News Type: News

CAS Sponsors “High School Actuarial Day” in Chicago

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More than 300 high schools students and teachers from 14 Chicago-area high schools participated in the first High School Actuarial Day on April 18 at DePaul University. Spearheaded by CAS President Brian Brown, the event was held in partnership with DePaul and supported by the SOA, The Actuarial Foundation, the International Association of Black Actuaries, the Organization of Latino Actuaries, Gamma Iota Sigma, and CNA. More than 60 speakers and volunteer table leaders from these organizations participated in the event program.

The goal of the program was to expose high school students of color to the actuarial profession as a career choice. While the event was open to all students, schools with a high percentage of students of color were targeted, and within these schools, students in advanced math classes were encouraged to attend.

Recent research on barriers to entry into the profession for under-represented demographic groups has shown that one of the main reasons that students of color do not enter the profession is their lack of knowledge of the profession until late in college. This puts them at a disadvantage relative to other students, as many employers look to hire students who have passed a few actuarial exams and completed an internship before offering full time employment.

The agenda for the program included a mix of general session speakers, table discussions, and problem-solving activities. Program highlights included:

  • Practicing actuaries sharing why they became an actuary, what they love about working as an actuary, and the different job opportunities available to actuaries.
  • An overview of the process for pursuing a career as an actuary and resources available to students to assist them along their career path.
  • Math estimation and logic problems, which the students worked in teams to solve.
    Brown had made the High School Day one of his top goals for his term as CAS President. He commented that, “Putting on an event like this requires a lot of work, and I am very appreciative of the support we received, particularly from DePaul University, Chicago Public Schools, and the many volunteers who gave their time to make the event a success.”

He continued, “As we work towards building a diverse pipeline of future actuaries, I want to make this an annual event in Chicago.”

Read more about the event in a blog post authored by Brown on the CAS Roundtable. To view photos from the event, see the album on the CAS Facebook page.

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Preparing for TBE

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Technology-based examination (TBE) is finally here! Are you ready? I am…except for one little detail. Check out what it’s been like for me preparing for the future of our exams.

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CAS Student Central Webinar – Predictive Analytics and Your Actuarial Career – Recording Now Available!

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The CAS hosted its spring webinar for Student Central members on Predictive Analytics and Your Actuarial Career. The webinar provides information on how to leverage the data all around us in new ways. It was developed to provide an update on how to get started in predictive analytics using various steps, tools and resources.

The webinar recording is now available for viewing in the CAS Student Central Online Community.

Webinar Presenters

Meghan Goldfarb, FCAS, MAAA, CPCU, CSPA, Research Manager at State Farm
Chris Gross, ACAS, MAAA, Founder of Gross Consulting

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Get to Know The CAS Institute

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CAS Student Central sat down with Amy Brener, director of The CAS Institute (iCAS), to get responses to some of your frequently asked questions about iCAS and the Certified Specialist in Predictive Analytics (CSPA) credential.

What is The CAS Institute?

The CAS Institute – or iCAS for short – is a subsidiary of the CAS. It was formed in 2015 to provide new specialty credentials for both actuaries and non-actuaries in the insurance industry.

What is the CSPA credential?

“CSPA” stands for Certified Specialist in Predictive Analytics. It’s the first credential being offered by The CAS Institute. The CSPA provides evidence of practical knowledge in applied predictive analytics and data science. Professionals who pursue the CSPA do not need to be actuaries.

How does the CSPA differ from actuarial credentials?

All iCAS credentials, including the CSPA, are designed for any professional seeking recognition in specialized quantitative practice areas related to traditional actuarial work, such as predictive analytics, data science and catastrophe model analytics. The credentials are intended to stand on their own for data analytics professionals, but they also serve as a complement to actuarial training for actuaries working in more technical analytics roles.

iCAS actually recently released a short video that outlines details about the credential, including the story behind its creation and the basic requirements. The video also features interviews with data science professionals talking about the CSPA. Details about the CSPA requirements are available on our website.

Should I, as a university student, consider pursuing and earning an iCAS credential?

iCAS programs are not designed to be “entry-level” credentials. These credentials are designed for experienced professionals already working in specialized quantitative practice areas in the insurance sector or closely related sectors such as banking, risk management and capital markets. Professional experience provides the necessary on-the-job training and applied knowledge required to become credentialed by The CAS Institute. After obtaining experience through an industry position, iCAS credentials can help you stand out in a competitive job market by demonstrating mastery of the technical skills needed for success in a rapidly-changing field. A professional credentialing program provides benefits over graduate programs or boot camps in these complementary specialty areas because you can gain experience applying skills outside the classroom environment, which could include developing practical, real-world examples for your portfolio.

Should actuarial majors pursue iCAS credentials?

Actuarial students are not a target population for iCAS credentials, so I wouldn’t necessarily encourage actuarial majors to pursue iCAS credentials while in school. The credentialed actuary pathway is very specific and rigorous. It requires students to complete actuarial-related coursework and pass actuarial exams while gaining work experience through actuarial internships and training programs. Once you’re in a professional role and credentialed as an actuary, then you’ll get the experience and knowledge you’ll need to earn an iCAS credential.

How should I prepare to become certified by iCAS in data science and predictive analytics?

If you’re studying data science, computer science, statistics, and predictive analytics, you’ll be able to get a job in a specialized quantitative practice area upon graduation. What you’ve learned in school, coupled with on-the-job experience, will help position you to earn iCAS credentials down the road.

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Register for CAS Student Central Webinar: Predictive Analytics and Your Actuarial Career

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Registration Now Open!
CAS Student Central Webinar: Predictive Analytics and Your Actuarial Career
Tuesday, April 17, 2018
3:00p.m. – 4:00 p.m. ET

The CAS will host a webinar for Student Central members to provide an understanding of Predictive Analytics. Data is all around us, and with predictive analytics, we can leverage this data in new ways. Learn more about how to get started in predictive analytics, including:

  • Introduction to predictive analytics and data science and how actuaries use it in the real world
  • Steps you can take now to prepare for a career in predictive analytics
  • Tools and resources are available to you through Student Central and the CAS, including a demo of the Cognalysis MultiRate™ predictive modeling software which all CAS Student Central members now have complimentary exclusive access to thanks to Gross Consulting.

There will be an opportunity for Q&A.

Online Registration

Registration is free and open to CAS Student Central members. You will be able to attend the webinar from anywhere that you have internet access via computer, telephone, tablet, or other streaming device.

Webinar Presenters

Megan Goldfarb, FCAS, MAAA, CPCU, CSPA, Research Manager at State Farm

Meghan Goldfarb is a Research Manager at State Farm, where she has served in a number of roles over the past 10 years, with an increasing focus in predictive analytics and big data technologies. She loves to learn new things – and has earned a variety of designations and degrees. She is a Fellow of the Casualty Actuarial Society (FCAS), a Member of the American Academy of Actuaries (MAAA), a Chartered Property and Casualty Underwriter (CPCU), a Certified Specialist in Predictive Analytics (CSPA), in addition to earning her MBA and MS in Business Analytics from Indiana University. She and her husband Jason, who is a statistician, have two amazing children – Ari (age 6) and Emma Kate (age 1) – who are destined to love math as much as their parents.

Chris Gross, ACAS, MAAA, Founder of Gross Consulting

Chris Gross has twenty-five years of experience in the insurance industry. Chris started Gross Consulting in 2005. He has served a wide variety of clients across the United States from Fortune 500 companies to start-ups, including insurance companies, banks, manufacturers, and governmental entities. He has provided clients with cutting-edge analytical services as well as unique software solutions. Before starting Gross Consulting, Chris was VP & CFO of the Financial & Professional Services business group at Travelers. Chris has a bachelor’s degree in Mathematics and a bachelor’s degree in Economics, both from the University of Minnesota. He also is an Associate of the Casualty Actuarial Society and a member of the American Academy of Actuaries.

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CAS President Visits Ball State University

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CAS President Brian Brown recently visited Ball State University, which was one of three schools recognized in 2017 as a winner of the CAS University Award.

CAS President Visits Ball State University

Brown’s visit in late February kicked off with a luncheon with actuarial student leaders and faculty, including Professor John Beekman, who started the actuarial science program at Ball State in 1963.

Following lunch, Brown gave two presentations: one to the graduate students and one to the undergraduate students.

Ball State has a thriving graduate program with students from many locations throughout the world, including Africa, Saudi Arabia, and China. “The students had a high energy level and asked a number of good questions,” said Brown. “I was impressed with the strong exposure they are getting to predictive analytics. They were very interested in how credit score was first discovered to be predictive for auto accident probabilities and my simple examples of cluster analysis. Also, many of the students are using R, which I believe is positive as R program skills are in demand by employers.”

“The undergraduate group was also very energetic,” said Brown. “They asked how I chose the actuarial field and what I like about my job.”

Brown outlined several aspects of the actuarial career that appeal to him:

  1. Actuaries continue learning throughout their career, through continuing education programs, as well as writing and presenting papers. Continuous learning is essentially a requirement, because the work of actuaries is constantly evolving to address emerging risks and new technologies.
  2. Actuaries get to work with other actuaries, who are a bright and fun group of people.
  3. Actuaries may have the opportunity to travel. “As a consulting actuary, I have been fortunate enough to travel throughout the world,” Brown explained.
  4. Actuaries who belong to the CAS join a strong, close community of professionals, with one in three of members volunteering for the CAS. “I have made many strong friendships through my work on CAS committees,” Brown said.

CAS President Visits Ball State University

As Brown reflected on the visit to Ball State, he expressed, “I would like to congratulate Gary Dean, FCAS, and a fellow member of the CAS, on building a great program with a diverse student population from many different countries. Great Job, Gary!”

The Ball State visit followed Brown’s earlier visit to University of Wisconsin-Madison, as he continues his tour of the 2017 CAS University Award winners. Next stop: St. John’s University.

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CAS Participates in The Pipeline, the Insurance Industry’s First Virtual Career Fair, Presented by Gamma Iota Sigma

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pipeline

The Casualty Actuarial Society participated in The Pipeline Virtual Career Fair on February 13, 2018, joining insurance industry employers and organizations in connecting with students pursuing careers in  insurance. The event was organized by Gamma Iota Sigma (GIS), the insurance industry’s premier collegiate talent pipeline, in conjunction with Insurance Careers Month. The Pipeline Virtual Career Fair was offered to students at no cost, and was attended by 700 students from both GIS chapter schools as well as nearly 50 additional schools. Nearly 1,400 interviews were completed in the five hours the event was running.

GIS Chief Executive Officer Noelle Codispoti noted, “Our firsthand experiences with our industry partners help to shape the programming we provide, and that’s no different when it comes to the industry’s need to meet the talent gap head-on. We see the need, we hear the industry demand, and we are helping to hone the talent solution through our ever-expanding network of students and chapters. All of these factors converged for us to make a meaningful contribution to Insurance Careers Month by doing what we do best: connecting top collegiate talent to opportunities in the industry through thoughtful and strategic collaboration.”

CAS University Engagement Manager Tamar Gertner said of CAS’s participation, “We want to thank GIS for organizing this innovative event, and spearheading a new way to connect with university students. As a Sustaining Partner of Gamma Iota Sigma, we appreciated the opportunity to participate in this event. The virtual career fair platform offered the CAS a chance to communicate with a number of students from a variety of universities, answering questions about the actuarial career path and the credentialing process, and sharing details about the resources and benefits offered through CAS Student Central, our free student membership program.”

The next Gamma Iota Sigma career fair will be held in conjunction with their Annual International Conference, scheduled for October 4-6, 2018 in Chicago, Illinois.

 

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The Casualty Actuarial Society (CAS) is a leading international organization for credentialing and professional education. Founded in 1914, the CAS is the world’s only actuarial organization focused exclusively on property and casualty risks and serves over 8,000 members worldwide. Professionals educated by the CAS empower business and government to make well-informed strategic, financial and operational decisions.

 

About Gamma Iota Sigma

Incorporated in 1965 and boasting an annual membership of over 4,000 students at 76 colleges and universities throughout North America, Gamma Iota Sigma (GIS) is the industry’s premier collegiate talent pipeline and has over 50 years of history of engaging students and preparing them for careers in insurance. GIS is the only organization of its kind and is the solution to the industry’s talent gap issue, pursuing a mission to promote, encourage, and sustain student interest in insurance. GIS is committed to growing the number of highly qualified students entering the industry; to that end, the number of GIS students and active chapters has more than doubled in recent years and continues to grow. In partnership with Sustaining Partners, corporate supporters,

professional organizations, and trade associations, the full spectrum of GIS programming provides its members with meaningful interaction with the industry, as well as the tools to pursue and succeed in an insurance career. For more information, visit: GammaIotaSigma.org.

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New Benefit for Members of CAS Student Central: Access to Predictive Modeling Software!

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We are excited to announce that through a partnership with Gross Consulting, members of CAS Student Central are being granted exclusive access to predictive modeling software called Cognalysis MultiRate™. This software is described by Gross Consulting as “a powerful predictive modeling tool for actuaries, analysts, and others whose jobs depend on understanding predictive relationships in their data.”

This new complimentary resource is geared towards actuarial students interested in gaining practical hands-on experience by building their own predictive models! Why is this beneficial? “Predictive modeling is critically important to the insurance industry, and its use in the industry continues to expand across lines of business and across insurance company operations,” states Chris Gross, CEO of Gross Consulting. While becoming familiar working with predictive models, students will develop valuable skills that can be added to their resumes and incorporated into talking points during job interviews!

So how can students get started? CAS Student Central members can access the software via the Career Resources tab. There they will find the software available for download, along with a dataset pulled from the website Kaggle.com, and three videos that orient them on getting started with MultiRate, and interpreting MultiRate results. Not a CAS Student Central member yet? Join today to gain access to this valuable resource.

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