The Five W's of Recruitment

Jessica Rosso

Whether you are in your final years of college or in the early stages of your career, opportunities for professional advancement and development are waiting for you to seize them. Knowing the trends and techniques of a company’s recruitment process becomes vital in reaching your ultimate career goals and becoming a successful actuary. After speaking with several actuarial employers in both the insurance and consulting fields, I have found key trends and similarities in the recruitment process. I will discuss in detail the answers to the five W’s as applied to the recruitment process:  who, what, where, when and why.

WHO are companies targeting?

The actuarial profession, overall, has been growing over the past several years, meaning there is still a demand for actuaries in the workforce. In fact, firms are hiring at all levels from entry-level to experienced candidates. The most targeted group consists of individuals who have passed four to seven exams with some previous actuarial work experience.

Entry-level candidates with one to three exams passed are in high demand as well. Even though actuaries are highly sought after, specific job categories are experiencing dramatic differences in growth. Property and casualty and health actuaries have the most openings available and are growing at a very rapid pace.

WHAT are companies looking for in candidates?

Each actuarial firm will have a set of internal standards for new candidates. Although they are not always exactly the same, most companies have core similarities. The “must-have” qualities when it comes to candidates include having at least a bachelor’s degree in a field relating to actuarial science, strong analytical skills, excellent communication skills (both written and oral) and proven progress on the actuarial exams. As the famous saying goes, “Actions speak louder than words.”

Employers are not just looking for someone who can say they have these skills; instead they are looking for someone who will demonstrate these skills everyday in the workplace. This is why it becomes important, especially for those with little or no previous work experience, to be involved in extracurricular activities either at your college or in your community. An interesting experience or role with an organization may help you stand out above other candidates. Exams have always been one of the most useful ways for employers to judge candidates, mainly because it shows a level of competence and dedication to the actuarial profession.

When I asked employers what the desired and/or required number of exams is for an entry-level candidate I received great variability in response. Some companies require candidates to have at least one exam passed for both entry-level and internship positions.Other companies may require at least two exams passed.Still others do not require any exams passed. No matter what a company’s standards may be, passing an exam will only increase your chances of receiving an offer, it will never hurt you.

WHEN and WHERE are companies recruiting?

Employers across the country are consistent about when and where they tend to recruit. Entry-level positions most often become available in the spring, coinciding with college graduation. This means applications should be sent out in the preceding fall. On the other hand, year-round recruiting takes place for higher level positions for candidates with previous work experience. Employers were in complete agreement on the two prime places to recruit: universities with actuarial science programs and competing employers. This means that even if you do not initially receive an offer from your first choice actuarial firm, it is important to remain in the actuarial profession. As I have mentioned above, the most sought after candidates are those with a few years of experience.

Companies will begin recruiting locally. However, by no means do they limit themselves to just their surrounding area. If you are extremely interested in working outside of your town, be sure to contact the head of recruitment of the company in the specific city the desired job is located. Most firms have an actuary that is in charge of recruitment. Phone calls and letters should be addressed to this individual. Unless specifically stated by a company, send your resume to the designated recruiting actuary instead of the human resources department.

WHY will I work at this company?

An important point to remember is that just as you are in competition with other applicants, companies are also in competition with each other. Some incentives companies offer include competitive wages and benefits, signing bonus, paid study time, raises for passing exams and coverage of moving expenses. There are many other factors that must be weighed before making your final decision. You must decide the actuarial field you want to explore–property and casualty, life, pension, health, etc. Career changes are possible at all levels, but the earlier you change career paths the easier it is.

Higher-level exams cover topics directly related to specific fields. Credentials in one area may have minimal significance in another. Fortunately, the Society of Actuaries’entry-level exams are identical for all actuarial lines of business. The city you work in is also important, but again is not necessarily where you will remain for your entire career. This is especially true for national and international firms.

The items listed above can be used as differentiating tools between companies, similar to the way companies use resumes to differentiate between candidates. Opportunities can arise at any moment. Knowing how companies recruit and being proactive with your actuarial career is a way to ensure that opportunities will come to you.