What is an Actuary?
What Do Actuaries Do?Actuaries combine business and math skills to model risks in insurance and finance. Their calculations ensure that companies can keep financial promises. One unique thing about the actuarial profession is its certification process. Actuaries must pass a series of exams on subjects ranging from probability and statistics to finance and insurance. These exams are great for actuaries because, like medical or law certifications, they give employers proof of an actuary's proficiency. |
Is Being an Actuary a Good Career?The Wall Street Journal did the math to find "good jobs" and ranked being an actuary as the #11 job for 2026 (US News and World Report). Actuaries are well compensated – entry-level positions can pay upwards of $100,000, and many experienced actuaries can earn between $150,000 and $250,000+ annually! They also have a great work-life balance. Most actuaries report low stress and average 40-hour workweeks. |
Where Do Actuaries Work?
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Private insurance companies provide contracts to groups and individuals that protect against various risks – about 60% of actuaries are employed by private insurance companies. Throughout the insurance industry, actuaries traditionally perform many of the same basic functions. These may include determining premiums for insurance products (pricing), developing mathematical models to forecast the value of cash outflows to policyholders (modeling), and determining the appropriate level of cash on hand to guarantee that the insurer can meet all obligations to policyholders (valuation). Although many of the core roles remain fairly consistent across the insurance industry, there is still plenty of variation among the different types of insurance companies.
Another common career path for actuaries is consulting. When companies need to perform actuarial calculations and don't employ actuaries themselves, they hire actuarial consultants. This path is great for actuaries who want a dynamic, fast-paced work environment. Career paths outside of insurance and consulting are sometimes called nontraditional. Actuaries in nontraditional roles may work in enterprise risk management, banking and finance, or data science. Actuaries who consider themselves "entrepreneurial" can thrive in nontraditional roles, where they have more freedom to create their own unique career paths. |
Life Insurance
Life insurance products provide benefits that are contingent on the life of the policyholder. Some examples of life insurance products are whole life insurance, universal life insurance, and term life insurance. If you’re interested in the content from RM 411/RM 412 and SOA (Society of Actuaries) Exam LTAM, then the life insurance industry may be for you. Companies that offer life insurance and commonly hire Penn State actuarial students: Prudential Financial, MetLife, Guardian Life, New York Life, Transamerica, Lincoln Financial Group, Erie Insurance. Life actuaries become certified by the SOA. After earning ASA (Associate of the Society of Actuaries) designation, most complete the ILA (Individual Life and Annuities) track to earn FSA (Fellow of the Society of Actuaries) designation. Health Insurance
Health insurance covers medical expenses for individuals. Health insurance companies may administer individual coverage plans, which individuals purchase directly from the insurance company, or employer-sponsored/group coverage plans, which individuals purchase through their employer. If you’re interested in the health content from RM 420/RM 430 and SOA Exam STAM, then the health insurance industry may be for you. Companies that offer health insurance and commonly hire Penn State actuarial students: Cigna, Aetna, Highmark Health. Health actuaries become certified by the SOA. After earning ASA designation, most complete the Group and Health track to earn FSA designation. Property & Casualty (P&C) Insurance
Property and casualty insurance is a broad category of insurance products that cover either damage to a policyholder’s property, or liability expenses from accidents in which the policyholder is legally responsible for another person’s injuries or damage to the person’s property. Examples of P&C insurance products include homeowner’s insurance, car insurance, and renter’s insurance. If you’re interested in the content from RM 420, then the property and casualty industry may be for you. Companies that offer property and casualty insurance and commonly hire Penn State actuarial students: Nationwide, Chubb, Erie Insurance, Geico, Selective Insurance. Property and casualty actuaries become certified by CAS (Casualty Actuarial Society). P&C actuaries can earn both ACAS (Associate of the Casualty Actuarial Society) and FCAS (Fellow of the Casualty Actuarial Society) designation by completing exams and online coursework. Reinsurance
Reinsurance, or stop-loss insurance, is a type of insurance that is purchased by other insurance companies to protect against the risk of not having enough cash on hand (reserves) to pay obligations to policyholders. Actuarial work within a reinsurance company depends on the type of insurance company being reinsured – life actuaries, health actuaries, and P&C actuaries can all work for reinsurance companies. Companies that offer reinsurance and commonly hire Penn State actuarial students: Munich Reinsurance, Swiss Reinsurance. Actuaries interested in reinsurance may choose to become certified by CAS or SOA, depending on whether they are pursuing P&C reinsurance or Life/Health reinsurance. Consulting
Another popular career path for actuaries is consulting. Consulting actuaries are employed by consulting companies and often work on projects for multiple clients at once. Although projects can vary significantly, consulting actuaries commonly perform audits of clients’ internal insurance departments, provide research and analysis for actuarial-related problems, or fulfill standard actuarial roles like pricing and valuation (when a client lacks the resources to do so in-house). Generally, working as a consulting actuary provides a more dynamic, fast-paced work experience than working as an insurance actuary. Companies with consulting actuaries that commonly hire Penn State actuarial students: Deloitte Consulting,Ernst & Young, KPMG, PwC, Mercer, Wakely Consulting. Consulting actuaries can work in life/health or P&C, so both the SOA and CAS exam paths are appropriate. Non-traditional
Although most actuaries work in either consulting or insurance, a few choose to work in “non-traditional” actuarial roles. The possible fields for actuaries in non-traditional roles are wide-ranging and can include anything from financial services to technology to energy. If you're interested in learning how other actuaries have applied their unique skillsets outside of insurance and consulting, check out the resources below.
Any company that is looking for employees who can solve problems could likely use an actuary. Don't feel limited, with the appropriate toolbox, you can work anywhere! An FSA or an FCAS designation is great to make you employable in a non-traditional setting, but even just an actuarial science major with a couple of exams passed can be enough to get you in the door in a non-traditional setting! |
Career Tips
Finding Jobs And Internships
It is never too late to start! Here are some overall pieces of advice on accelerating your actuarial career. Once you have the big picture, go through the information at the bottom of this page on the next steps to take!
General advice:
*Once you have accepted an internship or full-time job, please fill out these forms - Internship or a Full-Time Job - so the club can take you out of the resume books. This ensures you won't be contacted by recruiters and ensures the recruiters have the most accurate information.
General advice:
- It's important to actively seek out companies you'd like to work for (in cities you'd like to live in) through company websites, the club's Actuarial Career Fair and Information Sessions, and Nittany Lion Career Services, Smeal, and Eberly Career Services organizations.
- The club's Resume Book page provides information on how to get your resume into our Resume Book, which we email to all of our 300+ recruiters.
- Please fill out these forms when you accept an Internship/Full-Time Job and take your resume off of the NLCN or Smeal Connect websites, so that you don't continue to get requests from employers.
- These pages are also a great place to see where students have worked. It's a great idea to reach out to those individuals to learn more about the company and how to be a competitive applicant there.
- Recent Alumni on this list may also talk about their company.
- This intern website provides info on companies & how students felt about their internships there.
- Interns: Please take the short survey on your internships to help other students. It’s anonymous!
- Click here to view DW Simpson's PowerPoint slides from their 1/22/2014 presentation on landing internships and full-time jobs.
- 2020 Career Development Night Zoom Meeting Recording
*Once you have accepted an internship or full-time job, please fill out these forms - Internship or a Full-Time Job - so the club can take you out of the resume books. This ensures you won't be contacted by recruiters and ensures the recruiters have the most accurate information.
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Update your Resume
- Your resume should be 1-page.
- Add any new experiences since your last update. Triple check all formatting and grammar.
- Ensure both your email address and phone number are listed.
- If you have not already, visit the career center and ask for a resume review.
- Ensure you have plenty of copies; Some company reps may each want their own resume to review!
- Review the list of companies attending and identify those that have openings for which you qualify (e.g. internship vs. full-time opportunities).
- If you are interested in a particular industry, narrow the companies down to that industry.
- Identify & prioritize your top companies to focus your efforts .
- Research these companies. Be sure to know basic information such as industry and location. Review the company website and familiarize yourself with their mission statement. Read recent news articles and press releases.
- Make sure you fill out the application for these companies online in advance. For many companies, this will be the first thing they ask you at the career fair so you want to be able to demonstrate interest and say, “Yes, I already applied online!”.
- Asking questions is an easy way to start a conversation and shows that you’re prepared.
- Create a list of “need to know” questions. These are questions you will want to ask every company you interview with. You can ask about company culture, mentorship opportunities, a typical day, and anything else that is important to you!
- Prepare company specific questions. These questions could focus on recent news articles or information from a recent press release, etc.
- Your ‘Elevator Pitch’ is your opening statement to the recruiter to introduce yourself
- Prepare your elevator pitch. Start by mentioning your main attributes (name, graduation year, major, etc.) as well as major accomplishments. Include a statement about why you are interested in the particular organization or industry.
- If you want, you could add something interesting that will make you more memorable such as an interesting hobby (i.e. I run a side business as a baker).
- Practice your elevator pitch- practice, practice, practice- until you can recite it in your sleep! It may help to practice with a friend or family member.
- The standard career fair dress code is business professional.
- Ensure that you’re comfortable walking and standing in your shoes for an extended period of time!
- Plan to attend information sessions or other networking events being hosted by companies you are interested in.
- Sit close to the front and ask any questions you may have.
- Approach a company rep and introduce yourself afterward. When you attend the career fair, remind them that you met at the information session and consider citing something you learned or found interesting. This is important; companies track & remember who attended their events and who is engaged.
- Don’t forget your resumes!!!
- Bring something to write with. You will need paper and a pen in case you need to write anything down.
- If you have a padfolio to put your papers and notepad in, this would be a nice touch. If not, bring a folder to keep your resumes and notes organized.
- Start with a company that is not on the top of your list to practice having a conversation with. This will help to ease your nerves.
- Walk up and introduce yourself with a firm handshake. Show interest and enthusiasm by smiling and making direct eye contact.
- Ask the rep if they would like a copy of your resume, handing them one if they say yes.
- Recite your elevator pitch and ask a question to get the conversation started.
- Once you have introduced yourself, try to keep the conversation casual. Recruiters are people too! They are more likely to remember someone that they genuinely enjoyed the conversation with, even if the conversation steers away from actuarial science.
- Ask for their business card or contact information (email address) at the end of the conversation so that you can follow-up after the fair.
- Thank the representative for their time.
- After you walk away from their booth, jot down any notes that you did not get to write while you were talking. These can be helpful to reference if you land an interview, and will make for a stronger follow-up, even at the following year’s career fair!
- Be available to answer calls from recruiters that want to set up interviews for the next day.
- Know your schedule, and try to be as flexible as possible.
- Make sure your voicemail inbox is set up and is not full.
- If you miss a call, return the phone call promptly.
- Most of the companies attending the career fair do next day interviews. Prepare for the interviews; You can use the “Interview” section of this Career Tips page as a guide.
- Send a thank you/nice to meet you email and express your continued interest in a role following the career fair, mentioning that you already applied (as long as you’ve done so).
- Include something specific that you enjoyed discussing or learning about to make your note more memorable.
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Interviews can be intimidating, however with reflection and adequate preparation, you will be more confident, allowing you to focus on presenting why you would be the best candidate for the role.
Most interviews include a mix of behavioral and technical questions, you’ll need to be prepared to support and explain the experience and education on your resume.
To effectively prepare, write down as many scenarios you can think of where you overcame a challenge that an employer in your field may face. It's possible that one example of a situation can answer more than one question, however be prepared to outline different skills that you personally contributed to the challenge or task.
Employer use a variety of interview formats which depend on different factors including industry sector, job requirements and team dynamics. You can increase your hiring potential by preparing for a variety of different interview formats.
Generally the format of these questions can be divided into three categories:
Most interviews include a mix of behavioral and technical questions, you’ll need to be prepared to support and explain the experience and education on your resume.
To effectively prepare, write down as many scenarios you can think of where you overcame a challenge that an employer in your field may face. It's possible that one example of a situation can answer more than one question, however be prepared to outline different skills that you personally contributed to the challenge or task.
Employer use a variety of interview formats which depend on different factors including industry sector, job requirements and team dynamics. You can increase your hiring potential by preparing for a variety of different interview formats.
- Individual/1-on-1
- Behavioral
- Technical
- Panel
- Usually for new grads or permanent hires
- May include a self-presentation or case study
Generally the format of these questions can be divided into three categories:
Open Ended
Open-ended interview questions are usually broad in scope to encourage the candidate to speak openly throughout the majority of the interview. Open-ended questions typically focus on broad topics like your strengths and areas for improvement; and how they can relate to your success in the role, or how you have developed a weakness into a strength. Be sure to describe how your skills and experiences relate to the job, and how they will help you perform effectively.
Behavioral
Behavioral interview questions focus on your behavior in any past professional, personal or interpersonal positions. They showcase the outcomes resulted from your actions.
You have probably heard of the STAR method which is highly effective for answering behavioral interview questions. You begin by explaining a situation, the tasks you personally performed, the actions you personally took and the results of those actions. This approach can help you highlight exactly what employers look for: effective communication, leadership, teamwork and/or interpersonal skills.
You have probably heard of the STAR method which is highly effective for answering behavioral interview questions. You begin by explaining a situation, the tasks you personally performed, the actions you personally took and the results of those actions. This approach can help you highlight exactly what employers look for: effective communication, leadership, teamwork and/or interpersonal skills.
Situational
Situational interview questions present candidates with real-world scenario's. They ask the candidate to solve a problem, or evaluate how they would approach a specific situation. Always give specific examples of how you handled similar situations in past roles, or describe how you would approach the scenario if you have no experience with situation that has been presented to you. It’s okay to acknowledge if you have not been in a particular situation before, although it is recommended clearly defining how you would make specific decisions to come to a resolution.
Interviewers agree that the skills below are important to measure throughout the interview process. Utilize examples in your answers to demonstrate how you contributed in the following areas:
- Culture Fit - The sense of working well with others in the company and team
- Motivation - What drives you to succeed
- Initiative - Create new ideas and identify opportunities
- Technical Skills - Technical skills that are relevant to the position
- Communication Skills - Your verbal communication as well as listening abilities
- Poise and Appearance - How you present yourself in both virtual and in-person settings
- Problem-Solving Skills - Looking beyond and finding creative solutions
- Interpersonal Skills – How you interact with different team members at all levels of an organization
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Additional Interview Resources |
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- Click here to view the Actuarial Science Club's Interview Workshop Powerpoint
- Click here to view a handout from Mark Toniatti's presentation on developing a company report card
- Click here to see how to prepare case interview
- Click here to see some helpful interview tips and commonly asked questions from a reliable source
- Participate in our mentoring program to have a mock interview with mentors and get valuable advise from them
A well prepared resume will help you get an interview and is the first step in to finding a great job. If you are just getting started, take a look at the resources below for sample resumes and cover letters. If you are looking to improve your already completed resume, the club can help with that too! The best way to get your resume reviewed is to sign up for a mentor and have them provide feedback every month on your resume. The club also hosts resume review sessions, so be sure to check the club events calendar on the home page. You can also always reach out to any club officer to request a resume review!
Resources
Click here to view the Actuarial Science Club's Resume and Cover Letter Workshop Powerpoint
Template
Click here to view our resume templates
Examples
Click here and here to view sample Actuarial Cover Letters
Click here to view a sample Senior Actuarial resume
Click here to view a sample Junior Actuarial resume
Click here to view a sample Freshman Actuarial resume
Make sure upload your resume to the Resume Book here! Students can be offered interviews from the resume books alone, so be sure to utilize this great resource.
Resources
Click here to view the Actuarial Science Club's Resume and Cover Letter Workshop Powerpoint
Template
Click here to view our resume templates
Examples
Click here and here to view sample Actuarial Cover Letters
Click here to view a sample Senior Actuarial resume
Click here to view a sample Junior Actuarial resume
Click here to view a sample Freshman Actuarial resume
Make sure upload your resume to the Resume Book here! Students can be offered interviews from the resume books alone, so be sure to utilize this great resource.
Mark Toniatti gave a presentation on how to evaluate company offers, you can look at the presentation slides here! Please note that the discussion at the events is the most valuable piece because all circumstances are different. For that reason, The Club encourages you to keep an eye out for this event next year and to be sure to attend!