54 Actuarial Interview Questions and Answers (Plus Sample Answers)
lessen risk by determining the possibility of future events They frequently work in banking, insurance, and investment, and they may be asked thorough questions during interviews. Preparing for an actuarial interview will help you perform better. This post contains 54 basic, experience-related, and in-depth interview questions, as well as sample responses for three of them to assist you in preparing your own.
By asking broad questions, the recruiting manager can learn more about you and how you might fit into the workplace culture. During an actuarial interview, you may be asked the following general interview questions:
- Please tell me a little bit about yourself.
- What do you like best about your job?
- What is it about this employment that piques your interest?
- What attributes set you apart as an actuary?
- What is your favorite aspect of your profession as an actuary?
- Tell me about your best qualities.
- Could you please describe some of your flaws?
- What motivates you?
- Do you realize what type of leader you are?
- Which type of leader do you prefer to work with?
- Describe your dream workday.
- What is the perfect working atmosphere for you?
- What distinguishes you?
- What are your professional goals?
- In five years, what do you want to be?
- What are the benefits of becoming an actuary?
- When was your last salary review?
Questions regarding your educational background and work experience
To establish your fitness for a position in their organization, a hiring manager may ask you questions about your experience and past. Here are some examples of possible experience and background questions:
- Tell me about an instance when you handled pressure successfully as an actuary.
- How have you dealt with workplace conflict?
- What was your prior job?
- Describe a time when you provided great service.
- Have you have any ethical dilemmas at work?
- How do you handle ethical dilemmas at work?
- Tell me about a period when you were under time constraints.
- Do you have any experience with actuarial programs?
- Are you a member of the Casualty Actuarial Society?
- How long have you been an actuary?
- Do you have a master’s degree?
- Do you wish to further your education?
- Where did you attend college?
- Is your GPA in college indicative of your potential?
- What did you enjoy most about your prior job?
- What was your first job’s title?
- Did you previously use spreadsheets in your job? What is the frequency? Do you understand how to use them?
In-depth questions focus on the complexities of being an actuary and may include details about the tools you use, actuarial concepts, and hypothetical situations. Here are some examples of in-depth actuarial interview questions:
- Could you explain the cumulative distribution function to me?
- How is a cumulative distribution function used in statistics?
- What is your level of assurance?
- What impact does confidence have on the risk-management system?
- Explain what an actuarial analyst does in the insurance industry.
- What skills do you believe are necessary for success as an actuary?
- Explain the role of the actuary in investment.
- Have you worked with Moses before?
- Do you understand what Prophet is?
- What do you think about SAS and TAS?
- What are actuarial life tables?
- In insurance actuarial science, how is the lognormal distribution used?
- Do you have any programming knowledge?
- What branches of actuarial science have you worked in?
- What strategy do you employ to ensure compliance?
- Please provide me with information on current actuarial legislation and regulations.
- How do you go about gathering data?
Answers to actuarial interview questions
These are some responses to common interview questions. You can use the following questions and answers to practice for an actuarial interview.
1. Tell me about the pros and cons of various actuarial software packages.
Technology and software are essential components of the profession of an actuary. The recruiting manager may use this question to confirm that you are digitally savvy and can use common actuarial programs. To respond, name at least two programs you’ve used in the past and explain why you like and dislike them. You can prepare for this question by researching the company and learning about the programs that they may use.
Example: “I’ve used a few different software, but Moses is my personal favorite. It appeals to me because it is adaptable and comprehensive, but I can understand how it could be challenging for those who are unfamiliar with it. That is why I enjoy training new personnel and demonstrating how beneficial technology can be when used appropriately. Prophet is another application I’ve used, and I enjoy how simple it is to install and how simple its user interface is.”
2. Do you have all of your actuarial examinations completed? Could you elaborate on why or why not?
Actuaries are needed in a variety of enterprises and organizations. To practice in some regions and businesses, certain actuarial tests may be necessary. The recruiting manager may ask you this question to determine if you are a good fit for the post. To answer the question, be specific about the exams you’ve passed and express your intention to take more if you haven’t already. Examine the job description to see whether it mentions which examinations you must pass to prepare for this question.
Example: “I have currently passed seven regular Fellow of the Society of Actuaries tests. I’m eager to advance my profession as an actuary and am currently researching and preparing to take and pass the fellowship examinations.”
3. Assume you uncover an inaccuracy in an already-filed spreadsheet. How do you resolve the issue?
If you provide an incorrect spreadsheet, the customer may receive incorrect data. The hiring manager may ask this question to analyze your problem-solving talents and to better grasp your working methods. In such a circumstance, they may be inquisitive if you communicate with the client, your coworkers, or the team leader. Outline the actions you may take in this situation, giving specific attention to how they will affect the firm and the client.
Example: “If I discovered an issue in the spreadsheet, I would fix it and create a new spreadsheet. I’d double-check the new spreadsheet for any more issues, then alert my team’s boss. I would then tell the client of the problem and apologize for the inconvenience.”