Unlike Ben Stiller’s high-strung character in the movie “Along Came Polly,” LSU’s future risk managers are drawn to the occupation because of the low stress level and work environment.
The Actuarial Student Association supports the actuarial field, a major that is specifically geared to assessing risks for insurance companies, financial companies, independent businesses and consulting firms.
Actuarial Student Association President Anne Nguyen said that although the actuarial field is narrow, actuaries have a vital role in a company.
“We determine premiums for rates on property,” Nguyen, a finance senior, said. “Two-thirds of actuaries work for insurance companies.”
Nguyen said the actuarial field requires a strong background in mathematics, but many types of bachelor degrees — business, economics, accounting and ISDS — are acceptable.
Employers look at an individual’s ability to pass a sequence of 10 actuarial exams. Employees must pass the lower-level exams to be employed, and they will continue to take the exams for several years until they have passed all 10.
“The series of exams depend on the type of field in which you are concentrating — property
or casualty risk assessment,” Nguyen said.
After passing the sixth exam, the actuary is named “associate,” and after the 10th exam, the actuary is named “fellow.”
Nguyen said it takes six to seven years after college graduation to pass the 10 tests. Employers pay for the continuance of testing. On average, a fellow makes an annual salary of $120,000.
“The actuary field has never been ranked lower than fifth best in the Job Rating Almanac,” Nguyen said. “This almanac is based on stress level, compensation and work environment.”
Internships are encouraged throughout college. Many students find internships at insurance companies and other organizations.
“Interns work mostly to organize and process claims,” Nguyen said. “They also have to know which departments deal with claims and how they work together.”
Students in the Association have interned at companies such as Blue Cross Blue Shield in Baton Rouge, said Nguyen. Interning helps students learn the basics and work with different types of people.
The LSU Actuarial Student Association was started in December 2003, and Nguyen hopes to educate others about this small but rewarding major.
Students meet others who are interested in the actuarial field and form study groups to prepare for the actuarial tests.
“It’s very rewarding to meet people interested in actuarial science and educate others about what we do,” Nguyen said.