<div><h2>🌟 Introduction</h2><p>You've aced the actuarial job interview and an offer is on the table – congratulations! But now, the real challenge begins: negotiation. This isn't just a mere formality; it's a pivotal moment in your career. Negotiating your actuarial job offer is your chance to showcase your professional value and secure not just a better package, but respect and recognition in your field. Let's unpack the strategies and insights that will transform this process into a rewarding journey.</p></div><div><h2>🔍 Understanding the Actuarial Job Market</h2><p>Before stepping into the negotiation arena, it’s crucial to have a clear understanding of the actuarial job market. This knowledge is your leverage.</p><ul><li><b>Demand and Supply Dynamics:</b> Actuaries are highly sought after, but the supply of top-tier talent isn't limitless. This scarcity enhances your negotiation power. But remember, this power varies across different actuarial specialties. The demand for actuaries in emerging fields like data analytics may offer different negotiation leverage compared to more traditional roles.</li><li><b>Industry Variations:</b> Compensation in the actuarial field varies significantly across sectors. For example, actuaries in the health sector might experience different trends compared to those in property and casualty insurance. Understanding these nuances is critical.</li><li><b>Geographical Differences:</b> The location of your job can greatly influence your compensation package. Be aware of the cost of living and market rates in different regions, including international variations if you're considering a global move.</li></ul></div><div><h2>📚 Preparing for the Negotiation</h2><p>Thorough preparation is your cornerstone in any negotiation. Here’s how you can prepare effectively:</p><ul><li><b>Research and Benchmarking:</b><ul><li>Know Your Worth: Utilize salary surveys from reputable sources like the Society of Actuaries or consulting firms. Understand the standard compensation for your role, experience level, and region.</li><li>Consider the Total Package: Don't focus solely on the base salary. Elements like bonuses, pension plans, healthcare benefits, and even remote working options can significantly enhance the overall value of your offer.</li></ul></li><li><b>Self-Assessment:</b><ul><li>Highlight Your Value: Prepare a detailed list of your professional achievements, certifications, and unique skills. Emphasize how your work translates into tangible benefits for the employer. For instance, if you've streamlined a process or developed a model that saved money or reduced risk, these are compelling points to bring up during your negotiation.</li></ul></li></ul></div><div><h2>🔧 The Art of Negotiation</h2><p>Negotiation is less about confrontation and more about communication and compromise. Here’s how to approach it:</p><ul><li>Starting the Conversation: Begin with appreciation for the offer and express your enthusiasm. This sets a positive tone. For instance, say, “I'm thrilled about the opportunity to bring my actuarial expertise to your team!”</li><li>Discussing Compensation: When discussing salary, be factual and composed. Present your research on market rates and explain how your skills and experiences align with these expectations. It's not just about stating a number, but about showing your value.</li><li>Understanding the Counteroffer: A 'no' isn't the end. It's an invitation to delve deeper into the discussion. If your request for a higher base salary is declined, ask for feedback and be ready to negotiate other aspects like bonuses or flexible working arrangements.</li></ul></div><div><h2>💬 Discussing Compensation</h2><p>Compensation discussion is the crux of your negotiation. Approach this with tact and clarity.</p><ul><li>Be Clear but Not Pushy: Articulate your salary expectations based on your research. For example, “Based on my expertise in capital modelling and the standard market rates for similar roles, I was anticipating a slightly higher base salary. Could we discuss this?”</li><li>Consider the Timing of Raises and Promotions: Understand the company's policy on salary reviews and career progression. This can influence your immediate salary negotiation and your long-term earnings.</li></ul></div><div><h2>👀 Understanding the Counteroffer</h2><p>A counteroffer is a critical juncture in the negotiation process. Here’s how to handle it:</p><ul><li>React Positively to a 'No': If your initial request is turned down, use this as an opportunity to understand the employer's constraints. This can open new avenues for negotiation.</li><li>Articulate Your Worth: Be prepared to explain why you deserve more. Use specific examples from your past work that demonstrate your value. For instance, “My experience in predictive modeling has directly contributed to risk reduction in previous roles, which I believe is aligned with the goals of your team.”</li></ul></div><div><h2>🎁 Navigating Non-Salary Benefits</h2><p>Non-salary benefits can be equally, if not more, valuable than the base salary. Here’s how to negotiate them:</p><ul><li>Vacation Days: Discuss the potential for additional annual leave. For example, “Could we explore the possibility of adding a few more days to the standard annual leave policy?”</li><li>Professional Development: Inquire about opportunities for further education, certifications, or attending industry conferences. For example, “I am committed to continuous professional development. Are there provisions for study days or support for attending relevant actuarial conferences?”</li><li>Work-Life Balance: Negotiate for flexible work hours or remote work options. For example, “Given the nature of actuarial work, I believe there could be flexibility in work hours. Could we discuss a hybrid working model?”</li></ul></div><div><h2>🚀 Making Your Case</h2><p>Making a compelling case is about showcasing your potential contributions and aligning them with the employer's needs.</p><ul><li>Use Real Examples: Reference specific projects or achievements from your past roles. Show how these experiences make you a valuable asset to the team.</li><li>Be Confident, Not Arrogant: It's crucial to strike a balance between confidence and humility. Assert your worth without coming across as entitled.</li></ul></div><div><h2>⚠️ Common Pitfalls to Avoid</h2><p>During negotiation, there are several traps you should be wary of:</p><ul><li>Underselling Yourself: Don’t minimize your achievements or skills. Recognize and articulate your value confidently.</li><li>Overplaying Your Hand: While it’s important to aim high, be realistic. Asking for an excessively high salary or too many benefits can be off-putting to employers.</li><li>Lack of Flexibility: Be open to compromise. Sometimes, the best deal is a balance between what you want and what the employer can offer.</li></ul></div><div><h2>❓ FAQs</h2><p>Let’s address some common queries about negotiating actuarial job offers:</p><ul><li>How much room for negotiation is typical in an actuarial job offer?<ul><li>There is usually some flexibility, but it varies. If you have specialized skills, certifications, or significant experience, you might have more leverage.</li></ul></li><li>Should I negotiate other aspects of the job apart from salary?<ul><li>Absolutely. Factors like flexible working hours, remote work options, vacation days, and professional development opportunities can significantly enhance your job satisfaction.</li></ul></li><li>When is the best time to bring up salary negotiation? <ul><li>Ideally, wait until the employer makes the initial offer. This gives you a foundation to build on and shows that you're not just interested in the salary.</li></ul></li></ul></div><div><h2>🚀 Advanced Negotiation Strategies</h2><p>As you grow in your actuarial career, your negotiation skills should evolve too. Here’s how to elevate your approach:</p><ul><li><b>Understanding BATNA (Best Alternative To a Negotiated Agreement):</b> Identify your alternatives if the negotiation doesn’t go as planned. This could be another job offer or the option to stay in your current role. Knowing your BATNA gives you confidence and clarity during negotiation.</li><li><b>Leveraging Market Data:</b> Use industry-specific data to strengthen your case. For instance, if actuarial salaries in your region have risen due to a shortage of skilled professionals, use this information to justify your salary expectations.</li><li><b>Projecting Future Potential:</b> Discuss not just what you’ve achieved but what you can achieve. For example, “In my previous role, I implemented a risk assessment model that I believe could be adapted to enhance your team’s efficiency.”</li></ul></div><div><h2>🔧 Negotiation Ethics and Professionalism</h2><p>Negotiating an actuarial job offer requires a delicate balance between assertiveness and professionalism.</p><ul><li><b>Ethical Considerations:</b> Always negotiate in good faith. Avoid exaggerating your skills or misleading the employer about your intentions.</li><li><b>Maintaining Professionalism:</b> Even if the negotiation gets tough, maintain a professional demeanor. Remember, this negotiation is the beginning of a professional relationship.</li></ul></div><div><h2>🏁 Final Thoughts</h2><p>Negotiating an actuarial job offer is about much more than just salary. It’s about understanding your value, recognizing the market dynamics, and communicating effectively. The negotiation process is an opportunity to set the tone for your future with the company, to establish your worth, and to lay the groundwork for a mutually beneficial relationship.</p></div>

Negotiating an actuarial job offer: A comprehensive guide

how-to-negotiate-actuarial-job-offers

<div><p>Actuaries never stop learning. There are loads of industry webinars and conferences out there, but I prefer reading blogs and listening to podcasts - they're a more convenient way to keep up to date with the latest industry news, practices and tech.</p><p>Here's a list of blogs and podcasts that I enjoy as an actuary.</p></div><div><h2><a href="https://open.spotify.com/show/6xTYSv8Xo5qE7ukiTsGaHd" target="_blank" rel="noopener">🇦🇺 The We Are Actuaries Podcast</a></h2><p>Julia Lessing, an actuary based in Australia, interviews actuaries from different backgrounds who use their actuarial powers in unique ways.</p><h2><a href="https://open.spotify.com/show/2MyiUUUspO3yVVd2H16tKU" target="_blank" rel="noopener">🇺🇸 The Not Unreasonable Podcast</a></h2><p>David Wright, a former actuary, discusses management, analytics, sales and economics from an insurance/reinsurance perspective.</p></div><div><h2><a href="https://www.odds-and-ends.net" target="_blank" rel="noopener">🇬🇧 The Odds & Ends Blog</a></h2><p>Zhixin Lim (a UK actuary) writes about tech and business trends in a really clear way, without hype or hyperbole.</p><h2><a href="https://bradley-stephen-shaw.medium.com" target="_blank" rel="noopener">🇬🇧 Bradley Shaw on Medium</a></h2><p>Bradley is a UK pricing actuary who writes about the intersection of actuarial science and data science. He gives plenty of practical examples in Python.</p><h2><a href="https://actuarialtutor.substack.com" target="_blank" rel="noopener">🇬🇧 John Lee on Substack</a></h2><p>John is an actuarial tutor, author and satirist. This isn't strictly a blog, but it's the best site out there for actuarial jokes and memes.</p></div><div><h2>Notable mentions</h2><p>These blogs haven't been updated for a while, but they still have some good articles that are worth reading:</p><p><a href="https://twentythirdfloor.co.za" target="_blank" rel="noopener">🇿🇦 The Twenty Third Floor Blog</a></p><p><a href="https://modernactuary.co.za" target="_blank" rel="noopener">🇿🇦 The Modern Actuary Blog</a></p><p><a href="https://www.joveactuarial.com" target="_blank" rel="noopener">🇬🇧 Jove Actuarial Blog</a></p></div><div><h2>Am I missing any?</h2><p>If you have any other suggestions that you think should be on this list, let me know! 👉 
<a href="mailto:liam@actuarylist.com">liam@actuarylist.com</a></div>

My favourite actuarial blogs and podcasts

actuarial-blogs-and-podcasts

<div><p>Over the past few weeks, I've spoken with lots of <a href="/experience-levels/graduate">actuarial analysts</a> who are pretty anxious about AI. They've seen the increasingly-impressive results from large language models (LLMs) like <a href="https://openai.com/gpt-4" target="_blank" rel="noopener">GPT-4</a> and they're worried that there won't be any jobs left by the time they qualify as an actuary.</p><p>I think these fears are overblown and, in this blog, I'm going to share why I think actuaries aren't going anywhere. Things are going to change, but not in the catastrophic way people are saying online.</p></div><div><h2>Groundhog Day.</h2><p>Actuaries have always evolved in response to new tech. From the days of handwritten calculations, to <a href="https://actuarialopinions.wordpress.com/2013/01/14/whats-this/" target="_blank" rel="noopener">slide rules</a>, calculators, spreadsheets, cloud computing and now LLMs.</p><p>Of course, not every actuary has evolved… At the start of my career, you could split any group of actuaries into two groups - those who were comfortable using <a href="/keywords/microsoft-excel">Excel</a>/<a href="/keywords/vba">VBA</a> and those who avoided spreadsheets. Right now, the split is those who can code (in <a href="/keywords/r-programming-language">R</a>/<a href="/keywords/python">Python</a>) and those who can't. In the next few years, I think the most important split will become those who can leverage LLMs and those who can't.</p><p>The best carpenters adopted power tools. The best photographers adopted digital cameras. And the best actuaries need to adopt LLMs, or risk being left behind.</p></div><div><h2>Don't Learn Tools. Learn Skills.</h2><p>There are a lot of new AI tools popping up that promise to make your life as an actuary easier ("become more productive", "study more effectively", "boost your memory" etc. etc.) I try to avoid 99% of them and instead focus on using LLMs directly.</p><p>Why? Most of these tools are just a fancy front-end (they all use ChatGPT or GPT4 under the hood) and I think many of them will disappear within the next 6 months. Most importantly, they take away your capacity to learn two critical skills:</p><ul><li>Prompt writing</li><li>Interpreting LLM output with a critical eye</li></ul><p>I believe the most successful actuaries will ignore the hype around AI tools and focus exclusively on developing these skills.</p></div><div><h2>Working alongside LLMs.</h2><p>LLMs are still fairly limited at the moment and they regularly make stuff up (known as hallucinations). Only a few weeks ago, ChatGPT was terrible at calculations and it couldn't give up-to-date answers.<p>But new plugin functionality means it can connect to <a href="https://www.wolframalpha.com" target="_blank" rel="noopener">Wolfram Alpha</a> and browse the web. We're only at the very beginning of what LLMs will be able to achieve.</p><p>As an actuary, I'm excited about the potential impact of LLMs on our work. Hopefully they can eliminate the boring, repetitive parts of the job and free up our time to focus on the interesting areas where human actuaries can add value.</p></div><div><h2>Solving the Productivity Puzzle.</h2><p>I've thought about whether the increased productivity from LLMs will reduce the total number of actuarial jobs. If each actuary becomes much more efficient, do we need fewer of them? I think the answer is no.</p><p>Firstly, even the most advanced LLMs can't replace the years of experience, deep industry knowledge, professionalism and communication skills required to be a good actuary.</p><p>Secondly, actuaries are in the business of quantifying risk. New risks will emerge, but I don't think the need to quantify risk will ever go away. In fact, I think LLMs will increase the number of actuarial employers by reducing barriers to entry in the insurance industry.</p></div><div><h2>We're Not the Only Ones Having This Conversation.</h2><p>Almost every white collar profession is concerned about the impact of LLMs. No doubt there are lawyers, accountants, architects and actuaries having an existential crisis right now. What's the solution? Keep calm and carry on.</p><p>There's no higher ground to escape tech improvements. Instead of worrying about the future, focus on becoming an adaptable, lifelong learner. Then whatever happens, you'll be able to cope.</p><p>I strongly believe that the core skills needed to be a successful actuary haven't changed because of LLMs. In fact, I think it's an exciting time to be an actuary!</p></div>

Will AI tools like GPT-4 make actuaries obsolete?

will-ai-make-actuaries-obsolete

<div><p>Being an actuary isn’t the 9-5 job that everyone thinks it is. At some point in your career, you'll probably feel like you're approaching burnout. It could happen when you're just starting out and you're trying to balance actuarial exams with work. Or it could happen later on when you're an experienced actuary with looming deadlines.</p><p>But first, what is burnout? According to the <a href="https://www.who.int/news/item/28-05-2019-burn-out-an-occupational-phenomenon-international-classification-of-diseases" target="_blank" rel="noreferrer noopener" class="link">World Health Organisation</a>, it's an <i>"occupational phenomenon resulting from chronic workplace stress that has not been successfully managed"</i>.</p><p>In this blog, we're going to cover 7 tips to help you prevent burnout in your actuarial career.</p></div><div><h2>1. Make yourself replaceable</h2><p>You might think that having unique knowledge or skills within your team is the best way to keep your job secure, but it's a fast track to burnout.</p><p>If you're the only person who understands a particular spreadsheet or R script, you'll be called upon every time there's an issue. Even during your time off.</p><p>Sharing knowledge and responsibilities with your colleagues can help you maintain a healthy work-life balance. Take turns covering tasks for one another. Create documentation for routine processes. By not being the sole expert, you can enjoy your time off without worrying about work.</p></div><div><h2>2. Learn to say no</h2><p>Saying no can be difficult, especially when you’re saying no to something that could benefit your career. But setting boundaries is crucial to avoid burnout.</p><p>If you work on a fast-paced actuarial team, there will probably be times when you have to work late into the evening or even at weekends. Although this is understandable, you want to avoid it becoming the norm. That's why it's important to set your boundaries and discuss them with your manager.</p><p>Learning to say no means you don't have to take on every piece of work that comes your way. You could explain that you're at full capacity and you'd need to drop another task to make room for the new one.</p></div><div><h2>3. Get physically active</h2>
<p>Actuarial work involves sitting at a desk for long hours, so your lunch break is a great time to move your body and help prevent burnout. Whether you work from home or in an office, taking a daily lunchtime walk can help you feel refreshed when you return to work in the afternoon.</p><p>In fact, any form of exercise can help. It doesn't have to be a chore, just do whatever you enjoy. You could go for a run (start with <a href="https://www.nhs.uk/live-well/exercise/running-and-aerobic-exercises/get-running-with-couch-to-5k/" target="_blank" rel="noreferrer noopener" class="link">Couch to 5k</a> if you're a beginner), try a yoga class, do some gardening or just step outside for a few minutes of fresh air.</p></div><div><h2>4. Learn something new</h2><p>Once you’ve been in your job for a while, the work will probably start to feel repetitive. It happens to everyone - even the most enthusiastic actuaries. So how can you stay engaged?</p><p>One effective way to avoid burnout is to learn a new skill. This could mean taking an online course (e.g. <a href="https://automatetheboringstuff.com" target="_blank" rel="noreferrer noopener" class="link">learning to code in Python</a>), attending a conference, or researching an area of actuarial work that interests you (e.g. climate risk).</p><p>Don't be afraid to tell your manager that you want to learn something new. Lots of companies see this as a positive and are willing to support your professional development.</p></div><div><h2>5. Grow your social life</h2><p>Having a well-rounded life outside of work is one of the best ways to prevent burnout. When you have regular social commitments like seeing family or friends, you're much less likely to routinely work late.</p><p>You don't have to plan anything elaborate - it could be as simple as eating dinner with a loved one, playing video games with friends or going to a religious service.</p><p>Actuaries are often stereotyped as introverts who enjoy spending time alone. But whether you're an introvert or an extravert, socialising can recharge your batteries and help you avoid burnout.</p></div><div><h2>6. Think long-term</h2><p>As an actuary, it's easy to focus on your day-to-day work and forget about the bigger picture. But if you're not passionate about your job and you can't see a clear path to your goals, you'll eventually lose motivation.</p><p>Spend some time thinking about what you want to achieve in your career. Do you have a dream job or company in mind? Think about how to get there. Once you have a clear idea of what you're aiming for, you'll find it easier to stay motivated and focused - especially if you think of your current job as a stepping stone towards your dream job.</p></div><div><h2>7. Find a new job</h2><p>If you suspect that your work environment is the source of your burnout (e.g. the team/company culture or the role itself), it might be time to consider moving jobs. This should only be a last resort, but finding a work environment that suits you better can significantly boost your job satisfaction and overall happiness.</p><p>Try to schedule some time off between leaving your old job and starting a new one. It's a great way to unwind and clear your head, so you can start your new job feeling refreshed and ready to tackle whatever comes your way.</p></div><br/><div><p>It's not worth sacrificing your physical and mental health for your actuarial career. Hopefully this blog post has given you some useful tips for avoiding burnout. 🙏</p></div>

7 ways to avoid burnout as an actuary

avoiding-actuarial-burnout

<div><p>Starting a new job can be pretty scary, especially if it's your first actuarial role. But don't worry, we're here to help.</p><p>In this blog, we'll share some tips to help you make the most of your first year as a trainee actuary.</p></div><div><h2>Find a balance between work and study</h2><p>As a trainee actuary, you want to pass actuarial exams as quickly as possible to advance your career. But at the same time, you need to deliver high-quality work to your employer. Finding a balance between these two demands can be a real struggle.</p><p>Most employers recognise the importance of actuarial exams and will give you paid time off to study. You can use these study days to attend classes, take practice exams or just focus on studying in a distraction-free environment. It's up to you to plan your study days and use them effectively.</p><p>Try to be flexible with your study plan and understand that some weeks will be more challenging than others. There will be times when work gets busy and your perfect study plan goes out of the window! This is especially true during quarter-end valuation periods, when your workload is likely to be at its highest.</p><p>As with every aspect of actuarial work, good communication is the key to success. By arranging regular catch-ups with your manager, you can make sure you have the support you need to focus on your exams without neglecting your work responsibilities.</p></div><div><h2>Don’t be afraid to ask for help</h2><p>In your first year as a trainee actuary, you’ll learn a huge amount of new things so it’s completely normal to ask lots of questions. You’re not expected to know everything!</p><p>Accuracy is important in actuarial work. So if you're not completely sure about something, don't be afraid to ask a colleague for clarification. This leads to much better outcomes than guessing what to do! When you ask for help, you're showing that you're committed to learning and improving.</p><p>Sometimes, you might need to ask the same question twice and that's okay. It's really important to make sure you fully understand the answer before moving on. It can be helpful to take notes when a colleague answers your question, so you can refer back to them later if needed.</p><p>As a trainee actuary, you can set yourself up for success by being open to learning and asking lots of questions. Don't brush over the gaps in your knowledge, see them as opportunities for growth.</p></div><div><h2>Get to know your colleagues</h2><p>Actuarial work can be tough sometimes. But if you have a strong relationship with those around you, it makes work seem much more enjoyable.</p><p>As you progress in your actuarial career, you will have some stressful and difficult moments. If you've built relationships with your colleagues, they're more likely to be there for you when you need support or advice.</p><p>Plus, having a strong network can open up new career opportunities down the line. The actuarial community is small and the saying “it’s not what you know, it’s who you know” is accurate.</p></div><div><h2>Think about the big picture</h2><p>The actuarial career path is a marathon not a sprint. Being patient and focusing on your ultimate goal of becoming a qualified actuary can help you through the difficult moments.</p><p>It’s very unlikely that your first actuarial job will be your dream role. There will be aspects of the job that you don’t enjoy and you probably won’t be asked to work on the most complicated or interesting tasks early in your career. Remember that this is just the start of your journey towards becoming an actuary.</p><p>As your career progresses, you’ll start to get a sense of which areas of actuarial work you enjoy and which ones aren’t your cup of tea. Use this knowledge to build up a picture of what your dream role looks like - and then navigate towards it!</p></div><div><h2>Stay positive</h2><p>In any job, there will be bad days. The type of days where everything goes wrong and you just can’t figure out why your actuarial model is giving nonsensical results. But if you can keep a positive mindset and focus on the good days, your first year as a trainee actuary will be much easier.</p><p>Always remember that you were selected over other applicants for a reason - you have what it takes to succeed. Keep up the good work, stay positive and soon you'll look back over your first year as a trainee actuary and realise that you’ve come a long way.</p><p>Still applying for your first actuarial job? Browse our <a href="/experience-levels/graduate" class="link">trainee actuary jobs</a> or check out our <a href="/blog/actuarial-interview-tips" class="link">interview tips</a>!</p></div>

How to thrive in your first year as a trainee actuary

how-to-thrive-as-a-trainee-actuary

<div><p>Managing a team of actuaries can be difficult. You need the right balance of technical and <a href="/blog/why-are-soft-skills-important-for-actuaries" class="link">soft skills</a> to lead a team that’s productive, engaged and motivated.</p><p>In this blog, we’re going to cover four areas where you can better support your team and become a more effective leader.</p></div><div><h2>1. Get comfortable asking for advice.</h2><p>As an actuary, no matter how senior you are, you always ask for a peer review before submitting an important document to a client or regulator. The same is true for managing people.</p><p>When you're faced with a people management issue, you should always seek a second opinion before taking action. This could be from your own manager, a peer or your HR team. The bigger the potential consequences of your action, the more advice you should take.</p><p>If there’s someone on your team who’s not performing well, ask your manager how you could <a href="https://hbr.org/2014/06/how-to-help-an-underperformer" target="_blank" rel="noopener" class="link">coach them differently</a>. When you need to write a performance review, talk it through with someone else before delivering it.</p><p>You can tackle any people management issue by first asking for a second opinion. You’ll become a better actuarial manager as a result.</p><h2>2. Tailor how you deliver feedback.</h2><p>Giving feedback is a powerful tool that can help your team members reach their full potential. It’s also one of the hardest things to get right.</p><p>As an actuarial manager, you need to <a href="https://www.coursera.org/lecture/feedback/skill-7-tailor-the-feedback-to-fit-the-employee-r6Jg5" target="_blank" rel="noopener" class="link">tailor how you provide feedback</a> depending on who’s receiving it.  Some of your team members might prefer quick, straight-to-the point feedback, while others might respond more to a gradual, empathetic approach.</p><p>This is especially true when you need to give difficult feedback. The best approach is to let each individual choose how they want to receive it, for example, by saying <I>“I've got some pretty critical feedback here. How would you like me to deliver this?”</I>.</p><p>They will not only be empowered by the feedback itself, but also by the fact that they made the choice to receive it. This sense of ownership can make the difference between someone ignoring the negative feedback or using it as a source of motivation.</p><h2>3. Encourage ownership and accountability.</h2><p>Errors and mistakes happen in every actuarial team. Instead of blaming others when things go wrong, think about your own role in the situation. How have your actions (or inaction) played a role in the problems at hand?</p><p>Actuarial managers are judged on the performance of their team as a whole - not as individuals - and leading by example is the best way to build a <a href="https://www.lifehack.org/articles/productivity/6-practical-ways-create-culture-accountability.html" target="_blank" rel="noopener" class="link">team culture of accountability</a>. Don’t criticise your team for making mistakes, instead ask how you can give them more support to prevent mistakes from happening.</p><p>Like <a href="https://hbr.org/2013/10/fergusons-formula" target="_blank" rel="noopener" class="link">the best sports coaches</a>, you will need to tweak your approach in order to motivate each member of your team. Even if your management style has worked well in the past, don’t expect it to work with the person sat in front of you.</p><h2>4. Celebrate your team’s successes.</h2><p>Actuarial managers tend to focus on the task at hand. As soon as a big project is finished, it’s easy to shift your focus to the next task without pausing to celebrate what your team has achieved. Over time, failure to acknowledge success can make your team members feel under-valued, like a cog in a machine.</p><p>Celebrate your team’s successes and let them know when they’re performing well. You don’t need to throw a party. Little things can have a big impact on team morale and job satisfaction. It could be as simple as praising someone for their effort or sharing some positive feedback you received about your team’s recent work.</p></div><br/><div><p>We hope these tips will help you support your team and create a <a href="https://worklife.msu.edu/article/the-characteristics-of-a-positive-work-environment/" target="_blank" rel="noopener" class="link">positive work environment</a>. That’s what being an effective manager is all about!</p></div>

Want to be a better actuarial manager? Here are 4 ways to support your team

actuarial-managers-how-to-support-your-team

<div><p>Actuary Exam Bot was an AI tool that we launched in January 2023 to help <a href="/experience-levels/part-qualified" class="link">trainee actuaries</a> study and revise for exams.</p><p>We received some great feedback from the actuarial community and 2,414 actuaries used it. But unfortunately, we've had to shut it down due to costs and time constraints.</p><p>Although Actuary Exam Bot is no longer available, we'll keep exploring new ways to support the actuarial community with tools and resources. Thanks for your understanding and support.</p><br /><br /></div><div><p><u>Original blog post:</u></p></div><div><p>We’re actuaries ourselves and we know that passing actuarial exams takes a lot of hard work and dedication. It’s really hard to balance studying with your work and personal life. If you can study more efficiently, you’ll be able to get the most out of your limited study time and increase your chances of passing exams.</p><p>We’re excited to announce the launch of Actuary Exam Bot - a brand new AI tool that helps <a href="/experience-levels/part-qualified" class="link">trainee actuaries</a> study and revise for exams.</p><p>Actuary Exam Bot is designed to make your study and revision more productive. It uses a fine-tuned version of <a href="https://openai.com" target="_blank" rel="noopener" class="link">OpenAI’s GPT-3 model</a>, which means it’s able to generate answers to actuarial questions. You can use it to:</p><p>✅ <b>Explain concepts</b><br/>E.g. <I>I don’t understand k-means clustering. Can you explain it in simple terms?</I></p><p>✅ <b>Brainstorm ideas</b><br/>E.g. <i>Suggest 5 data sources that could be used to set assumptions for a new type of drone insurance.</I></p><p>✅ <b>Compare ideas</b><br/>E.g. <i>What's the difference between securitization and contingent loans?</i></p><p>✅ <b>Generate examples</b><br/>E.g. <i>Give me 3 real-life examples of the Poisson distribution.</i></p><p>✅ <b>Interpret or write code</b><br/>E.g. <i>Explain what this <a href="/keywords/r-programming-language" class="link">R script</a> is doing...</i></p><p>It’s still early days so the tool is quite basic, but we’ll be gradually improving it over time. Please get in touch if you have any feedback or suggestions.</p></div>

Meet your new AI study partner: Actuary Exam Bot

introducing-actuary-exam-bot

<div><p>The actuarial profession is <a href="https://www.bls.gov/ooh/math/actuaries.htm#tab-6" target="_blank" rel="noreferrer noopener" class="link">growing quickly</a> and competition for jobs is high - whether you're a recent graduate or an <a href="/experience-levels/qualified" class="link">experienced actuary</a>.</p><p>Your CV/resume can open doors with potential employers, but it's your interview that will determine whether you land your dream job. This is your chance to stand out from other applicants, so preparation is really important. Here are ten tips to help you make a great impression on the hiring manager and get the job.</p></div><div><h2>1. Know your motivations.</h2><p>Most interviewers will ask why you want to become an actuary early on in the conversation. Your response to this question can either make or break the rest of the interview, so it's important that you have an answer prepared. Be ready to discuss your motivations for choosing this career path and what drew you specifically to actuarial work.</p><p>You don't need to go overboard and profess your love for actuarial science, but interviewers want to understand what drives you and if it's more than money.</p></div><div><h2>2. Revise fundamental concepts.</h2><p>A few simple actuarial interview questions include:</p><ul><li>What's the law of large numbers?</li><li>What's the difference between a <a href="/keywords/pricing" class="link">pricing actuary</a> and a <a href="/keywords/reserving" class="link">reserving actuary</a>?</li><li>How can you minimise and check for errors in your work?</li></ul><p>An interviewer may ask similar basic actuarial questions to test your knowledge. Even if you know the answers well, practice speaking out loud ahead of time.</p></div><div><h2>3. Practice competency questions.</h2><p>In many interviews, you'll be asked to describe a time when you've worked in a team, handled conflict or dealt with failure. These open-ended questions aren't trying to catch you out - they're a great opportunity to demonstrate your skillset (e.g. how you're a team-player, how you pay close attention to detail or how you stay calm under pressure).</p><p>Try using <a href="https://nationalcareers.service.gov.uk/careers-advice/interview-advice/the-star-method" target="_blank" rel="noopener" class="link">the STAR method</a> (situation, task, action and result) to structure your answers in a clear and concise way.</p></div><div><h2>4. Be punctual.</h2><p>Arriving early is essential for any interview, especially if you're interviewing for an actuarial position. In this highly competitive field, employers expect applicants to be meticulous and detail-oriented. Being late to your interview shows exactly the opposite of what they're looking for, so make sure you're there ahead of time.</p></div><div><h2>5. Give specific examples.</h2><p>Even if your interviewer doesn't ask for examples, be sure to give them anyway. It's more effective to talk about the Excel formulae you use to manage your household budget, rather than just saying you're good with spreadsheets.</p></div><div><h2>6. Show your worth.</h2><p>Make sure you know your strengths and what sets you apart from other job applicants. Do you have experience with the <a href="https://www.actuaries.org.uk/system/files/documents/pdf/actuaries-excelbut-what-about-their-software.pdf" target="_blank" rel="noopener" class="link">actuarial software</a> your prospective employer uses? Do you have excellent communication and interpersonal skills? Don't be modest here - you're much more likely to get a job offer if you can articulate why YOU are the best person for this particular job.</p></div><div><h2>7. Research the company.</h2><p>Strengthen your case by researching the company before your interview. This allows you to show that you have an eye for detail by mentioning specific departments, events and industry news relevant to the company. It will also help you to answer the typical interview question "what do you know about our company?".</p></div><div><h2>8. Research actuarial news.</h2><p>Try to stay informed about <a href="https://www.actuaries.org.uk/news-insights" target="_blank" rel="noopener" class="link">news in the actuarial industry,</a> as well changes in regulations that could affect the company. An interviewer may ask questions to test your commercial awareness.</p><p>If you're a <a href="/experience-levels/graduate" class="link">recent graduate</a>, your interviewer is likely to ask about your knowledge of actuarial exams. This is an excellent opportunity to show that you've done your research, you know how the exams work and you're serious about becoming an actuary.</p></div><div><h2>9. Ask questions.</h2><p>Remember that interviews are two sided - you should be using the time to not only sell yourself, but also to decide whether the role and company are a good fit for you. Asking relevant questions about the company demonstrates that you've listened to the conversation and you want to learn more about them. Not only will this leave a good impression, but it could also save you from taking a job that isn't right for you.</p></div><div><h2>10. Believe in yourself.</h2><p>Your CV/resume has already shown that you have what it takes in terms of academic knowledge and experience for the job - your interview is simply a chance to sell yourself further. If you're confident and self-assured in your abilities, then your chances of getting the job will significantly increase.</p></div><br/><div><p>We hope these actuarial interview tips will set you up for success and help to improve your chances of getting the job. Good luck! 🤞</p></div>

10 tips to prepare for an actuarial interview

actuarial-interview-tips

<div><p>Recruiters can be a valuable tool for finding actuarial jobs. In this blog post, we’re going to discuss what recruiters can do for you, things to look out for, and most of all, how to make the most of recruiters to <a href="/">find your next actuarial job</a>.</p><p>What is a recruiter? They're people who connect <a href="/actuarial-employers">employers</a> with potential employees. This blog post is about <b>external recruiters</b> (who work for a recruitment agency). There are also <b>internal/corporate recruiters</b> (who work in a company’s HR department and try to fill that company’s job vacancies) but we're not going to cover them here.</p></div><div><h2>🤔 Pros and cons of recruiters.</h2><p><u><b>Recruiters have access to a large network of contacts</b></u></p><ul><li>They may be able to source jobs that you wouldn’t otherwise hear about.</li></ul><p><u><b>They can save you time</b></u></p><ul><li>Recruiters handle a lot of the admin involved in searching and applying for jobs.</li></ul><p><u><b>A good recruiter will develop relationships with companies</b></u></p><ul><li>They often introduce lots of candidates to the same few companies, so they get to know their interview processes well.</li><li>This means they can be a valuable source of information that might not be publicly available.</li></ul><p><u><b>Recruiters are expensive for companies</b></u></p><ul><li>Actuarial recruiters typically earn commission of 20-30% of your annual salary. This shouldn't directly impact you, but it's something to be aware of.</li></ul><p><u><b>Not all recruiters are honest</b></u></p><ul><li>There’s a lot of commission at stake. This can create a strong financial incentive for recruiters to convince you to join a company through their agency.</li><li>We believe most recruiters are honest. But it's still good to be aware that some might try to push you towards jobs that aren't a good fit - because it’s in their best interests, not yours.</li></ul></div><div><h2>🔍 How to find and evaluate a recruiter.</h2><p>A quick <a href="https://www.google.com/search?q=actuarial+recruiters" target="_blank" rel="noopener">Google search for “actuarial recruiters”</a> will give you plenty of options. Or you can create a LinkedIn account and update your profile to make it clear you’re interested in actuarial work. It won’t be long until recruiters start reaching out to you.</p><p>What qualities should you look for in a recruitment agency?</p><p><u><b>Actuarial knowledge</b></u></p><ul><li>Do they recruit for different industries, or do they focus on actuarial hires? Do they employ any actuaries?</li></ul><p><u><b>Experience and connections</b></u></p><ul><li>How long has the agency been in business? Do they have any connections with <a href="/actuarial-employers">well-known employers</a>?</li></ul><p><u><b>Personal integrity</b></u></p><ul><li>Do they seem genuinely interested in helping you get a job? How will they handle your questions, concerns or negotiation points?</li></ul><p><u><b>Stability</b></u></p><ul><li>Does the agency have a high retention rate? Will the recruiter stay long enough to sell your skills in the job market?</li></ul><p><u><b>Trustworthiness</b></u></p><ul><li>Is the agency reputable and legal? Are you comfortable giving them your personal and professional information?</li></ul></div><div><h2>🤝 How to make the most of recruiters.</h2><p>If you do decide to enlist a recruiter, it’s a good idea to talk to several different agencies. This gives you more context and helps you avoid putting all your eggs in one basket. It also means you'll be less tempted to accept the first job offer you get.</p><p>Ultimately, always do your own research and only agree to deals that feel right for you.</p></div><div><h2>⭐️ Alternatives to using recruiters.</h2><p>We recommend trying multiple avenues to search for actuarial jobs. This gives you a wider view of all the jobs that are available.</p><p><u><b>Company careers pages</b></u></p><ul><li>Most <a href="/actuarial-employers">actuarial employers</a> have a careers section on their website where they list all of their vacancies.</li><li>But browsing careers pages can be time consuming. Unless you already know which companies you want to work for, it can be hard to know where to get started.</li></ul><p><u><b>Employee referrals</b></u></p><ul><li>This is where someone in your professional network recommends you for a job with their employer.</li><li>Finding someone to vouch for you can really strengthen your job application. This can be difficult if you don’t already have a large professional network though.</li><li>You can grow your network by talking to other actuaries at events, engaging with other actuaries on <a href="https://www.linkedin.com" target="_blank" rel="noopener">LinkedIn</a> and keeping in touch with former colleagues.</li></ul><p><u><b>Actuarial job boards</b></u></p><ul><li>These websites list job opportunities on behalf of employers and recruitment agencies. </li><li>If you’re an actuary and you’ve ever searched for a job, you’ve probably noticed that most actuarial job boards are a pain to use. They're clunky and outdated.</li><li>We started Actuary List with the aim of creating <a href="/actuarial-employers">a modern job board</a> that makes it easy for you to find the job that's right for you - and avoid the ones that aren't.</li></ul><p>We hope you’ve found this blog post useful. We want everyone to be able to make an informed decision - and recruiters can be another valuable tool for finding an actuarial job.</p></div>

Our guide to actuarial recruiters

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<div><p>As a <a href="/experience-levels/part-qualified" class="link">student</a> or <a href="/experience-levels/qualified" class="link">qualified actuary</a>, you’ve spent plenty of time studying for exams and developing “hard” technical skills. But most actuaries overlook soft skills - even though they’re arguably more important for your life and career.</p><p>In this blog, we’re going to cover <a href="https://en.wikipedia.org/wiki/Soft_skills" target="_blank" rel="noopener" class="link">the importance of soft skills</a> and why you should think about working on them.</p></div><div><h2>❤️ Empathy.</h2><p>You probably decided to become an actuary because you were good at maths and you like solving problems. You probably didn’t choose this career path to learn more about understanding other people’s emotions! But here’s the thing - empathy drives every interaction you have with other people.</p><p>If you can empathise with your colleagues, you’re more likely to build meaningful relationships and mutual understanding. This means you’ll be able to work more collaboratively on projects, understand each other's perspectives, set clear boundaries and deal with any problems that might come up.</p><p>If you work directly with clients and you can empathise with them, you’ll be able to put yourself in their position, understand exactly what they’re asking for and solve their problems effectively.</p></div><div><h2>⏰ Time management.</h2><p>As an actuary, it can be difficult to plan and prioritise your time. You never know how long piece of work will take - a relatively simple looking analysis could end up taking much longer than expected and risk delaying other tasks.</p><p>The key to successful time management is prioritisation. If you aren’t absolutely sure about the priority order for your tasks, have a quick chat with <a href="/blog/actuarial-managers-how-to-support-your-team" class="link">your manager</a> to make sure you’re both on the same page.</p><p>We can all get thrown off track by meetings, chatting, phone notifications and general procrastination. It takes 23 minutes to regain focus after a distraction</a>, no matter how small.</p></div><div><h2>👏 Teamwork.</h2><p>You’ll need to get comfortable working alongside other actuaries (and potentially non-actuarial colleagues) in your career. Working alone and isolating yourself can create unnecessary pressure.</p><p>As well as reducing pressure, working in a team can be a great learning opportunity and help you to gain new skills that you wouldn’t have discovered working alone. Effective communication in a team is really important - if someone is struggling and needs help, they should be able to speak up.</p></div><div><h2>🗣 Communication.</h2><p>Actuaries are always learning, presenting or collaborating in some way.</p><p>Listening is the most important skill to develop.When you’re next having a technical discussion about actuarial work, remember that good communication only happens when everyone reaches a point of mutual understanding.</p><p>You might not be a confident speaker, but practice makes perfect. Try to make good eye contact with your audience and speak clearly at a volume that everyone can hear you.</p></div><div><h2>🚀 How can I improve my soft skills?</h2><p>Try to take on a role you’re naturally uncomfortable with.</p><p>If you’re always the one who sits back and listens in team meetings, make an effort to speak up more. If you’re naturally quite disorganised with your time, focus on ordering your tasklist by priority and giving your manager regular updates.</p><p>Developing your soft skills takes self-analysis and a willingness to get out of your comfort zone. You’ll become a more rounded actuary as a result.</p></div>

Why are soft skills important for actuaries?

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<div><p>You’ve spent hours researching ‘how to become an actuary’ and now it’s time to put your plan into action. Taking the first step and starting to apply for jobs can be daunting. Don’t worry, we’ve got your back!</p><p>In this blog, we’ll give you tips on how to <a href="/experience-levels/graduate" class="link">begin your search for a trainee actuarial job</a> (sometimes called an actuarial assistant or a new graduate role).</p></div><div><h2>💭 What’s important to you?</h2><p>Think carefully about what type of work you enjoy and how you want to spend your working time. Do you prefer the technical side of actuarial work (data and statistical modelling) or the communication side (explaining models and results)? Both are important but some jobs will favour one over the other.</p><p>Whatever your strengths and interests, <a href="/" class="link">there are lots of actuarial roles out there</a>.</p><p>It’s also worth thinking about more general questions: do you want to work for a big multi-national company or a small startup? Are you willing to commute, and if so, how far? Do you want to <a href="/cities/remote" class="link">work remotely</a> or have the option some of the time?</p></div><div><h2>👀 Begin your search.</h2><p>It can be difficult to know where to start looking. <a href="/experience-levels/graduate" class="link">Trainee actuarial jobs</a> are very competitive - companies usually fill roles very quickly so won’t spend a lot of time advertising them.</p><p>We recommend taking a look at <a href="/about" class="link">actuary-specific job boards (like Actuary List)</a> and checking these regularly. You can usually subscribe to job alert emails, so you’ll be the first to know when new trainee actuarial roles are posted.</p></div><div><h2> 🔎 Refine your search.</h2><p>Once you start to get a feel for which <a href="/actuarial-employers" class="link">actuarial employers</a> are out there, do some background research before applying:</p><ul><li>Browse company careers pages</li><li>See if they have any reviews on <a href="https://www.glassdoor.com" target="_blank" rel="noopener" class="link">Glassdoor</a></li><li>Check out their <a href="https://www.linkedin.com" target="_blank" rel="noopener" class="link">LinkedIn</a> profiles</li></ul><p>This should give you a basic understanding of the company culture and their ways of working.</p></div><div><h2>📧 Send your application.</h2><p>You’ve found a role you like, at a company you like. Perfect!</p><p>Now it’s time to complete your application. This is usually a cover letter and CV/resume. Some employers will also ask you to complete some short essay-style questions.</p><p>Ask a friend or family member to read your application. As well as spotting any spelling or grammar errors, they’ll be able to give you feedback on whether you’re underselling or overselling yourself. Try to emphasise your strengths but always be honest, any white lies will get found out!</p></div><div><h2>👞 Put your best foot forward.</h2><p>When it comes to <a href="/blog/actuarial-interview-tips" class="link">interviews</a> for trainee actuarial roles, hiring managers are looking for personality and drive rather than technical actuarial knowledge. You should focus on showing them <em>why</em> you’re passionate about becoming an actuary.</p><p>It’s also a great opportunity to show that you’ve done your research. You should be able to explain what you know about that company and what you think the job will involve. A little bit of interview practice goes a long way.</p></div><div><h2>🔁 And repeat!</h2><p>Chances are, you won’t land your dream trainee actuary job straight away. Keep going, your persistency will pay off!</p></div>

Where can I find a trainee actuary job?

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<div><p>Hi everyone, welcome to our new job board.</p><p>We’re a small team of actuaries based in the UK. We started Actuary List after experiencing both sides of the hiring process and becoming frustrated with existing job boards.</p><p>If you’re an actuary and you’ve ever searched for a job, you’ve probably noticed that existing actuarial job boards are a pain to use. They're clunky and there’s no quick way to find actuarial jobs that match your skills and job preferences (e.g. <a href="/keywords/consulting" rel="noopener" class="link">Consulting</a>, <a href="/keywords/pricing" class="link">Pricing</a> or <a href="/keywords/machine-learning" class="link">Machine Learning</a>).</p><p> We started Actuary List to make it easier for actuaries to find their next job.</p><p>It's still early days. We’ll be adding a lot more job posts and improving our site in the coming months.</p><p>Please email <a class="link" href="mailto:contact@actuarylist.com">contact@actuarylist.com</a> if you have any suggestions or feedback on what we're planning.</p><p><em>- The Actuary List Team</em></p></div>

📙 Your guide to being an actuary

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