Future (CAS) Fellows: How to Land an Actuarial Internship

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How to Land an Actuarial Internship By Heidi Givens, FCAS, Candidate Liaison Committee If you hope to become an actuary someday, a great first step up the ladder is to obtain experience as an intern. By gaining relevant experience in the field, you will not only become more marketable to prospective employers, but it will help you narrow down the type of role you’d prefer when you take your first full-time position. These days, however, the actuarial marketplace is becoming increasingly competitive. Here are some steps to follow to ensure you are ahead of the competition. Step 1: Participate in activities that will allow you to demonstrate your abilities. Before you even think about applying for an internship, make sure you have experience that you can highlight on your resume and during an interview. Ideally, you would have taken (and hopefully passed!) an actuarial exam. By doing this, it shows you are truly interested in the career and have taken time to learn about the various actuarial career tracks. Also, you should have experience working with others, either through a part-time job or through working on group projects in your classes. This will make it easier for you to answer interview questions about how you react in different working situations. Step 2: Learn as much as you can about the company and role to which you are applying. This may sound obvious, but you should be aware of what type of company you are applying to and for which role you are applying. This also means that you should be aware of which types of companies exist in the industry and the differences between them. Are you applying to a consulting firm or an insurance company? Are you applying to an insurance company that sells personal lines insurance or insurance to corporations? Are you applying to a property and casualty role or a life and health role? By doing a bit of research before you apply, you can tailor your application to show you meet the descriptions listed in the job requirement. Step 3: Ensure your resume is easy to read, has relevant information and does not contain errors. Your resume (and any other questionnaires or written applications) will be the first impression you give to a prospective employer. Therefore, it is imperative that you put your very best effort into producing a document that reflects what you have to offer. By ensuring your resume is easy to read and highlights relevant information first (i.e., number of actuarial exams, college grade point average, knowledge of any computer applications) you are showing prospective employers that you value their time by giving them this information upfront instead of forcing them to find it wedged at the bottom between your high school achievements and interests and hobbies. Similarly, anyone reading your application is going to assume that this is an example of your very best work. Therefore, if there are any spelling errors, formatting issues, or other faux pas (for example, saying you want to gain experience in consulting when the company writes personal lines insurance), don’t expect to get called for an interview. Also, use professional language, spelling, and punctuation in written applications. For example, writing “I saw ur job posting online and thought id apply” on an online application will probably not give a very good impression of your professional standards. Finally, be sure that you can speak to all of the points that are written on your resume. For example, if you cannot remember the details of what you learned while job shadowing in high school, or you do not remember what an acronym stands for, leave it off your resume. It will not go over well if you aren’t able to answer a seemingly basic question about your own resume. Step 4: Be confident and professional in the interview but also realize you have a lot to learn. The most common reason a candidate is declined for a position is because they said or did something that caused the interviewer to second guess giving the candidate the internship. This can take various forms, but the most common are either that the candidate conducted themselves in an unprofessional way (inappropriate attire, arriving late, etc.) or in some other way caused the interviewer to question the candidate’s judgment. For example, the interviewer might ask “How would you rate your level of Excel knowledge?” What they are really asking is, “Do you realize you still have a lot to learn?” Answer the questions realistically by saying what you have achieved and what you know thus far, but then go on to say how you feel an internship would help broaden your knowledge. At the end of the day, the candidates who can communicate their thoughts clearly and are confident in what they know and what they still need to learn are the ones who are hired. As a final tip—always ask for advice. If you have a few interviews and aren’t accepted, ask for feedback to see where you can improve. Good luck and happy job hunting!

Future (CAS) Fellows: How to Land an Actuarial Internship