When Ian Watson graduates this month, he will hold the distinction of being the first student at Missouri Western to have passed two actuarial exams before graduation.
Dr. Steve Klassen, associate professor of mathematics who has been at Missouri Western since 1995, said he is not aware of any other student accomplishing that.
“Since setting an actuarial career as his goal, Ian has never wavered,” Dr. Klassen said.
And, he added, it is not an easy path. “Studying for actuarial exams makes nearly any student doubt themselves because the exams are challenging and are known to have a low pass rate. In addition to being totally prepared, students need to be able to work quickly, confidently and accurately.”
Watson, a native of Victoria, British Columbia, Canada, passed his first actuarial exam in June 2015, and his second this past January. He estimates he studied about 300 hours before each exam. For the first exam, he was one of only 45.2 percent of candidates that received a passing score.
Although this distinction makes Watson stand out, it’s really only half the story. Not only is he a full-time student, but he has held down a 48-hour-per-week job his entire college career at Missouri Western, and he has a wife and two children.
“I couldn’t have done it without my great support system,” Watson said, mentioning his wife and in-laws. “I attribute a lot of my success to hard work, but also to a lot of help along the way.”
“He is the most driven, hard-working, self-motivated student I’ve had the pleasure of working with,” Dr. Klassen said. “He fully deserves the rewards I’m sure he will soon enjoy.”
Actuaries use mathematics, statistics and financial theory to assess risk. They calculate rates and dividends, and provide other statistical information for insurance companies. Most insurance companies require applicants to have passed one actuarial exam, and prefer two passed exams, before they hire a candidate. There are a total of 10 exams that actuaries may take throughout their careers.
Dr. Klassen said no specialized degree is required to be an actuary, but three semesters of calculus and two semester of calculus-based probability and statistics prepare the student for the exams and an actuarial career. Students can also arrange an independent study course with Dr. Klassen to prepare for the exam, which Watson did. Dr. Klassen took the first two exams and passed, so he has a good idea of how students need to prepare.
Students who are interested in an actuarial career also take courses in Macro- and Micro-economics, Financial Management I and II, and Business and Economic Forecasting. Upon completion of those courses, students will have satisfied the Validation by Education Experience requirements which, along with the exams, are part of the requirements for the actuarial credentials.
Dr. Klassen has had several successful actuarial candidates. In the past, Missouri Western students who attended actuary career fairs at the University of Central Missouri in Warrensburg have secured summer internships. For some, that led to full-time jobs. Watson said he spoke with one alumnus from the program, Jeremy Benson ’94, a local actuary, who gave him good advice.
Watson enrolled with an engineering technology major in mind in 2011, but realized he loved the mathematics classes more. After speaking with a couple of mathematics professors, he began pursuing the actuary path and started working with Dr. Klassen.
“The mathematics department has been phenomenal,” Watson said. “You really get to know the professors, and it is easy to get help.”
He said he enjoyed the small class sizes because students were able to use project-based learning and work on real-world situations.
And what’s next for Watson after graduation, you ask? Why, study for the next exam, of course.