Examining the State of the Entry-Level Job Market

By Glenda Greenberg, SOA Associate Editor

Job seekers throughout the country are facing the most challenging employment market in recent years. One of the biggest obstacles can be simply getting a foot in the door—especially in the face of a slouching economy.The Future Actuaryspoke to three recruiters to get their take on the state of the entry-level actuarial job market and to get some advice on what candidates can do to differentiate themselves.

Various mergers and acquisitions as well as the downturn in the economy have affected the actuarial job market. "The industry is feeling the pinch of consolidation," said Terri Michalewicz a recruiter for LCM Associates in Atlanta, GA. However, she adds that demand is always solid for top actuarial candidates.

The job market is stronger in some areas of the country than in others. According to Pauline Reimer, a recruiter for Pryor Associates in Hicksville, NY, the strongest need for entry-level actuaries continues to be in the Northeast, although that need has been tempered by the economy. The job market in the Northeast tends to be the strongest because of the heavy concentration of companies in the region that employ actuaries.

With companies generally starting campus recruiting in November or December, some firms will be doing more "shopping" than recruiting in these months, said Elaine Shapiro, recruiter at CPS, Inc., in Boston, MA. What can a candidate do to stand out from the rest? "In real estate they say, 'Location, location, location.' In the actuarial world we say, 'Exams, exams, exams,'" said Reimer.

Obviously, one of the most important steps to landing an entry-level actuarial position is passing the exams. "It's possible to get an entry-level position without having passed any exams," said Shapiro, "but it's easier once you have one under your belt. It demonstrates your commitment to the field." Michalewicz added, "When companies approach a recruiter for help with their entry-level openings, the expectation is that we will deliver top-quality candidates; exam success is one of several measuring sticks." Employers tend to seek out the top 20 percent of candidates. Currently, the most heavily recruited candidates have passed two to five exams and have two to four years of work experience, according to Michalewicz.

In a tough economic climate, what are some other things potential employers seek in a candidate? Having a degree in a specific field isn't necessarily important, but having a high overall GPA is crucial. Another significant component is, of course, the resume. Excellent communication and presentation skills are other areas of importance. "Employers are also looking for someone who is insightful with well-thought-out questions," said Reimer. She added that it is important for a candidate to do his or her research. Employers desire a candidate who has researched the company and has also investigated the discipline that he or she hopes to enter, whether it's property and casualty, life, health, or pension.

Another piece of advice is, "Students should use multiple resources when finding their first job," said Michalewicz. "A recruiter can be among those resources. In addition to presenting specific opportunities, we can also act as an adviser." If a student chooses to use a recruiter, timing is important. Contacting one within two months of graduation allows the recruiter ample time to identify the appropriate opportunities.

For international candidates who are seeking work in the United States, it is important to know which companies are willing to sponsor potential employees. Reimer added that international candidates should ideally have several exams under their belts to make themselves more marketable.

Keep in mind that the economy and the job market are cyclical, advised Shapiro. Although finding an entry-level position may be a challenge right now, perhaps the most important advice is to maintain a positive outlook and to stick with it.

From The Future Actuary, Vol. 10, No. 3,  December 2001
Copyright 2001 Society of Actuaries
and Casualty Actuarial Society