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Securing Your First Actuarial Position ________________________________________________________ Presented By: Caitlin Cunningham & Amanda Kapellen University of North Carolina at Charlotte October 25, 2013

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Page 1: Securing Your First Actuarial Position ________________________________________________________ Presented By: Caitlin Cunningham & Amanda Kapellen University

Securing Your First Actuarial Position

________________________________________________________

Presented By: Caitlin Cunningham & Amanda KapellenUniversity of North Carolina at Charlotte

October 25, 2013

Page 2: Securing Your First Actuarial Position ________________________________________________________ Presented By: Caitlin Cunningham & Amanda Kapellen University

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

Page 3: Securing Your First Actuarial Position ________________________________________________________ Presented By: Caitlin Cunningham & Amanda Kapellen University

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.

Page 4: Securing Your First Actuarial Position ________________________________________________________ Presented By: Caitlin Cunningham & Amanda Kapellen University

Our Team

Page 5: Securing Your First Actuarial Position ________________________________________________________ Presented By: Caitlin Cunningham & Amanda Kapellen University

Who Employs Actuaries?

Insurance companies

Reinsurers

Consulting firms

Brokerages

Hedge funds

Risk modeling software groups

Analytics Groups

Managing General Underwriters/Agents (MGAs and MGUs)

Page 6: Securing Your First Actuarial Position ________________________________________________________ Presented By: Caitlin Cunningham & Amanda Kapellen University

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

Page 7: Securing Your First Actuarial Position ________________________________________________________ Presented By: Caitlin Cunningham & Amanda Kapellen University

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.)

Page 8: Securing Your First Actuarial Position ________________________________________________________ Presented By: Caitlin Cunningham & Amanda Kapellen University

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!

Page 9: Securing Your First Actuarial Position ________________________________________________________ Presented By: Caitlin Cunningham & Amanda Kapellen University

Sample: Heading

John J. Smith9201 University City Blvd, Charlotte, NC 28223

704.555.1212 ∙ [email protected]

Page 10: Securing Your First Actuarial Position ________________________________________________________ Presented By: Caitlin Cunningham & Amanda Kapellen University

Sample: Actuarial Exams/Designations

Actuarial Exams & CreditsSuccessfully completed Exams P/1 and FM/2Sitting for Exam MLC/3L (Nov 2013)Fulfilled VEEs in Economics and Corporate Finance

Or...

Actuarial DesignationsFellow of the Society of Actuaries, 2013

Page 11: Securing Your First Actuarial Position ________________________________________________________ Presented By: Caitlin Cunningham & Amanda Kapellen University

Sample: Education

EducationUNC at Charlotte, Charlotte NC B.S. in Mathematics Graduation expected Dec 2013Minors in Statistics and EconomicsGPA: 3.7/4.0

Page 12: Securing Your First Actuarial Position ________________________________________________________ Presented By: Caitlin Cunningham & Amanda Kapellen University

Sample: Actuarial Experience

Actuarial ExperienceCompany Name, City, StateP&C Actuarial Intern Summer 2013

• Applied Excel to...• Priced products X, Y, Z...• Analyzed data...• Presented findings...

Page 13: Securing Your First Actuarial Position ________________________________________________________ Presented By: Caitlin Cunningham & Amanda Kapellen University

Sample: Additional Work Experience

Additional Work ExperienceCompany Name, City, StateAdministrative Assistant July 2012 – Present

• Answer phone calls...• Greet visitors...

Filing Clerk Jan 2012 – June 2012

• Filed documents...• Collaborated with...

Page 14: Securing Your First Actuarial Position ________________________________________________________ Presented By: Caitlin Cunningham & Amanda Kapellen University

Sample: Technical Skills

Technical SkillsProficient in Excel, AccessBasic working knowledge of VBA, SAS, SQL, C++

Page 15: Securing Your First Actuarial Position ________________________________________________________ Presented By: Caitlin Cunningham & Amanda Kapellen University

Sample: Other

LeadershipActuarial Science Club, Secretary, May 2012 – Present

AwardsDW Simpson Actuarial Scholarship, 2013

Language SkillsFluent in Spanish

Page 16: Securing Your First Actuarial Position ________________________________________________________ Presented By: Caitlin Cunningham & Amanda Kapellen University

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!

Page 17: Securing Your First Actuarial Position ________________________________________________________ Presented By: Caitlin Cunningham & Amanda Kapellen University

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

Page 18: Securing Your First Actuarial Position ________________________________________________________ Presented By: Caitlin Cunningham & Amanda Kapellen University

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

Page 19: Securing Your First Actuarial Position ________________________________________________________ Presented By: Caitlin Cunningham & Amanda Kapellen University

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.

Page 20: Securing Your First Actuarial Position ________________________________________________________ Presented By: Caitlin Cunningham & Amanda Kapellen University

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.

Page 21: Securing Your First Actuarial Position ________________________________________________________ Presented By: Caitlin Cunningham & Amanda Kapellen University

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?

Page 22: Securing Your First Actuarial Position ________________________________________________________ Presented By: Caitlin Cunningham & Amanda Kapellen University

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.

Page 23: Securing Your First Actuarial Position ________________________________________________________ Presented By: Caitlin Cunningham & Amanda Kapellen University

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?

Page 24: Securing Your First Actuarial Position ________________________________________________________ Presented By: Caitlin Cunningham & Amanda Kapellen University

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?

Page 25: Securing Your First Actuarial Position ________________________________________________________ Presented By: Caitlin Cunningham & Amanda Kapellen University

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?

Page 26: Securing Your First Actuarial Position ________________________________________________________ Presented By: Caitlin Cunningham & Amanda Kapellen University

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.

Page 27: Securing Your First Actuarial Position ________________________________________________________ Presented By: Caitlin Cunningham & Amanda Kapellen University

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

Page 28: Securing Your First Actuarial Position ________________________________________________________ Presented By: Caitlin Cunningham & Amanda Kapellen University

Actuarial Profession Resources

SOAWebsite: www.soa.orgPhone: 847.706.3500

CASWebsite: www.casact.orgPhone: 703.276.3100

Jointly sponsored website: www.beanactuary.org

Page 29: Securing Your First Actuarial Position ________________________________________________________ Presented By: Caitlin Cunningham & Amanda Kapellen University

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

Page 30: Securing Your First Actuarial Position ________________________________________________________ Presented By: Caitlin Cunningham & Amanda Kapellen University

Insurance Industry Resources

www.actuary.net

www.businessinsurance.com

www.insurancenewsnet.com

www.benefitslink.com

Page 31: Securing Your First Actuarial Position ________________________________________________________ Presented By: Caitlin Cunningham & Amanda Kapellen University

Our Contact Information

Caitlin CunninghamManager

Email: [email protected] line: 312.867.2331

Amanda KapellenOperations Assistant/Database Manager

Email: [email protected] line: 312.867.2344