Morgan’s Aspiring Actuaries Achieve Success in the Classroom and Beyond

BALTIMORE — In the field of actuarial science, real-world experience is essential. To grasp the intricacies of risk management and insurance fully, students must venture beyond the classroom and immerse themselves in the industry.

Morgan State University’s Bachelor of Science in Actuarial Science is distinguished as the nation’s sole such program offered by an Historically Black College or University (HBCU). The program also stands out for its innovative approach, its industry connections and its dedication to diversifying the actuarial profession, qualities that guided a unique educational trip that took Morgan Actuarial Science majors to Bermuda, a global hub for the reinsurance industry.

Led by the Actuarial Science program’s director, Candice Marshall, Ph.D., the trip provided students with a rare chance to explore the world of reinsurance and learn from industry experts. A highlight of the international experience was meeting Bermuda’s premier, David Burt, who left a lasting influence by sharing his insights into the island’s role in the global reinsurance market and his perspective on Bermuda’s importance in the insurance industry.

The trip also included meetings with various reinsurance companies on the island, including Chubb, Aon, Global Atlantic, Athene, Somerset Re and Bermuda International Long Term Insurers and Reinsurers (BILTIR), as well as opportunities for the students to network with other actuaries on the island. These encounters allowed students to interact with key decision-makers and gain a deeper understanding of the sector’s challenges and opportunities — important information for their future careers. Engaging with experienced actuaries helped the students connect theoretical concepts to real-world applications as they prepared for their annual case competition, hosted by Travelers, which focused on homeowners’ insurance and reinsurance this year.

Beyond the career-enhancing activities, the students enjoyed exploring Bermuda’s natural beauty and culture.

During their time abroad, Morgan’s Actuarial Science program leaders engaged with key Bermudian figures to broaden the program’s reach. Among them was Karen Grissette, the U.S. Consul General of Bermuda, whose commitment to promoting Morgan’s undergraduate actuarial science education and the Summer Academy of Actuarial and Mathematical Sciences (SAAMS) is not only enhancing the program’s presence in Bermuda but also creating new opportunities for Bermudian students. 

In addition, Sylvia Oliveira, of the life reinsurance company Wilton Re, facilitated a meeting with Bermuda College’s administration, paving the way for a fruitful partnership. The college’s two-year program will offer a smooth pathway for students to transition to Morgan’s four-year degree program in Actuarial Science.

Barry Jacobson, a former actuary who works closely with Morgan’s program, coordinated many of the meetings with his former colleagues in Bermuda and spoke to the students about the trip's significance in their education.

The Bermuda trip was transformative for Morgan’s Actuarial Science majors, increasing their knowledge of the reinsurance industry and its global dynamics. The journey also affirmed Morgan State University’s Actuarial Science program as a leader in the field, and it forged significant partnerships that will benefit both the program and Bermudian students for years to come.

60 Years of Math Achievement

According to U.S. News Best Jobs Rankings, the actuarial profession is ranked #6 in business jobs and #14 in best STEM jobs with Black or African American actuaries represent only 3.1% of the industry.

Opportunities abound for aspiring actuaries in this lucrative, high-ranking profession and Morgan has a long history producing proficient math and STEM graduates prepared to impact industries in the public and private sector.  A recent independent report on Morgan’s economic impact on Baltimore and the region revealed that nearly 17% of Morgan alumni are employed in science, technology, engineering or mathematics (STEM) fields, compared with 11% for all Maryland institutions of higher education. An impressive statistic rooted in a legacy of Morgan’s outsize impact on STEM whose success is best illustrated in a full circle moment 60 years in the making.

Generations of high-achieving Morgan mathematics graduates had already made their mark on the world when the Baltimore Afro-American published an article titled “Morgan Math Students Rank High,” on April 18, 1964. Photos of five graduating seniors of Morgan’s Honors Curriculum in Math — Naomi Booker, Earl R. Barnes, Arthur D. Grainger, Barbara Haskins and Scott Williams — graced the page, above the news that they had placed from the 93rd to the 99th percentile with their scores on the very tough Graduate Record Exam.  

Six decades later, Morgan’s School of Computer, Mathematical and Natural Sciences proudly reports that four of its students passed the notoriously difficult Society of Actuaries Financial Mathematics (FM) exam, en route to careers in the insurance industry:

• Taylor Ellis, Spring 2024 graduate, Bachelor of Science in Actuarial Science
• Tarique Gooden, Spring 2024 graduate, Bachelor of Science in Actuarial Science
• Kennedy Bryant, a rising junior pursuing a bachelor’s degree in Actuarial Science
• Tyler Shaia, a rising junior pursuing a bachelor’s degree in Actuarial Science 

Morgan’s math programs are still Growing the Future, and their students continue to Lead the World.