“So much of our work in insurance is about numbers and profitability, but I always remind my students that the industry is really about helping people manage their risks,” said...
Actuarial Science, Bachelor of Science
An actuary is a business professional who analyzes the financial consequences of risk. Actuaries interpret statistics to determine probabilities of accidents, sickness, death, and loss of property from theft, natural disasters and other causes of loss. Actuaries use mathematics, statistics and financial theory to study uncertain future events, particularly those that are insurable. Actuaries are considered the 'financial architects' of theinsurance world.
The field of actuarial science is demanding, rigorous and rewarding. Professional certification as an actuary in the United States requires passing one of two examination series; one is administered by the Society of Actuaries (SOA) and the other by the Casualty Actuarial Society (CAS). Actuaries are in high demand. Most work for insurance companies, consulting and investment firms, government agencies, employee benefit departments of large corporations, hospitals, or banks. The Bureau of Labor Statistics, in its Occupational Outlook Handbook, forecasts a 26 percent increase in the number of actuarial positions by 2022. The CareerCast.com rates actuary one of the five best jobs of 2014.
The Actuarial Science program in the Tobin College of Business at St John’s University is recognized by the Society of Actuaries as a Center of Actuarial Excellence. Students learn not only quantitative analysis skills in preparation to pass professional examinations but also earn an undergraduate degree in business, which provides them with an education in accounting, finance, management, marketing, risk management and computer information systems. Leveraging St. John's metropolitan location, students have access to the university's longstanding relationships with leading New York-area firms and an outstanding network of alumni and industry professionals. The School of Risk Management, which houses the actuarial science program, awards scholarships to the program, provides extensive out of-the-classroom learning opportunities, and assists students in finding internships and professional positions upon graduation.
Admission for the Bachelor of Science in Actuarial Science requires demonstration of a high level of mathematical aptitude measured by the applicant's rigor and achievement in advanced courses taken in high school. Also, a score of 600 or higher on the mathematical section of the SAT exam is required.
Students will be prepared to:
- Identify, measure and manage risk and exposure to catastrophe losses
- Apply probability pricing models for insurance products and insurance-related events
- Recognize market needs and develop new markets
- Use sophisticated productivity software
- Identify sources of new capital and analyze the impact of globalization
- Formulate an effective business plan
- Integrate in-depth knowledge of legal and regulatory environment in decision making process
- Deliver effective and well-written presentations.
Global Approach to Education
In addition, all business majors can serve those in need while learning about the world of micro-financing by participating in GLOBE. This student-managed academic program works with the University's strategic partners to provide loans for aspiring entrepreneurs who would otherwise be unable to secure loans.
Students take advantage of St. John’s location in dynamic New York City. Our faculty and Career Center have strong ties to employers and other professional and educational resources throughout the New York area. Students make New York their classroom through innovative courses like Discover New York.
Students also benefit from St. John's focus on an international academic experience. The University offers extensive study abroad courses during the academic year as well as the winter and summer semesters. Students can live and learn at St. John's Rome, Italy, campus and Paris, France, location.
Along with outstanding courses and renowned professors, Actuarial Science majors at St. John's benefit from the world-class academic, professional and technological resources of The Peter J. Tobin College of Business — and the School of Risk Management, Insurance and Actuarial Science, a unit of the Tobin College that is one of the nation's leading collegiate schools of its kind.
The School of Risk Management is based at St. John's Manhattan campus, an award-winning, ten-story facility with state-of-the-art classrooms, business labs and other resources. The Manhattan campus is close to New York City's financial district — the global center of business and finance. Nearby attractions include Battery Park City, the Hudson River waterfront, SoHo, TriBeCa, Chinatown and Little Italy.
The Manhattan campus's Kathryn and Shelby Cullom Davis Library has an outstanding collection of worldwide insurance materials dating back to 1569. The Tobin College's Financial Information Lab features state-of-the-art learning tools including 29 computer workstations. Each computer offers the latest FactSet financial software. The lab provides access to Bloomberg systems as well as news, stock market information and financial data to enrich every student’s understanding of the business world.
Drawing on St. John's extensive contacts in New York City's business sector, the Executive-in-Residence Program (EIRP) is a unique feature of the Tobin College. Guided by leading executives who serve as teachers and mentors, students engage in real-world consulting for actual businesses and non-profit organizations.
The Undergraduate Student-Managed Investment Fund is a highly selective program that gives students hands-on experience with managing a substantial portfolio.
Students gain an academic and professional edge by joining any one of St. John's more than 180 student clubs and organizations. Business-related clubs in The Peter J. Tobin College of Business include the following:
- Gamma Iota Sigma: Academic organization for Actuarial Science and Risk Management.
- APICS, The Educational Society for Resource Management
- Economics and Finance Society
- Accounting Society
- Actuarial Club
- Advertising Club
- Marketing Club
- National Association of Black Accountants
The Tobin College also offers membership in the following honor societies:
- Beta Gamma Sigma: The Iota Chapter of this honor society for colleges of business administration
- Beta Alpha Psi: The national scholastic honor society in accounting
- Omicron Delta Epsilon: The Theta Chapter of this national honor society in economics
- Sigma Iota Epsilon: The Sigma Chapter of the national honor society in management
Of course, Risk Management and Insurance majors also benefit from the outstanding resources all St. John's students enjoy. For example, all new students receive their own laptop computers with access to the University's award-winning wireless network.
Facilities include high-tech classrooms, laboratories and our 1.7 million-volume University Library. Our new D'Angelo Center is a five-story, 127,000-square-foot University and Student Center with classrooms, lecture halls a Starbucks and full-service food court.