1

English 202C

Internet Resource Guide for

Students
Interested in Actuarial Science

Prepared by: Robin Luo

February 11, 2016

Table of Contents
Front Matter

Contents of the Guide..3

Intended Audience for the Guide3
Assumptions about the Reader3
Navigating the Guide..4
Hints and Tips.4
Actuarial Societies: Choosing a Path.5
The Society of Actuaries.6
The Casualty Actuarial Society...7
Specific Information8
Penn State Actuarial Science Club Homepage9
The Actuarial Outpost...10
Study Materials..11
University of Wisconsins Center of Actuarial Excellence...12
ACTEX Publications.13
Electronic Databases and Indexes ...14
The Catalog of U.S. Government Publications.15
Database of Actuarial Research Enquiry...17
The North American Actuarial Journal.18

Contents of the Guide

Provided in this guide are different resources collected with the intention of
assisting undergraduate collegiate students in their pursuits of becoming actuaries.

Subjects within this guide range from information and prerequisites for actuarial
exams to the many different kinds of insurance sectors that actuaries work for.
Some of the resources will assist you in deciding which actuarial path you would
like to embark on, whereas others will explain information for the professional
community of actuarial science. Still others will point you to the best study
materials for exam studying. No matter which case, you will find this guide to be a
great starting point for your intended career goals of becoming an actuary.

Intended Audience for the Guide

The intended audience of this guide is students majoring in actuarial science, or
another related major, such as mathematics, statistics, risk management, etc. who
seek to learn more about the actuarial field and what they can do to progress
towards their actuarial career goals. There are certain resources in this guide that
are primarily meant to be used by Penn State students; however the majority of the
resources are beneficial to all prospective actuaries. Additionally, this guide does
not discriminate between students of different years in college, as it is never too
early to begin taking exams, and students will still be taking exams after their
undergraduate years.

Assumptions about the Reader

You should already have an interest in becoming an actuary, for this guide is not
written to convince you in any way that the subject or career is for you. A few
resources in this guide assume that you are a Penn State undergraduate student, and
other resources assume you know some of the requirements of the profession.
Generally, this guide assumes that the reader has the desire to learn and work hard
to meet the requirements of being an actuary. Finally, this guide makes the
assumption that you are reasonably familiar with navigating the Internet and using
a computer.

Navigating the Guide

The resources presented in this guide are listed in an order most helpful to the
reader. This document serves to first educate the reader on the different types of
insurances in which actuaries deal with, thus directing the audience to choose one
of the two main organizations of actuaries to take exams from, the SOA and the
CAS. The guide then informs the readers about the progression of the exams and
which courses or study manuals to read to prepare for such exams as well as
answer any questions the reader may have about the profession. The next section
aims to direct the reader to the best study aids and preparation materials for the
actuarial exams. Additional resources are placed in the later portion of the guide to
further illustrate the impact and importance of actuaries in society. Please refer to
the Table of Contents to understand the different sections of the guide in order to
easily navigate it.

Hints and Tips

You should already be familiar with what an actuary is and what functions
they serve before delving into this guide.
Many resources in this guide contain links to additional helpful resources
and articles that may be of use to you. Please do not settle for the resources
presented in this guide only.
If you are already familiar with the exam process, skip to further parts of this
guide. Depending on your knowledge level, find the appropriate sections for
yourself to read. The beginning parts of this guide are meant to be read by
students who know little of the process of becoming an actuary.
Keep in mind the resources in this guide are written to inform you on the
process of becoming an actuary, not to aid you in becoming one. Enjoy!

Actuarial Societies: Choosing a Path

The first step you must take in your journey to becoming an actuary is choosing
whether you want to be an SOA actuary or a CAS actuary. An SOA actuary deals
with life insurance, health insurance, pensions, and reinsurance. A CAS actuary
deals with auto insurance, home insurance, and insurance against natural disasters.

Once you choose which organization you would like to be a part of, you can then
begin preparing for the specific progression of exams catered to your decision.

The Society of Actuaries

Website
Location:
https://www.soa.org/member/

Abstract:
The Society of Actuaries is the largest professional organization dedicated to
serving actuarial members and all those who are interested in actuarial
science worldwide. The society, composed of over 24,000 members, aims to
promote education in the fundamental principles of actuarial science to
prospective and practicing actuaries, research for the expansion of the
profession, and professional development to improve the competency of
actuaries. Resources provided by the organization include a variety of
publications, links to information detailing research opportunities,
opportunities for volunteering in the actuarial community, and a large list of
sections explaining different divisions of insurance (such as pensions and
reinsurance), just to name a few. The most important aspect of the website,
however, is the registration window for exams, found in the Education and
Exams tab, where students can choose the Society of Actuaries path for
exam taking if they are interested in working in the life, retirement, and
health sectors of insurance. Any actuary who desires full certification in the
field of one of the insurance divisions previously listed must register for
exams using this website. If you are interested in embarking in the Society of
Actuaries path for exam taking, this will be one of the most important
websites for you to discover.
Tips:
There are three levels of certifications you can receive from the Society
of Actuaries, with each certification based on the number of exams you
have completed in the progression of exams administered by the
organization. The levels, in order from lowest to highest are Chartered
Enterprise Risk Analyst (CERA), Associate of the Society of Actuaries
(ASA), and Fellow of the Society of Actuaries (FSA). You can become an
official member of the Society of Actuaries once you have attained the
lowest level of membership and have paid the required dues.
Benefits of membership in this society include, but are not limited, to
the global recognition by employers of the members credentials in the
field, the ability to play a critical role in business and society, and
access to a global network of skilled actuaries.

The Casualty Actuarial Society

Website

Location:
http://www.casact.org/
Abstract:
Currently celebrating its 100th year of existence, the Casualty Actuarial
Society is dedicated to its mission of advancing actuarial science through
research and education in property and casualty actuarial practice. Property
and Casualty insurance includes home insurance, automobile insurance, and
insurance against natural disasters, among others. This organization, home
to 6,700 members, provides information on its webpage pertaining to both
recent and archived actuarial publications, the latest events related to the
field, an online career center focused on assisting users in perfecting their
resumes and searching for jobs, and several professional standards and
guidelines for prospective and practicing actuaries to adhere to. Similar to
one of the primary functions of the Society of Actuaries website, the
Casualty Actuarial Societys homepage provides access to the registration of
actuarial exams in the Exams and Admissions tab, should the user choose
to study and work in property and casualty insurance. If that is indeed the
case, then visiting this website is crucial to your potential success as an
actuary.
Tips:
To view the different progressions of exams that lead to different
certifications within the Casualty Actuarial Society, click on the Exams
and Admissions tab. The following page displays a detailed, but easyto-understand diagram that shows each exam that must be passed to
attain a certain certification, and you can click on separate areas of the
diagram to learn further information about each exam.
Click on the CAS Student Central link above the Publications tab to
be directed to a more student-focused section of the organizations
website. Here, you can join the student membership program free of
charge in order to be a part of a community of 3,000 students from
almost 400 universities that are pursuing an actuarial career as well as
gain access to exclusive career resources and networking event
invitations.

Specific Information
This section provides you with resources that can help you to answer your specific
questions about the actuarial profession that are not provided on the Society of
Actuaries and Casualty Actuarial Societys websites, and to help you to locate job
postings.

Penn State Actuarial Science Club

Homepage
Website
Location:
http://www.clubs.psu.edu/up/actsci/
Abstract:
Much more informative than the Smeal College of Businesss risk
management website, Penn States actuarial science club homepage
provides valuable information for prospective actuaries. Where the Smeal
College of Businesss actuarial website targets only the students majoring in
risk management, the actuarial science club speaks to all interested actuarial
students, namely ones studying mathematics and statistics as well. Included
on the left side of the page is a list of tabs that link the readers to
information ranging from career advice to the different courses offered at
Penn State that undergraduate students may enroll in to prepare for the
corresponding actuarial exams. Additionally, students can benefit from the
website by obtaining information on guided review sessions for exams in the
Review Sessions and Mentor Programs tab and accessing a plethora of
other relevant websites in the Useful Links tab. Since the website
recommends the classes that students should take in order to prepare for
specific exams, you will likely visit this webpage every time you schedule
your courses.
Tips:
You can subscribe to the clubs listserv by following the instructions
provided on the bottom right area of the website. Once you are a
member of the listserv, you will frequently receive emails pertaining to
club meetings, upcoming workshops and information sessions for
finding jobs and internships in actuarial science, and even messages
from the head of Penn States actuarial department regarding job
openings.

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Turn your attention to the bottom of the homepage in order to find the
contact information for the executive members of the team. They
welcome emails inquiring additional information about the club, such
as the time and place to pay club dues.

Actuarial Outpost
Website
Location:
http://www.actuarialoutpost.com/actuarial_discussion_forum/
Abstract:
The Actuarial Outpost is an online forum that any member can use to post
questions, answer questions, start a blog, and even participate in live chats
and discussions about the actuarial field. Membership to this website is free,
but anyone can peruse the forum to view the wiki and the variety of
professional and user-generated posts to gain insight into any questions they
have about the actuarial profession. It is highly recommended that
prospective actuaries visit this website to learn about the exams and become
informed about job openings. For example, an undergraduate student
wishing to know how many questions are on the next exam that they are
preparing to take or how much time is allotted for such an exam can quickly
find the answers by searching the questions in the Search bar. Additionally,
clicking on the FAQ tab will allow new users to become promptly informed
on the best ways to navigate the website and discover features on the
website that may not be obvious from initial screenings of the homepage.
Since the other actuarial websites listed in this guide may not be able to
answer every specific question you have about the profession, consider
visiting the Actuarial Outpost to assist you with all of your actuary-related
needs.

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Tip:

To become up-to-date on all actuarial news and discussions on this

website, click on the Calendar tab at the top of the page.

Study Materials
This section contains resources to help you prepare for and pass your exams. These
resources contain textbooks, study guides, videos illustrating specific concepts, and
sample exams. These study materials will aid you significantly if you are not
enrolled in a preparatory course or if you are trying to find extra practice before
taking your next exam.

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University of Wisconsins Center of

Actuarial Excellence
Website
Location:
http://instruction.bus.wisc.edu/jfrees/UWCAELearn/default.aspx
Abstract:
Contained in this website are valuable resources that prospective actuaries
can utilize to prepare them for the preliminary exams. All tutorials and
materials in the University of Wisconsins Center of Actuarial Excellence page
are free, so exam takers who have had some instruction on the subject of
their next exam can capitalize on their knowledge of the subject by
accessing the information in here. The majority of the navigation you do on
this website will consist of clicking on the exams listed in the order that you
should take them on the left sidebar. Additional relevant resources included
in this left sidebar are learning modules for subjects such as probability,
regression, and usage of Excel for actuarial purposes, all of which may help
the sites users prepare for a career in actuarial sciences.
Tip:

For each exam, between fifty to one hundred concepts and learning
objectives for the specific exam are taught using short video clips,
written problems, and sample solutions. It is recommended that the
sites users start by watching the video, which illustrates the problem
and solves it step by step, then proceed to viewing the written

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problem and attempting to solve it without guidance, and finally

complete the objective by clicking on the solution to check their
answer.

ACTEX Publications
Website
Location:
https://www.actexmadriver.com/
Abstract:
ACTEX Publications is a publishing house dedicated to providing useful
educational literature in the actuarial science and related risk management
areas. The materials pertaining to different users, such as students,
professional actuaries, and professors, are organized in the sidebar on the
left of the homepage. Although all resources provided by this organization
can only be attained upon purchase, these publications are invaluable for
both learning the subject material of actuarial exams from the beginning and
preparing for the exams come test time. Complete textbooks, review guides,
online courses, live seminars, and sample exams are only some of the
products you can buy to increase your probability of success on the next
exam you register for.
Tips:

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Do not forget that you can sample the ACTEX resources before you
make your purchase.
Be sure to examine the reviews given to the textbooks and study
manuals by professors and professionals to ensure that you are
buying the best quality publications.

Electronic Databases and Indexes

Once you have satisfied your curiosities regarding the actuarial profession and
educated yourself on the exam procedures, you can turn to this section to become
enlightened in both the current and historical happenings of the actuarial world and
insurance industry. Contained in this section are large databases of resources that
can provide you with the necessary articles to teach you about the impacts that
actuaries have on society as well as how society has impacted actuaries.

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The Catalog of U.S. Government

Publications
Government Database
Location:
http://catalog.gpo.gov/F?RN=281825570
Abstract:
The Catalog of U.S. Government Publications, or the CGP, enables you to
search for electronic and printed federal documents of the United States,
some of which are historic and date back to the 1800s. At the top of the
page towards the left side, several options for searching the database,
namely a basic, advanced, and expert search, are presented to the user.
From basic to advanced to expert, each search option allows the user to
input more specific information than the last. The basic search allows only
one search bar for the user to input keywords into; the advanced search
considers the format, language, and catalog of the publication; and the

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expert search asks the user for a command language phrase. In addition to
these three methods of searching this government database, users can also
click on the Browse link to the right of the Expert search to look for the
desired piece of literature by entering the beginning words of a document, or
click on the next link over, New Titles to find the most recently published
documents. Even though this site is not catered specifically to actuaries, it
can be immensely helpful in finding publications written throughout the ages
regarding an actuarys main line of work, insurance. For example,
information on the state of the insurance industry along with its regulations
as of 2015 can be found by typing in the keywords, insurance industry into
the basic search bar. Selecting the eighth option from the list brings you to a
description of the record, The state of the insurance industry and insurance
regulations: hearing before the Committee on Banking, Housing, and Urban
Affairs, United States Senate, One Hundred Fourteenth Congress, first
session, on examining the unique aspects of the insurance industry, the
development and implications of domestic and international capital
standards, and evaluate the current state of insurance regulation in the
United States and abroad, April 28, 2015. Once on this page, you can view
the articles format, author, description, and URL, among other information.
This specific article addresses the issues in the insurance industry in 2015
and the proposed regulations for amelioration of the insurance industry to
the Committee on Banking, Housing, and Urban Affairs. Also included in the
article are criticisms of the Federal Reserve and the steps to be taken to
ensure a more productive and efficient insurance industry. The article is a
good read for someone who desires to become an actuary and is interested
in knowing the state of the industry they would be working in, for the article
points out many changes that could affect you in the workplace. A
bibliography of the document is provided below:
United States. The State of the Insurance Industry and Insurance
Regulations: Hearing before the Committee on Banking, Housing, and Urban
Affairs, United States Senate, One Hundred Fourteenth Congress, First
Session, on Examining the Unique Aspects of the Insurance Industry, the
Development and Implications of Domestic and International Capital
Standards, and Evaluate the Current State of Insurance Regulation in the
United States and Abroad, April 28, 2015. By United States, Congress,
Senate, Committee on Banking, Housing, and Urban Affairs, Author.
Washington: U.S. Government Office, 2015. The Catalog of U.S. Government
Publications. Web. Feb. 3, 2016. <https://www.gpo.gov/fdsys/pkg/CHRG114shrg97357/pdf/CHRG-114shrg97357.pdf>.

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Tips:
Under the eBooks box on the homepage is a link to a CGP Help
page which can assist you further in navigating the site.
Use quotation marks around phrases to narrow down your searches.
Doing this will search for documents with the exact phrase instead of
simply searching for documents with the individual words within the
phrase.

Database of Actuarial Research Enquiry

Index of Periodical Literature
Location:
http://www.casact.org/research/dare/
Abstract:

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The Database of Actuarial Research Enquiry, or DARE, provides information

on actuarial science research in the property and casualty fields through its
journals and book citations. Containing over 5,000 pieces of literature, some
of which date all the way back to 1914, this database allows its users to
search for any document by its title, author, year published, the prize or
award granted to it, and the category of its subject. Accessing the Database
of Actuarial Research Enquiry is simple: go to the Penn State online library
page, click on the Databases tab, and then search for DARE. Additionally,
clicking the link CAS Taxonomy above the Keyword search bar directs you
to a page of alphabetized and organized categories of publications for you to
browse. This page is convenient if you do not know the exact title of the
specific piece that you are looking for. If your goal is to become educated on
the history of property and casualty insurance and actuarial science or the
improvements that have come about in the field since the first pieces of
literature in the field were published, then this database is not only helpful,
but one of the only places for you to conduct your research.
Tips:
If you do not know the exact title of the document that you are
searching for, then in order to prevent a list of hundreds of results to
show up upon searching the keyword, knowing the category and
approximate year of publication significantly narrows down the search.
Within the CAS Taxonomy page, there are four main categories to
choose from, and each of those categories contains many smaller
categories that contain even more specific categories of
documentation. Be warned that although a tertiary category may
appear in two secondary categories, there is still a distinction in the
repeated tertiary categories. Do not assume that they represent the
same subject.

The North American Actuarial Journal

Professional Journal

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Location:
http://www.tandfonline.com/loi/uaaj20#.Vr5bAfkrLnB
Abstract:
The North American Actuarial Journal, or the NAAJ, is the premier publication
of the Society of Actuaries as its only refereed journal. Addressing the
domestic and international problems, interests and concerns of actuaries,
their customers, and public policy decision-makers, this journal is the most
widely distributed actuarial journal. Furthermore, the NAAJ publishes papers
from traditional fields of actuarial practice, such as life and health insurance,
pensions, employee benefits, property and casualty insurance, and finance
and investments. This journal can be accessed free of charge by anyone, but
you can subscribe to the NAAJ to receive updates regarding its latest
additions. The left sidebar makes browsing the journal expedient, for it
contains several links that give you the option to view all of the volumes and
issues presented in the journal, only the current issues, just the latest
articles, the most read articles, or the most cited articles. Information
provided on this site is useful because it can educate you on the status and
stability of the actuarial profession and the many current issues that you
may face should you become an actuary.
Tips
At the top right corner of the page is the Advanced and Citation
search link, which directs you to a page that allows you to search for
publications by title, author, usage of keywords, date of publication,
and the specific volume or index. This advanced search page can help
you quickly locate the specific article that you would like to indulge in if
you already know some information about that article.