News Type: Future Focus Blog Posts

CAS Student Central hosted a webinar last month to provide you with actuarial exam study tips and techniques, and to update you on recent changes to CAS credentialing requirements. The webinar was presented by Ken Fikes, FCAS, Director at The Infinite Actuary, and Rick Gorvett, FCAS, CAS Staff Actuary.

Didn’t get the chance to catch it? Not to worry! You can watch the live recording  through the Student Central online community. Additionally, this blog post provides a recap of the information that was covered.

Let’s start with the exam updates.

Last January the CAS announced the creation of two new exams being offered in 2018, Modern Actuarial Statistics I and II (MAS-I and MAS-II). On the webinar Rick Gorvett discussed how these exams address the emerging needs of future actuaries and their employers, and provided information on the format, transition plan, and key topics for each new exam. He also walked through the transition rules and commonality with the SOA’s exam requirements.

Moving along to study resources and tips!

Ken Fikes from The Infinite Actuary covered a number of topics, applying concepts from Stephen Covey’s “The Seven Habits of Highly Effective People,” to help you successfully study for actuarial exams. Outlined below are a few key tips and techniques he shared during the webinar. We encourage you to view the recording to access the full list of recommendations.

Practice Problems

Aim to finish learning the actuarial exam material 4-6 weeks prior to your exam date so you have adequate time to practice problems. Learn to understand what each problem is asking and apply your knowledge to get the correct answer.

Speed Matters

When taking the preliminary actuarial exams, you will have about six minutes to solve each problem. As you are working through problems, keep a list of those that you missed and those that took you significantly longer than six minutes to complete.

Practice Taking the Exam Two to Three Weeks Before Your Scheduled Exam Date

This will serve two main purposes:

1. To prepare your mind and body for what you will experience on exam day. For example, use a timer, don’t take breaks, take the exam at the end of a long day when you are tired. Familiarize yourself with the stress and fatigue you might encounter during the real exam.
2. To test what you know and how fast you can work the problems! Once you’ve identified your strengths and weaknesses, you can focus on specific areas to improve your results. Don’t waste your time taking exam after exam without understanding what you missed.As members of CAS Student Central, you have access to free practice exams for P and FM made available by The Infinite Actuary! Take advantage of this resource available to you.

   

   Where to Study

   Pick a place where you can focus and not get distracted. Turn off your phone. Avoid wasting extra time preparing for the exam because of interruptions.

   Tailor your study activity to your surroundings. Watch a video lesson or listen to a recording during your commute. Review flashcards during lunch or while walking.

   When to Study

   Determine when you study most effectively. It may work well for some people to study early in the morning and during their lunch breaks, while others may find it more effective to study after work or on the weekends. Once you figure out the timing that works best for you, make this study time a priority and stick with it!

   Make a Schedule

   It is important to make a schedule and ensure that it offers flexibility in case you get ahead or behind of schedule. Try to stay ahead so you can account for unexpected conflicts that may arise at work or in your personal life.

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   CAS Student Central thanks Rick Gorvett and Ken Fikes for presenting the fall 2017 webinar.

Working Abroad
Taking a Risk and Making It Work

Hello! It’s me again – Derek.

If we haven’t had a chance to meet yet, I’m a published blog author. Based on the number of likes on my last post, I’ve changed the lives of at least 5 people. (Although actually one like is from myself…)

Anyways, my side job is also being an actuary. I work at CNA Insurance in downtown Chicago.

Two years ago I got the opportunity to go work in London. We have an office out there of about 200 people, and an actuarial unit of 15 or so.

Going to work abroad was not a slam-dunk decision for me. I really enjoyed my job and I was signing-up for a two year assignment. I’d be packing up everything I had in Chicago, and moving away from friends and family. To a place where I knew exactly zero people.

I’d be flying solo.

Questions swirled through my head.

What if I don’t like the office? Or my team? Or the work? What if I get homesick? What if I lose touch with my friends in Chicago? What if there’s an emergency? I would know no one.

On the fence, I talked to my friend about whether to accept the job or not. His advice was straight to the point:

“Dude, you’ll regret it if you don’t.”

And just like that I realised he was right. I had a unique opportunity in front of me and I had to take it otherwise I’d be thinking about the What If? for a long time.

So after some paperwork, getting the Biometric labs done, some more paperwork, working with the movers, even more paperwork, working with the relocation services, and signing the contract on the dotted line, I was on my way.

I received my Worker Visa in the mail the morning of my flight to London. A bit rushed!

Flying out of O’Hare Airport on a Monday evening, I landed at Heathrow Airport in the morning. London is 6 hours ahead of Chicago time, but I wasn’t feeling terribly jet lagged.

I got to the border control and readied myself to present my passport and contract to the officer. I walked up to the counter. The officer began to flip through the pages in my passport. He peered up at me through his glasses.

“How long are you staying in UK?” he asked. I hesitated. I felt a big lump in my throat and a knot in my stomach. I think that was the moment everything sunk in, and that I realised the leap that I had just taken.

“Two years.” I responded.

And that’s how my journey began.

First Impressions

The home office for CNA London was at 20 Fenchurch Street, a new skyscraper erected close to the Thames River.

This area was the hub of insurance, sort of the equivalent to Chicago’s Loop district.

London is a lively place – people briskly walking through its twisting streets, loud chatter from the pubs overflowing with professionals.

Busy Mondays through Fridays but a ghost town on weekends.

Right beside our building was the Lloyd’s of London, the historic birthplace of insurance.

Our underwriters would travel between our office and the Lloyd’s building to get inside and compete to win business.

Also right next door is the famous Leadenhall Market, famous for it being the scenes of Diagon Alley in the Harry Potter films.

If I had to summarise the differences (in my own opinion) of working in London in a couple words, I would say it is:

Old school.

By “old school” I don’t mean behind the times. On the contrary in fact, some of the most innovative insurance products flow through its markets.

I mean “old school” in a respectful way. Even from my actuarial seat as part of the business, I could tell business was done there differently.

The traditions. The relationships. The reputations. The diversity. The suits. The pints.  Everything about working in London was just cool. I felt like the frumpy American compared to my sharply dressed, smoothly social colleagues.

But eventually I learned. And I eventually got myself a few of those shirts with cufflinks myself.

Top 3 1 Things I learned Working Abroad

In complete transparency, I originally planned to have at least a list of 3 things I learned while working abroad.

But the more and more I think about it, I’m most passionate about discussing one.

So here it is, the single most important thing I learned while working abroad.

#1 DIVERSITY

Coming from America, the Land of the Free, a nation of immigrants, a real melting pot – I thought I knew enough about what it meant to be diverse.

However, my time in London opened my eyes to how much more I had to learn about diversity. And how integral diversity is in having a successful career.

Diversity showed itself to me in many ways in the workplace. One form was diversity in ideas. I came from the big, main home office location for my company, and it was quite easy to get sucked into the motions.

When you’re idle in one spot, you can start to trick yourself into believing what’s possible and what’s not possible. Seeing how London did things, their considerations specific to their international business, it was an invaluable experience. It was immensely refreshing to see things happen in London that I could never imagine at the home office location.

Another form of diversity showed itself in diversity in people. I learned there’s no one size fits all when it comes to working with a team and communicating with others. Everyone speaks their own language in a figurative sense, and in a literal sense when you’re abroad. It was a good challenge to get to know how my business partners from different countries in Europe all worked and liked seeing things. But I quickly learned how valuable it can be having different people and their different perspectives in trying to solve problems.

I’ll end my post today with some general advice I learned working abroad.

I figure – hey, if you’ve made it this far, that means you’re at least listening! My advice is:

Get connected to the world around you.

I was living in a bubble before my experience abroad. The world is so bright, vibrant, and diverse and it’s right at your fingertips!

Rich with amazing cultures, people, and places to see. I encourage you to start learning more about what’s going on outside America.

And plan a trip! For two weeks or maybe two years 🙂 Cheers! – Derek

Ever since I began my career as an actuary, I’ve been passionate about helping students navigate the uncertainties of their initial job search. Choosing a path after college is already difficult, and once you’ve chosen to go down the path of a career as an actuary, the question becomes, “how do I get my first job?”

As I searched for my first job out of college I remember wishing that I could read the minds of my potential employers. I knew that preparing for an interview was important. I wanted to know exactly what the employer was looking for and how I could meet their requirements.

Based on my experience recruiting for both of my companies and speaking with many candidates, here are my top 10 things you should consider as a student that will bring you closer to getting that first job as an actuary – ranked in no particular order of importance. As a member of the CAS, my list is based on my experience as a property and casualty actuary, however these tips are transferable to a career in life and health.

1. Develop an understanding of the types of actuarial jobs available.

Know the job market. Consider the types of firms where actuaries work, including insurance companies, brokerages and consulting firms. Also, consider responsibilities actuaries hold at these companies, such as pricing, reserving and predictive modeling. Career fairs are a great way to see which companies are hiring, and give you chance to meet their representatives in person. You can impress during an interview by displaying you’ve done your homework and you understand the types of actuarial positions available.

2. Network!

I cannot stress enough the importance of developing and utilizing your network, even at the onset of your career. Your network is likely much larger than you think – It’s made up of friends, family, university professors and other acquaintances.  The better you get to know someone, the more likely you’ll be to have access to their network, which can vastly expand the number of people who can help you find that first job. If you have the opportunity to meet someone and make a new connection, do it!  LinkedIn has made it easier to keep track of your network, however, remember that LinkedIn is not enough. You need to take the time developing connections. That means asking people to get coffee and staying in periodic contact with them. The more time someone invests in you, the more likely they’ll become an asset to you in your job search. I recommend keeping a spreadsheet with your network and keeping it updated with every interaction you have with a potential contact.

3. Develop a rudimentary understanding of the insurance business

Actuaries are traditionally insurance experts, so it makes sense to know about the industry in which you’ll likely be working. Take a look at the list of the largest property and casualty insurance companies, and read about them to understand the type of business they write.  Are they writing personal lines, commercial lines, specialty lines or maybe all of the above?  Read up on the standard insurance products – you might be working with them when you’re hired.

4. Pass exams in while in college

It’s no secret that it can be challenging to obtain an entry level actuarial position without an exam passed. Nowadays, I’ve interviewed candidates that have passed three, four, or even five exams before looking for their first job.  The more exams you pass while in college, the stronger your resume looks, and the easier it will be to obtain your fellowship, as you’ll need to pass fewer exams once you start working full time.  I’ve heard students say that they have been advised not pass too many exams while still in school. I find that advice to be out of date and detrimental to applicants.

5. Keep that GPA high

The GPA isn’t the most important statistic on your resume, but a low GPA could give an interviewer a reason to doubt a candidate’s abilities. So stay focused on keeping those grades up!

6. Take advantage of soft skill opportunities

The actuarial career requires a unique balance of technical skills and communication skills. Many students studying to become actuaries focus on math and economics courses.  These courses teach critical skills, however, you should consider opportunities to improve your soft skills. Classes to consider include ones that require writing papers, or public speaking courses.

7. Take steps to prepare for the interview process

An interview can be daunting for someone that hasn’t experienced one. Even someone with a spotless resume can stumble in an interview due to nervousness or lack of preparation.  It is important to know your resume inside and out, learn about the company to which you are applying, and know the description of the position to which you are applying.  You should find someone such as a career services professional to do mock interviews with. Professionals can help you diagnose weaknesses in your interview style and provide suggestions on how to improve your interview skills.

8. Make your resume spotless

Career services at your school can help by proof reading your resume. It is hard to imagine, but even a small typo will stick out like a sore thumb on a resume.  Print out a copy of your resume and read through it. This will help you spot errors that you might have overlooked while reviewing your resume on the computer.

9. Understand the hiring schedules of companies for internships and full time candidates early on.

This is particularly important if there is a company you would really like to work for. It is important that you don’t miss a deadline to submit an application. To avoid this, you need to understand their hiring schedule well in advance.  Most of the larger firms are beginning to hire earlier than they have in the past so they can fill out their entry level positions ahead of the spring graduation. Be prepared to submit your application earlier than you may think.

10. Flesh out your technical skills

It’s a huge plus to be able to showcase relevant software knowledge on your resume. Consider taking an introductory course in Microsoft Excel, which is the bread and butter software used by actuaries.  Additionally, look for opportunities to get experience with VBA, SAS, SQL, R, Java or other programming languages.  If you can demonstrate in your interview that you have experience with one or more of these languages, it will suggest to the interviewer that you’ll have a head start on important skills when you begin your full time role.

 

A common question asked by candidates searching for their first actuarial job is, “Should I work for a consulting firm or a traditional insurance carrier?” In Future Fellows December 2008 & March 2009, we addressed several myths about the similarities and differences of consulting firms vs. insurance carriers from the points of view of long-term actuaries. For this article, we decided to interview people at an earlier point in their careers: candidates.  Dan DiMugno, ACAS, has worked for insurance carrier Travelers for five years in a variety of roles. Ken Steinhauser has been a consultant in life and annuities for Oliver Wyman for two years. In his five-year actuarial career, Manpreet Mann has worked at both a carrier and a consulting firm, first at The Hanover and now at Aon. All have reached or are very close to achieving Associateship in their respective actuarial societies and are active in their companies’ student programs. All three of our candidates sat down together to talk about their personal experiences.

How is the work different?

The work can vary drastically. It is less about consulting vs. carrier and more about the exact position you are assigned. DiMugno has been in a rotational program at Travelers, with jobs ranging from auto reserving to profitability analysis for international markets. Steinhauser builds models for life- and annuities-related products for Oliver Wyman’s clients. At The Hanover, Mann worked in workers’ compensation ratemaking, including state filings; while at Aon, he spends most of his time in reserving for various casualty lines. As you can see, Mann’s consulting position at Aon is more similar to DiMugno’s reserving position at carrier Travelers than what Steinhauser does at consulting firm Oliver Wyman. On the other hand, there are some common themes to the consulting vs. carrier work environment. Two examples are personal interaction and travel. As a consultant, Steinhauser spends about half his week away from his office working on-site at client offices. Mann, also in consulting, travels only occasionally but spends much of his time interacting with clients, both external and internal (such as brokers). As an analyst for a carrier, DiMugno spends a similar amount of time interacting with people, but they are all on internal company teams (claims, advanced analytics, etc.). There are some general differences between working for a consulting firm or an insurance carrier, but it seems that where it matters most, conditions are comparable. Much more important is job description. Therefore, it is a good idea to keep options open and refrain from narrowing the job search too early by eliminating either consulting firms or insurance carriers from the pool of potential employers. Instead, a candidate needs to carefully evaluate each job on its individual merits.

Adapted with permission from an article by Agatha Caleo. Read the original article here.

This February marks the second annual Insurance Careers Month campaign. The CAS is proud to participate in this campaign alongside over 600 insurance organizations to spread the message of insurance as the “Career Trifecta”: stable, rewarding, and limitless. Insurance Careers Month and the broader year-round movement align well with the CAS’s extensive ongoing university engagement efforts. As a CAS Student Central member, you have access to a number of CAS resources created to support you on your path to a career in the property and casualty insurance industry.

We pose the following questions to help you determine whether you are taking full advantage of these resources!

• Have you checked to see whether a CAS University Liaison is assigned to your school?

The CAS University Liaison Program matches practicing actuaries with universities to help facilitate the partnership between actuarial science programs and the actuarial profession. University Liaisons are available on an ongoing basis to share their insights about the insurance industry and the actuarial profession. Liaisons typically visit campus 1-2 each year to speak and present at student events, actuarial club meetings, and in class. They are prepared to answer your questions on a variety of career related topics including the exam process, landing your first internship, networking, and more! Check the CAS University Match List to determine whether your school has a volunteer assigned. If your school does not have a University Liaison and you’d like to request one, please complete the following form. You can also use the form to submit questions about the volunteer on the match list for your school.

• Do you know what CAS Student Programs are being offered in 2017?

The CAS offers student programs at five meetings and seminars annually. Attendees are invited to spend the day meeting and networking with practicing actuaries, and learning more about the CAS and P&C Industry. Check out the list of programs taking place in 2017. For details on registering for any of these programs contact Tamar Gertner, CAS University Engagement Manager.

• Have you attended a CAS Student Central Webinar or listened to a recording?

These live, one-hour webinars are offered 1x per semester and cover a variety of topics. Each webinar is recorded and is available to watch in the CAS Student Central Online Community File Library. Stay tuned for an invitation to the upcoming spring webinar!

Previous webinar topics have included:

• The Entry-Level Job market for Actuaries: What’s Hot, What’s Not, and How to Position Yourself for Success
• Predictive Analytics and Data Science for Aspiring Actuaries
• Excel and R for Actuaries
• Career Paths in the Property and Casualty Actuarial Profession 

• Do you read the monthly CAS Student Central Newsletter?

The newsletter is sent out the first Thursday of each month and will inform you of important news items from the CAS and hot topics in the property and casualty insurance industry that you can reference on your next job interview! The communication also highlights upcoming dates related to exam sittings and registration deadlines, scholarship applications, and networking events. The newsletters are archived in the CAS Student Central Newsletter section of the website. 

• Have you heard about the CAS Trust Scholarship?

The CAS Trust Scholarship is awarded to up to three deserving students per academic year. First place will receive a $10,000 scholarship, and Second and Third Place, if chosen will each be awarded a $5,000 scholarship. The upcoming scholarship deadline is March 1, 2017, and scholarship recipients will be announced in May. The objective of this merit-based scholarship is to support college and university students’ interest in the property and casualty actuarial profession and to encourage the pursuit of the CAS designations.

• Have you checked out the CAS Career Center’s database of actuarial internship opportunities in the property and casualty field?

The CAS Career Center offers a user-friendly platform to search for property and casualty internships. Students are offered free and confidential resume posting, options to save internships that are of interest, and more!

We encourage you to take advantage of these resources available to support you on your career path throughout Insurance Careers Month as well as year-round. Additionally, visit the Insurance Careers Month website to see the list of campaign partners and supporters offering additional resources for students.

Please contact CAS Marketing and Communications Coordinator Arnulfo Moreno with any questions.