FAQ

This page contains answers to some frequently asked questions about actuarial science and about our program. At the bottom of the page is a form on which you can submit your own question. If it is asked frequently enough, the answer will be posted here. Regardless, someone will provide an answer to you. To go to the form directly, click here. Questions that are more relevant for current students are at the end. To go there directly, click here.

1. Is Drake's program accredited?

Drake University and the College of Business and Public Administration are accredited by the appropriate bodies. There is no organization that accredits actuarial science programs. Drake's program has been classified as "advanced undergraduate" by the CAS and SOA. Click here to see more details.

2. What is special about Drake?

While many schools offer programs in actuarial science, Drake's program is unique among schools in the Midwest. It is the only one:

	At a private university with a focus on undergraduate education. With this focus, students know that our resources are devoted to their success.
	Located in a college of business. Studies by the actuarial societies confirm that employers want more than technical skills. They want "business savvy", employees are comfortable working in business and interacting with all aspects of the enterprise. A wide range of courses are required that ensure our graduates are ready to be great employees from day one. It also means easy access to additional courses in other important areas such as finance.
	With three faculty members who are members of actuarial societies. There is always someone available with the expertise to help.

3. What distinguishes the three actuarial science majors?

Most of our students study more than just actuarial science. When concentrating in a second area, students like to have that recognized. When the second area is Insurance, Information Systems, Economics, or Mathematics (all common choices) it is possible to earn a minor or second major and still graduate in four years. When the second area is Finance or Accounting, it is usually not possible to complete a second major (there is no minor available in these subjects) and finish on time. Hence, the joint major, where students complete about 80% of the requirements for each degree. Because the curriculum is standard and common for the first year, no decision need to be made until the second year.

4. Does Drake offer a Master's program in actuarial science?

No.

5. Can I graduate in four years?

Students who enter from high school and begin the actuarial program immediately always graduate in four years and sometimes less. Transfer students, whether from another University of from another major, may not finish in four years if they have not taken appropriate courses.

6. If I want to transfer to Drake, what should I have accomplished?

All courses taken at an accredited college or university will transfer. If transferring after one year, you should have completed a year of introductory economics and at least Calculus I and II. Other courses should be either introductory accounting or other courses that will fulfill Drake's general education requirements. After two years you should have completed a year of accounting, Calculus III, linear algebra, and an introduction to probability. The probability course should be a calculus-based and cover the probability material on the first exam of the Casualty Actuarial Society and Society of Actuaries. If you have not completed such a course prior to the junior year, it will take 2.5 years to complete our program.

7. For what actuarial exams will I be prepared by the time I graduate?

Students who follow the model schedules will be prepared for five Society of Actuaries exams: P, FM, MLC, MFE, and C and four Casualty Actuarial Society Exams: 1, 2, 3, and 4.

8. What is an actuary?

A reasonable general definition is that an actuary uses techniques from mathematics, probability, statistics, and finance to analyze the financial consequences of uncertain events. For the most part, that means insurance, and indeed, most actuaries work either for insurance companies or for consulting firms that do tasks for insurance companies and for employer's benefits and risk management programs. Among other places, actuaries can also be found in government, academia, banking, and software firms. More information about actuaries and the profession can be found via our links page.

9. What else can I do while at Drake?

Employers like well-rounded students who have engaged in other activities and have had a chance to demonstrate some leadership. Within our College, there are four organizations that provide these opportunities. They are the Drake Actuarial Student Society, Delta Sigma Pi (a chapter of a national professional fraternity (but women are included)), and Alpha Kappa Psi (a chapter of a different national professional business fraternity). The latter two serve all students with an interest in business. All three bring in professional speakers, do field trips, do community service, and conduct social activities.

Our students also participate in a variety of activities including intercollegiate and intramural sports, student government, orchestra/band, chorus, and drama.

10. What about internships and placement?

A number of our students have part-time jobs with local insurance companies (Des Moines has 16 companies which employ 275 actuaries) and many more find summer internships across the country. Our career center brings over 20 companies to campus each spring to conduct interviews for full-time employment and for summer internships.

11. What do I have to accomplish in college to get a good job?

The most important factor is success on actuarial exams. Students with 3 or more exams are able to pick from the best companies and should be able to attract offers from any city. Students with 2 exams will get interviews with most every company and will get many good offers. Students with 1 exam will get some offers, but may not be able to choose a city (unless that choice is a major actuarial employer). Students with no exams may still get jobs, but such students need to be strong on the other requirements.

The other factors which help are: (1) Communication skills (2) High GPA (it should be no less than 3.4 to be safe) (3) Leadership activities (4) Prior internships/experience.

12. What do all those initials after peoples names mean?

ASA = Associate of the Society of Actuaries.
FSA = Fellow of the Society of Actuaries.
ACAS = Associate of the Casualty Actuarial Society.
FCAS = Fellow of the Casualty Actuarial Society.
MAAA = Member of the American Academy of Actuaries.
FCIA = Fellow of the Canadian Institute of Actuaries.
FCCA = Fellow of the Conference of Consulting Actuaries
EA = Enrolled Actuary

13. How long has Drake had an actuarial science program?

Our first graduate was in 1949.

For current students

S1. How do I get actuarial exam results?

They will be mailed to you at the address you provided on your application form. On the appropriate day, you can also get results for Society of Actuaries Exams by calling the Hot Line at 847-706-3579. Results for both Societies are posted at their web sites. For all these methods, you must know your candidate number.

S2. How do I learn about internships and full-time employment opportunities?

Part-time internships are done through the actuarial faculty. When we learn of an opening it is communicated by e-mail. The notice will include a job description, qualifications required, and how to apply. The same process applies for summer internships and full-time jobs when interviews will not be conducted on campus. Openings will also be posted at the jobs page.

Submit a question

Use the form below to submit a question. If the form does not submit properly (it should send an e-mail), e-mail the requested information to Stuart Klugman at Stuart.Klugman@drake.edu