Wakefield named Medical Mutual of Ohio Professor of Actuarial Science
Thomas Wakefield, professor and chair of the Department of Mathematics and Statistics at Youngstown State University, has been named the first Medical Mutual of Ohio Endowed Professor of Actuarial Science at YSU.
“Dr. Wakefield’s excellent scholarly record in mathematics and actuarial science makes him eminently qualified to be the inaugural appointment for this prestigious position,” said Wim Steelant, dean of the YSU College of Science, Technology, Engineering and Mathematics.
Interim Provost Joe Mosca agreed: “Tom is a committed scholar, a devoted teacher and strong advocate for his students, his research and for the actuarial science profession. We congratulate him on this appointment and look forward to his work on behalf of the university and our students.”
Medical Mutual established the professorship earlier this fall through a gift to the YSU “We See Tomorrow” fundraising campaign. The professorship funds the salary and administrative support for a professor to teach undergraduate and graduate courses, maintain an active agenda in research and scholarships, and serve as a nationally recognized scholar of actuarial science.
Actuarial science is the discipline that applies mathematical methods to assess risk in the insurance and finance industries. The median annual wage for actuaries is $101,560, according to the U.S. Bureau of Labor Statistics. Employment is projected to grow 22 percent by 2026.
Wakefield earned bachelor’s degrees in Mathematics and Economics from YSU in 2002 and master’s (2004) and Ph.D. (2008) degrees in Pure Mathematics from Kent State University. He joined the YSU faculty in 2009. In 2015, he was named a Fellow of the Society of Actuaries, the largest professional actuarial organization in the world and the highest designation bestowed by the Society.
“I am honored to receive this appointment and thank Medical Mutual for its generosity and foresight in creating this position,” Wakefield said. “There is much opportunity in the actuarial science profession, and we look forward to making YSU a leader in the field.”
Wakefield is a member of Pi Mu Epsilon/National Honor Society in Mathematics, the Mathematical Association of America, the American Mathematical Society, Phi Kappa Phi National Honor Society and the YSU Gould Society. He earned the YSU Distinguished Professor Award for Scholarship in 2013, the Mentor of the Year Award from YSU Student Activities in 2015 and was recognized as an excellent educator by Ohio Magazine in 2013. He has published nearly a dozen scholarly articles, written more than two dozen reviews, earned five grant awards and presented at dozens of conferences and workshops.