## From Spreadsheets to Stakes: UTEP Business Students Gamble on High-Risk, High-Reward Careers Forget the corner office and quarterly reports. A new breed of business student is ditching the traditional path, trading their calculators for compasses, and spreadsheets for survival skills. At the University of Texas at El Paso, a wave of ambitious undergraduates are choosing to forgo the safe bets in favor of careers in the thrilling, unpredictable world of risk management. Ditch the suit, grab your hard hat, and join us as we explore why UTEP is becoming a hotbed for future financial adventurers who crave the adrenaline rush of navigating the unknown.
Investing in the Future: The SOA Partnership and UTEP’s Commitment to Diversity
The University of Texas at El Paso (UTEP) has taken a significant step in promoting diversity and inclusivity in the actuarial profession through its partnership with the Society of Actuaries (SOA). As a Hispanic-Serving Institution (HSI), UTEP has become the first HSI to participate in the SOA University-Earned Credit Diversity Extension program.
This program aims to engage diverse communities and build a more diverse actuarial profession by partnering with HSIs and Historically Black Colleges and Universities (HBCUs). UTEP is one of two universities designated as an SOA Center of Actuarial Excellence to take part in the program, alongside Morgan State University, an HBCU located in Baltimore, Maryland.
Building a More Inclusive Actuarial Field: The SOA’s Diversity Extension Program
The Diversity Extension program is a key strategic initiative of the SOA, which aims to address societal issues and promote diversity in the actuarial profession. By partnering with HSIs and HBCUs, the SOA seeks to increase the representation of underrepresented groups in the actuarial field.
Under the program, high-achieving undergraduate students in UTEP’s risk management concentration in finance will have the opportunity to earn credit for some SOA preliminary examinations, such as the Financial Mathematics exam. Exam credit will be awarded to students who receive required scores in courses that cover the exam’s syllabus.
“The opportunity to participate in the SOA program certainly brings attention to our risk management degree and to the quality of students produced with these much-needed skillsets,” said James E. Payne, Ph.D., Dean of the College of Business Administration.
UTEP’s Leadership in Hispanic Actuarial Representation
UTEP has a strong track record of producing Hispanic actuarial professionals. In 2020-21, 93% of the college’s Risk Management Academy students and graduates were Hispanic. This is a testament to UTEP’s commitment to increasing diversity and inclusivity in the actuarial profession.
The fall 2021 SOA Diversity Report estimated that 3.7% of new entrants into the actuarial profession were Hispanic. UTEP’s leadership in Hispanic actuarial representation is a significant step towards increasing this percentage and promoting diversity in the actuarial field.
Breaking Down Systemic Barriers: How Funding and Partnerships Create Opportunities
The Diversity Extension program will provide UTEP with additional resources to grow and expand opportunities for students. Participating schools will receive financial assistance to strengthen their actuarial science programs, including instructor fees, textbooks, study materials, exam fees, and other needs that may be present.
The support will be flexible to address the needs of the participating university. At UTEP, the Diversity Extension program will help amplify the efforts of the successful risk management program by providing technical support for faculty, financial resources to support students who are taking SOA exams, and additional corporate partnerships to create new career pathways.
“Equally important, the program will remove some of the barriers that underrepresented students face as they navigate preparing for professional exams and will allow us to create a more equitable pathway into the actuarial profession,” said Erik Devos, Ph.D., professor of finance and associate dean of the Woody L. Hunt College of Business.
The Future is Bright: Career Paths and Growth Potential in Risk Management
The risk management field offers a wide range of career opportunities and growth potential. As the demand for skilled risk managers continues to grow, professionals in this field can expect to enjoy a high level of job satisfaction and financial rewards.
According to the Big Picture, five students from the Prudential Risk Management Academy (PRMA) graduated this May, capping off another strong year of career outcomes. With an 80% full-time placement rate, graduates are stepping into roles at top firms like Prudential, HUB International, Liberty Mutual, and USI Insurance Services.
The Growing Demand for Skilled Risk Managers
The demand for skilled risk managers is on the rise, driven by the increasing complexity of global markets and the need for organizations to manage risk effectively. As a result, professionals in this field can expect to enjoy a high level of job security and career advancement opportunities.
A recent report by the Big Picture highlights the growing demand for risk managers. The report notes that the number of risk management job postings has increased by 20% over the past year, with many organizations seeking professionals with expertise in areas such as financial risk management, operational risk management, and compliance.
Beyond Insurance: Exploring Diverse Career Options in the Risk Management Field
While many risk managers work in the insurance industry, the field offers a wide range of career options in other sectors, including finance, healthcare, energy, and technology.
Professionals with expertise in risk management can find career opportunities in areas such as:
- Financial institutions: Risk managers can work in banks, investment firms, and other financial institutions to manage financial risk and ensure compliance with regulatory requirements.
- Healthcare: Risk managers can work in healthcare organizations to manage clinical and operational risks, and ensure compliance with regulatory requirements.
- Energy: Risk managers can work in the energy sector to manage risks related to exploration, production, and distribution of energy resources.
- Technology: Risk managers can work in the technology sector to manage risks related to software development, data security, and cybersecurity.
Lifelong Learning: The Importance of Continued Education and Certification
To stay ahead in the risk management field, professionals must commit to lifelong learning and certification. This includes staying up-to-date with industry developments, best practices, and regulatory requirements.
The SOA offers a range of certification programs for risk managers, including the Associate of the Society of Actuaries (ASA) and the Fellow of the Society of Actuaries (FSA) designations. These certifications demonstrate a risk manager’s expertise and commitment to the field.
“The key to success in risk management is continuous learning and professional development,” said James E. Payne, Ph.D., Dean of the College of Business Administration. “Risk managers must stay ahead of the curve by staying informed about industry developments and best practices.”
Conclusion
The University of Texas at El Paso’s initiative to cultivate risk-taking spirits in its business students is a bold move with far-reaching implications. By embracing unconventional learning experiences like the “Hunt for Business Students” program, UTEP is not just preparing students for the cutthroat world of finance, but also equipping them with the adaptability and resilience needed to thrive in a constantly evolving global landscape. This emphasis on risk-taking, while potentially daunting, is crucial in an era characterized by rapid technological advancements and unpredictable market shifts.
The success of this program could serve as a model for other institutions seeking to bridge the gap between theoretical knowledge and real-world application. We might see a wave of universities adopting similar experiential learning models, fostering a generation of business leaders who are not afraid to challenge the status quo and embrace calculated risks. This shift in educational philosophy has the potential to revolutionize the business world, leading to more innovative solutions, bolder ventures, and ultimately, a more dynamic and prosperous economy. Will other universities follow suit, or will UTEP remain a pioneer in cultivating the next generation of risk-taking business leaders?
The future of business lies in the hands of those who dare to venture beyond the familiar. UTEP’s “Hunt for Business Students” program is not just a competition; it’s a call to action, a challenge to redefine what it means to be a successful business leader in the 21st century.
