Internships For Actuarial Success

actuary internshipsActuarial sciences is one of the most promising and difficult fields of study in recent times. Actuary positions are routinely recognized as one of the best careers to pursue for the foreseeable future. Advanced mathematics, statistics and probability skill sets developed in actuarial professionals open up a plethora of opportunities in almost any industry. Actuary students find promising positions working with insurance, finance, the government, independent consultant and other types of firms as well. Demand for actuaries is expected to increase as big data and analytics become more inundated in businesses of all types and sizes.

Internships for Aspiring Actuaries

Almost every major financial and insurance firm has some type of internship available for aspiring actuaries. Most of the internships are available during the summer, but some are typically available in the fall and spring as well, satisfying some college and university credit requirements.

Allstate Financial has a twelve-week internship program for actuarial science majors that starts in May and ends in August. Allstate provides flexible starting dates for these actuary internships. Interns work alongside actuary professionals in order to effectively apply classroom knowledge to real-time working situations. Allstate provides challenging work for small classes of interns in order to optimize learning and mentoring. Allstate provides salaries for students that have completed exams.

MetLife also has an internship that provides competitive salaries and a benefit package as well. MetLife provides time to study, rotational working assignments and reimbursements for study materials, exam fees and prep classes as well. MetLife is one of the largest employers of actuarial science majors throughout the U.S. MetLife’s Actuarial Development program helps students prepare for the exams while working with executive-level actuary projects as well.

ING Financial also provides internships in its Actuarial Student Program for actuarial science majors. ING Financial offers options for full-time participation or summer internships. ING Financial uses the Actuarial Student Program to train actuarial science majors for management positions within the firm. The program focuses on helping students with SOA exams while improving managerial and technical skills needed for daily management operations. This program also has rotational assignments and provides experience in asset/liability management, pricing, financial reporting, modeling and valuations.

Cigna provides the Actuarial Executive Development Program (ADEP) to help actuarial science majors develop leadership, mathematical and analytical skills needed for the profession. ADEP focuses on helping students pass the exams by providing classroom lessons and training on the job. ADEP has two rotational assignments and is able to help students achieve FSA status in half the time of the typical actuarial science major.

Mutual of Omaha also provides actuarial internships that provide real experience working with financial results, mortality and other issues the major insurer focuses on. Interns work with managers and clients and have the opportunity to stay with Mutual of Omaha long-term.

It’s important to find reviews or to talk to other people who have participated in the actuarial science internships under consideration before making any final decisions. Networking and choosing major brands or firms with a strong niche position is a great start for finding the internship that can be most beneficial for starting an illustrious career as an actuary.

About the Guest Author

Blogger and actuarial science student John Simms recently completed a 6 month internship in the actuarial field and thinks every student of actuary science should consider one. He writes about other topics related to his profession at Online Actuary Degree.