Actuarial Analyst Interview Questions

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.

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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.

Have an interview prep session

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.

  • Describe a situation when you were under pressure in work. Working as an actuary, you will provide information and source materials for many other employees. And it won’t be always easy to deliver them on time. Show the hiring managers that you do not crack under pressure. Narrate a situation when you managed to prioritize your work, in order to meet a deadline.
  • Describe a conflict you had with your colleague. Different people use different statistical methods, and the results of your calculations won’t necessarily mirror the results of other actuaries working for the company. Show the interviewers that you are not afraid of criticism, that you do not consider yourself the best mathematician in the world, and can admit making a mistake, or being wrong. Show them that you approach each conflict in a constructive way, and that the conflicts do not have a negative impact on the relationships you have with your colleagues.
  • Describe a situation when you went above and beyond with your service (for the customer, for the colleague). The best employees do not mind going above and beyond for their colleagues, or the customers. Talk about something nice you did for another person–it doesn’t necessarily have to be something special, or unique. Perhaps you helped someone with their work, showed them the right direction, or served as an emotional support once they experienced difficult period in their person life.
  • Describe a situation when you reached a goal and tell us how you achieved it.
  • Tell us about a time when you used logic to solve a problem.
  • Describe a situation when you did not agree with the opinion (or decision) of your superior, and knew that they were wrong. How did you handle that?
  • Tell us about a situation when you felt overwhelmed with work.
  • Describe a time when you struggled to communicate something to your boss, colleague, or to a customer. How did you manage to get your message over?
  • Describe a time when you faced an ethical dilemma at work.
  • Tell us about an obstacle you overcame.
  • Describe a situation when you struggled to meet a tight deadline.
  • 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…

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