Purdue News
Purdue News
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January 1993 Actuarial science grads beat the odds in tight job marketWEST LAFAYETTE, IND.–While taking a statistics course in high school, Purdue University senior Kent Wenger designed an experiment to calculate the odds of success in a paperthrowing contest. The study provided a valuable lesson in calculating risk, and helped spur Wenger toward a course of study that has enabled him to beat the odds in a competitive job market. This spring, while many upcoming graduates are pounding the pavement to find entry-level jobs, Wenger is preparing for exams that will allow him to advance quickly in his new job. "I have a job lined up with a major insurance company, and will start work this summer," he says. "Meanwhile, I'm studying for several of the required exams needed to move up the ladder in this field." Wenger is one of 45 students who will graduate from Purdue this spring with degrees in actuarial science. With a solid foundation in mathematics and statistics, these students are primary candidates for a variety of industries and government agencies looking to fill positions that require analytical skill and thinking, says Carl Cowen, professor of mathematics and director of Purdue's actuarial science program. Four years ago, The Jobs Rated Almanac rated actuarial science as the number one field for career opportunities. Since that time, national enrollments have doubled, and the number of students taking exams to enter the field has grown by 6O percent. Student enrollment at Purdue has more than doubled, requiring the departments of mathematics and statistics to formalize a new program of study for the field. The program at Purdue includes new courses in subjects such as interest theory, and is nationally recognized for its strength in providing a solid background in mathematics, says Cowen. The curriculum also includes courses in communication, English, business and liberal arts. "Some programs offer coursework aimed solely at helping students prepare for their exams," Cowen says, noting that in order to be recognized as a professional actuary, students must pass a series of qualifying examinations. "Our goal at Purdue is to provide a program that covers the necessary material for these exams, while helping students develop the well-rounded skills required in the business world." While most actuarial science graduates look to insurance companies for employment, Cowen says a strong background in math and statistics gives these candidates an edge in a variety of positions in business and government. "Actuaries must be able to work with facts, figures and people to solve a variety of problems," he adds. "These types of skills are also sought by employers looking to fill positions in areas such as quality control, market research or census management." The quantitative and analytical skills honed by these graduates also make them good candidates for managerial positions, Cowen says. "It is not uncommon for people from these positions to move up into top management," he adds. Cowen says actuarial science is a drawing card to students who see themselves as skilled in math and are interested in the business side of things, as well. For Wenger, it was the opportunity to combine his math and people skills that pushed him toward a career in this field. In his high-school study, Wenger designed his first statistical study to see how many throws were required to toss a paperwad into a waste basket. The experiment included a number of different students, and took into account a variety of variables such as the students' sex, height, and distance from the waste basket. "What I learned is that the more successful students had a certain measure of skill and practice," he says. "I also learned that working with statistics could be exciting." Wenger also learned one of the primary lessons in being an actuary: how to analyze and plan for future directions. "Four years ago, I couldn't have predicted the tight job-market situation we have today," he says. "However, I knew that types of skills I have gained during the past four years will serve me well in any situation." Purdue News Service: (765) 494-2096; purduenews@purdue.edu
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