Actuarial Internship Exploration Tips & Strategies
Explore valuable tips for securing an actuarial internship, including researching the profession, passing key exams, excelling at Kansas State, finding hiring companies, preparing application materials, interviewing effectively, negotiating offers, and succeeding as an intern.
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Finding an Actuarial Internship September 27, 2021 Eric Mann, FCAS, MAAA Kevin McBeth, FCAS, MAAA
Eric Mann FCAS, MAAA Consulting Actuary Streff Insurance Services Overland Park, KS B.S. in Mathematics & Statistics Kansas State University (2006) M.S. in Statistics Kansas State University (2011)
Kevin McBeth FCAS, MAAA Senior Actuary & Head of Data Science Explore Information Services Minneapolis, MN B.S. in Economics, Mathematics & Statistics Kansas State University (2007)
Outline 1. Research the profession 2. Pass an actuarial exam 3. Do well at Kansas State 4. Find companies hiring interns 5. Prepare resumes and cover letters 6. Interview with companies 7. Navigate offers 8. Intern successfully
1) Research the Profession Benefits Work has real impact Solid compensation Stable employment Intelligent coworkers Costs Exams over social life Limited geographic options Limited industries www.beanactuary.org www.actuarialoutpost.org discussion forum
2) Pass an Exam Take a class Exam P STAT 510/MATH 501 Exam FM MATH 500 Later exams MATH 799 Use a study guide Coaching Actuaries automatically generated problem sets Actuarial Study Materials Great study guides Actuarial Bookstore Good for ordering materials from many vendors Take a seminar Coaching Actuaries The Infinite Actuary Register for the exam Society of Actuaries Exam Registration Casualty Actuarial Society Exam Registration Take (and pass!) the exam
3) Do Well at Kansas State Take great courses: ENGL 516 - Written Communication for the Sciences STAT 713 - Applied Linear Models STAT 745 - Statistical Graphics STAT 766 - Applied Data Mining/Machine Learning & Predictive Analysis STAT 770/771 Theory of Statistics 1 & 2 MATH 655/656 Numerical Analysis Participate in activities Anything leadership released Community living, clubs, etc. Math Contest in Modeling Dave Auckly Knock out Validation by Educational Experience SOA Approved Courses Online courses through Actex
4) Find Companies Hiring Interns Start in September Large companies typically have well-established programs Smaller companies may have easier requirements Actuarial Conferences Central States Actuarial Forum KS/MO/IA Southwest Actuarial Forum Generally meets in Texas Midwest Actuarial Forum MN/IL/OH Actuarial Directories Company Websites Travelers The Hartford Allstate Swiss Re Recruiters (Usually more senior roles)
5) Prepare Resumes and Cover Letters No typos! Exams near the top One page long - Make it look nice! References on second page No high school activities (other than jobs) Keep a running log of jobs, activities, etc. and pick the most relevant Tailor to company s requirements. For example: Preferred cumulative GPA of 3.2 or greater Working knowledge of Microsoft Office Extracurricular involvement on campus or in the community Demonstrated leadership experiences/skills Related internships/work experience helpful Requirements does not guarantee an interview
6) Interview Research the company Read their website to see what products they offer Read the opening of their Annual Statement. It s a great business overview Answer Behavioral Questions: Have you ever been in a group with failing leadership and if so, what did you do? (Leadership) Describe a situation in which you were able to use persuasion to successfully convince someone to see things your way. (Communication) Tell me about a time when you had too many things to do and you were required to prioritize your tasks. (Time Management) Give me an example of a time when something you tried to accomplish and failed. (Coping with failure) Everything on the resume is fair game Ask them questions and have a conversation Send thank you notes after the interview
7) Navigate offers Receive offers from companies Handling timing with multiple companies Negotiations
8) Successfully Intern Meet people Ask questions Ask for feedback Dress reasonably
Questions? 1. Research the profession 2. Pass an actuarial exam 3. Do well at Kansas State 4. Find companies hiring interns 5. Prepare resumes and cover letters 6. Interview with companies 7. Navigate offers 8. Successfully intern
