Advice on obtaining an actuarial position (entry level)

[semidevil]

I'm in the process of job hunting right now and I'm trying to obtain an actuarial position. Looking to hear if any actuaries here have any suggestions or tips on how to increase my chances. Right now, I"m just looking through job searching sites like indeed and monster, and also going to various insurance company websites to find positions. I'm also contacting recruiters.

I'm currently living abroad right won't be back until the end of June, but I wanted to start early. I have a personal preference to major cities like Dallas, Austin, Seattle, but technically, I'll consider any location in the country.

Right now, my main disadvantage is that I only have 1 exam completed and won't have the next one completed until August, but I'm hoping that my 8 years of experience in the insurance industry (claims) will give me a little bit of advantage.

If anyone has any thoughts or experience they can share, that will be great.

Thanks

 

[homeomorphic]

I'm not an actuary, but I've been investigating it for a while, now, so I have a few things to say. I've heard of people asking about Excel in job interviews, so it could be good to be sort of ready to convince them you have seen a few spreadsheets before.

I'm currently living abroad right won't be back until the end of June, but I wanted to start early. I have a personal preference to major cities like Dallas, Austin, Seattle, but technically, I'll consider any location in the country.

Think east coast, like Connecticut or New York. I was looking for something in California, and there is some stuff there, but I have a feeling I'd have better luck elsewhere. I haven't been job searching so much lately, so I haven't had time to adjust my location preferences yet because I'm taking the financial math exam next week, and I got a little behind on studying for it, so it's sort of consuming my life right now.

Networking can be helpful. So far, my closest call to get a job came through someone my mom knew in the insurance industry who knew an actuary. Turned out that it wasn't really an entry-level position, so they rejected me as unqualified. Maybe some kind of mis-communication there, but the guy seemed to be interested in hiring me (and possibly still is if someone else leaves and they open up an entry-level spot).

 

[Locrian]

I’m an ASA (FSA this year if things go well) with five years of experience. Some thoughts:

Getting hired with one exam is difficult, but not impossible. I typically tell people it’s unlikely, but your case may be an exception. After all, I got my first job with one exam when hiring conditions were worse, so it can happen!

While the value will depend on the company and what you did, in general I’d say the claims experience is a huge plus. I’d hire someone with 8 years of insurance office experience over a fresh graduate any day.

All other things being equal (and for entry level they sometimes are), employers will hire interesting people they’d like to work with. It sounds like you have a diverse background – maybe you have some neat stories to tell. That’s worth something. Work on your interviewing skills and keep in mind what they’re looking for.

As homeomorphic mentioned, technical skills will be important. Brush up on your excel. Learn some SQL if you don’t know it. (SAS is less important than everyone says; you can run SQL from SAS, and SAS is easy to learn once you have a SQL base).

Prepare short, succinct, and positive answers to questions such as “Why do you want to be an actuary?” “Why don’t you want to continue doing ____?” “Why do you want to work for this company?” etc. My general finding is that people are freaking horrible at interviews. Be better than your competition.

Your geographic flexibility is a great thing. Apply everywhere. Most actuarial jobs are in large cities, so that’s where you’ll likely end up, but there are a few good jobs in smaller cities as well.

Finally, as a side note, I really like what I do. I’ve actually become passionate about insurance and insurance systems. My job has a lot of aggravations, and it’s outrageously hard right now, but I feel what I do is important, I enjoy most of my time at work, and my only regret is that I didn’t find this career a decade earlier.

Best of luck.

 

[semidevil]

thank you for the suggestions. good luck to locrian on your fsa and homeomorphic on your FM!

 

[Matrix0]

I understand the importance of being well-prepared and having a strategic approach when it comes to finding a job. Here are a few suggestions that may help increase your chances of obtaining an entry-level actuarial position:

1. Network: Reach out to actuaries in your personal and professional networks, and ask for their advice and recommendations. Attend industry events and conferences to meet and connect with professionals in the field. Networking can open up opportunities and provide valuable insights on the job market.

2. Focus on your strengths: While having more exams completed is certainly beneficial, your 8 years of experience in the insurance industry can also be a valuable asset. Highlight your skills and experience in your resume and cover letter, and how they can be transferable to the actuarial field.

3. Consider internships or entry-level positions: If possible, consider applying for internships or entry-level positions in actuarial departments of insurance companies. This can give you hands-on experience and make you a more competitive candidate for future positions.

4. Utilize job search engines and company websites: Continue to search for job openings on job search engines like indeed and monster, as well as on company websites. Set up job alerts to receive notifications for relevant positions.

5. Prepare for interviews: Research the company and the position you are applying for, and be ready to showcase your knowledge and skills during the interview. Practice common interview questions and have examples ready to demonstrate your abilities.

6. Be open to different locations: While you may have a preference for major cities, consider expanding your search to other locations as well. This can increase your chances of finding a suitable position and give you more options to choose from.

I wish you the best of luck in your job search and hope these suggestions will help you in obtaining an actuarial position. Remember to stay persistent and continue to improve your skills and qualifications. With determination and effort, you will find the right opportunity for you.