The actuarial journey rarely takes a straightforward path, but for Professor Barry Posterro, it has been a masterclass in blending academic excellence with industry expertise. As the first CAS Fellow at Worcester Polytechnic Institute (WPI), Posterro is leading the charge in modernizing actuarial education there. In December 2024, Posterro earned his Fellowship, reflecting his dedication to advancing both his own expertise and the actuarial program at WPI.
With an impressive 15 years of industry experience and a strong commitment to aligning WPI’s curriculum with CAS standards, he’s inspiring the next generation of actuaries to tackle complex challenges head on. From pioneering spreadsheet-based learning at WPI to securing grants for advancing education, Posterro’s story is one of innovation, dedication and the transformative power of a supportive community.
From industry to academia
Posterro joined the faculty at WPI in Massachusetts in 2015, after gaining 15 years of industry experience as an actuary, holding the designations ASA, CFA and FRM.
Upon entering academia, he was determined to pursue the CAS course of study, as his students were working with many local P&C companies on projects, and he wanted to serve as a resource to them.
Integrating CAS expertise into the curriculum
Posterro’s expertise in topics such as ratemaking, estimating unpaid claims and price and capital allocation has helped WPI introduce key P&C insurance concepts into its curriculum. WPI has integrated CAS syllabi papers into its introductory actuarial classes. For example, Richard Goldfarb’s paper on company valuation, formerly part of CAS Exam 7, is now included in WPI’s Theory of Interest course. In addition, its Loss Models course has transitioned from using the traditional Klugman Loss Models book to the CAS Monograph “Distributions for Actuaries” by David Bahnemann, with the first course utilizing this material in fall 2024.
Enhancing student projects with CAS materials
Under Posterro’s guidance, actuarial students at WPI have explored CAS syllabi papers in senior projects, including:
- Measuring the Variability of Chain Ladder Reserve Estimates (Thomas Mack, Exam 7)
- Stochastic Loss Reserving Using GLMs (Taylor and McGuire, Exam 7)
- Managing Interest Rate Risk (Panning, Exam 9)
- Individual Risk Rating (Fisher et al., Exam 8)
Introduction of new courses
WPI has developed a two-course sequence, Introduction to Actuarial Ratemaking and Actuarial Estimation of Unpaid Claims. These courses cover substantial material from CAS Exam 5, including content from the Werner and Modlin textbook and the Friedland textbook. “Last year, we had a major success with these courses when our student Jack Cascone passed Exam 5 after taking these courses and studying additionally on his own, making him the first WPI undergraduate student to pass CAS Exam 5 while still in school,” says Posterro. “We are so proud of Jack.”
Modernizing with spreadsheet-based learning
Having witnessed the evolution of CAS Exams from paper and pencil to spreadsheet-based formats during his Fellowship path, Posterro has helped modernize the actuarial program to reflect this shift. Lectures, homework and exams are now conducted in Excel, helping students focus on concepts while reducing manual arithmetic. This approach has been well received by students and has enhanced their readiness for modern exam formats. “Selfishly, for me, these exams are not only easier to grade but also easier to demonstrate to the student what their error was and how correcting the error will flow through the spreadsheet to the right answer,” says Posterro.
A growing actuarial program
The WPI actuarial mathematics major is housed within the Mathematical Sciences Department and typically has 30 to 40 actuarial majors at any time. It is supported by two dedicated faculty members, both with extensive industry experience and credentials.
Recognizing the CAS community
Throughout this journey, Posterro says he has benefited greatly from the support of the CAS community.
The encouragement and assistance from his CAS University Liaison Jaris Wicklund, FCAS, and Hanover Chief Actuary, William Finn, FCAS, have benefitted Posterro and his students, helping to make the actuarial major at WPI as relevant as possible. “The CAS community is unparalleled in its comradery,” says Posterro.
He also recognizes me and my staff, CAS University Engagement Manager Margaret Gaddy. “Their answer to everything is always ’Yes, how can we help?’ Also, they are so gracious to include me when they have a need for a panelist or need someone to discuss educational ideas like how to get more CAS material into undergraduate programs,” says Posterro.
CAS support for academic pursuits of ACAS and FCAS credentials
The CAS offers exam fee reimbursements for full-time professors who pass CAS exams and provides grants to academic institutions when a faculty member attains a CAS designation. Professor Posterro’s accomplishments have resulted in $12,500 in grants being awarded to WPI, $5,000 when he earned his Associateship and $7,500 upon becoming a Fellow of the CAS.
Posterro’s journey from industry to academia illustrates the profound impact one individual can have on shaping the future of actuarial education. By bridging the gap between professional standards and academic innovation, he has redefined what is possible for aspiring actuaries at WPI. With a curriculum infused with CAS expertise, a focus on modern learning tools and a supportive CAS community, Posterro’s legacy serves as a testament to the power of dedication and collaboration.
As the actuarial field evolves, his work will undoubtedly inspire educators and students alike to pursue excellence and push the boundaries of what actuarial education can achieve.
