I often speak with actuaries who are facing challenges in securing their first actuarial role. It can be useful to think of job applications as a funnel:
Application → Phone Screening → First Round Interview → Final Round Interview → Offer
It's crucial to optimize each stage of this funnel, and this article focuses on improving the application-to-phone-screen phase.
The standard advice holds true: tailor your application to both the role and the company and dedicate time to crafting a solid cover letter if required.
However, this can be daunting, especially early in your career when relevant experience might be limited.
Here’s 11 tips on how to tailor your job application, ensuring you not only catch the eye of recruiters but also boost your chances of advancing to the phone screening phase
- Match your examples to the nature of the organization you aim to join
- Consulting: Highlight your problem-solving skills, ability to work with diverse clients, and ability to manage multiple tasks at once
- In-House: Highlight your role in long-term projects and internal stakeholder management.
- Broking: Demonstrate your negotiation skills, market analysis capabilities, and ability to work with diverse groups.
- Connect to the role itself: Connect your experiences with the specific aspects of the role
- Pricing: Share examples of pricing and profitability analysis
- Reserving: Discuss your precision in estimating long-term liabilities and adherence to regulations.
- Align with company values: Research the company’s values and culture on their website and align your resume to reflect these. You can also use the STAR technique to prepare interview answers using some of these examples:
- Innovation: Mention any new methods or technologies you’ve implemented.
- Integrity: Describe scenarios where your ethical judgment guided a decision.
- Client-Centric: Provide examples of customized solutions you’ve developed for others.
- Courage: Mention a time when you recommended a solution for which there was push back but which was ultimately better
- Explain your technical proficiencies: Strong technical skills are table stakes for an actuary so make sure you include everything on your resume. Any experience with industry specific tools will help you stand out here as it will mean you won’t need to be trained on the job
- Programming Languages: Mention any programming skills that are particularly relevant to the job, such as SQL, Python, or VBA, and how you have used these in past projects.
- Software Tools: Detail your proficiency with actuarial software such as AXIS, Prophet, or Igloo, and general tools like Excel, SAS, or R.
- Outline your educational achievements: Specific examples of what you have done in your studies that is relevant can help here
- Relevant Courses: Highlight specific coursework that aligns with the job you're applying for. E.g. a pricing project for a pricing role.
- Research Projects: Describe any thesis or research projects particularly relevant to the actuarial field, indicating your depth of knowledge and analytical skills.
- Provide professional certifications: This is basic information that is important to include
- Actuarial Exams: State your progress in the actuarial exam process (e.g., SOA or CAS exams) and any special recognitions or awards.
- Continuing Education: Mention any ongoing or completed professional development courses that enhance your credentials and keep you updated with industry standards.
- Include any industry knowledge – this can more easily be done in an interview but sprinkling in one or two examples of this into your resume will elevate it
- Regulations and Compliance: Show your understanding of industry-specific regulations and your experience with compliance issues, particularly in sectors like health or life insurance.
- Economic Awareness: Discuss how economic trends impact actuarial work and decisions, highlighting your ability to apply this understanding in practical scenarios.
- Discuss your project management experience – companies want employees who can get stuff done. Providing evidence of a can-do attitude, alongside examples of when you’ve led projects or teams is a very effective tactic
- Leadership Roles: Outline any leadership roles taken in projects or teams, including what the project entailed and the outcome.
- Cross-functional Collaboration: Provide examples of working with other departments to give a holistic view of your teamwork capabilities. It’s okay if this isn’t in an actuarial context
- Give evidence of strong communication skills – again this is easier to do in an interview but one or two examples in your resume this can increase your chances of being interviews
- Reports and Presentations: Mention specific instances where you prepared reports or presentations for management, clients or teachers, highlighting your ability to communicate complex information clearly.
- Training and Mentoring: Include experiences where you have trained or mentored colleagues, demonstrating your ability to transfer knowledge and improve team competencies.
- Give examples of volunteer work and community engagement – not everyone will have these, but it can be a nice way to add a bit of extra credibility to you as an individual
- Professional Organizations: Describe your involvement in professional actuarial organizations or other related bodies, including any active roles or contributions.
- Community Service: If applicable, detail how you've applied your actuarial skills in volunteer settings, which can illustrate a well-rounded character and commitment to social responsibility.
- Discuss any personal projects or interests – any examples of personal projects related to the industry or skillsets you’ll need can be useful. They can also be way to build rapport in an interview setting
- Relevant Hobbies: Share any hobbies or personal projects related to mathematics, statistics, or finance that may pique an employer's interest or demonstrate passion and initiative.
- Innovative Applications: Talk about any innovative or unusual applications of actuarial sciences you've explored on your own, which could showcase creativity and a proactive approach.
Effective job applications are not just about listing your achievements; they are about presenting your experiences so that they align with the specific needs of your target role and company, and what the hiring manager is looking for.
By tailoring your resume for each role, you ensure that it speaks directly to the employer's needs, showcasing not just what you've done, but how you can contribute to their future successes.
The goal is to make your application so compelling that the phone screen becomes just a formality on your way to an interview.
