News Type: News

Your first internship can be an intimidating experience. Surrounded by professionals in a business environment, new interns tend to have many questions, and sometimes miss out on great opportunities. Recent intern testimonials from Temple University’s Sigma Chapter of Gamma Iota Sigma show common trends among students who completed internships. Many of these students had rewarding summers, but many also missed some great networking and project opportunities.

The biggest opportunity interns saw was to build a network. Through activities such as sporting events and happy hours, interns have the chance to build relationships with professionals even before they begin their full-time careers. Many interns realize late in the summer that asking questions and organizing individual meetings are invaluable opportunities. A quick email stating “Would you have time to chat about your work over coffee?” can lead to an eye-opening conversation that would otherwise remain unknown. Companies appreciate this curiosity, and the vast majority of people are happy to take time out of their day to discuss their work with interns. This opportunity to ask questions and hold meetings is especially important to take advantage of, especially if you have a mentor. Mentors can provide information and guidance that might lead to a valuable network of professional contacts. Remember, the more people you build a relationship with, the more they can vouch for you when the company is deciding which interns to hire permanently.

Internships are not meant solely for learning and having fun, but also for you to contribute to the company. Companies do not hire interns to sit around; companies hope to provide interns with meaningful projects so they can better the organization. These projects often have some ambiguity and give you a chance to apply your own perspective. Applying what you learn in class, formal training sessions, and informal conversations will impress your supervisor and result in a better, more thoroughly completed project. Companies provide training materials specifically because they apply to your internship. Applying what you learn in these trainings, along with conversations you have with your department, will show your focus and attentiveness. Previous interns commonly noted the best part of their summers was the sense of reward and pride after providing meaningful assistance to their employers. One intern even noted that she had the opportunity to change the company’s incorrect pricing calculations which made her feel valued as an employee.

While internships may be daunting at first, most find experiences to be challenging, rewarding, and fun. Many students look back on their internships and realize they have made contacts and friends to keep for years to come. As long as you work hard and use your resources during your internship, you are bound to have a successful and rewarding experience.

About William Thorsson:

William graduated in May 2014, from an accelerated three-year track at Temple University. He received his bachelor’s degree in both “risk management and insurance” and “actuarial science.” During his undergraduate career, William completed two internships and was Vice President of Professional Development of the Gamma Iota Sigma, Sigma Chapter.

On May 21, 2014, 30 members of CAS Student Central participated in the CARe Seminar on Reinsurance Student Program held in New York City. Two student attendees and recent graduates, Yeshaya Rosner, graduate of Touro College, and Woosuk Yoo, graduate of the State University of New York Binghamton, have written about the experience.

Summary of the Student Program Experience

Yeshaya Rosner:  Every part of the seminar was a great experience that I would not have wanted to miss. I got to hear from experienced actuaries about their work, the exam process and their career advice. I also enjoyed the opportunity to network with other students who share similar goals. It was a valuable experience for any student aspiring to be an actuary and I highly recommend all actuarial students attend future student programs. 

Woosuk Yu: When I first heard about the CARe Seminar on Reinsurance I thought it was going to be a long presentation on reinsurance policies that would be very advanced and I would come out with minimal understanding. However, I can now say that I couldn’t have been more wrong. This CAS seminar far exceeded my expectations. Through this program, I was able to learn about reinsurance, get some helpful tips on resume writing and interviewing, and connect with great people who share common goals and similar interests.

Being Matched With a Mentor

Yeshaya Rosner:  Networking with my mentor was the highlight of the day. My mentor was someone who I had coincidentally already been in touch with via email, so meeting him in person was an especially valuable experience for me. I got to speak to him about his career; he shared how he ended up working as an actuary, talked about the various types of actuarial work he has done, and provided insight into why he enjoys his work. Additionally, my mentor is regularly involved in the hiring process and provided me with exceptional career advice.

Woosuk Yu: I appreciated that I didn’t need an elevator pitch to grab an actuary’s attention. The student program invited experienced actuaries from major companies with backgrounds in various actuarial fields to serve as mentors. I was matched with an FCAS with over 20 years of work experience. He gave great tips on becoming a successful actuary, and even asked to see my resume for a potential job opportunity at his company! I enjoyed the networking sessions which gave the students an opportunity to connect with fellow actuarial students as well as Fellow actuaries (Get it?).

Introductory Reinsurance Session presented by John Buchanan and Kevin Hilferty

Yeshaya Rosner: The Introductory Reinsurance Session was very interesting. John Buchanan demonstrated how insurance companies develop a product and described all the details that go into pricing it. Kevin Hilferty followed by talking about how reinsurance companies insure insurance companies. We then participated in an interactive activity and each table got to weigh in on which catastrophes to reinsure for. In the end, two of the four tables (not mine!) went bankrupt due to under-insuring themselves. This was interesting for me as a student because I got a sneak peek into how insurance products are developed in the real world, something that’s almost impossible to get in a standard classroom setting.

Woosuk Yu:  The presentation on reinsurance was very easy to follow. The slides were created for students with minimal background knowledge on the subject.

Concurrent Session

Yeshaya Rosner: I went to the session called “Lights! Camera! Professionalism!” consisting of skits put on by actuaries portraying dilemmas that can come up in the actuarial profession. After each skit, the audience gave their opinion on what each character’s professional obligation was as an actuary. It was fascinating for me to hear all the opinions from actuaries, some who may have actually experienced a similar scenario in the course of their career.

Woosuk Yu: My mentor and I attended a concurrent session entitled, “Understanding the Impacts of Climate Change.” I learned that there are some emerging issues that can open up opportunities for reinsurance. Climate change is complex and unpredictable, but there are significant incentives for reinsurers to understand the effects of climate change on insurance profitability.

Student Workshop

Yeshaya Rosner: The student workshop was split into two parts, one was a complete rundown of the exam process and the road to CAS Fellowship, and the second was a presentation from a professional actuarial recruiter.

Woosuk Yu: The recruiter provided tips on writing a flawless actuarial resume and properly interviewing to stand out from other candidates.  I learned that writing good resumes and being well prepared for interviews is just as important as having good grades.

Yeshaya Rosner and Woosuk Yu: On behalf of all the student attendees, we would like to thank the CAS and the University Engagement Committee for including a student program within the professional seminars. 

As an international student with a non-traditional background (Math PhD), I am convinced that I cannot rely on the conventional channels to help me land my first actuarial job. Coming from an academic background, I understand that professional conferences are the best place to meet people and to build professional relationships. So when I heard that CAS was offering a dedicated student program at its Ratemaking and Product Management Seminar (RPM), I signed up right away. I am so glad I did because what I experienced at RPM far exceeded my expectations! It was a full day of activity; I would like to focus on recounting my experience in two areas: networking and learning.

Upon arriving to the room for the student program, I found several student attendees already there, so I put on my networking hat and went ahead and introduced myself. While many students, including me, are still looking for their first actuarial position, I also met a good number who had already secured summer internships. It was encouraging to learn that there are people (international students too) out there landing jobs, and I made a mental note to reach out and learn from my peers’ experiences.

Apart from the free-for-all networking, the student program also matched each student up with a CAS Member who served as their mentor throughout the day. Another student attendee and I were matched with a seasoned actuary with almost 20 years of experience as our mentor. We listened with great interest, hearing about his adventures and experiences. Our mentor was also a great resource as we later attended concurrent sessions and encountered foreign concepts.

There were also plenty of other opportunities to network throughout the day. The presenters of the student program were there with us the whole time, always ready to interact with us and answer any questions we might have. During lunch time, the current CAS President Wayne Fisher and former CAS President Pat Teufel joined the mentors and students, sitting among us and eating with us.

Throughout the day I had a few surprise encounters:

• A LinkedIn contact whom I had always wished to meet was one of the mentors in the student program

• A former friend in my graduate program who graduated and is now supervising a team at an insurance company

• The person sitting right across from me during lunch was a former Math PhD who now works as a predictive modeler

On the learning side, we had an interactive session on “Intro to Ratemaking for Students” in the morning. After a clear presentation on the Ratemaking Equation and how it is being used by actuaries in their work, six volunteers from the audience were offered a chance to apply what we learned by playing the role of an auto insurance company with the rest of the group playing the role of drivers shopping for insurance. The competition did get our brain power and adrenalin flowing — we had to make sure we were charging enough money to reflect the risk of each customer, and yet we did not want to overcharge lest we lose our customers to our competitors. After several exciting rounds, my team luckily prevailed in the end, thanks to our location (the drivers had to go past our company before they could get to the other companies) and my partner’s intelligence. I appreciated the opportunity to learn new material and participate in this fun learning activity!

After the session, the learning continued as we selected and attended a concurrent session from the regular seminar program with guidance from our mentor. It was interesting to learn about what issues actuaries are concerned with and the latest trends in the industry. I also enjoyed the chance to interact with the presenter and ask follow-up questions.

At the last part of the student program, we heard about the latest exam updates as well as some insider tips on resume preparation and interviewing. It was the quieter part of the day, nevertheless equally educational and valuable.

As an aspiring actuary, I am thankful that CAS (particularly the University Engagement Committee) put together such a wonderful event for us. It helped me realize that I am not alone in my career pursuit, and there is a whole community that is interested in seeing me succeed.

So dear friends, if you find yourself getting discouraged by the lack of callbacks or emails stating, “We decided to move on with other candidates,” stop staring at the “I can’t find a job” post on LinkedIn/Actuarial Outpost, and come out and join the next CAS Student Central Program!