The St. Thomas actuarial science program has more than doubled in size in the past two years, expanding from 16 students pursuing the major in 2012 to 36 in 2014.

Actuaries assess risk in finance and insurance using mathematics and statistics. Thorsten Moenig, interim director of the actuarial program, said the major has been growing nationwide because of its importance and the flexibility of an actuary’s position.

“We do see across the country the number of students who want to major in actuarial science growing substantially. I think that probably has something to do with actuarial science being listed in the top three jobs every year,” Moenig said.

An actuarial profession ranked No. 4 on CareerCast’s 2014 study of the top 200 best paying jobs in the nation. Based on statistics from St. Thomas actuarial science department graduates, a starting salary for actuaries in the Twin Cities is between $60,000-$65,000 a year with benefits.

Heekyung Youn, director of the actuarial program, is currently on sabbatical in Korea, and Moenig said she has played a role in expanding the program at St. Thomas.

“(Youn has) taken students by the hand and really guided them through it,” Moenig said.

Sophomore Heather Andryski visited with Youn at St. Thomas after her junior year of high school and found herself drawn to the actuarial program.

“She gave me a pamphlet and explained the basics to me,” Andryski said. “There were only 15 students per class who were majoring in actuarial science at the time, and the close-knit dynamic of the group appealed to me.”

Actuaries train to be experts in risk management, using their mathematical skills to create and manage programs that assist people in times of financial strife. Additionally, they help design and operate benefit plans, which provide for future assurance of safety against risks of injury, illness, death, property damage and loss of income due to unemployment or retirement.

Andryski said she has always enjoyed mathematics and saw being an actuary as a great way to apply her skills to the world.

“A lot of time you work in insurance, but there are so many things that actuaries can do,” Andryski said.

Junior Joseph Salz has been in the actuarial science program since he came to St. Thomas and has worked with many alumni. Salz agreed there are numerous opportunities for actuaries and said networking at St. Thomas has been helpful.

“It’s a great starting point,” Salz said of the program. “I want to use my skills as best as I can but not put a definition on what I will do in the future.”

Since the financial crisis in 2008, personal economic well-being has become an important factor for students when it comes to choosing a major that will provide good careers. Although the major was available before Moenig came to St. Thomas, this renewed desire for financial stability helped grow the department.

“You have a very clear path. You know what you need to do to get ahead. Students like that certainty,” Moenig said.

Jeffrey Langan can be reached at lang5466@stthomas.edu.