The Society of Actuaries, the world’s largest actuarial professional organization, recently honored the Drake Actuarial Science program for being a Center of Actuarial Excellence (CAE).
The distinction, given to only 12 universities in the country, will last for five years and make Drake eligible to compete for CAE education and research grants.
“First and foremost, this designation as a Center of Actuarial Excellence is a recognition of the accomplishments of our alumni and current students,” said Rahul Parsa in a Drake University press release. Parsa is a professor of actuarial science, as well as coordinator of the program and adviser for the Drake Actuarial Society.
Drake’s program has produced such notable graduates such as Larry Zimpleman, CEO and president of Principal Financial Group in Des Moines. The company was also voted one of the world’s most ethical companies in 2009, according to ethisphere.com.
A particular strength of the program lies in its ability to prepare students for five professional actuarial exams, which are a requirement for a career in the actuarial field.
“The hardest thing about actuarial science is balancing studying for classes while still having a social life,” Fred Larson, sophomore president of the Drake Actuarial Science Society, said. “Professional exams often require you to study for 300 hours for each exam.”
Larson has taken and passed two actuarial science exams. Larson said the program even helped him obtain a summer internship in Connecticut.
“We’re at the place now where some schools aren’t getting internships until their junior year,” Larson said. “We’re a few semesters ahead of the game, and it really benefits the students and helps open up more opportunities.”
Over the last 10 years, Drake has awarded 273 degrees in actuarial science.
“We’re very pleased to have Drake’s Actuarial Science program designated as one of the top programs in North America,” Charles Edwards, dean of the College of Business and Public Administration, said in a Drake press release. “This recognition is a tribute to the quality of our faculty, students and alumni, as well as our location in Des Moines, one of the country’s top insurance centers.”
Larson felt that a particular strength of the program lies in its professors.
“All of the professors have been really open and have helped me,” Larson said. “They are not only your professors, they are there for you and build personal relationships with you.”
Universities Designated as Centers of Actuarial Excellence•Drake University•University of Iowa•University of Manitoba•Temple University•University of Connecticut•University of Nebraska- Lincoln•Georgia State University•Universite´ Laval•Illinois State University•St. John’s University•University of Waterloo•University of Wisconsin- Madison
