From the fall 2007 issue of UConn Momentum
Bolstered by strong private support, UConn’s actuarial science program in the Department of Mathematics at the College of Liberal Arts and Sciences has grown to become one of the nation’s best in preparing graduates for careers in the financial services sector.
More than 20 corporations have contributed to fund actuarial scholarships, including endowments from MassMutual Financial, Phoenix Life Insurance and CIGNA, which gave the program’s first donation in the late 1970s. Endowments have also been established by or in honor of several key individuals, including Gordon Aston, Dick London and, most recently, Charles Vinsonhaler. London devoted 40 years to educating actuaries, and was the program director for seven years. Vinsonhaler started the program in 1976 and served as the program director and the mathematics department head. Gordon Aston was an alumnus, and an endowment was established at the time of his death.
The annual scholarship support provided by the combined endowments is approximately $100,000.
Professor Louis Lombardi, the program’s current director, says UConn’s location and reputation have benefited the program immensely. While about 90 percent of UConn’s actuarial graduates work for insurance companies or consulting firms, opportunities for actuaries have now grown to include other financial service companies, such as banks and hedge funds.
“We have a huge advantage over almost any other program in the country. We’re close to the center of the financial services industry in New York City, Hartford and Boston. As the field has evolved, we’ve upgraded the program to keep up with the times,” he says.
On September 20, more than two-dozen actuarial science undergraduates were recognized for their accomplishments at an annual scholarship banquet. Chosen for their academic achievement, community service, leadership and success on actuarial exams, they are part of a cadre of 210 actuarial science students at UConn, a school record.
“As a department, we can offer students an immense amount of practical experience,” says Lombardi, who has more than 30 years of experience in the insurance industry. “And employers like us because they know that our graduates are no risk; they’ve proven themselves.”
Heather Nathan ’07 is an Aetna Actuarial Scholar and an Actuarial Science Foundation award winner, and has already passed three of her actuarial exams.
“Not only have I been an intern at Aetna for every summer of my college career, but Aetna has also allowed me to continue my work during each semester as a co-op,” she says. “As an out-of-state student, I decided to attend UConn for its outstanding program, and receiving a scholarship certainly assisted my decision to attend. I’m grateful for the corporate sponsors’ support. They enabled me to pay for extremely expensive exams and study materials without hesitation.”
To support the College of Liberal Arts and Sciences, please contact Frank Gifford at 860.486.6798.
