Looking for a high-paying, low-stress job? Consider a career as an actuary. The United States Bureau of Labor Statistics projects a remarkable 24% growth in demand for actuaries from 2020 to 2030, making it a standout profession in terms of job opportunities.
According to Forbes, despite the high demand, there is a shortage of professional actuaries. This presents a fantastic opportunity for individuals interested in the financial industry. All that's needed is an impressive actuary resume that catches the attention of recruiters. What's needed is an impressive actuary resume that captures the attention of recruiters.
However, it’s important to note that pursuing a career as an actuary requires exceptional math skills. Actuaries must apply basic mathematical theory, probability, statistics, economics, and finance to solve real-world business problems, particularly those related to risk.
Cake offers valuable resources for actuarial positions, including actuary resume examples and templates, a good help for actuary job seekers like yourself. Additionally, you can explore the estimated salary range for this position.
Table of Contents
Before getting into the main section, let's first explore who these actuaries are and what their daily tasks entail.
The work of an actuary job involves collecting and analyzing data to make policy determinations. Actuaries commonly find employment in life insurance companies, property and casualty insurance companies, health insurance companies, pension funds, and as actuarial and investment consultants.
Actuaries combine their mathematical skills, knowledge of economics, and understanding of the law to fulfill various responsibilities. These include reviewing pension calculations, calculating insurance premiums, assessing company solvency levels, and designing new insurance products, among other tasks.
According to LiveAbout, here are some specific responsibilities of actuaries:
First and foremost, before getting into the main details of your resume, which is your experience, you will need to craft a clear resume header section. The resume header section often includes your personal details—such as your full name, phone number, professional email address, and home address or city of residence. Optionally, you can add links to your LinkedIn profile or personal website if relevant to the job. Keep the information concise and straightforward so that the potential employers can contact you easily.
Here are a few simple dos and don'ts for your resume header:
DOS
DON'TS
A resume summary is essential for highlighting your career or professional skills and knowledge. A resume summary is a concise statement at the top of your resume. Depending on the design, sometimes it can be in the resume header section.
A well-crafted resume summary has the potential to leave a lasting impression on hiring managers. For recent graduates, the summary section can encompass various elements, such as educational background, internship history, hard and soft skills, and motivation for applying to the specific role.
Here are some examples for when crafting an actuary resume:
"A highly motivated and detail-oriented accounting graduate from the University of Indonesia with a GPA of 3.9. Possessing strong skills in Excel, financial accounting, and programming languages such as Python and R."
"Actuarial analyst with 5+ years of financial experience working on data manipulation, risk assessment, and statistical analysis. Knowledgeable in healthcare insurance products, benefit options, and actuarial policies and procedures."
"Professional actuary with over 10 years of experience in the life insurance industry. Proficient in analyzing financials for a range of family and group life products, resulting in a significant increase in valuation accuracy of up to 90%. Additionally, trained and mentored 10 newly hired actuaries for the company."
Including a one- or two-sentence career objective can be advantageous, especially for recent graduates. A career objective articulates the candidate’s ambitions and future plans within their professional journey.
"Seeking a role as an actuarial intern at Highland Insurance to deliver accurate statistical analysis reports and documentation."
"Seeking an opportunity for an entry-level position to start my career as an Actuarial Analyst in a professional environment such as Telus Health Insurance."
"Seeking a new role within a supportive organization to utilize my extensive knowledge of Actuarial Science, Excel, and Risk Management."
Let’s dive into the most crucial aspect of an actuary resume: work experience.
When describing your work experience, it is vital to not only outline your job responsibilities but also emphasize your achievements and contributions to the team. Hiring managers are keen on assessing how well your work style aligns with their company. Here are some tips to keep in mind:
Here are a few examples of work experience section on your actuary resume:
Actuarial Analyst
Telus Health Care, Malaysia
Jan 2018 - Present
Actuarial Assistant
Mayapada, Indonesia
Dec 2014 - Dec 2017
Hard skills and soft skills are needed because they are "tools" for the job. The list of skills you include on your actuarial resume is also used to determine if you meet the criteria the company is looking for.
Hard Skills
Soft Skills
Not all actuary resumes require the inclusion of education history. When applying for higher-level positions, hiring managers tend to place greater emphasis on work experience. However, there are several conditions under which including education history is necessary:
Bachelor of Science in Accounting
Gadjah Mada University, Indonesia
Feb 2014 - Dec 2019
GPA: 3.9/4.0
High School Diploma
Santa Katarina Senior High School
Yogyakarta, Indonesia
Jan 2010 - Jan 2013
Bachelor of Science in Mathematics
University of Indonesia, Indonesia
Expected to graduate in May 2024
Relevant Coursework:
Demonstrating your commitment to becoming part of a company’s team begins with conducting thorough research. Researching helps you gain an understanding of the company you are applying to, your prospective job description, and the work environment they offer.
Furthermore, research equips you with knowledge that can make you better prepared and more persuasive during an interview. “What do you know about our company?” is a common question asked by hiring managers, and providing a well-informed answer can leave a positive impression.
To conduct research, visit the company’s website, explore its social media accounts, and seek out ratings and reviews that provide valuable insights from current or former employees.
In some countries, job postings might use the term “CV” to refer to a resume, which often leads to confusion. It is essential to grasp the main distinctions between a CV and a resume.
The most noticeable difference lies in the length. A CV can extend beyond three pages and is not restricted to a specific maximum length like 10 or 15 pages. This is because a CV encompasses the entire professional history of a candidate.
The sections in a CV and a resume are mostly the same. However, a CV allows individuals to include all their work experiences, educational background, obtained certifications, attended courses, and undertaken projects. Every piece of information is included, regardless of the relevance to each experience.
On the other hand, resumes are tailored to the job you are applying for, focusing only on the information relevant to that particular position. For instance, if you are applying for an actuary role, the experiences you include will be directly related to that position.
If you are unsure about the format required by the company, it is advisable to seek clarification beforehand.
There are three types of resume formats commonly used by candidates, and the choice depends on your level of work experience. Let’s discuss each format:
Once you have selected a format, it is essential to review and adhere to the writing standards. Consider the following guidelines:
In today’s job market, many companies employ AI engines or Applicant Tracking Systems (ATS) to efficiently filter through candidates. These tools help streamline the process of identifying potential employees.
How do AI engines and ATS filter candidates? They scan resumes to determine if they match the keywords specified by the company. This method is not limited to AI and ATS; some recruiting teams also employ this approach.
So how can you include the right keywords? The method is simple: pay close attention to the requirements and job description provided in the job posting.
It’s important to remember that each company has distinct policies and requirements, even for the same position. Therefore, a single generic resume may not be effective for multiple companies.
The solution is to tailor your actuarial resume to align with the specific needs of each company you apply to. For instance, let’s consider two different companies:
Company A: Job Description for Actuary Position
Company B: Job Description for Actuary Position
You can observe the differences in these job descriptions. For Company A, some suitable keywords could be: data analysis, data collection, data verification, and statistical data quality.
On the other hand, for Company B, relevant keywords might include: calculations, analysis, support, pricing, projection, and reporting.
By incorporating these keywords and tailoring your actuarial resume accordingly, you can increase the chances of catching the attention of hiring managers and improve your prospects of securing an interview.
Are you someone who believes that cover letters have lost their importance in today’s world? You might want to reconsider when you see the statistical results. Recent data reveals that 49% of hiring managers admit that a strong cover letter has convinced them to interview a candidate who has submitted a relatively weak resume.
Think of the cover letter as a means of communication to convey who you are, your relevant experience, and the valuable skills you can bring to the company. The cover letter provides a more personalized message. It allows you to explain why you are applying, whether you genuinely seek a new job, or the reasons behind any extended career gaps. A cover letter can offer explanations that are not included in an actuary resume, enabling recruiters to assess your situation and circumstances objectively.
However, it’s important to note that 18% of recruiting teams reject applications if the cover letter is weak and fails to provide sufficient explanation.
To address this issue, Cake offers the following tips and examples to craft compelling actuary cover letters:
Remember, keep your cover letter to just one page. Anything longer may be perceived as a waste of time by hiring managers. Here's an actuary cover letter example:
Ben Nadir
Jakarta, Indonesia
(+62)99-198-70011
[email protected]
linkedin.com/in/bennadir
March 30, 2024,
Dear Mr. Armstrong,
I am writing to express my sincere interest in the Actuarial Analyst position with your company, as advertised on Cake. As an experienced Actuarial Assistant, I believe my background aligns well with the requirements of the role. I bring a strong track record in validating data for over 200 policies totaling $100 million.
In my current position as an Actuarial Assistant, I have successfully created profit distributions utilized by the CEO for investor pitches. Additionally, I have conducted an in-depth analysis of employee data for 10 companies, encompassing over 300 employees, to accurately calculate pension plans and health insurance coverage.
My contributions to these initiatives led to my recognition as the Employee of the Year in both 2022 and 2023.
I am particularly drawn to Telus as an employer because of its commitment to fostering an inclusive work environment, eliminating discrimination, and promoting work-life balance for its employees. I firmly believe that dedicating my efforts and loyalty to a company like Telus, which provides a supportive and empowering environment, is the ideal choice.
Moreover, I wholeheartedly align with Telus’s vision and mission.
To gain a comprehensive understanding of my qualifications, I have attached my resume to this cover letter. I am thrilled at the prospect of joining the Telus team and I am committed to contributing my best efforts.
Thank you for considering my application. I eagerly await the opportunity to discuss my candidacy further.
Sincerely,
Ben Nadir
Unfortunately, some companies require candidates to have at least a bachelor’s degree in business administration, actuarial science, mathematics, statistics, or other related fields.
If you don’t hold one of these degrees but still aspire to become an actuary, you can enroll in an education program. However, it’s crucial to ensure that the institution or program you choose is reputable and credible.
The high salary associated with the actuarial profession is one of its appealing aspects. Therefore, pursuing a career as an actuary can be a wise decision, especially considering the relatively low interest in the field.
According to the US Bureau of Labor Statistics, the average annual salary for actuaries is $113,990. Interestingly, even the lowest-earning 10% can earn as much as %71,760.
This indicates that entry-level actuaries can expect competitive salaries. However, it’s important to note that salary standards can vary based on factors such as the country of residence, company size, individual performance, and years of experience.
Absolutely! There are numerous actuary positions available that can be performed remotely. This means there are expanded job opportunities with enticing salary prospects.
When working remotely, it’s essential to maintain professionalism. For instance, establishing a daily work schedule can help ensure that all tasks are completed within deadlines.
If you’re interested in further developing your actuarial expertise, several internationally recognized training courses are available. Some examples include:
Career opportunities for actuaries are great, with high demand expected to grow until at least 2030. The key to an effective actuary resume is to emphasize your skills in mathematics and economics, as these disciplines form the foundation of an actuary’s work. Additionally, the cover letter plays a crucial role by allowing candidates to showcase their personal side, including their motivation and future career plans. Strategically placing relevant keywords is also a proven technique to optimize an actuary resume for ATS (Applicant Tracking System) screening.
We hope this article on actuary resumes proves helpful for you. Don’t forget to explore Cake’s job tips, resume and cover letter templates, and numerous job postings. Register now and let’s get started!
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--- Originally written by Erika Rizqi ---
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