Thursday, March 19, 2009
Math and business skills can add up to career as actuary
 Junior Kristen Holzmeyer is well on her way to a degree in mathematics, but she also pops up on the roster in a number of business classes.Holzmeyer is pursuing a specialized curriculum that combines the study of mathematics with key business courses to prepare for a career as an actuary. The Department of Mathematics in the Pott College of Science and Engineering offers the actuarial track coupled with a degree in mathematics. An actuary analyzes the financial consequences of risk and finds ways to manage it. Many actuaries work for insurance companies. They might calculate how much a company would charge for a new type of car or health insurance. Or, they might calculate how much damage a tornado would do. “Actuaries help a company figure out the risk factors and price its services,” Holzmeyer said. She has had a lot of opportunities to explain the actuarial role. When she says she is a math major, most people assume she is going to teach. Holzmeyer admits to no fondness for math in grade school, but she grew to like it at Memorial High School in Evansville. As a high school student, she learned about the actuarial profession while studying career materials for people interested in math. “I saw that it was one of the best-rated jobs. Right now they're saying that actuaries will have positions even though the economy is in a bad situation,” she said. In 2002, the Jobs Rated Almanac ranked the job of actuary as the second-best job in the country. Only the career of biologist topped it on the list. The Occupational Outlook Handbook 2008-09 Edition, published by the Bureau of Labor Statistics, gives a rosy forecast for the actuarial profession, saying, “Employment of actuaries is expected to increase by about 24 percent over the 2006-16 period, which is much faster than the average for all other occupations. ” The same source lists the median annual earnings of actuaries as $82,800 in 2006. Holzmeyer enjoys the combination of business and math courses. The actuarial track includes courses in economics, finance, and computer science. “It gives you a break from math. You get a little variety. And you’ll know what the accountants and other financial people are talking about,” Holzmeyer said. “You'd be lost if you didn't have that.” So far, one of her favorite courses in the math curriculum was MATH 475 Regression and Time Series. She was one of only three students in the section. In the business curriculum, she especially liked economics. “It pretty much helps you understand what's going on right now with the economy,” she said recently on a day when the Dow sank again. Holzmeyer plans to complete a minor in finance. Actuaries achieve professional status by passing a set of examinations sponsored by professional associations. Holzmeyer will be prepared to take the first two exams this spring. What does it take to do well in math? Holzmeyer said “patience” is the answer. “A lot of problems take a long time to figure out,” she said. Holzmeyer is from Chandler, Indiana. She works part-time as a math tutor. Currently, she tutors two high school students and one elementary student. She is registered with the USI Office of Career Services and Placement to receive referrals for her tutoring services. Dr. Yalcin Sarol, assistant professor of mathematics, coordinates the actuarial track for the Department of Mathematics and advises all students in the program. Betty Vawter News & Information Services 812/465-7050 |
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