YSU Establishes Actuarial Science Scholarships

YOUNGSTOWN, Ohio – Youngstown State University is taking important steps toward building and improving the pipeline for actuarial science careers by establishing scholarships and a professorship that support this field of study. The university is able to do so because of the support of Ohio’s oldest health insurance company – Medical Mutual of Ohio.

“On behalf of everyone here at YSU, we thank Medical Mutual for its commitment to the future of the Mahoning Valley, our students and the actuarial science profession,” YSU President Jim Tressel said. “These new scholarships and the new professorship will help lead our actuarial science program to new heights.”

Actuarial science is the discipline that applies mathematical methods to assess risk in the insurance and finance industries. The median annual wage for actuaries is $101,560, according to the U.S. Bureau of Labor Statistics. Employment in this field is projected to grow 22% by 2026, much faster than the average for all occupations.

The scholarship and professorship are being established through a gift by Medical Mutual to the YSU “We See Tomorrow” fundraising campaign. “We See Tomorrow” is a $100 million initiative, the largest in YSU history, and is spearheaded by the YSU Foundation, the official fundraising arm of YSU.

“We are committed to doing all we can to be fiscally responsible and run our business with the best interest of our members in mind,” said Rick Chiricosta, chairman, president and CEO of Medical Mutual. “We rely on the knowledge and discipline our actuaries provide to make sure this happens and we felt it was important to support this field of study and our customer, Youngstown State.”

The Medical Mutual Scholarships in Actuarial Science will be available to YSU undergraduate or graduate students studying actuarial science. Recipients will be chosen by the YSU College of Science, Technology, Engineering and Mathematics in conjunction with the YSU Department of Mathematics and Statistics, the YSU Office of Financial Aid and the YSU Foundation.

The Medical Mutual Endowed Professorship in Actuarial Science will fund the salary and administrative support to hire a professor of actuarial sciences to teach undergraduate and graduate courses, maintain an active agenda in research and scholarships, and serve as a nationally recognized scholar of actuarial science. The professor, who will be chosen by YSU’s provost and STEM dean, will be actively involved in the actuarial science profession at the national, regional and local levels.

Pictured: YSU President Jim Tressel and Ben Stoffer, Medical Mutual regional vice president of Canton, Youngstown and southeast region.

Copyright 2024 The Business Journal, Youngstown, Ohio.