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ACTUARIAL SCIENCE - ASSESSMENT RESULTS
Actuarial Science - Assessment Results
Working actuaries must eventually pass 7 examinations in order to obtain advanced career status. Achieving Associate status in the actuarial field requires the passage of five examinations plus additional coursework. Upper-level actuarial science majors are actively encouraged to take up to four of the first four examinations in order to fulfill graduation requirements and to give them a hiring advantage in the marketplace for this skill set.
The Actuarial Science program at RMU has several goals regarding actuarial examination pass rates: 1) At least 80% of its majors receiving grades of A or A- in its advanced statistics course will pass one examination within one year; 2) At least 50% of Actuarial Science majors will have passed two examinations by graduation, and 3) at least 15% will have passed three examinations by graduation. The number of graduating Actuarial Science majors is not large so the performance of just a few students can dramatically affect the attainment of these goals.
Actuarial Science began as a concentration at RMU in fall 1999 and became a major in fall 2003. Students began to take the actuarial examinations in 2002. From 2002-2005 94% of Actuarial Science majors who were high performers in advanced statistics passed at least one examination with one year, 63% of all Actuarial Science majors passed at least two examinations by graduation, and 25% of all Actuarial Science majors passed at least three examinations by graduation. The program thus achieved all three of its objectives for its 2002-2005 graduates.
For 2006 graduates, 73% of Actuarial Science majors who were high performers in advanced statistics passed at least one examination within one year, 55% of all Actuarial Science majors passed at least two examinations by graduation, and 18% of all Actuarial Science majors passed at least three examinations by graduation. The program thus achieved two of its three objectives for its 2006 graduates.
For 2007 graduates, 82% of Actuarial Science majors who were high performers in advanced statistics passed at least one examination within one year, 64% of all Actuarial Science majors passed at least two examinations by graduation, and 27% of all Actuarial Science majors passed at least three examinations by graduation. The program thus achieved all three of its objectives for its 2007 graduates.
For 2008 graduates, 100% of Actuarial Science majors who were high performers in advanced statistics passed at least one examination within one year, 10% of all Actuarial Science majors passed at least two examinations by graduation, and none passed at least three examinations by graduation. The program thus achieved one of its three objectives for its 2008 graduates.
For 2009 graduates, 100% of Actuarial Science majors who were high performers in advanced statistics passed at least one examination within one year, 50% of all Actuarial Science majors passed at least two examinations by graduation, and none passed at least three examinations by graduation. The program thus achieved two of its three objectives for its 2009 graduates.
For 2010 graduates, 100% of Actuarial Science majors who were high performers in advanced statistics passed at least one examination within one year, 83% of all Actuarial Science majors passed at least two examinations by graduation, and 17% passed at least three examinations by graduation. The program thus achieved all three of its objectives for its 2010 graduates.
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