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Get to know what it’s like to be an actuary!

What’s an Actuarial Internship?

Actuarial internships are structured work experiences that provide students with the opportunity to work side-by-side with experienced actuaries. These internships provide participants with the opportunity to experience attributes of an actuarial career.  Working alongside experienced actuaries in various industries such as finance, insurance and consulting can provide students with a snapshot of what the future career may be. Though getting an internship does not guarantee a permanent job many students find it opens the door to future employment.

Why Should I Start with an Internship?

The benefits are numerous some of which include:

  • Practical Experience: Internships provide hands-on experience, allowing students to apply academic knowledge to real-world scenarios while gaining a head start on an actuarial career. Employers view internships as valuable experience when they are seeking candidates for full-time entry-level roles.
  • Understanding the Profession: Actuaries work in many types of industries. An internship can provide meaningful experience to determine if this career path aligns with a student’s interest and goals.
  • Skill Development: Internships can help develop essential skills such as data analysis, problem-solving, proficiency with actuarial software, communications and leadership skills, which are all essential for a successful actuarial career.
  • Networking Opportunities: Internships allow students to connect with professionals in the industry, helping them build a network that can be beneficial for future job searches.
  • Getting paid: Internships may offer compensation, allowing students to alleviate financial stress and focus on their learning and professional development, rather than worrying about expenses.

How to Find Internships

Internships and co-op opportunities may be found in various ways, including:

  • University resources: Universities may have career services that provide job boards, opportunity listings, networking events and career fairs. Often companies may conduct on-campus interviews of interns and co-op students.
  • Networking: Students are encouraged to attend industry networking opportunities, seminars and actuarial conferences. This presents opportunities to connect with actuarial professionals.
  • Professional Associations: Organizations such as the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS) have resources and job boards specifically for aspiring students.

Some example of job boards in North America are listed below:

What to do if you do not find an internship?

Do not get discouraged! If you find yourself unable to secure an internship, there are several proactive steps you can take to enhance your experience and skills:

  • Networking: Networking is also crucial. Consider attending industry events, seminars, and conferences to connect with professionals who may offer guidance or future opportunities – make sure you follow up with your new connections through email or professional social media sites.
  • Exams: Continuing to take exams will help you stand out for future opportunities, highlighting your commitment to the profession and determination and drive to achieve your designations.
  • Self directed learning: Students can engage in self-directed learning by taking online courses or obtaining certifications in actuarial software and data analysis, which can bolster your resume.
  • University resources: Consider reaching out to your university’s career services for support, as they may have resources or connections that can assist you in finding alternative experiences or internships in the future.
  • Actuarial adjacent opportunities: Be open to opportunities that are not specific to the actuarial profession but can have transferable experience, such as data analysis, consulting, etc. At the very least, you may be exposed to an office environment and develop key project management skills.