Mathematics major Jerome Mathew wants to make a low-profile yet vital profession more accessible to students.

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When Jerome Mathew first encountered the concept of actuarial science during his freshman year at the University of Maryland, he was drawn to its unique blend of mathematical rigor and business application 

“It’s a combination of math, business, economics and more,” said Mathew, now a senior double majoring in mathematics and computer science. “The Actuary field is really entrenched in the fabric of our society, even though most people outside of the field don’t really know what the job of an actuary entails.”

Actuarial science, with roots that date back thousands of years to the Code of Hammurabi in ancient Babylon and insurance-like programs in ancient Greece and Rome, is the art of calculating and quantifying risk and compensation for losses. In the late 17th and 18th centuries, English mathematicians John Graunt and Edmond Halley (best known for his namesake comet) pioneered the idea of analyzing longevity and death in segmented population groups, forming the basis of modern life insurance—and the start of the actuarial profession.

Today, actuaries are essential across numerous industries, from insurance and health care to banking and government. Modern actuaries manage risk, specifically employing sophisticated  mathematical models to predict outcomes ranging from natural disaster impacts to health care costs. That mathematical connection sparked Mathew’s interest.

“Actuarial math appealed to me because it has such broad implications, but there wasn’t much awareness of the profession on campus,” Mathew said. “I needed to learn more, so I joined the Actuary Club on campus that same semester and became its third member.” 

UMD’s Department of Mathematics does not currently offer an actuarial sciences degree, although students can take classes within the statistics major track that heavily overlap with actuarial exam requirements and receive actuarial academic advising. Non-math majors can also enroll in the department’s actuarial mathematics minor, which provides them with the mathematical foundation needed for actuarial work. This academic structure made the Actuarial Club even more important for math students interested in actuarial careers like Mathew, as it aimed to bridge the gap between classroom theory and professional practice. 

But Mathew soon ran into a problem: the club was small and its future was in jeopardy after he joined. “Once the then-president and vice president graduated, I became the de facto president and sole member,” Mathew said. “For a while, I was lost and didn’t know what to do to keep the Actuary Club alive. It was just me and our faculty advisor, Math Professor Eric Slud, who offered me a lot of valuable perspective because he’s a credentialed actuary himself.” From a one-person club to a thriving community of aspiring actuaries

To come up with a plan to revive the club and learn more about the skills required of actuary professionals, Mathew enrolled in STAT 470: Actuarial Mathematics. Originally designed decades ago by Slud to introduce students to the mathematical foundations of risk assessment, the course proved transformative because it connected Mathew with other students interested in actuarial careers.  

Drawing on relationships formed in the class, Mathew overhauled the original club and created a new leadership team, website and social media presence with his classmates. “I realized I couldn’t do it all alone. The best ideas really come when you have a team and everyone works together to put those ideas to action,” Mathew said. “With everyone’s help, we brainstormed ideas about how to reach out to people.”

The revitalized Actuarial Club adopted a new approach to membership. Instead of targeting only students who were already committed to becoming actuaries, they focused on increasing exposure to those who were curious about or simply unaware of the field as a potential career option. The strategy worked. The club quickly expanded to an executive board with four positions and a growing membership roster. Now, the group generally meets twice a semester with guest speakers who provide insight into the actuarial profession and advice to students interested in pursuing the career. “A recent presentation from an industry professional drew about 25 attendees to our club meeting,” Mathew noted. “We managed to get the word out and people wanted to learn more.” Slud, who has been the go-to UMD faculty member for actuarial sciences expertise since the 1990s, was impressed by the group’s growth and development under Mathew’s leadership.

“In my experience, it seemed like there were never more than about a dozen students university-wide who were planning an actuarial career and taking actuarial exams, but Jerome has been very entrepreneurial in encouraging continuing participation beyond the club’s previous format,” Slud noted.  

In the future, Mathew hopes to incorporate exam study sessions to help students prepare for the rigorous professional exams required to become a credentialed actuary and other tests that keep actuaries current with industry changes and help with career advancement in the field.“The profession requires you to be very well-trained and up-to-date, which can be intimidating,” Mathew explained. “Having the credentials sets the stage for getting a job in the field and being successful at it.”

To advance his own practical experience, Mathew recently completed an actuarial internship at Cigna Group and will soon work in health care consulting at Aon, a multinational firm that offers a variety of risk-mitigation products, this summer. As Mathew approaches the end of his tenure as Actuary Club president, he hopes to pass on his passion to a new generation of aspiring actuaries and keep the club alive. “If you’re curious about what an actuary does and if becoming one is possibly the right fit for you, you should definitely come at least once—if only to understand what the field is,” Mathew said. “Being a math major with a solid baseline of quantitative skill is great, but computer science, econ and finance majors have a lot to contribute, too. We welcome anyone who wants to learn a different way of applying their math skills.”

Written by Georgia Jiang