to pursue this path. Through attending actuarial guest speakers and various events, I have found it invaluable in learning what I do and also what I don’t want to do in the future. I would also say for anyone that wants to pursue actuarial science to start taking exams and get ahead on them while they are in college. It may seem daunting at first, but it is an incredibly rewarding path to take!”

Risk Runners meet once or twice a month on Tuesday nights and hear from guest speakers across various actuarial paths. It’s a great opportunity for networking with like-minded individuals. To get involved, email math-mathcenter@arizona.edu and ask to be connected with the club.