Mousa Sunnoqrot is a senior at the State University of New York at Buffalo in Amherst, New York, where he is majoring in Mathematics and minoring in Economics and Statistics, with a concentration on Actuarial Science. Mousa is the professional chair for University at Buffalo’s student-run Society of Future Actuaries, and he interned this past summer at Healthfirst in New York City. We spoke with Mousa in September 2019.
Tell us one thing about you that’s not on your resume.
I love soccer. I’ve been playing since I was eight years old and am still playing in college. I’m on the club soccer team where we practice every single day and have games on the weekend. I’m a huge FC Barcelona and Messi fan; he has been my idol ever since I started playing soccer.
Whether you decide to go into insurance, corporate finance, or any industry, your work matters. An actuary will always be sitting at the big table with the CEOs and CFOs giving crucial input that the big decision-makers implement.
What has your experience at the University at Buffalo been like?
My experience at UB has been incredible so far. At first, it was intimidating coming to the U.S. for the first time as an international student. I’m originally from Jordan and I grew up in Dubai, so coming to UB as a freshman was a big change in environment.
UB has allowed me to grow immensely. Coming here as a freshman, a big challenge for me was adapting to living by myself. It was the first time I ever lived without my parents, and it was the first time I was in a completely different continent away from any family. It was challenging in the beginning, but I’ve grown so much from the atmosphere here. It constantly pushes you to mature in all aspects.
One aspect about Buffalo that I really like is that it has a large international student population. This is something that makes international students feel like they are at a home away from home. It doesn’t really feel like you’re studying halfway across the world because the friends you make here feel like family.
What other schools were you considering, and why did you choose UB?
I knew I wanted to come to North America, but I hadn’t fully decided between Canada and the U.S. I applied to a few schools in Canada and in the US, and I narrowed down my options to colleges in the northeast region of the U.S.
In the end, the top schools I was considering were Penn State, Michigan State, and UB. They are all great schools with fantastic programs, but what tipped the scales was that UB offered me a scholarship. That is something that was very important to me and my parents, especially because international student tuition is extremely expensive. It removed a lot of stress and felt like it was the right move.
What influenced you to pursue actuarial science?
I initially entered university majoring in mechanical engineering. At that time, I didn’t know actuarial science existed. I chose engineering because I love math and physics, but I always knew that I wanted to study something related to finance and economics. I didn’t want to be solely in the scientific or financial field; I wanted a mix of both.
I finished my first year in engineering, and while I was enjoying what I was studying, I did not feel fulfilled because I didn’t feel that it was catering enough to my interests in finance. So, I went on searching for a field that intertwines math and statistics with finance and economics. That is when I stumbled upon actuarial science. As soon as I read about it, I knew it was the perfect field for me. Actuarial science matches my personality and the way that I think. I am all about efficiency, and that’s one of the many reasons why I want to be an actuary.
Why should other students consider a focus in actuarial science?
My favorite aspect about actuarial science is that it allows people to use their talents to have a meaningful and positive impact in the world. Actuarial science has been consistently rated as one of the top jobs worldwide. No matter where you go, there is always a demand for actuarial science. It’s a prestigious and niche job which makes it very attractive.
Actuaries earn great salaries, which are constantly increasing with exams. There’s so much room for growth and promotions. Another great aspect is that actuaries have such a large impact. They participate in high-level business decision-making problems and solve real-world problems in every single industry.
Whether you decide to go into insurance, corporate finance, or any industry, your work matters. An actuary will always be sitting at the big table with the CEOs and CFOs giving crucial input that the big decision-makers implement.
What has been your experience with the actuarial science program at your school?
The actuarial science program at UB consists of a math major and economics and statistics minors. I like that because we get to interact and take classes with professors from the math and statistics departments. We also take economics, finance, and accounting classes in the school of management, which gives us a wide variety of subjects.
I am the professional chair of the Society of Future Actuaries at UB. The Society of Future Actuaries has had the biggest impact on my experience. The club only started three years ago, and we have grown incredibly since. The biggest focus of our club is networking and helping students prepare for and land internships and jobs.
Every year, we take an annual trip to New York City, where we get to visit four to five actuarial and data analytics firms. The actuaries working at the firms give us presentations about their day-to-day tasks and what professional actuaries do so we can get a full understanding of how professional workplaces function.
What is your favorite class so far and why?
My favorite class that I have taken is Econometrics. The class teaches data analysis on the economy and real-life issues. We explored interesting topics and found conclusions using data. We used a program called STATA for data analysis and regressions. The industry standard actuarial programs are SAS and SQL. Although we didn’t use SAS or SQL directly, learning how to use STATA allowed me to learn how to use SAS and SQL very quickly.
Another class I really liked was a mathematical and scientific programming class in which we used Python. I found that class very beneficial throughout the semester. We carried out several projects in which the professor kept the premises very broad. That allowed me to explore Python in a way that is useful for my career.
Have you had any insurance-related internships? If so, how was your experience?
Last summer, I interned at Healthfirst in New York City. Healthfirst is the biggest not-for-profit health insurance company in New York State. My role was a data analyst in the finance department. I found that to be super interesting because data analysis is very similar to actuarial science. It is a great basis for actuarial science because every actuary uses data analytics.
I spent the first couple weeks learning the company background information and getting familiar with the software. I used SAS, SQL, Tableau, and Excel. Once I got comfortable with dealing with the database and how the data is stored, I was able to query, manipulate, and analyze data. The internship was amazing because I believe Healthfirst has one of the best internship programs in NYC. Every intern is given real responsibilities and tasks that replicate the duties of a full-time employee. My mentor was the manager of my team, so I got to learn directly from a pivotal member. That was the first internship I had, and it made me sure that actuarial science is the best fit for me.
Throughout the ten weeks, I used my skills to work on multiple projects which produced reports and dashboards. This delivered actionable insights to the senior leaders regarding revenue maximization for the finance department. I interpreted and optimized the drivers of financial performance and identified areas for operational improvement. I solved complex problems by performing analyses on large datasets related to risk and financial performance. One of my projects was implemented, and it was amazing seeing my work make a real difference.
What are your future aspirations or career plans?
Healthfirst offered me a full-time position as a data analyst, and I accepted the position because I absolutely loved everything I did. I’m going to be returning there next July as a data analyst in the finance department. I will be working with the same team.
I want to ultimately become an actuary. Starting off as a data analyst will offer me skills that will allow me to become an even better actuary. Many actuaries at Healthfirst started off as data analysts. My manager was previously a consulting actuary and is now a data analyst; both roles overlap significantly. I want to work as a data analyst for a year or two, then transition into an actuarial role at Healthfirst.
Regarding the exams, I’m currently studying for Exam P, which I’m going to be taking in November, and then I plan to take Exam FM next semester. I want to have two exams under my belt by the time I graduate. Within the next couple of years, I want to get my ASA credentials, and after that, I want to continue taking exams until I get my FSA.
What advice would you give someone interested in the insurance field?
Keep an open mind because the insurance industry is very broad and there are a lot of opportunities in many different departments, not only limited to finance or actuarial science. Insurance is not boring like people stereotype it to be—it is a fast-paced, challenging, and rewarding atmosphere. My biggest piece of advice would be to get an internship. Internships are great because you get to dip your feet into the water without committing to a job. Getting an internship will allow you to experience firsthand what it’s like to work in a particular field, which is the best way to gauge whether an industry is for you or not.
Do you have any favorite books, websites, or media that you would recommend for someone interested in insurance?
My favorite form of news regarding insurance is LinkedIn. I follow all my favorite companies, and they are always posting about what is going on with the company and the industry in general. My LinkedIn feed is my newsletter; I get lots of information from there, and it always keeps me up to date.
Another website I really like is called Actuarial Lookup. This site has information on all the previous actuarial exams and all the stats, so it can give you an idea of what kind of averages and trends to expect for each exam. It’s an actuarial way to look at the actuary exams, and that’s why I like it.
