Susan Frankovich graduated from Ohio State Undergrad in 2021. She graduated with a major in Actuarial Science. She currently works for MassMutual Ascend as a Senior Actuarial Analyyst II. Previously, she has worked for Great American Insurance. Feel free to contact her at frankovichsuzie@gmail.com.
How did you first become interested in actuarial science?
When I was a sophomore in college, majoring in Business Administration, I realized I missed taking math courses and decided to pursue a minor in Mathematics. A family friend recommended that I check out Actuarial Science. After completing a finance internship abroad, I decided I did not want to pursue a career in finance. I joined the Actuarial Science major in the fall of my junior year and passed my first exam.
How did Ohio State's program stand out to you?
The undergrad courses were designed to help students study for exams
What do you love most about Ohio State?
The Ohio State alumni network is huge! No matter where you move post-grad, you will likely meet at least one fellow buckeye.
What did you think about the faculty in the program?
The actuarial profession has many barriers to entry, so I appreciate the directness of the faculty in helping students decide if this career path is the right one for them.
How were your interactions with other students in the program?
I could only interact with other students in the program for two years, but in that short time, I built a network I still connect with today. My friends are independently knowledgeable and approachable - they are always a great sounding board for actuarial industry/professional questions.
What role did OSU's program play in tackling the SOA or CAS exams?
I only sat for two exams while I was at OSU, exams FM and P. I attribute my success on those exams to the actuarial coursework completed at OSU.
Tell us about your internship experience.
I completed my first actuarial internship at Great American Insurance Group during the Summer of 2020. The internship focused on the pricing/development of annuity products. Due to the timing of the internship, I was remote the entire summer and never got to meet the other interns in person. However, I ended up loving the internship and decided to stay on with the company as a co-op until graduation. After graduation, I accepted a full-time role with Great American Insurance Group right before they were acquired by MassMutual. I still work at the company today.
In what ways did the program challenge you that you weren't expecting?
Before the internship, I had little experience with modeling or coding. The first couple of weeks of my internship were like "drinking from a fire hose"—learning the pricing model, annuity terminology, our product line, coding in VBA, etc. As I started to take on harder projects, I found the difficult technical work to be very fulfilling.
What has been your biggest takeaway from the program? Was there any class or skill that stood out? How did the content prepare you for your role?
The OSU Actuarial Program is a great stepping stone for those wanting to enter the actuarial profession. However, I encourage students to supplement their undergrad studies with some Excel/R-related courses to prepare them technically for the workforce. Further, I recommend students use 3rd party platforms when preparing for SOA exams since they will have to use a similar platform when they graduate.
How would you describe your work in actuarial science, and what excites you about the field?
The actuarial science field is ever-changing - I am always learning about new things and taking on exciting tasks. I love that, as an Actuary, I am always learning! The field is also unique from other fields because early career development is self-paced. You can move up professionally by passing exams while rising to new roles through prolonged exposure in the field.
Is there anything about actuarial science that might surprise someone new to the field?
The actuarial profession is more focused on career experience than exams. During undergrad, there is an emphasis on passing a certain number of exams. However, once you enter the workforce, a prior internship and relevant knowledge will stand out even more than having passed multiple exams.
Can you elaborate on your current role and typical things you encounter on a day to day basis?
I currently work in a traditional pricing role focused on existing products. My responsibility is to maintain the model and adjust for new experience so the rates on our products remain competitive and larger blocks of business remain profitable. My role is heavily involved in coding our pricing model and validating input. Further, I regularly work with Excel, where I employ SQL and VBA to perform experience studies, frequent reports, and multiple one-off analyses.
What advice do you have for current and future students?
I encourage students to work on their note-taking and time-management skills. Actuaries tend to work independently, so they are expected to know exactly what is asked of them and when they are expected to complete it. Further, I encourage students who plan to take exams after graduation to work on their independent study skills now. Once they enter the workforce, they will be expected to self-learn.
Do you have any advice for international students?
Most companies can accommodate visas if they know one is needed early into the interviewing process.
