Navigating the Future of Actuarial Science

By Fang Yang

Expanding Horizons, August 2025

In an era where the actuarial profession is rapidly evolving—integrating data science, artificial intelligence (AI) and climate risk—academic programs must go beyond traditional curricula to prepare students for a world of both expanding risk and expanding opportunity. At Georgia State University (GSU), we’ve adopted an intentional, multilayered approach to developing the future of actuarial science that starts even before students enroll.

The actuarial journey often begins with a single question: What is an actuary? At GSU, we aim to answer that question early, clearly and inclusively. Our program weaves together career awareness, academic advising, exam preparation, scholarship support and career readiness in a seamless developmental pipeline.

We introduce actuarial science through events like the SOA x GSU High School and Community College Day, where hundreds of students explore the profession through interactive sessions. For enrolled undergraduates, we offer personalized academic plans, dedicated faculty mentorship, VEE course recognition and exam fee reimbursement, removing as many financial and administrative barriers as possible.

The GSU curriculum is designed to ensure every student connects classroom learning with real-world application. Project-based learning is embedded across courses such as Financial Mathematics, Loss Models, Predictive Modeling and Life Contingencies. Students gain hands-on experience using R, Python and other analytical tools to evaluate claims data, assess risk and design insurance solutions—skills closely aligned with emerging areas in actuarial science and current industry demand.

For example, one case study used in the Life Contingencies course immerses students in a real-world insurance scenario. The case, titled "The Merger of ABC and XYZ Companies—Retiree Life Insurance," simulates a corporate merger that impacts retiree benefits and challenges students to analyze group life insurance liabilities.

In this scenario, a retiree buyout transfers the liability for a company’s retiree life insurance benefits to an insurer. This arrangement eliminates the need for the company to hold reserves to fund future death benefit payments. The buyout is based on a predefined closed group of retirees, and the company may pay the insurer either a lump sum or a series of annual installments adjusted for interest. The valuation is driven by a set of mortality assumptions differentiated by age and gender. A stop-loss adjustment can also be included to account for potential adverse deviations from the assumptions. After the transfer, the insurer assumes responsibility for paying death benefits as retirees pass away.

Students are tasked with calculating the present value of future death benefits, evaluating funding alternatives and applying mortality and interest rate assumptions to quantify liabilities. This hands-on project provides them with practical experience in actuarial modeling, benefit plan evaluation and financial decision-making under uncertainty—skills that are directly applicable to roles in group insurance, pensions and actuarial consulting.

Beyond the classroom, students are supported through structured exam preparation labs and can earn University-Earned Credit (UEC) by meeting performance thresholds set by the SOA's UEC criteria. As part of our Gamma Iota Sigma (GIS) chapter, students engage with employers through information sessions, case study competitions and skills workshops, ensuring they are well prepared for professional success.

As the risk landscape becomes increasingly complex and interdisciplinary, actuarial education must continue to evolve. At GSU, we are committed to continually refining our curriculum—integrating case studies, real-world projects and technical training to equip students with both the knowledge and the adaptability needed to lead in the profession.

This article is provided for informational and educational purposes only. Neither the Society of Actuaries nor the respective authors’ employers make any endorsement, representation or guarantee with regard to any content, and disclaim any liability in connection with the use or misuse of any information provided herein. This article should not be construed as professional or financial advice. Statements of fact and opinions expressed herein are those of the individual authors and are not necessarily those of the Society of Actuaries or the respective authors’ employers.

Fang Yang, Ph.D., ASA, is a clinical associate professor and the director of the undergraduate Actuarial Science program at Georgia State University, as well as the 2025 chair for the SOA’s Education and Research Section. Fang can be reached at fyang10@gsu.edu.