How to get an Actuarial job?
Many Actuarial students have this common question that, How to get an Actuarial job/internship?
One of the most asked questions to me by many students is, how to start preparing for an Actuarial job/ internship?
I have seen many students who got an Actuarial job/ internship in just 1-2 days after starting a job search, while on the other hand, many students don't get success even after 2 years of job searching.
This is all about planning. You must have to focus on your skills and networking while clearing actuarial papers with your graduation or after graduation.
1. The number of papers cleared: Usually, companies require 3-4 Actuarial papers to be cleared by the candidate. So try to clear a minimum of 3-4 papers during your graduation.
2. Learn computer skills: MS Excel (including VBA knowledge), SQL, and R language are considered to be sufficient, but you can also learn Python, SPSS, SAS, etc.
Every company is using different software, so it becomes challenging to learn all software as you cannot possibly know all in depth. In this case, try to get the basic knowledge of the software as per the job description.
3. Interview is the most important thing in the whole process. Follow below interview tips, given by Esha Oswal and Kalpesh Agrawal.
Keep a smiling face. It shows positivity.
Be confident and honest.
Show your interest in the company by making them believe that you want to work for a long duration in that company
Read the job description carefully.
Research about the company - on the company's website, LinkedIn page of the company, etc. Read the profile of top management people in the company.
See reviews on glassdoor.com (or Glassdoor app) about the company.
Prepare in advance for answers to the following questions:
Tell me something about yourself.
Why do you want to join our company?
Why did you choose to apply for this job/internship?
Your strengths (minimum 3).
Your weaknesses (minimum 2) and speak about what you are doing to improve those things.
What would be your expected salary?
Where do you see yourself after 5 years/ Your future goals?
If you are giving an interview in life insurance firms, revise CT5.
If you are giving an interview in the general insurance domain, then revise CS2 (CT4 & 6) fully.
If you are giving an interview in an investment firm (especially investment banking), then you should revise CT1, 2, and some concepts related to investments & finance.
If you are giving an interview for a reinsurance profile then you should revise CT6.
If you are giving an interview in the retirement benefits field, revise CT5 (specifically Chapter 11).
4. On the interview day, wear proper formal dress. Your first impression might be your last impression.
5. Keep your resume updated, also make sure that your resume contains sufficient information about your Educational and Professional qualifications with your Skills, Work Experience (If any), and Interests.
7. Visit the Institute of Actuaries of INDIA (IAI) website, because they frequently upload fresher and experienced jobs on their website.
8. Create a strong network on LinkedIn. I read somewhere that, "Your Network is Your Net Worth". You can ask for current opportunities to experienced persons in their companies.
9. Read the different companies' Actuarial job descriptions, you will get an idea of what are the requirements and then work towards having those skills/qualifications.
10. Last but not least point, If you are not getting an Actuarial job still after trying a long time, you can apply in the Non-Traditional Actuarial areas.
I personally believe that "'Some experience is better than No experience".
According to the current scenario, some so-called startups are trying to make money by exploiting the students' situation, by selling fake internships, Insurance product research, and other different courses.
If you want to increase your skills, we are posting many articles, which can help you in an Interview.
It is a lengthy and difficult process, but you should keep going.
As Carlo Lahura, FCAS said,
"Don't stop when you tired stop when you are done."
Refer to the following Articles for an Actuarial job interview preparation.
➡ HR questions: Click here
➡ Top 15 Actuarial Interview Questions & Answers: Click here
➡ General Insurance Role Actuarial Interview Questions: Click here
➡ Life Insurance Actuarial Interview Questions: Click here
Written by: Esha Oswal (Actuarial Advisor - WTW)
Email ID: firstname.lastname@example.org
Contributor: Kalpesh Agrawal (Jr. Actuarial Officer- IIB)
Email ID: email@example.com