Securing Your First Actuarial Position

________________________________________________________ Presented By: Caitlin Cunningham & Adam Noreen Penn State University January 22, 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: Heading

John J. Smith

100 S Burrowes St, State College, PA 16801 814.555.1212 ∙ [email protected]

Sample: Actuarial Exams/Designations

Actuarial Exams & Credits

Successfully completed Exams P/1 and FM/2 Sitting for Exam MFE/3F (April 2014) Fulfilled VEEs in Economics and Corporate Finance

Or...

Actuarial Designations

Fellow of the Society of Actuaries, 2013

Sample: Education

Education

Pennsylvania State University, State College, PA

B.S. in Mathematics

Graduation expected May 2014

Minors in Statistics and Economics

GPA: 3.7/4.0

Sample: Actuarial Experience

Actuarial Experience

Company Name, City, State/Province

P&C Actuarial Intern

• • • Applied Excel to...

Priced products X, Y, Z...

Analyzed data...

• Presented findings...

Summer 2013

Sample: Additional Work Experience

Additional Work Experience

Company Name, City, State/Province

Administrative Assistant

• • Answer phone calls...

Greet visitors...

Filing Clerk

• • Filed documents...

Collaborated with...

July 2012 – Present Jan 2012 – June 2012

Sample: Technical Skills

Technical Skills

Proficient in Excel, Access Basic working knowledge of VBA, SAS, SQL, C++

Sample: Other

Leadership

Actuarial Science Club, Secretary, May 2012 – Present

Awards

DW Simpson Actuarial Scholarship, 2013

Language Skills

Fluent 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&C  Actuarial functions: Pricing/Ratemaking, Reserving, Financial Reporting, Product Development, etc.

 Industry news and trends  Exam syllabus  Functions 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

SOA

Website: www.soa.org

Phone: 847.706.3500

CAS

Website: www.casact.org

Phone: 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 Cunningham

Manager

Email: [email protected]

; Direct line: 312.867.2331

Adam Noreen

Recruiter

Email: [email protected]

; Direct line: 312.867.2370