Is a co–op program right for you?

Donna Chiu

Internships are nothing new, especially when it comes to acquiring job experience. Many universities and colleges have services that help students find internships in their field of study. In recent years, co-operative programs have become extremely popular and many universities already have some academic programs combined with a work-term structure in place. In some fields of study, such as engineering, the co-op program is actually mandatory at some schools in Canada. Schools are attempting to make their students stand out more than ever, and giving students work experience is the best place to start.

Actuarial science co-op programs are often affiliated with a larger co-op program that the school administers. Co-op programs can be structured in many different ways, depending on the field of study, and students may have the option to choose the program’s structure. For example, some programs alternate work terms and study terms every four months;  for others, eight consecutive months on the job is the norm.

Employers need actuarial interns year round, so internships scheduled for only summer might not be the most appropriate structure. At the University of Calgary, actuarial students are admitted to the co-op program if they meet a specific GPA and satisfy other academic requirements. They are required to complete four work terms, which alternate with school terms starting in their second or third year, and can complete an optional fifth work term upon request. Actuarial students at Concordia University in Montreal are privileged to acquire English or French work experience on their four work terms. Co-op programs at the University of Waterloo require students to maintain a higher academic average than the regular programs, and students can acquire up to two years of work experience on the completion of six work terms. It is important to note that these co-op programs are not placement programs, and there may be years in which jobs are less abundant. The student is ultimately responsible for finding his or her own co-op job for any given work term.

There are many advantages to these co-op programs. From my own experience as a University of Waterloo co-op student, the four-month work terms alternating with four-month study terms can be both a blessing and a curse. Despite the many benefits from gaining work experience, I personally found that having to move every four months was somewhat of a hassle.

Throughout the six work terms, students are encouraged to return to each employer at least once, allowing them to work for at least three different employers. In this way, students can try various work environments with no long–term commitment, and in the meantime, find the working style that they prefer. With some experience in an office environment, students often develop a higher maturity level in terms of handling co-workers, clients and general workplace etiquette. This is crucial in deciding whether a specific company will be the right fit with respect to a student’s preference for the people and the responsibilities, as well as other aspects of the environment such as the pace at which the company operates. As a result, it is easier for students to make an informed decision as to the type of work environment that would be the most suitable and enjoyable. 

Not only are these work terms beneficial to students in discovering the type of work they would like, but they are also important in maintaining interview skills and the ability to confidently sell their personal portfolio to an employer when the time comes to find full-time employment. A constant cycle through this co-op process keeps students aware of their value when it comes to developing a résumé with solid work history and strong academic success. As far as hands-on experience goes, when employers see that a student has worked with actuarial software at XYZ Company, they will be impressed with both the academic and technical competence that the student possesses.

Being involved in social activities on work terms also helps to determine whether the company and the student fit in terms of personality. Employers tend to look for individuals who can communicate well and enjoy working with their coworkers. As a result, it is increasingly important to be able to socialize in the workplace. These social opportunities will also help students develop a network of contacts within the actuarial industry that will assist in finding the full-time job of choice. All this hands-on experience gives students a taste of life beyond graduation as well as a good foundation of work experience that is, no doubt, worth the extra year in school.

There are many practical reasons why students should look into the co-op programs at schools across North America. They provide a challenge to the student both in school and in the workplace. The mix of school and work allows students to turn their theoretical knowledge from lectures into practical everyday use, while the exposure from the use of industry methods and tools can provide motivation toward learning theory in the background. In addition to all the academic benefits, there are also benefits and challenges toward personal development. Students can learn how to manage their finances since co-op allows students to earn a salary that can help finance their education. If the internship is in a different city or country, the opportunity to meet new people and experience new environments far outweighs the hassle of moving every four months. The entire experience builds character, something that only four years of straight school will not be able to develop in the same way. Co-op is the perfect opportunity for students who want to ease into the working world and develop their career early; it is the best of both worlds–you can be a student and a professional!