If you’d like to be hired as an actuary, you’ll need to equip yourself with some basic knowledge of what the job requires, including how to manage risks for businesses. Acing the interview is one of the first steps you’ll need to take and this guide will help you do just that.
Read on to find out common actuary interview questions and learn about other relevant information like actuary skills, interview preparation tips, how to find jobs, and FAQs about interviewing for an actuary position.
An actuary gauges financial risks for companies by employing mathematics and analytical skills. They use statistical data to help their clients minimize financial risk and analyze the potential outcome of financial uncertainties. They have a good understanding of financial systems and use their mathematical skills to solve complex financial issues.
They typically have an academic background in mathematics, statistics, economics, actuarial science, physics, finance, or insurance, and work in financial institutions, insurance companies, and government organizations.
According to the US Bureau of Labor Statistics, the median salary for actuaries in 2020 was $111,030. Actuaries have a job outlook of 24 percent, 16 percent above the average for all occupations. Actuaries generally have at least a Bachelor’s Degree in Actuarial Science, Mathematics, or Business.
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How do you check the validity of a data source?
Reveals the candidates knowledge, experience, and critical thinking skills.
Interview Questions for Actuarial Analysts:
Tests the candidates knowledge and experience working with data.
Which analysis software are you most comfortable using?
Evaluates the candidates experience with statistical analysis software and their computer literacy.
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The job description will give you an idea of what to expect from the interviewers. You should use this to research possible questions, have question lists, and have a mock interview to help build your confidence and familiarize yourself with potential questions.
Behavioral Interview – what you think and how you’d act
Once you pass the initial screening interview, they will typically invite you to the company for a second step of the hiring process – the behavioral interview. In this case, you will deal mostly with questions that target your attitude to various situations that happen in a job of an actuary (many of them do actually happen in every job).
Your goal is to convince the hiring managers of your readiness for the job, and the right attitude to work, your colleagues, and to life in general. Let’s have a look at some questions.
Special Tip: Behavioral questions prevail in interviews in big corporations and insurance companies. If you are not sure how to deal with the questions from the list, or experience anxiety before the start of your interview, have a look at our Interview Success Package. Up to 7 premium answers to 31 most common behavioral interview questions will make your life much easier. Make sure that you won’t remain silent when they ask you their questions. Learn something others won’t know, outclass your competitors, and sign an amazing employment contract…