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May Graduate: Internship or Underwriting Job??

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  • May Graduate: Internship or Underwriting Job??

    Hi all,

    I graduate in May with a degree in Math and Finance, and so I'm looking at becoming an actuary. The only problem is I haven't passed any exams yet and so I won't be able to get an entry-level actuarial position right out of college. I just sat for Exam P a few days ago and I'm almost 100% sure I passed, but of course I won't find out officially until April. With all this in mind, my plan was going to be to apply for underwriting positions at insurance companies and then move over to an actuarial position later on. I told this to one of my Finance professors and he thought it was a horrible idea. He feels that I would be limiting myself by taking any non-actuarial position. So what I would like to know is does anyone agree with my professor? If so, do you think I should be applying for actuarial internships for the summer, and then apply for an actuarial position for the Fall? Any input would be very helpful. Thanks.

    Adam

  • #2
    I think you should be applying for a full time position.
    Whether you are the lion or the gazelle, when the sun comes up, you better be running.

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    • #3
      Originally posted by adam13
      With all this in mind, my plan was going to be to apply for underwriting positions at insurance companies and then move over to an actuarial position later on. I told this to one of my Finance professors and he thought it was a horrible idea. He feels that I would be limiting myself by taking any non-actuarial position. So what I would like to know is does anyone agree with my professor?
      I absolutely agree with him: underwriting is not the same as being an actuary. If you go into underwriting, you'll likely find it difficult to get over to the actuarial side.

      It's getting late in the season to apply for an internship, I'd start throwing out apps for that now in case there are companies that haven't filled those spots. Not having an exam for an internship isn't as bad as not having an exam for a full-time position, but if you're wanting to get into the field you need to get started on exams; the sooner the better.
      "You better get to living, because dying's a pain in the ***." - Frank Sinatra

      http://www.hockeybuzz.com/blogger_ar...blogger_id=174 - where I talk about the Blues and the NHL.

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      • #4
        Thanks for the replies. So do you think it's worth it to hold off getting a job entirely until the Fall (internship also since as you pointed out it is pretty late in the game)? I was under the impression that any job was better than no job, but now its starting to seem like an actuarial position is worth holding out for.

        Adam

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        • #5
          Maybe look into quant positions. Its basically actuarial work without the need of designation or exams passed. I was in a similar situation as you. I took a quant position before I got my Exam P results. I then found out I passed P, took Exam FM a few months later...passed, got into the actuarial student program. In my interview I mentioned that I was interested in pursuing an FSA and they have been very supportive since.

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          • #6
            Thanks for the reply Philly. If you don't mind, what exactly is a quant position, i.e. what job titles should I be looking for? Also, how long did you stay in your quant position before moving to the actuarial program? And when you moved to the actuarial student program did you basically start at the beginning like a typical new entrant would? Thanks.

            Adam

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