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Bolton Partners, Inc
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Edward Holroyd

Major: Economics, Finance
Minor: Mathematics, Statistics
Hometown: Camp Hill, PA

How did you learn about this opportunity?

I received information about this position through the Penn State Actuarial Science Club. The Company sent the Club an email about the internship position. 

Tell us a little bit about your experience.

I was involved in two major projects during the internship. First, I was tasked with compiling a resource document for responding to requests for proposal. Requests for proposal frequently ask similar questions. It is tedious to search through past responses. A better approach is to create a resource document that contains extensive information on established procedures for pension and OPEB valuations, experience study, specifics questions that appeared in the past along with their response, common questions to ask before bidding on a project, and a list of clients served within the past several years. In addition, I participated in an experience study for a large municipal pension system. I constructed confidence intervals to evaluate the reasonableness of current assumptions when compared to the actual experience.

This experience offers me an opportunity to appreciate the application of materials learned in classroom in the business world.

How did this experience impact you academically?

This experience offers me an opportunity to appreciate the application of materials learned in classroom in the business world. While I was on the experience study team, the economic assumption was reviewed. During the review process, we estimated future inflation rates and the real investment returns on a blend of equity and fixed income assets. One benchmark we used for estimating inflation is the Treasury Inflation Breakeven Rate, which is the difference between TIPS yields and regular Treasury yields. I also performed duration calculations for the future liability payments of the pension system as part of the experience study. I was excited to see that the things I learn at Penn State are relevant in business and that I was also prepared.

What are your career goals and plans?  How did this experience impact them?

After graduation, I would like to pursue a career in financial services or risk management. If I choose risk management as my career, then I would be motivated to pursue an actuarial designation, most likely from the Society of Actuaries. During the internship, I worked alongside with consultants who are Associates or Fellows of the Society of Actuaries and analysts who are pursuing such designations. I had several in-depth discussions with my colleagues on the exam process to obtain actuarial designation. Some of the analysts are recent college graduates and they offered me advice that is current and useful. The internship experience gives me exposure to the job of an actuary.

Would you recommend this experience to other Liberal Arts students?

I strongly recommend this experience to other Liberal Arts students who are interested in risk management. The people I worked with were very nice and patient. The managers and senior consultants were easily accessible for questions and to provide guidance.

For more information on internships for Liberal Arts students, visit our website.
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