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Four Things I Wish I Knew Before Starting to Study for Actuarial Exams…

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4.  Your study approach from university can serve as a foundation, but it may need an overhaul…

Don’t get me wrong, university exams are tough, but actuarial exams will push your intellectual limits.  Why?  University exams are often bound by more constraints than actuarial exams.  First, there is only so much material that can be covered in a college semester.  Most of the time, an actuarial exam’s syllabus is so comprehensive that it cannot be feasibly covered in a one semester college course.  Second, university exams are often constrained to a one-to-two hour length.  Actuarial exams have no such constraints.  In fact, the average upper level exam is four hours in length.

If your study habits served you well for university exams, they’ll serve as an excellent foundation for your actuarial exam pursuits.  That being said, they’ll probably need some refining.  Since the breadth of material on an actuarial exam is much more extensive than that of a one semester college course, you’ll need to be constantly refreshing your mind, focusing on many different areas of the exam syllabus at the same time.  In addition, due to the exhausting length of these exams, you’ll need to find ways to increase your endurance, making sure you can handle being pummeled by questions relentlessly for hours.

3.  You should feel like you’ve “been there, done that” by exam day…

If you studied for Exam P using the ASM study manual, you should be familiar with its author Dr. Ostaszewski, who coined the “Been there, done that!” principle.  Come exam day, every problem that is thrown at you while you’re in the testing ring should be met with complete resolve.  You won’t scratch your head thinking about what approach to take to solve each problem or what formulas to use; you’ll just know.  With each subsequent question you encounter, you’ll confidently say to yourself, “Been there, done that!”

How do you get to this level of comfort?  Well, your exam preparations should be so extensive and exhaustive that you will have seen any and all types of problems that could possibly be thrown at you on exam day.  Not only that, but you will have practiced each and every one of those types of problems like clockwork.  Some might think the “Been there, done that!” principle is overkill.  Some might think it’s downright ridiculous.  But if you approach the actuarial exams with this mentality, you’ll pass on your first attempt, no matter how tough the exam is.

2.  You should be prepared for transitions…

During the course of your actuarial career, you will inevitably be subject to changes to the examination requirements of the CAS. Maybe a slew of new materials will be added to an exam’s syllabus.  Or maybe a completely new exam will be introduced. Honestly, the permutations are endless.

Finding ways to mitigate the stress caused by these transitions is key.  Remember that you are not in this boat alone.  The classmates or coworkers in your cohort will be experiencing these actuarial growing pains with you.  Find ease in discussing these changing requirements with your cohort and brainstorming ways to conquer them.

1.  Your friends and family probably won’t understand…

Unless your friends and family have sat for actuarial exams, they probably won’t understand the commitment and journey this process truly is.  You’re about to dedicate years of your life to studying and working simultaneously.  Oh, and you should try to have a personal life, too.  The journey is oftentimes daunting, but your friends and family most likely won’t see it that way.  To them, you’re smart and a good test taker.  They won’t be able to comprehend that despite your natural abilities, you’ll still need hundreds of hours of time to prepare for each and every exam.  They will especially find it tough to grasp that despite your most valiant efforts to prepare for each exam, sometimes you will still fail.  Can you blame your friends and family for thinking like this?  No, absolutely not.  Unless they’ve encountered these exams firsthand, they’ll never truly comprehend the sacrifice needed to become a credentialed actuary.

So, if your friends and family don’t understand, how will you cope?  You must cherish your actuarial friends.  They’re on the front line with you, fighting the good fight.  They’ve seen what you’ve seen.  They’ve felt what you’ve felt.  And, most importantly, they know that while the process can at times be formidable, it is a highly gratifying and worthwhile achievement.

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CAS to Roll Out New Statistics Exam

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The CAS has announced plans to introduce Exam S, a new preliminary exam. To provide more information about this change, we are posting the article entitled, “CAS to Roll Out New Statistics Preliminary Exam,” written by Steve Armstrong, FCAS, Examination Committee Chair, and Elie Bochner, FCAS, Candidate Liaison Committee, published in the December 2014 issue of Future Fellows.

CAS Preliminary Actuarial Exam SThe CAS, which recently celebrated its centennial anniversary, has always been committed to producing property and casualty actuaries of the highest caliber. As the actuarial profession continues to evolve, so does the educational training that actuaries need in order to stay ahead of the curve. For example, over the past decade, it has become increasingly important for property and casualty actuaries to have a deeper understanding of statistics and its applications. At the same time, the CAS recognizes that the statistical foundation to perform advanced analytics is currently missing from the Syllabus of Basic Education. To fill this gap, the CAS will roll out a comprehensive preliminary exam and introduce advanced statistical topics within current examinations.

Exam S (Statistics and Probabilistic Models) will be a four-hour multiple choice exam covering undergraduate-level statistics topics on the current Exam ST, Exam LC, and VEE Statistics syllabi, as well as other topics, such as introductory generalized linear modeling. This exam will replace Exam ST, Exam LC, and VEE Statistics, and will first be offered in Fall 2015. To allow for a smooth transition, Exams ST and LC will be offered for two additional sittings (Fall 2015 and Spring 2016) coincident with the introduction of Exam S; any candidates with credit for Exam ST, Exam LC and VEE Statistics would be exempt from Exam S.

In addition to the introduction of Exam S, advanced topics on statistics such as Bayesian statistics, linear mixed modeling, and machine learning, with property and casualty insurance applications, will be woven into current examinations starting no sooner than 2016. Such additions will only occur if some existing material can be removed from the current exams – the Syllabus Committee is actively looking to remove material considered to be repetitive or outdated from existing exams to make room for the new material and keep travel time in check.

The CAS Exam and Syllabus Committees are also investigating methods and platforms to validate statistical and advanced analytics knowledge in a more realistic and job-relevant way. These technologies and the logistics surrounding them will take time to develop, but we want candidates and other stakeholders to recognize that, in the future, we aim to validate applications in advanced analytics beyond the traditional pencil and paper method.

This focus on introducing contemporary and advanced statistical topics is important to ensure that the CAS continues to produce the highest caliber of property and casualty actuaries in its second 100 years.

An announcement about this change is posted on the CAS Student Central website, along with links to the 2015 Exam S Syllabus and Transition Policies. Questions can be directed to the CAS Marketing and Communications Coordinator, Alice Chambers.

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Why You Should Apply for the CAS Trust Scholarship

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jon.jpgSignificant tuition assistance, an all-expenses paid trip to the CAS Annual Meeting, networking opportunities with the leaders in the casualty actuarial profession, and access to world-class professional development sessions; these are some of the countless benefits I have received since being selected as one of the 2014 CAS Trust Scholarship recipients.

The CAS Trust Scholarship has been awarded annually for over a decade to high-achieving college students that have demonstrated a strong interest in casualty actuarial science. The CAS is currently accepting applications for the 2015 CAS Trust Scholarship, and will award the scholarship to up to three deserving students. The first place winner will receive $10,000, and the runners-up will each receive $5,000. The application is available to download on the CAS Trust Scholarship website and is due by March 2, 2015. I strongly encourage all CAS Student Central members to apply!

Not only does the scholarship provide significant financial assistance to offset rising tuitions and the costs of actuarial exams, but the recipients are also invited to attend the CAS Annual Meeting. I was fortunate enough to be selected the same year that the CAS Centennial Celebration was being held. The meeting was an excellent networking opportunity, as the CAS members were very friendly and willing to share their insights about the profession. Further, they were very supportive of one another, and took the time to recognize the volunteer and research contributions of their members.

One of the major segments of the meeting was an address from outgoing President Wayne Fisher. He discussed the current state of the actuarial profession, and explained why he is confident that, despite increasing competition, demand for casualty actuaries will remain strong. There was also a terrific selection of professional development sessions, where I learned about world-class research and developing trends in the industry. One of the sessions that I attended focused on cyber security and was led by two high-ranking national security officials. They discussed the state of our nation’s cyber security and the role the insurance industry can play in managing the risks of cyber attacks.

I have benefitted greatly from receiving the CAS Trust Scholarship, thanks to the financial assistance and the opportunity to attend the CAS Centennial Celebration. Attending the meeting offered a tremendous opportunity for networking and professional development, and added significant value to my long-term career prospects. If you are an actuarial student looking for similar benefits, I encourage you to submit an application for the 2015 CAS Trust Scholarship!

Jonathan Bisschop is a senior at the University of Connecticut and an actuarial science major. He has completed three internships at Travelers in various areas of the company. Upon graduation, he will begin working at Travelers as a member of the Actuarial & Analytics Leadership Development Program. In addition to his studies, Jonathan is also the Vice President of UConn’s chapter of Gamma Iota Sigma – the international risk management & actuarial science fraternity. 

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Strategies to Assist with Your Job Search – Advice from Actuarial Recruiters

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The CAS University Engagement Committee contacted DW Simpson, Global Actuarial & Analytics Recruitment, and invited them to write a blog post to provide you with information and tips to help you with your search for an actuarial position. We thank DW Simpson’s Marianne Westphal, Senior Director and Adam Noreen, Recruiter, for writing this post to share with members of CAS Student Central.  

Now is a great time for students to start strategizing for a future career search. For those of you who are seeking advice regarding your actuarial future, we have put together some tips that should serve you well.  

FF3 - main2.jpgInternships.  Hiring teams often prefer or even require actuarial internship experience. If you can, get one or two actuarial internships while in school. Any familiarity with actuarial work is going to help you get interviews, and additionally, may be a path to a full-time role or a recommendation. Also, internships provide a great opportunity to test the waters in P&C, Health, Life, and Pension to gain a better idea of where you may ultimately see yourself. It is common to assume that internships are only offered to current students. However, there are also companies who are open to taking on college graduates in their internship programs, so it is always worthwhile to keep an eye open for these opportunities if you are still looking to break into the field.

Networking.  If you have the opportunity to meet people in the profession, by all means do so. If nothing else, it will give you insight into various career paths, and the connections you make may be helpful in your job search. LinkedIn can be a great resource to begin networking. There are many actuarial groups on LinkedIn that can provide you with valuable information and advice, in addition to connecting you with individuals who are already working in the field.

Exams.  At the entry-level, hiring teams tend to target students who have passed 2-3 exams. At the least, almost every entry-level actuarial role is going to require at least one exam passed. Exams show a real commitment to the profession, and along with internships, they can set you apart. Employers aren’t looking for candidates to come out of school already designated, and it can even be disadvantageous to pass too many exams before securing your first full-time position. Generally speaking, staying within a 2-3 exams range will ensure that you do not “out-price” yourself from any opportunities.

GPA.  If you can make any upward adjustments, take the time to do so. We sometimes see companies ask for GPA’s well beyond a candidate’s first role out of school. If you recognize that your GPA is a personal area of concern, really take some time to outline how you would discuss this if asked about it in an interview setting; just make sure that you are always phrasing things in a positive light.

Resumes.  Make sure your resume is easy to read, and that it flows well. A creative layout will not necessarily set you apart in a good way. Your resume should always include your actuarial exams, education information, actuarial experience (if appropriate), computer skills, and additional work experience. Even if you do not think your additional work experience is relevant, keep in mind that this is a great opportunity for you to showcase your “soft skills,” such as communication, leadership, and time management.  It is extremely important that you have someone else proofread your resume.  Also, make sure all information you put on your resume is correct – offers can be rescinded when resumes are not completely factual.  This is your first impression, so use it to your advantage.

ffimage.jpgInterviews.

 • Take some time to do some thorough research on the company and role before you have a phone interview. Going into an interview unprepared shows a lack of interest and does not make a good first impression.

• Showcase genuine excitement about the role and the company.  In a phone interview, maintaining a high energy level is especially important, as you cannot rely on your body language like you would in an in-person interview.

• Stay positive.  No one wants to hire someone they think could be an issue in the workplace.  If you are asked to bring up a difficult situation, make sure you can put a positive spin on it.

• Do not push your own agenda – if you ask too many questions about exam support or salary, the companies may not think you are interested in the work experience itself.  These questions are best left for later in the process (or for a recruiter to find out for you, if you are working with one).  If you are asked for compensation expectations, an ideal answer is that you seek something in line with the market.

• Follow up with an email thank you note to each interviewer.  Have someone read it over, as spelling and grammar errors can indicate lack of attention to detail.

Offers.

• Negotiations—never negotiate for the sake of negotiating. You never want to negotiate for higher compensation just because you want it, especially if there is no measurable explanation that you can offer behind why you require more money. Offers can be rescinded due to poor or unnecessary negotiations.

• Have at least three references lined up and ready to go. It is helpful to keep your references in the loop with where you are at in your interview processes so that they can be expecting a call.

We wish you the best in the upcoming year as you seek out opportunities to put these recommendations into practice!

 

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MARIANNE WESTPHAL, Senior Director, marianne.westphal@dwsimpson.com 

 Marianne joined DW Simpson in 2003. Previously, she worked at Hewitt and Aon in Chicago. Marianne earned her Bachelor’s degree from University of Wisconsin Madison and has completed numerous courses toward an MBA at University of Chicago. While at Madison, she played cello with the UW Symphony, Chamber Orchestra and other chamber groups, and in 2006 she founded a 14 person cello ensemble which performs around Chicago. Marianne has written articles for various actuarial publications. Marianne attends actuarial meetings throughout the year and co-leads DWS’s internal Training and Professional Development Program. Outside of the office, Marianne enjoys playing music and spending time with friends and family. Additionally, Marianne is fluent in German and enjoys traveling.

adam.jpgADAM NOREEN, Recruiter, adam.noreen@dwsimpson.com 

Adam joined DW Simpson in September 2013 as a Recruiter on the Entry-Level team. Prior to joining the company, Adam graduated magna cum laude from Columbia College Chicago, where he received a Bachelor’s Degree in Arts, Entertainment, and Media Management with a concentration in Music Business Management and Professional writing. Outside of work, Adam enjoys singing, songwriting, playing piano and guitar, walking, weight training, and cooking.

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How to Get the Most Out of Networking Events at the 2015 ASNA Convention – and Beyond

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The actuarial community, while expanding remarkably, remains a tight-knit network. It is vital that aspiring actuaries actively participate in events which encourage interaction amongst students and professionals, to plant and nurture the seeds that will develop into fruitful future professional relationships – and student conventions are a great place to start!

Each year, the Actuarial Students’ National Association (ASNA) hosts a three-day convention in January which inspires this essential dialogue between actuarial students, professionals, associations, and academics, featuring a plethora of networking and learning opportunities. The upcoming 2015 ASNA Convention: Insuring the Future, will be hosted in Montreal, QC, from Friday, January 2 – Sunday, January 4, 2015. Early bird registration is available for students interested in attending the convention. Here’s what you can expect and how you can prepare to get the most out of ASNA and other professional development events:

Actuarial Career Fair

  • Why participate in ASNA: Meet representatives from 24 top actuarial employers at Canada’s largest actuarial career fair. Certain employers will be interviewing for internships and full time opportunities; others will be looking for students to invite to exclusive networking events on Sunday.
  • Pro tip: Before any career fair, set objectives. Which employers are priorities for you? What do you want out of your conversations? Focus your research and your event time on these employers to leave a lasting and positive impression.

Professional Panel

  • Why participate in ASNA: We’ve gathered the profession’s best and brightest to answer your burning questions, share career advice, discuss broad actuarial topics, and recount personal experiences.
  • Pro tip:  Make the most out of the whole convention experience by saving specific questions for the career fair and seminars, and asking general questions at the Professional Panel to get responses from a spectrum of actuarial perspectives.

Seminars & CAS Luncheon

  • Why participate in ASNA: With over 20 fascinating seminars to choose from, there is bound to be something for everyone, whether you are hunting for your first actuarial internship, or looking to gain technical knowledge to sharpen performance on your fourth. Make sure to attend the CAS-sponsored luncheon in the break for a rousing keynote address from CAS leadership!
  • Pro tip: Ask questions. Make learning a conversation, and remember that networking isn’t ever confined to a career fair.

Case Competition

  • Why participate in ASNA: Put your business skills to the test in front of fellow students and a panel of seasoned actuaries. Teams will compete to devise and present a solution to a case study that explores a current actuarial challenge. The best actuaries are the ones with strong communication and business acumen.
  • Pro tip: All are encouraged to participate, regardless of level of actuarial experience. The background knowledge supplied will be sufficient to empower every student to be competitive.

Sunday Networking Events

  • Why participate in ASNA: Unwind with the student and employer acquaintances you made during the convention to strengthen your new relationships.
  • Pro tip: Leverage this more casual networking event to showcase your personable side. Employers hire candidates that they think they will enjoy working with – actuaries are people too!

To learn more about the 2015 ASNA Convention and for early bird registration, please visit www.anea-asna.ca/montreal-2015. We also post event updates and other great content on Facebook and Twitter.

We hope to see you in Montreal!

Isabel Ji is the current president of ANÉA-ASNA. She has previously conducted internships at Ernst & Young and Intact, and is currently interning at PricewaterhouseCoopers. Isabel will graduate in 2016 with a joint honours degree in actuarial science and economics from the University of Waterloo. In addition to her studies, Isabel has also held leadership positions with the University’s Actuarial Science Club and Mathematics Society.

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Exciting New Content and Resources on CAS Student Central

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Have you had a chance to visit the CAS Student Central website lately? While we are always updating the website with the latest P&C news, and announcements about new opportunities and resources available to you, over the past few months, CAS Student Central has added quite a bit of new website content that will help you on your journey towards a casualty actuarial career. We have highlighted below the new and updated sections of the CAS Student Central website to help you easily identify and access this information. We appreciate your feedback, so if there is information you would like to see added to the website, leave us a comment, or contact us at CASstudentcentral@casact.org.

488244177.jpgInternship Opportunities

Looking for an internship? Search through our list of more than 40 companies that are offering property and casualty actuarial internships around the U.S.  Next to each company listed, you will find information about their internship opportunities, where the internships are located and how to apply.

Preliminary Actuarial Exams

This page contains information about the preliminary actuarial exam requirements for the CAS. Under each exam you’ll find information about the content, who administers the exam, and which CAS learning objective the exam fulfills. The page also explains how to obtain an examination waiver to receive credit for exams administered by other organizations. Visit the Exam Dates and Deadlines calendar for information about when exams will be held and the deadlines to register.

What is a Property and Casualty Actuary

While you know that CAS is the premier professional organization for credentialing property and casualty actuaries – you may not fully understand what a property and casualty actuary actually is. To lend more insight into the profession, CAS members provide their own personal definitions of a property and casualty actuary.

Salary Survey

Learn about salary expectations for property and casualty actuaries. This page provides salary information for recent graduates and explains the value of the FCAS credential.

map1.jpgWhere We Work

Located all over the United States, Canada, and around the world, CAS members are employed by a variety of companies and organizations. This page provides an in-depth look into where CAS members live, the types of organizations that they work for, and the companies that employ the largest amount of members.

CAS Curriculum Guide

Located in the Career Resources section, the CAS Curriculum Guide was developed to help students, like you, build a stronger understanding of the academic strengths, technical tools and business skills that successful actuaries possess. You can use the guide to identify experiences to seek out while in college to help prepare you for a career as an actuary, specifically as you embark on the path to earning actuarial credentials through the Casualty Actuarial Society.

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Why Predictive Modeling is Important to Your Future as an Actuary

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Over the past decade, predictive modeling has become an important topic in the actuarial community. This informative Future Fellows newsletter article, published in 2012, provides a good overview of the subject and also puts forth a simple definition of predictive modeling: using past data to predict the probability of some future outcome. Initially utilized by personal lines carriers, predictive modeling is now being used by CAS members in many different lines of insurance. Working with insurance data poses several unique challenges and CAS members and their companies benefit greatly from employing more advanced statistical methods in their lines of work.

Knowing the importance of predictive modeling to CAS members and future members, Jed Frees, Glenn Meyers and I worked with the CAS to envision “Predictive Modeling Applications in Actuarial Science,” a two-part series published by Cambridge University Press and sponsored by the CAS and the Canadian Institute of Actuaries. Volume One, which explores the foundations of predictive modeling, is now available through Amazon and Cambridge University Press.

You may already be familiar with predictive modeling, and it remains a large part of where the actuarial practice is headed. This book series showcases CAS’s ongoing commitment to provide its members and future members with extensive opportunities for predictive modeling continuing education, enabling them to be leaders in the field. The book’s website also features many free resources for immediate practical use, including content preview, data (.txt or .csv format) and R code (.R format) for each chapter. These are valuable tools for anyone interested in actuarial science, even at the student level.


My question for Student Central members: have you been exposed to the topic of predictive modeling in your academic coursework?

Richard A. Derrig, Ph.D., is President of OPAL Consulting LLC and Visiting Professor of Risk, Insurance and Healthcare Management at the Fox School of Business at Temple University. He is also a member of CAS Academic Central. He serves as co-editor for “Predictive Modeling Applications in Actuarial Science,” along with Edward (Jed) Frees, University of Wisconsin – Madison and Glenn Meyers, retired from ISO Innovative Analytics. The set is part of the International Series on Actuarial Science from Cambridge University Press. Volume Two is expected to be published in the fall of 2015.

Proceeds from sales of the book will go to the Actuarial Foundation, a widely respected charitable organization that promotes actuarial scholarship, as well as its Canadian counterpart, the Actuarial Foundation of Canada.

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Opportunities for CAS Student Central Members to Interact With and Learn From P&C Actuaries

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What is the most important advice for students interested in pursuing a property & casualty actuarial career? Which exams and classes are most important to take during college? How do I decide between P&C, Life, and Health? What is the difference between working for a consulting firm vs. an insurance company?

As you are considering your future career as an actuary, it is likely that you are finding yourself asking similar questions that can be best answered by speaking with practicing actuaries, and getting a number of different perspectives. Through free webinars and in-person networking events, CAS Student Central is offering members many opportunities to interact and learn from property & casualty actuaries in the upcoming 2014-2015 school year.

Webinars

CAS Student Central will host two webinars this year tailored towards the needs of Student Central members. The first webinar, Career Paths in the Property & Casualty Actuarial Profession, will be held on September 19th from 1:00pm – 2:00pm ET. The webinar will feature a panel of CAS members (including myself), from a variety of backgrounds and practice areas. Following a brief set of introductory remarks, the floor will be open for you to ask anything that you want to know about pursuing a property & casualty actuarial career. Don’t wait – REGISTER NOW!

Student Programs

There will be several opportunities to attend a student program at an upcoming CAS meeting and seminar this year. CAS Student Central members are invited to participate in one-day student programs that will be held in different locations throughout the US.  By attending a student program, you will have the opportunity to network with practicing actuaries, and participate in both regular seminar sessions and student-specific sessions. At the beginning of the program, you will be paired with a CAS member who will answer questions, provide guidance, and help navigate the seminar while networking and attending sessions together. Below is a list student programs that will take place during the upcoming year.

Student Program Date Location CAS Conference
September 15th San Diego, CA Casualty Loss Reserve Seminar
Registration now closed
November 11th New York, NY CAS Centennial Celebration & Annual Meeting
Registration Now Open – Learn More
Date to be announced
(RPM Seminar March 9-11)		 Addison, TX Ratemaking and Product Management Seminar
Date to be announced
(Spring Meeting May 17-20)		 Colorado Springs, CO CAS Spring Meeting
Date to be announced
(Reinsurance Seminar June 1-2)		 Philadelphia, PA   Seminar on Reinsurance

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How to Make the Most of Your Senior Year – Advice from a Recent Graduate

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A new school year is approaching and for some of you, it is a particularly significant time because you are starting your final school year before you graduate and head off to begin your careers in new places. For this blog post we have interviewed a recent graduate, Pammi Yeung, to provide her insights and advice on how to make the most of your senior year.

Pammi, we appreciate you taking the time to talk with us and share with Student Central members your recommendations for a successful senior year. We know that not too long ago you were in their shoes. Tell us a little about yourself; where did you attend school, and what are you doing now?

I graduated from Dartmouth College in 2012, with a major in mathematics. After graduation, I joined Liberty Mutual’s actuarial program and am currently in my second rotation of the program.

How did you spend your time your senior year?

While I made sure to take all the classes that would fulfill the VEE requirements, I also took advantage of Dartmouth’s liberal arts education by taking other classes that interested me. I particularly enjoyed taking Greek Tragedies from the Classics Department and Introduction to Jazz from the Music Department.

What goals should students pursue during their senior year of college?

  • Make time for your friends. College is a rare time of your life where many intellectual people surround you and are interested in just being your friend.
  • Commit to the job interviewing process. Having a job offer before graduation will help to reduce stress and allow you to focus on passing actuarial exams.
  • Try to finish the VEE requirements and 2 – 3 preliminary exams. This will help you stand out to employers and give you a strong foundation to build on during the first few years of your career.

What are some suggestions for accomplishing these goals?

  • Know your priorities. Everyone is busy during their senior year so you have to be proactive in keeping in touch.
  • Attend job fairs and more importantly – network with alumni. Don’t be shy when reaching out to alumni! They were in your shoes years ago and chances are, if they are talking to you, they want to help. Remember that one day you will also be in a position to help other students.
  • Students who are not in an actuarial science program – obviously you will have to make extra time outside of your regular coursework to study for actuarial exams. No matter how busy you think you are right now, you will be busier after graduation. Anything that you can get done now will only help you in the future.

How did accomplishing these goals help you?

Having to study after work in some way limits your social circles after you start to work full time. Having friends from college who know you well helps your transition to post-college life.

Passing actuarial exams is hard. Having to pass them while looking for a job is even harder.  It is ideal if you are able to secure a job offer before graduation to get a head start in your career. Another benefit to early employment is that your company might pay for exam materials and fees, which will reduce financial burden.   

What can seniors look forward to once they are out of school?

Depending on your role in the company, you may be able to see products or features that you worked on being promoted or sold on your company’s website. The sense of fulfillment is similar to when you apply exam knowledge in a project and know that all the efforts have meaning beyond a passing score.

When you enter the work world, you’ll have the opportunity to learn more about how actuaries interact with other kinds of insurance professionals and about the non-traditional career paths that actuaries can take. This sort of information is typically only available through real-world experience.  The industry is evolving quickly – college courses won’t teach you about these latest trends!

Excellent – Thank you Pammi for talking with us and providing your advice.

My pleasure! I wish everyone a great school year!

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Powering Positivity Throughout the Internship Process

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“Whether you believe you can do a thing or not, you are right.”                                                                           –Henry Ford

This is one of my most favorite quotes noted on the back of my career coach’s business card. It always motivates and inspires me. When I was an applied math student three years ago, I realized my career goal was to become an actuary, not just any actuary, a great actuary. I knew this profession would be very challenging but I told myself: “I can do it and I will.”

Like many other actuarial students, I started searching for internships upon my graduation. More than once during the internship search, I reminded myself to stay positive and to embrace the unknown. Like any career track, the actuarial profession has its own set of challenges.

Thinking of the time that I searched for my internships, I remember my daily routine was all about applications, resumes, interviews, companies’ profiles, thank you notes, and especially, the waiting process. I was certainly not the only student who was going through this internship search experience; however, the experience varied among people – some students secured internships faster than others and some students experienced  a longer process. I myself spent eight months on my internship search and I felt thankful for that period of time.

While applying to and interviewing with many companies, I was able to strengthen my knowledge about these firms and what exactly they do in the insurance industry – brokers vs. carriers, life/health vs. property and casualty. In addition, the internship search experience gave me the opportunity to continuously improve my resume and interviewing skills. During the waiting process, I sought guidance from professionals to proofread my resume or to do a mock interview with me, and provide me their frank feedback for improvements.

Time after time, my resume and my interviewing skills improved. Thanks to my internship search experience, I enhanced my professionalism and I learned to become more patient and positive. I finally got an internship from a company that felt right for me; I had a meaningful internship experience and truly began to understand what it meant to be in the right place, at the right time and with the right people.

About Ahn Van Tran:

This past year, Anh Van Tran was vice president of career development at Temple University’s Gamma Iota Sigma Professional Risk Management, Insurance and Actuarial Science Fraternity. She joined AIG headquarters this summer as its fulltime actuarial analyst.

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