News Type: Future Focus Blog Posts

Starting your college education can be daunting for a variety of reasons. You’re introduced to a brand-new environment and exposed to endless new opportunities. When you add a tough line of study like actuarial science to the mix you can become overwhelmed pretty quickly. Some students avoid pursuing this major because they think they will miss out on the excitement of college, but hopefully by the end of this blog post I can convince you that attending college while studying actuarial science is an experience well worth the effort.

I have found that often as freshmen we have a generic idea of what the actuarial science major entails, and refer to BeAnActuary.org for any clarification. However, there is a world of resources that exist to support actuarial students including actuarial clubs, fraternities, and many other established organizations within our campuses that provide convenient and immediate information. One of the biggest benefits of joining one of these organizations is that you get the opportunity to directly interact with other actuarial students who have a diverse set of experiences to learn from.

One of the best decisions I have made in college has been to run for a board position in my university’s actuarial club my freshman year. Writing this out now, I recall how challenging this was for me two years ago. Back then, my negative mindset made me think that being on the board as a freshman could only happen in my dreams. Little did I know that after I was elected into that position, my involvement in the actuarial department at my school would completely transform my college experience for the better. It inspired me to interact with more of my fellow actuarial science students and understand that networking isn’t as terrifying as we make it out to be, and actually quite fun.  Most importantly, it taught me that anything is possible as long as I give it a chance.

Below is a list of ideas of how you can get involved on campus to better your college experience. However, as all universities are different, I recommend you go beyond this list and start researching what your school offers! Oftentimes the easiest thing to do is send an email to a club board member and ask for advice or clarification. They can help you get connected and even inspire you to run for a board position! I can assure you, it is well worth it if you are truly passionate about your major.

Ways to get involved:

• Research and join your university’s actuarial club (and/or fraternity, as well as any related organization)
• If your university doesn’t have an actuarial club or fraternity, start one! The insurance specific fraternity, Gamma Iota Sigma, has numerous resources available to help you start your own chapter. Apply/run to be on the board for clubs that pertain to your interests and you are passionate about
• Interact with fellow actuarial students to see how they are involved
• Communicate with companies and network via LinkedIn, club events, conferences, etc.
• Form study groups/group messages with other students in your classes

** Bonus: To have a great college experience holistically, you have to remind yourself of your outside interests as well, so don’t forget to be involved in other extracurriculars besides those that have to do with your major!

In conclusion, don’t be afraid to take chances and increase your involvement on campus! Not everything may be “your cup of tea” but finding those activities you do enjoy will help you grow closer to the best version of yourself!

It was my junior year of college when I finally decided to text my best friend one night, “I’m gay.” Though it was a freeing experience, I knew I’d have more choices to make about coming out going forward. During my first internship, I really wanted to receive a fulltime offer that would help make my senior year much less stressful, so I made it a goal to hide my sexuality. Everything I said and did was calculated, in hopes that I would “cover” my identity. I justified being “in the closet” because I didn’t know who was making the final decision and their views on the LGBTQ+ community.

When I returned to the UConn campus that fall, I focused on starting to fully embrace my identity. I had my first boyfriend who really pushed me to be my authentic self. I held his hand in public. I proudly told people I was a gay male, and I didn’t let the nerves win. This led me to begin challenging the idea of being closeted at work. I began to realize that if a company didn’t embrace the unique perspective I was bringing to the workplace, then ultimately they didn’t deserve to have me on board.

I received a return offer and started my actuarial career in June 2014. This time, I went into the office with a renewed perspective. I decorated my desk from day one to show my love for my community. I had rainbow flags at my desk, a Little Mermaid statue (my favorite Disney princess, of course), and signs that reminded me to be proud of who I am.

I won’t pretend that every day was easy. There were times where I felt excluded from the office conversations between all the straight men, and I really wanted to fit in. The few times I brought up topics that interested me, I felt looks come my way. In fact, one of my straight male coworkers told me how uncomfortable he was when I chose “Who is your favorite Disney princess?” as our team’s question of the week. I quickly turned this back on him and let him know that our weekly conversations about the New England Patriots made me feel similar, and I think a light bulb went on for him.

It wasn’t until I left my first company that I really became passionate about making the insurance industry and the actuarial profession a place where LGBTQ+ individuals can thrive. At that company, I took a role to lead the LGBTQ+ employee resource group (ERG) and consistently pushed for educational opportunities that helped better the organization. I was met with support from my direct management and the company as a whole. I have met so many amazing people that are members of the community and allies that make me realize how comfortable I am being myself in this profession.

A few months ago, I started a third new job. When I was interviewing, I made sure to reference my partner and the work I had done with the Pride ERG. I wanted to make sure that this was a company I would feel comfortable working for. When the hiring manager started asking questions about my work with Pride and my partner, I knew this was the right fit for me!

Starting a job and a new career can be daunting. Being a member of the LGBTQ+ community can make this even more challenging. Since this is often a facet of our identity that is not visible, we are faced with a decision about being our authentic self. And though it is hard to be LGBTQ+ in the insurance industry at times, I don’t at all regret being out, open, and proud. Below are some tips and tricks that I live by and might be helpful for others!

1. It is okay to bring your authentic self to work each and every day, if you feel safe doing so. (I don’t hide my sexuality, piercings, tattoos, etc.)
2. You can factor in whether a workplace will be accepting of your identity when you decide to accept an offer of employment.
3. Accept that the LGBTQ+ community is often not fully understood, and what might feel like an attack by someone outside could be used as a teaching moment.
4. Know that there are so many wonderful LGBTQ+ actuaries and allies out there to speak with. You are not alone!
5. Speak to a member of the LGBTQ+ community in the profession about their own experience, because each one is sure to be different.
6. Become a member of the Sexuality and Gender Alliance of Actuaries (SAGAA). This group is there as a resource for LGBTQ+ actuaries and allies. SAGAA has a Linkedin page (https://www.linkedin.com/company/sagaactuaries/), an Instagram handle (https://www.instagram.com/sagaactuaries/) and a website (https://www.sagaactuaries.org/) that will be launching soon!

My name is Jack Richards, and I am a senior actuarial science student at Drake University in Des Moines, IA! After my graduation in May, I’ll be joining Deloitte Consulting as an actuarial analyst in their Human Capital practice. I have interned at a variety of different companies (Deloitte, Travelers, and Sammons Financial), and am fortunate to have experienced the P&C, Life, and Health industries!

Back in high school, I wanted to explore a career that sat at the intersection of math and business, and one of my neighbors recommended that I explore the actuarial profession. I was intrigued by the high level of respect the actuarial profession has, along with the wide array of opportunities that an actuary’s career can take. Through my internship experience, I’ve been surprised by the wide variety of skills an actuary employs in their day-to-day work. Many people stereotype the profession as very introverted, however, I could not disagree more! I have been amazed at the amount of teamwork in projects and relationships with other business partners that actuaries exercise on a daily basis. This excites me about the profession, as actuaries continue to be empowered as trusted business advisors and experts. Moreover, the volunteer culture that drives the CAS forward is a professional environment that values everyone’s contributions, something that I’ve appreciated during my time volunteering for the CAS.

Throughout my time in college, I’ve used a variety of different resources to find success in exams and internships. CAS Student Central has valuable resources that students can leverage as they strive for success in the profession. As a Student Central member, I’ve benefited from the free practice exams from the Infinite Actuary, the internships in the career center and the scholarship listing. I’ve watched informative webinars each semester, and attended in-person networking events at CAS meetings to continue to learn about the profession and build my network as I begin my career.

Both Gamma Iota Sigma and Drake University have played a pivotal role in my college experience. GIS has enabled me to surround myself with other students passionate about the profession, challenging me to grow as an individual and as a leader. I’ve built a national network of students and industry leaders through GIS’s conferences and programs, and this has opened many doors!

Additionally, Drake’s excellent actuarial program has provided a foundation for success. Through rigorous academic courses that line up with exams, and leadership opportunities in conferences such as the Drake Symposium, I’ve benefited greatly from Drake’s actuarial program.

For students considering a career in the actuarial profession, I encourage you to take the next step. Join your university’s GIS chapter and/or actuarial club, or start one if it isn’t available. If you already belong to these organizations, I challenge you to take on a leadership role and begin shaping the experiences of other members. Through demonstrating your capabilities and commitment to the profession, I hope you’ll find success as you pursue the actuarial career!

Application Season

The application season for summer internships begins the preceding fall, typically starting in September and lasting until February. Highly competitive paid summer internships sometimes see deadlines as early as November. Acceptances generally begin rolling out in  January, so it’s important not to wait until the last minute to apply. You don’t have to wait until the application information is posted for the current cycle if you want to start preparing. Looking up companies’ postings from previous years will help give you a sense of their specific timelines, required qualifications, and what the intern’s responsibilities will be.

Exams

While a high GPA is important, the best way to demonstrate both your intellectual capacity for actuarial work and your dedication to joining the field is by passing exams. Though not ubiquitous, some companies require that a candidate pass at least one exam in order to qualify for their internship program. In general, you can expect to spend 200+ hours over the course of 3 – 4 months studying in order to pass Exam P.

Quality time spent is as important as quantity, so prepare to set aside enough quality time to give yourself the best chance. The importance of passing exams cannot be overstated. Beyond the internship, when it comes time for your first full time job, you will be hard pressed to find a position that does not require at least two exams passed.

Technical Skills

To give your application a competitive edge, make sure you can express your technical ability. The three main data analytics tools used by actuarial employers today are:

SQL/SAS – Have been the market leaders in the commercial analytics space. SAS is generally regarded as intuitive with great technical support, but with the drawback of being the most expensive of the three. SQL is regarded as having more flexibility and variety of analytical uses.

R – The open source counterpart of SAS. Due to the nature of being open source, the latest techniques get released quickly.

Python – Currently, the most popular programming language overall and one that is in high demand with actuarial employers.

While proficiency in any one of these will not make up for a lack of exams or a low GPA, they may make an already strong candidate even more impressive.

Emotional Intelligence

In a world moving towards automation, emotional intelligence is one of the most valuable skills one can cultivate. Daniel Goleman, American psychologist, was the first to popularize the term “Emotional Intelligence”, quantified as EQ (Emotional Quotient), in the 90s. He outlined the five components of emotional intelligence as:

• Self-Awareness – the ability to recognize and understands ones emotions
• Self-Regulation – the ability to control impulses and express oneself appropriately
• Motivation – having an interest and ability to learn and improve
• Empathy – the ability to understand other peoples emotions and reactions
• Social Skills – the ability to maintain friends and relationships through finding common ground with others

Why is this pertinent to getting an actuarial internship? Particularly in the STEM world, companies are finding that an employee’s EQ is the best predictor of job performance. You will most likely encounter an EQ assessment in the form of behavioral questions during an interview. These questions will likely be about a personal experience or hypothetical situation that may resemble challenges you’ll likely face in that role in order to assess your ability to collaborate, communicate effectively, and be aware of both your own emotions and the emotions of those around you.

Networking and Extracurricular Activities

As a college student, you should be encouraged to take advantage of the resources that are available to you – not only your professors and colleagues, but also the third parties that come to campus by way of career fairs and networking events. These are excellent opportunities to grow your list of contacts, as well as expand your knowledge about the actuarial profession. Speaking with actuaries from different disciplines may give you a better idea of what subject matter is the most exciting to you or what exam track to follow. Recruiters, both in-house and third party, may be able to give you an idea of what a company’s functions are and what the culture is like. Sufficed to say, attending these events will both expand your network and give you access to a wealth of industry knowledge.

Extracurricular activities don’t have to be geared towards professional development, either. Excelling in a sport or hobby is a great way to show perseverance and dedication and holding an executive position in a club or society shows the maturity and capability to be a leader, all while honing your soft skills and showing your personality.

It takes a lot of dedication to become an actuary. But it’s worth it! Actuaries tend to enjoy their work and the field has a high satisfaction rating. That the pay is better than most other professions is a plus, too, of course. All the time you are spending to develop and hone your skills, pass the exams, and search for an internship will all be worth it!

About author: Elizabeth Owen, Recruiter, Ezra Penland Actuarial Recruitment