Major organization recognizes MTSU as ‘Center of Actuarial Excellence’

MURFREESBORO, Tenn. — Middle Tennessee State University mathematical sciences professor Don Hong has been waiting years for this news: MTSU recognized as a Society of Actuaries Center of Actuarial Excellence.

Six weeks before MTSU hosts one of the premier annual events for actuaries around the world, Hong received confirmation from Jessica Morse, chair of the SOA Center of Actuary committee.

Pictured, from left, inside the Middle Tennessee State University Science Building atrium in Murfreesboro, Tenn., faculty members Vajira Manathunga, Lu Xiong, and Don Hong hold documents related to the Casualty Actuarial Society Gold Level and the Society of Actuaries Center of Actuarial Science recognitions earned and held since fall 2023 by the university’s Actuarial Science program in the Mathematical Sciences Department. (MTSU photo by Randy Weiler)

“The committee commends MTSU for the support that it provides to faculty, particularly regarding recognition of actuarial credentials and research,” Morse wrote in the letter to Hong, MTSU’s actuarial sciences program director.

“We also would like to praise your team for the preparations they are making for the 2024 Actuarial Research Conference,” she added. “MTSU’s dedication to its faculty and the actuarial community at large is apparent and we look forward to our continued partnership via the (Center of Actuarial Excellence) program.”

Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in insurance, pension, finance, investment and other industries and professions.

MTSU’s top-tier, Casualty Actuarial Society Gold Level program is hosting 100 actuary professionals and undergraduate and graduate students during the 59^th Actuarial Research Conference July 17-20 on campus.

Pictured, from left, outside the James E. Walker Library at Middle Tennessee State University in Murfreesboro, Tenn., actuarial science faculty members Lu Xiong, Don Hong and Vajira Manathunga are shown with the letter from the Society of Actuaries Center of Actuary committee recognizing MTSU as a Center of Actuarial Science, making it one of the top programs in the world. (MTSU photo by Randy Weiler)

Academic and practicing actuaries will discuss emerging research on some of the most pressing questions in the actuarial science field at the conference.

“This is really a huge moment for MTSU, since it places the university among the top 40 schools in the world for the Center of Actuarial Excellence recognized by the Society of Actuaries,” Hong said of the center recognition.

“Combined with the Gold Level Recognition given by the Casualty Actuarial Society, another major actuarial society, MTSU is among only nine schools in the world that has been recognized by both organizations,” he added. “… This triumph is a testament to the entire department’s hard work, commitment and teamwork.”

Housed in the MTSU Mathematical Sciences Department, MTSU features the only actuarial science program in Tennessee and one of only two in the South.

Long time coming

Hong arrived at MTSU in 2005, hired “to lead the development of the actuarial science program,” he said. At the time, there were only about five students per class. A standalone bachelor’s degree and concentration in the master’s in professional science program were later established.

Dr. Don Hong, Mathematical Sciences faculty — Dr. Don Hong

For Hong, the Center for Actuarial Science designation “is a dream come true.” He is appreciative of the past leadership and “invaluable support in curriculum development and actuarial research enhancement” from Tom Cheatham (former dean), Curtis Church and Don Nelson (former department chairs), Bud Fischer (former dean), Peter Cunningham(retired from Academic Affairs) and Saeed Foroudastan (associate dean).

MTSU twice unsuccessfully applied for the Center of Actuarial Excellence recognition, needing “significant research papers published in actuarial journals,” Hong said. The recent leadership of College of Basic and Applied Sciences Dean Greg Van Patten and Math Department Chair Chris Stephens led to the program receiving enhancements specifically in the aspects to meet the Casualty Actuarial Society and Society of Actuaries designated requirements.

Dr. Lu Xiong, MTSU Mathematical Sciences and Actuarial Science faculty member. — Dr. Lu Xiong

Recently hired faculty members Lu Xiong and Vajira Manathunga “have worked diligently to make great contributions in new course development, using data science techniques to actuarial science and research projects in the field,” Hong said.

“Their efforts to achieve the Associate of Society of Actuaries designation by passing a series of professional exams from the SOA allowed MTSU to meet another component in the CAE qualifications,” he added.

Eighty students are in the MTSU program. Hong, Manathunga and Xiong hope high school students hear about the recognitions and learn “MTSU is a great choice to study actuarial science and related subjects in insurance, risk management and data science,” Hong said. “This field is such an exciting field for both research and career prospects.”

— Randy Weiler (Randy.Weiler@mtsu.edu)