Adding up to success

Michael Maguran, CAS ’19, earned his Fellow of the Society of Actuaries (FSA) designation just five years after graduation.

Becoming an FSA is a prestigious achievement that typically takes seven to 10 years and is often comparable to the rigor of earning a Ph.D.

“It's quite tough, for each exam you are expected to study between 200-300 hours. I had took nine exams so in total that’s somewhere between 2000-3000 hours of studying,” Maguran said. “Taking these exams often means making some sacrifices in your personal life. However, once you finally achieve FSA, it is an unbelievable feeling. You are left wondering, what am I going to do with all this extra time now?”

Michael Maguran was close to earning his ADA designation when he graduated from OU in 2019 after taking three of the tests as a student.

Maguran was able to get a jump start on becoming a FSA while he was at Oakland. He was able to take a few of the exams and earned the Associate of Society of Actuaries (ASA) designation shortly after graduation.

“I had three classes that directly translated to the material on the exams, and that was incredibly helpful,” Maguran said. "Those classes helped me get through nearly half of the ASA requirements.”

Maguran currently works at Blue Cross Blue Shield of Michigan as an Actuarial Consultant. He started in December of 2019, just days after graduating from OU.

“The Oakland University program has a history of producing strong actuaries,” Maguran said. “Blue Cross Blue Shield of Michigan has more than 100 actuaries, many of which are also OU graduates. Oakland does a great job preparing you for your career.”

Maguran said in addition to OU’s program being strong, he also benefited from being a member of the Actuarial Science Student Club. The club often hosts meetings with professionals already working in the actuarial field.

“The Actuarial Science Club was a great way to learn all about the profession,” Maguran said. “We learned about potential job opportunities, we discussed the exam process and recommended study material, and learned more about the role of an actuary. We were also able to connect with our peers and help build our network. OU’s faculty is awesome as well. They were able to provide invaluable guidance to us as students and truly cared about our success, both during our time at OU and into the future.”

Maguran recently returned to OU to meet with the Actuarial Science Club on behalf of the Blue Cross Actuarial Department, offering insights into the profession and advice to students. He said he learned a great deal from meeting with professionals when he was a member of the club and wanted to give back that same opportunity to current students.

“This is a great opportunity to stay involved with OU and ensure that what helped me as a student lives on for future students,” said Maguran, who mentioned he plans on returning to OU again in the future. “We spent time going through information about the profession, real-world examples of our work, and offering advice to students. We also touched on the exam process, which as I mentioned is very tough and emphasized not becoming discouraged by any challenges along the way. Historically, these exams often have a 50% pass rate and it’s uncommon to pass all the exams on your first try. We wanted to encourage students to not get discouraged in the face of any challenges in their exam progression and help them understand an occasional roadblock is a normal part of the process.”

Michael Maguran (right) currently works at Blue Cross Blue Shield of Michigan as an Actuarial Consultant.

Actuarial science is a field that uses mathematical and statistical methods to assess financial risk, primarily in the insurance and financial industries. Actuaries analyze and manage risks by using their skills in mathematics, statistics, and business to help companies and clients make informed decisions and understand the financial implications of future events. 

The median pay for actuaries is $125,700 according to the Bureau of Labor Statistics.

Maguran said he is thankful he went into Actuarial Science and enjoys the work he does for Blue Cross.

“The work is constantly giving me ways to stay engaged or challenge myself,” Maguran said. “Not only was it a challenge to get here, but there is always a new problem to solve. The health insurance field is rapidly evolving as well with innovative benefit offerings, new rating or insurance requirements, and new technologies that keep the work engaging. I also find it rewarding that at Blue Cross, we are a member-focused company. We have a strong mission where we are truly looking to do right for our members and being a part of that is incredibly rewarding.”

Maguran feels students who are interested in the field should consider Oakland’s program.

“The OU program has many great benefits to offer. From their faculty who truly support your future, to Oakland being well connected and represented with many of the big actuarial employers, being a part of the OU program is a great launching point for your actuarial career. I’m really grateful I went to OU.”

For more information on OU’s Actuarial Science program please visit: https://www.oakland.edu/careers/actuarial-science-cas/