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The Actuarial Mathematics program within the Department of Mathematics and Statistics at Auburn University offers a well-balanced curriculum in applied mathematics with advanced preparation for the actuarial profession. It boasts a dedicated group of faculty experienced in passing actuarial exams offered by the professional societies and recognized by the insurance industry. Auburn University is accredited by the Society of Actuaries to offer courses to satisfy the Validation by Education Experience (VEE) requirements in Applied Statistical Methods, Corporate Finance, and Economics. At this time, the majority of actuaries work in careers that are associated with the insurance industry, though growing numbers work in other fields. They are heavily involved in insurance because that is society's most powerful answer for managing risk. Auburn University reduce their risk of financial loss by transferring it to an insurance company that accepts the risk for a price (which is the insurance premium). Actuaries play a key role in designing insurance plans, determining the premium, monitoring the profitability of insurance companies, and recommending corrective action when appropriate. Actuaries working in insurance companies also ensure that insurance companies have set aside enough funds to pay claims and provide advice on how to invest the insurance companies' assets. Actuaries work in all sectors of the economy, though they are more heavily represented in the financial services sector, including insurance companies, commercial banks, investment banks and retirement funds. They are employed by corporations as well as the state and federal government. Many work for consulting firms. Some are self-employed, enjoying financially rewarding careers that also come with the great flexibility of being one's own boss. In addition to the financial services market, actuaries are increasingly working in the broader energy, transportation, manufacturing and healthcare industries, helping identify, measure and manage risks and opportunities within complex, risk-bearing enterprises.
