BGSU prepares students for high-salary careers in growing field of actuarial science

The University offers a unique actuary science program for students interested in becoming actuaries

By Branden Ferguson

Coming from an agricultural family, Samantha Johnson knew she wanted to remain a part of the farming community, but wanted to use her passion for math and problem-solving in her future career. Exploring the wide range of career opportunities in data, statistics and problem-solving, Johnson landed on actuarial science.

"I always had a passion for math, but I also wanted to help people," said Johnson. "I saw the perfect opportunity to combine those passions with actuarial science. In farming, finances rely heavily on the success of a farmer's crops. Farming and crop insurance are important to families, especially if something happens during the season. I found that I could help my family and others like it by working as an actuary in the agricultural insurance industry."

Johnson chose Bowling Green State University for its industry-relevant actuarial science program that offers a unique career path blending math and statistics with risk assessment and long-term planning. Unlike traditional math and statistics programs, students in the BGSU actuarial science program take classes in risk assessment, financial stability, capital allocation and long-term strategic planning.

Students like Johnson often graduate in four years or fewer and can earn a starting salary of more than $70,000 per year.

What is actuarial science?

Dr. Douglas Bujakowski, a distinguished BGSU professor in actuarial mathematics, said actuarial science entails the analysis and management of risk using mathematics, statistics and financial theory. Actuaries assess uncertainties and help organizations make strategic decisions by modeling risk in insurance, pensions, investments, healthcare, technology and environmental industries.

"While math and statistics are important, actuarial science also requires business acumen, creativity and communication skills to solve complex problems and explain results to stakeholders,” said Bujakowski. "Our students are interested in applying mathematics to real-world challenges in finance, insurance and risk management."

According to the U.S. Bureau of Labor Statistics, actuarial science professions expect 22% growth over the next 10 years. As the need for actuaries increases, BGSU is committed to preparing students for in-demand jobs.

"The demand for actuaries is driven by the increasing complexity of risk in areas like insurance, healthcare, climate change and finance," said Bujakowski. "We are preparing our students through our internationally recognized curriculum that prepares students for three professional actuarial exams and provides all required Validation by Educational Experience (VEE) coursework."

An industry-relevant program

Forward-thinking and deeply committed to creating world-class educational experiences for its students, BGSU has integrated the program to align more closely with insurance risk management. To help actuarial science students succeed, Bujakowski also has introduced software widely used by practicing actuaries to prepare students for professional exams.

"Introducing 'Coaching Actuaries' to students bridges the gap between academic preparation and real-world expectations," said Bujakowski. "Unlike traditional textbooks, Coaching Actuaries offers lessons in text and video formats, catering to diverse learning styles."

Johnson said she values the program's intentionality in exposing students to what they will likely encounter in their careers.

"Being exposed to that type of support while still a student at BGSU gives me a leg up over others," said Johnson. "Dr. Bujakowski is passionate about his students and wants to see us succeed as actuaries."

To aid in those efforts, students regularly travel to national conferences, build industry connections and attend events sponsored by Gamma Iota Sigma. In collaboration with the Schmidthorst College of Business, Gamma Iota Sigma connects actuarial science and risk management students with key industry professionals. Actuarial science majors who join this international business fraternity have valuable travel, networking and professional development opportunities.

"As a student, Gamma Iota Sigma brought in industry leaders to network with us and discuss opportunities within their companies," said recent BGSU alumna Channelle Lyons, '23, '24. "Through the fraternity, I attended multiple conferences and talked with industry leaders. At one of those conferences, I found an internship at Westfield Insurance. That internship led to a full-time job offer as an associate actuarial analyst."

In the classroom, students study statistics, applied probability, programming, macro- and microeconomics, communications and more. Students are exposed to the same technology and statistical software used by practicing actuaries, allowing them to prepare for their future careers.

Upon graduation, students will be prepared to take the first three exams to become an actuary, with many students passing those exams while still students.

Student success

In addition to success in the classroom, Johnson served as the president of the actuarial science club on campus, spearheading the effort to get the organization back up and running after the pandemic. Outside the classroom, she gained real-world experience, completing an internship at Ascension Healthcare where she worked with Medicare-shared savings programs.

"While the program is very math-heavy, I fell in love with the problem-solving aspect of the profession," said Johnson. "In the field, I found that we didn't always have all the data. Other times, we had the data, but it required problem-solving skills. The human interpretation of data is what drew me into actuarial science."

As a student, Johnson has been dedicated to her studies, but said her dedication to the profession is going to help her succeed.

"The scariest part of our profession is passing all the exams," Johnson said. "BGSU and the supportive faculty members helped me pass two exams in two years. Nonetheless, I remain committed to learning and balancing work with future exams."

As a senior, Johnson is eyeing graduation with the hopes of staying local. As an actuary, she has the ability to work remotely, something she was able to familiarize herself with during her internship.

"I want to stay local and help people around northwest Ohio, and BGSU has prepared me to be an actuary in any number of industries," Johnson said. "If I can't find a job with a local office, remote work is an option for me as an actuary."