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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Actuary responsibilities may include:
Answers to the Most Common Actuary Interview Questions
Actuarial interview questions and answers will vary, but some common questions can be expected. This section will cover some of the most frequently asked behavioral, general, and technical questions asked during a job interview.
Tips to Prepare for an Actuary Interview
Actuarial science combines many disciplines of knowledge, including financial theory and risk assessment.
You should do some research on the company before your interview. This will help you understand the job description better and know what kinds of questions to expect.
Job descriptions contain a lot of information that you need to know before the interview. You will know the roles and responsibilities of the job, the expectations of the company, and the required level of expertise. It will also help you know what to expect from the hiring managers and what to prepare for.
Actuary Interview QuestionsHere are Actuarial interview questions and answers for freshers as well as experienced analyst candidates to get their dream job.
Top 5 General Actuary Interview Questions and Answers
General questions are used by the hiring managers to get to know you and gauge what research you have done about the company. They are typically straightforward and not as difficult as technical and behavioral questions.
The purpose of this question is to test your knowledge of actuary requirements and skills. The interviewer wants to know how much you know about the profession and if you have the skills needed for the role.
A good way to answer this is: “An actuary needs to have skills in math and statistics, business and finance, and basic programming skills in spreadsheets, databases, and statistical programs. They also need to have strong critical-thinking, problem-solving, decision-making, and communication skills.” You can also provide an example of when you used one or more of these skills.
With this question, the hiring manager wants to test your understanding of the actuary role. Your answer should be clear, concise, and confident to ensure you know what you are talking about. It should also be in line with the job description.
“An actuary is responsible for compiling statistical data and information for analysis, developing and testing hypotheses about company risk factors, assessing the likelihood of an event occurring, and predicting the possible impact. They also brainstorm solutions for managing financial risks and report their findings to company executives and clients.”
The hiring manager wants to know if you find your work fulfilling. Your answer to this should be straight to the point and mention the benefits of the role as described in the job description.
An example is: “Working as an actuary comes with benefits like flexible working hours, high salaries, and solving problems, which I find very engaging. All of these align with my career path which lets me enjoy my job.”
The hiring manager needs to know that you understand the role that you are applying for and also determine your expertise level. This question will also determine how the rest of the interview will go.
“The role of an actuary at an insurance company is to analyze specific risk factors for events that will affect the company’s customers using statistical models and analysis. They analyze all events covered by the insurance company.”
The point of this question is for the hiring manager to know your strongest qualities. Your answer should focus on your top skills, knowledge, and experience that fit the role you are applying for.
“I have three years of experience as an actuary and multiple certifications that have helped me improve my skills over time. I understand the role and know what to expect from the job and I have worked on projects similar to those that your company focuses on. I understand what it takes to achieve good results.”