How Do I Get an Actuary Internship?

Students interested in pursuing an actuary internship should have demonstrated statistical analysis skills through the completion of several undergraduate math, actuary, or economic courses. Specific requirements for actuary interns vary company, but most employers expect interns to be in their junior or senior year of college and pursuing bachelor’s degrees in fields related to actuarial science. Some employers also demand that you pass a standardized actuarial exam and have a high grade point average.

An actuary must be skilled in the science of calculating odds and ratios because an actuary must skillfully project the statistical odds of a company having financial profit, loss, risk, or liability in future years based on behavioral and market analysis. As a result, enrolling in a college that offers an undergraduate degree in statistics, actuarial science, or economics is the first step in obtaining an internship. An aspiring intern would consult a representative in the college’s job placement office after completing the first two years in one of these disciplines, who typically has a list of companies accepting applications for internships in actuary science.

Instead of using job placement services, a student can get an internship approaching companies that need actuary interns directly; there are four types of companies that need actuary interns. The most common type of actuary internship is offered insurance companies, which require actuarial staff to estimate the percentage of pay-offs they may face for future customer claims or litigation. Local and federal governments that pay out pensions and social service benefits also hire actuary interns who can project the number of beneficiaries and anticipate funding needs to determine how self-sustaining such programs will be in the future.

Actuaries are needed banks that deal in future profit and losses on a daily basis granting loans and mortgages and selling bonds and certificates of deposit. An actuary internship lasting six months to a year may be available at such a school. Consultant firms that advise businesses and individuals on 401K retirement funds, long-term investments, endowments, and other financial products are also likely to be interested in actuary interns.

After identifying a few companies to apply to, the aspiring intern must put together an application package and schedule any exams that the companies require. Typically, applicants obtain their most recent university transcripts and include them with their application. Internships are typically offered full-time during the summer, but part-time internships may be available during the school year. After graduation, some students find internships and use them as stepping stones to a full-time career. When a student is offered an internship, most companies provide ongoing professional training and pay.