securing your first actuarial position ________________________________________________________
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Securing Your First Actuarial Position ________________________________________________________ Presented By: Caitlin Cunningham & Becki Tobia University of California, Berkeley March 12, 2014. Discussion Overview. About DW Simpson Being an Actuary Preparing your resume and cover letter - PowerPoint PPT PresentationTRANSCRIPT
Securing Your First Actuarial Position
________________________________________________________
Presented By: Caitlin Cunningham & Becki TobiaUniversity of California, Berkeley
March 12, 2014
Discussion Overview
About DW Simpson
Being an Actuary
Preparing your resume and cover letter
Interviewing tips and scenarios
Job offers and your long-term career
Market overview
Industry resources
Introducing DW Simpson
DW Simpson specializes in the placement of Actuaries and Analytics professionals.
We work at all experience levels, globally and across all industries (Life, Health, Pension, P&C), including in nontraditional areas (Risk Management, CAT Modeling, Predictive Modeling, etc.).
We are the largest firm of our kind, and our objective is to be the foremost resource for Actuarial and Analytics talent.
Our Team
Who Employs Actuaries?
Insurance companies
Reinsurers
Consulting firms
Brokerages
Hedge funds
Risk modeling software groups
Analytics Groups
Managing General Underwriters/Agents (MGAs and MGUs)
Who Qualifies as Entry-Level?
Soon-to-be and recent college graduates
Career changers
Those with less than six months of full-time experience in the actuarial profession
Preparing Your Resume
Employers are looking for:
Exams/Designations
Academic background (areas of study, GPA, extracurricular activities, awards and honors)
Technical skills
Actuarial experience (internships, co-ops)
Additional work experience
“Soft skills” (communication, time management, leadership, etc.)
Formatting Your Resume
Follow this order-of-information guide:• Heading• Actuarial exams/designations• Education• Actuarial experience• Additional work experience• Computer skills• Other
Use a simple, consistent font.
Use consistent margins and punctuation.
Proofread, proofread, proofread!
Sample: Actuarial Exams/Designations
Actuarial Exams & CreditsSuccessfully completed Exams P/1 and FM/2Sitting for Exam MFE/3F (April 2014)Fulfilled VEEs in Economics and Corporate Finance
Or...
Actuarial DesignationsFellow of the Society of Actuaries, 2013
Sample: Education
EducationUniversity of California, Berkeley, Berkeley, CAB.S. in Mathematics Graduation expected May 2014Minors in Statistics and EconomicsGPA: 3.7/4.0
Sample: Actuarial Experience
Actuarial ExperienceCompany Name, City, State/ProvinceP&C Actuarial Intern Summer 2013
• Applied Excel to...• Priced products X, Y, Z...• Analyzed data...• Presented findings...
Sample: Additional Work Experience
Additional Work ExperienceCompany Name, City, State/ProvinceAdministrative Assistant July 2012 – Present
• Answer phone calls...• Greet visitors...
Filing Clerk Jan 2012 – June 2012
• Filed documents...• Collaborated with...
Sample: Technical Skills
Technical SkillsProficient in Excel, AccessBasic working knowledge of VBA, SAS, SQL, C++
Sample: Other
LeadershipActuarial Science Club, Secretary, May 2012 – Present
AwardsDW Simpson Actuarial Scholarship, 2013
Language SkillsFluent in Spanish
Preparing Your Cover Letter
Tailor each specifically to the specific company, role and location, demonstrating specific interest.
Add information not found in your resume.
Explain any ties to the geographical area.
Proofread, proofread, proofread!
Preparing for an Interview: Research
What you should know before you interview:Company history, lines of business, news, etc.Type of company (e.g., insurer vs. consulting firm)Actuarial disciplines: Life, Health, Pension, P&CActuarial functions: Pricing/Ratemaking, Reserving, Financial Reporting, Product Development, etc.Industry news and trendsExam syllabusFunctions of the SOA/CAS
Preparing for an Interview: Dress
Dress to impress.
Even if the company’s dress code
is business casual, wear a suit.
MEN: Dark suit, white shirt, understated tie, dress shoes
WOMEN: Dark suit, white shirt, conservative dress shoes, conservative makeup and jewelry
Preparing for an Interview: Social Media
Make all your personal accounts private, so that they are not fully visible to potential employers/peers.
Choose professional public profile photos.
Update and maintain your LinkedIn profile.
Behavior During an Interview
Be conscious of your behavior throughout the entire interview process, including times when you may not be directly in front of your interviewers.
Don’t worry about sounding repetitious/redundant. Each interviewer is a new audience. Keep your answers consistent.
Maintain a high enthusiasm level.
Be an active participant in the interview dialogue.
Common Interview Questions
Why are you interested in the actuarial profession?
What do you know about our company?
Why does our company appeal to you?
What are your greatest strengths/weaknesses?
Where do you see yourself in five years?
What are your long-term career goals?
Questions for Your Interviewer(s) – Part 1
Always prepare questions to ask. Lack of questions indicates disinterest/lack of an independent thought process.
Some of your questions may be answered during the course of the interview. It is OK to acknowledge this and ask follow-up questions/for clarification.
Do not ask questions that are easily researched on your own.
Never initiate conversation about personal matters such as compensation and vacation time.
Questions for Your Interviewer(s) – Part 2
How is your organization/department structured?
What are the day-to-day responsibilities of this job? The bigger-picture goals?
What skills/characteristics do you deem most important for this position?
What computer programs/languages are important to this role?
What has been your experience with the company? What do you like about working for the group?
Interview Scenario No. 1
You have an initial interview with an HR representative at XYZ Company. He calls you
and is not very talkative, asking short questions. He does not seem to be paying attention to your
answers, and you can hear typing in the background. He does not give you any indication
of what he is thinking, so it is hard to get a sense of how the conversation is going.
How do you react?
Interview Scenario No. 2
An interviewer asks you to describe a weakness of yours, or a time you have failed and how you responded. You feel unprepared for this type of
question.
What type of answer do you provide?
The Offer Stage
Negotiation?• Rule of thumb: Never negotiate for the sake of
negotiation.• Poor negotiations can mean offer withdrawal.
Be familiar with average base salaries based on exams/experience level.• Sign-on bonus?
Have at least three references lined up, ready to go.
Market Overview
Society of Actuaries (SOA)• Encompasses Life, Health, Pension• Approximately 23,000 members worldwide
Casualty Actuarial Society (CAS)• Affiliated with P&C• Approximately 5,500 members worldwide
Actuarial Profession Resources
SOAWebsite: www.soa.orgPhone: 847.706.3500
CASWebsite: www.casact.orgPhone: 703.276.3100
Jointly sponsored website: www.beanactuary.org
Exams Resources
www.dwsimpson.com/actuaryexams.html
www.dwsimpson.com/actuarialseminars.html
www.actuarialoutpost.com
www.bpptraining.com
www.actuarialseminars.com
www.neas-seminars.com
www.sambroverman.com
Insurance Industry Resources
www.actuary.net
www.businessinsurance.com
www.insurancenewsnet.com
www.benefitslink.com
Our Contact Information
Caitlin CunninghamManager
Email: [email protected] line: 312.867.2331
Becki TobiaManager
Email: [email protected] line: 312.867.2322