Actuarial Fresher Interview Questions

This is the second article on “Get an Actuarial Job” where we will let you know about some of the Actuarial Interview questions asked generally and guess what, we already have a database on that, it is just that you are missing the connection. Reading about the company is implied in any case you want to land a job and do some excel exercises

If you are going to a General Insurance company (GI Company), the possibilities are there that you may end up in Pricing or Reserving. We have not covered pricing that much and we don’t expect a recruiter to ask Pricing questions from an inexperienced, however if you have CT6 on your CV, you have already read about Reserving and most basically IBNR.

We have articles which follow up with the Reserving Exercises and are placed in a very genuine language to make you understand all about that.

The next step are the Actuarial terms used and not only the mothods. It is important to understand the difference between Pure IBNR and IBNER. You can find most of them in our Daily Dose section which we have been shouting out day and night. We request you to converse on them due to the factors listed in out first article posted on this session’s jobs.

In case of Life Insurance, we have terms which are already there in Actuarial Forum. The CT1 and CT5 actuarial interview questions are listed here.

Embedded Value and Business Planning (Projection of EV/GMV) in Shareholding Reporting, Valuation, Modelling, Pricing and Experience Analysis.

If you have any questions which you want to ask from a Recruiter, head over to Ask the Actuarial Recruiter where Ayush Anand, an Actuarial Recruiter answered your questions.

If you don’t know about the field you would like to go in, make sure you read this to have an idea of all about it.

To try out Excel exercises, head over to our Excel practice session, where Aman posts the Excel exercises which you can download and work upon.

Be aware and attentive of all the links posted here because there are questions which will be asked from these links inside and using the terms may impress and could help you to directly be able to converse with people.

Screening interview- who you are and what you want

Before they will even consider hiring you, and testing your skills and attitudes with behavioral and technical questions, they want to understand who you are, and what you want.

This is what screening interview is about–understanding your personality, whether you are a good fit for the job, your goals and dreams, your education and experience. Many insurance companies will conduct the screening interview over the phone, nevertheless, they may invite you for an in-person interview right from the get-go. The questions you may deal with include:

  • Why did you apply for this job? Focus on the value you can bring to their team (education, strong analytical and statistical skills, experience, right attitude to work, passion for numbers, etc) rather than on the things you want to gain with this new job, things you want to take from them (great salary, recognition, plenty of employee benefits, etc).
  • Why our company, and not one of our competitors? Try to point out something that makes them special. Perhaps they have the biggest market share in your country, an innovative approach to insurance, perhaps you like their products, or are a customer. One way or another, they should feel that you did your homework, that you know something about the company, and that they happen to be your first choice for employment (and insurance).
  • Why do you think you can be a good actuary? Because you always excelled with numbers, because your scored great grades in statistics, and most importantly, because you enjoy risk assessment and doing things that actuaries typically do. Show some self-belief. If you do not believe in your skills, who else will?
  • What will motivate you the most in this job? Try to speak about a sense of accomplishment. Belonging to a big international team. Having a direct impact on their thousands (or millions) of customers, since your calculations will reflect in the prices of final products. Whatever you go for, you should never say that money motivates you the most. You will earn a lot, no doubt, but it is better to avoid talking about money in the interviews.
  • How do you imagine a typical day in work? You will use mathematics, statistics, and financial theory to assess the risk that an event will occur and help businesses and clients develop policies that minimize the cost of that risk. You will work with numbers, sit at the computer, and perform a lot of tedious tasks. Tell the hiring managers that you expect to be busy, that you count with a heavy workload, and look forward to start the job.
  • Where do you see yourself in five years time? Describe your career plan.
  • Tell us your greatest strengths and weaknesses.
  • Why did you leave your last job?/ Why do you plan to leave your present job.
  • Why should we hire you, and not someone else?
  • actuarial fresher interview questions

    Take your interview prep to the next level.

    Get the realistic interview experience you need to master the interview.

    One bad decision can cost a company millions of dollars. In order to provide businesses with plans to minimize risks, a skilled actuary will:

  • Possess an eye for detail to evaluate plans
  • Employ statistics to develop risk management policies
  • Communicate clearly and effectively with members across departments
  • Approach problems from a holistic position in order to develop plans that will improve all aspects of the business
  • Possess an ability to think critically for effective problem solving
  • In order to qualify for an entry-level job as a trainee, candidates must have a bachelor’s degree in actuarial science, business, or a related field. However, candidates should plan to pursue associate- or fellow-level certificates with the Casualty Actuarial Society or a similar organization if they wish to practice as a full professional.

    In addition, candidates are required to complete continuing education requirements throughout the duration of their time as a professional actuary.

    If you’re getting ready to interview for a position as an actuary, you can prepare by researching the company as much as possible. Learn about the 9 things you should research before an interview.

    15 most asked Actuarial interview questions and answers

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