Want to do an internship but not sure where to start? Here, we tell you all you need to know from actuarial internships in this overview…
Why take part in an actuarial internship?
Actuarial internships offer the opportunity to experience working as a professional actuary before you graduate; helping you to make valuable industry contacts, gain business experience and make an informed decision about your future career.
When it comes to applying for your first graduate job; having the experience of an internship under your belt also makes you more employable: it is tangible evidence of being driven, proactive and committed to a career as an actuary.
Best of all: many interns who perform well during their placement are often fast-tracked through their firm’s interview process for full-time graduate trainee positions; or even offered a graduate job at the end of their placement.
What are internships like?
Actuarial internships are usually for 6-8 weeks over the summer. During this time, you will be placed within a specific department (for example pensions or insurance), earn a salary, work standard office hours and get involved in a variety of projects designed to give you a taste of actuarial life.
Projects can involve working with data, building spreadsheets and models, and creating research on an aspect of the business to present to the whole team. You will start to learn standard calculations and technical methods employed by actuaries, gaining valuable professional insight and experience.
To find out more about what internships are like and the benefits they can offer; take a look at our internship profiles or read our case studies:
Towers Watson internships
Punter Southall internships
Hymans Robertson internships
How do I apply?
Much like full-time graduate positions, companies generally ask for candidates to have a maths A level or equivalent qualification. It is generally preferred that candidates are taking a numerically related degree and are on track for a 2:1. Find out what employers ask for in the Actuarial Employer Directory.
Most firms will ask you to apply by filling out an online application form, although it is also common (roughly one third of companies) to request that you send a CV and covering letter, either via email or by uploading them online. Make sure you use your time wisely by researching companies and only selecting a few to apply to, investing the time to perfect your application, rather than adopting an ineffective ‘scatter gun’ approach.
When should I apply?
Actuarial internships are generally held during the summer in between your penultimate and final year of university. You will need to apply to companies early in the year, generally January to March, although some companies open applications earlier than this, in the preceding autumn/winter. You should always aim to apply as early as possible as places can fill up quickly.
Find and apply for actuarial internships and placements now.