Actuary internships require statistical analysis skills and a bachelor’s degree in fields related to actuarial science. Interns can approach companies directly, with insurance companies being the most common type of employer. Internships are usually full-time during the summer, with ongoing professional training and salaries provided.
Students seeking an actuary internship should generally have demonstrated statistical analysis skills, as demonstrated by successful completion of multiple undergraduate mathematics, actuarial, or economics courses. Specific qualifications for actuary interns vary from company to company, although most employers require interns to be university students who are pursuing a bachelor’s degree in fields related to actuary science and be in their freshman or senior year of college. Some employers also require passing a standardized actuarial exam and a competitive grade point average.
As an actuary must skillfully project the statistical probabilities of a company having financial profit, loss, risk or liability in the coming years based on behavioral and market analysis, a person seeking an actuary internship must be proficient in the science of calculating probabilities and indices. Consequently, the first step in acquiring an internship is to enroll in a college that offers an undergraduate degree in statistics, actuarial science or economics. After completing the first two years in one of these disciplines, an aspiring intern would consult with a representative at the college’s internship office, which typically has a list of companies that accept internship applications in actuarial science.
Rather than seeking assistance through job placement services, the student can obtain an internship by directly approaching companies that need interns; There are four main types. Insurance companies are the most common type of offering an actuary internship, as they need actuarial staff to estimate the percentage of payments they may be facing for future customer claims or litigation. Local and federal governments that pay pensions and social service benefits also hire interns who can analyze how these programs will be self-sustaining in the future, projecting the number of beneficiaries and anticipating funding needs.
Banks that negotiate daily future profits and losses by making loans and mortgages and selling bonds and certificates of deposit need actuaries to calculate potential future risk. This institution may offer an actuary internship lasting between six months and one year. Consulting firms that advise companies and individuals with 401K retirement funds, long-term investments, endowments, or other financial products are also likely to respond favorably to those seeking an actuary internship.
After reaching some companies, the aspiring intern must put together an application package and arrange for the exams required by the companies. Typically, applicants obtain the most recent transcripts and attach them to the application. Internships are usually offered in the summer on a full-time basis, but part-time internships during the school year may also be available. Occasionally, students get internships after graduation and use these jobs as entry points into a full-time career. If a student lands an internship, companies typically provide ongoing professional training and salaries.
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