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Top 5 Technical Actuary Interview Questions and Answers
Technical questions test your practical ability in the specific role you’re applying for. The interviewer wants to know your skill level and your thought process.
This question gauges how much you know about software commonly used in the industry. Interviewers want to know if you can use the software they use and if you have any further knowledge that could help them utilize different software in the future. It’s important to know actuary tools that could help you in the specific position you’re applying for.
An example answer would be: “A few of the most important actuarial software products are Milliman Actuarial Software Solutions, Moses, Prophet, RMISWeb, SAS, TAS, and Towers Watson. I am most familiar with Moses, Prophet, and SAS because I used them in my previous roles. I am also currently learning Milliman Actuarial Software Solutions.”
The interviewer wants to know your skills as an actuary and wants to see if you can perform the role efficiently. There might be follow-up questions after this so your answer should be straightforward.
Here’s an example answer: “An actuary needs to be proficient in mathematics, statistics, regression analysis, accounting, finance, and economics. I also have computer science knowledge and excellent communication skills, which have aided me in my career.”
To be employed for an actuary role you need to be familiar with basic knowledge of the field. This question is asked to see if you know the essential duties of an actuary.
An example answer is: “Actuarial life tables are statistical charts that are used to show details about life expectancy for a specific group. They show the probability of occurrences in the lives of individuals. For instance, a life table can show you the probability of a person dying before their next birthday for each age. They are very useful in the insurance industry and healthcare.”
Actuaries have processes you need to follow when performing duties. This question is to see how familiar you are with those processes.
“An actuarial report is a statement on an organization’s current and future conditions to determine if it is on track to meet the expectations of its stakeholders. When it comes to a specific risk, it will include an assessment of the risk as well as the factors that influence it.”
The purpose of this question is to test your expertise and see if you have enough experience to fit the role you’re applying for. To answer this, you should get straight to the point and explain what the term is and how it is used by insurance actuaries.
Here’s an example answer: “Lognormal distribution is a positively sloped probability distribution with a range of zero to infinity that is used as a model to claim size distribution. It is best used for a statistical model of insurance claim sizes.”
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.