Actuarial science is the field of quantitative risk studies, but for actuarial science students at UWM, the quality of their education is far from a gamble.
The Society of Actuaries (SOA) recognized UWM as an SOA Center of Actuarial Excellence (CAE) in January, a designation shared by just 17 other universities in the United States. As a CAE, UWM is eligible to compete for education grants to strengthen and develop the program, a benefit for both faculty and students.
“I am honored to welcome the University of Wisconsin-Milwaukee’s actuarial science program as one of our Centers of Actuarial Excellence,” said SOA President Craig Reynolds. “These colleges and universities exemplify the high standards in actuarial education and research, which are instrumental to prepare future actuaries in the management of risk.”
The goal of the SOA’s designation is to recognize universities with a developing actuarial science program and expand their strong potential through research, grants, and scholarship. CAE-designees must meet stringent criteria to be recognized, including requirements related to degrees, curriculum, graduate count, faculty composition, graduate quality, integration, connection to industry, and research/scholarship opportunities.
SOA acknowledged UWM’s continual pursuit to “meet the mission of access, particularly providing a strong actuarial education to undergraduate students” who may not have had the same type of opportunities, especially in terms of math education, as students at other universities. SOA also applauded the program for its faculty and student relationships, recognizing the one-on-one attention that students at UWM receive.
The grant opportunities that UWM will receive from this award may be used to develop internship and co-op opportunities for students to prepare them for full-time employment after graduation. SOA is encouraging UWM to build networking platforms and develop a more active actuarial student club in the coming years as the program develops.
UWM will continue to hold CAE status for the next five years. Being identified as a CAE will allow UWM to provide opportunities that give students experience and learning they can use as they transition from the university to their careers in the actuarial science field.
In addition to the Center for Actuarial Excellence designation, UWM’s Actuarial Program was named No. 16 out of 30 actuarial programs across the U.S., selected from roughly 70 schools, as a “best value” actuarial program by College Values Online in January. Read more at http://bit.ly/1TjYnJF.
For more information about the Society of Actuaries and Centers of Actuarial
Excellence, visit http://bit.ly/23jyLkA.
– Jenna Terek, College of Letters & Science