Look
ing for a high-pay
ing, 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, mak
ing it a standout profession
in terms of job opportunities. Accord
ing to Forbes, despite the high demand, there is a shortage of professional actuaries. This presents a fantastic opportunity for
individuals
interested
in the f
inancial
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 pursu
ing a career as an actuary requires exceptional math skills. Actuaries must apply basic mathematical theory, probability, statistics, economics, and f
inance to solve real-world bus
iness problems, particularly those related to risk.
Cake offers valuable resources for actuarial positions,
includ
ing 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
Who Are These Actuaries and What Do They Do?
How to Write an Impressive Actuary
Resume
Tips for Writ
ing a Good Actuary
Resume
Actuary
Resume Templates
Actuary Cover Letter Example
Common FAQs
Key Takeaways
Who Are These Actuaries and What Do They Do?Before gett
ing
into the ma
in section, let's first explore who these actuaries are and what their daily tasks entail.The work of an actuary job
involves collect
ing and analyz
ing data to make policy determ
inations. Actuaries commonly f
ind employment
in life
insurance companies, property and casualty
insurance companies, health
insurance companies, pension funds, and as actuarial and
investment consultants.
Actuaries comb
ine their mathematical skills, knowledge of economics, and understand
ing of the law to fulfill various responsibilities. These
include review
ing pension calculations, calculat
ing
insurance premiums, assess
ing company solvency levels, and design
ing new
insurance products, among other tasks.
Accord
ing to LiveAbout, here are some specific responsibilities of actuaries:
Collect
ing and compil
ing statistical data for analysis.Estimat
ing the profitability and potential loss associated with accidents, deaths, natural disasters, or
infectious diseases.Develop
ing, test
ing, and manag
ing strategies to m
inimize risk and maximize profits related to
insurance policies and retirement programs.Present
ing f
ind
ings, recommendations, and proposals to management, clients, shareholders, and government entities.How to Write an Impressive Actuary
Resume
1.
Resume HeaderFirst and foremost, before gett
ing
into the ma
in 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 l
inks to your L
inked
In 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:DOSYour nameActive email addressPhone numberYour cityL
inked
In accountDON'TSCaution should be exercised when provid
ing personal
information such as your full address, ID number,
insurance number, and other sensitive details. It’s important to strike a balance between provid
ing sufficient contact
information and safeguard
ing your privacy.To avoid potential biases from hir
ing managers, it is advisable to refra
in from
includ
ing social media accounts on your
resume. Additionally, social media accounts are not necessary for work
ing as an actuary, so omitt
ing them will not have any adverse impact on your application.
2.
Resume Summary
A
resume summary is essential for highlight
ing your career or professional skills and knowledge. A
resume summary is a concise statement at the top of your
resume. Depend
ing on the design, sometimes it can be
in the
resume header section.
A well-crafted
resume summary has the potential to leave a last
ing impression on hir
ing managers. For recent graduates, the summary section can encompass various elements, such as educational background,
internship history, hard and soft skills, and motivation for apply
ing to the specific role.Here are some examples for when craft
ing an actuary
resume:
"A highly motivated and detail-oriented account
ing graduate from the University of
Indonesia with a GPA of 3.9. Possess
ing strong skills
in Excel, f
inancial account
ing, and programm
ing languages such as Python and R."
"Actuarial analyst with 5+ years of f
inancial experience work
ing on datamanipulation, 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 analyz
ing f
inancials for a range of family and group life products, result
ing
in a significant
increase
in valuation accuracy of up to 90%. Additionally, tra
ined and mentored 10 newly hired actuaries for the company."3.Career Objective
Includ
ing 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 with
in their professional journey."Seek
ing a role as an actuarial
intern at Highland
Insurance to deliver accurate statistical analysis reports and documentation."
"Seek
ing an opportunity for an entry-level position to start my career as an Actuarial Analyst
in a professional environment such as Telus Health
Insurance."
"Seek
ing a new role with
in a supportive organization to utilize my extensive knowledge of Actuarial Science, Excel, and Risk Management."4. Work Experience for Actuary
Let’s dive
into the most crucial aspect of an actuary
resume: work experience. When describ
ing your work experience, it is vital to not only outl
ine your job responsibilities but also emphasize your achievements and contributions to the team. Hir
ing managers are keen on assess
ing how well your work style aligns with their company. Here are some tips to keep
in m
ind:
Utilize bullet po
ints to ma
inta
in an organized, concise, and easily readable format. S
ince hir
ing managers typically spend only a few seconds review
ing
resumes dur
ing the screen
ing process, it is essential to present
information succ
inctly.Make effective use of action verbs to highlight your ability to perform tasks. Consider
incorporat
ing words like: Reported, Boosted,
Increased, Executed, Analyzed, Approved, Reviewed, Reduced, Developed, Established
Additionally, it is important to
include specific details such as the company name, location, duration of employment, and job title.
Here are a few examples of work experience section on your actuary
resume:Actuarial AnalystTelus Health Care, MalaysiaJan 2018 - PresentDeveloped a corporate medical device pric
ing model.Successfully adjusted pric
ing for small group products, lead
ing to reductions
in loss ratio of up to 35%.Created a risk analysis system that improved the speed and accuracy of analysis results by up to 25%.
Actuarial AssistantMayapada,
IndonesiaDec 2014 - Dec 2017Managed retirement programs for over 200 clients, both new and exist
ing and successfully resolved 88% of client compla
ints.Implemented an Excel-based optimization system to streaml
ine profit calculations, result
ing
in a work acceleration of up to 55%.Collaborated with senior management to optimize claims process
ing procedures.5.Skills Section
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 determ
ine if you meet the criteria the company is look
ing for.Hard SkillsF
inancial literacyProject Management SkillsMath skillsMicrosoft Excel skillsMicrosoft WordMicrosoft PowerPo
intMicrosoft AccessRPythonSASPower BITableauSoft SkillsAttention to detailProblem-Solv
ing SkillsTime ManagementCritical Th
ink
ingConflict ResolutionEmotional
IntelligenceNegotiation SkillsActive
Listen
ingCreativityCommunication SkillsTeamwork Skills
6. Education History
Not all actuary
resumes require the
inclusion of education history. When apply
ing for higher-level positions, hir
ing managers tend to place greater emphasis on work experience. However, there are several conditions under which
includ
ing education history is necessary:
Recent graduates or candidates without experience:
In such cases,
information about your education may be of
interest to hir
ing managers.Possession of a master’s or doctoral degree that supports your abilities as an actuary: If you hold an advanced degree relevant to the field,
includ
ing it
in your
resume can be beneficial.If your GPA falls below 3, it is advisable not to
include it on your
resume.
Instead, focus on provid
ing details such as your major, the name of the university, and the duration of your education.
Bachelor of Science
in Account
ingGadjah Mada University,
IndonesiaFeb 2014 - Dec 2019GPA: 3.9/4.0High School DiplomaSanta Katar
ina Senior High SchoolYogyakarta,
IndonesiaJan 2010 - Jan 2013Bachelor of Science
in MathematicsUniversity of
Indonesia,
IndonesiaExpected to graduate
in May 2024Relevant Coursework:Computer Science Course - CodeBlue Academy
Introduction to Computer Science and Programm
ing Us
ing Python - Massachusetts
Institute of Technology
7. Other
InformationLanguages:English has become the standard language
in the global job market, particularly when seek
ing employment abroad. Additionally, other languages like Mandar
in and Japanese are highly sought after by many companies. Therefore,
includ
ing foreign language skills on your
resume can be a valuable asset.
Certifications: Obta
ining certifications can enhance your skills and capabilities as an actuary. These certifications typically
involve a series of tests designed to ensure your proficiency
in the field. At the bottom of this document, Cake provides
information about various
international actuarial certifications that you can pursue.
Hobbies and
interests:When craft
ing your actuarial
resume, it is appropriate to
include
information about hobbies and
interests if you're a recent graduate. However, if you possess prior work experience, it is advisable to exclude this
information, as recruiters may consider it irrelevant to your professional qualifications.Tips for Writ
ing a Good Actuary
Resume
1)Research the company you are apply
ing to
Demonstrat
ing your commitment to becom
ing part of a company’s team beg
ins with conduct
ing thorough research. Research
ing helps you ga
in an understand
ing of the company you are apply
ing 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 dur
ing an
interview. “What do you know about our company?” is a common question asked by hir
ing managers, and provid
ing 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 rat
ings and reviews that provide valuable
insights from current or former employees.2)Understand the difference between a
resume and a CV
In some countries, job post
ings might use the term “CV” to refer to a
resume, which often leads to confusion. It is essential to grasp the ma
in dist
inctions 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, obta
ined 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 apply
ing for, focus
ing only on the
information relevant to that particular position. For
instance, if you are apply
ing 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.3) Use a
resume format that aligns with your work experience
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:
Chronological
Resume: This is the most frequently used format among job seekers. A chronological
resume is suitable when you have a consistent career path or aim to progress to a higher career level.
In a chronological
resume format,
list your work experience, education, and courses from most recent to oldest.
Functional
Resume: A functional
resume is the type of
resume that emphasizes your skills and experiences over your chronological work history. This format is handy for
individuals with gaps
in employment, those chang
ing careers, or those with diverse but relevant skills, as it emphasizes what you can do rather than when you did it.
Comb
ination
Resume: This format comb
ines elements of both chronological and functional
resumes. It enables you to showcase your skills and then
include work experience that substantiates those skills. A comb
ination
resume provides a comprehensive overview of your capabilities.
Once you have selected a format, it is essential to review and adhere to the writ
ing standards. Consider the follow
ing guidel
ines:
Keep your
resume with
in three pagesUtilize two font sizes: 14 for head
ings and 12 for the rema
ining textMa
inta
in a l
ine spac
ing of 1.25 to 1.5 to enhance readabilityOpt for standard fonts like Times New Roman, Arial, or Open SansEnsure to send your actuary
resume in PDF format
3)
Incorporate keywords and customize your actuarial
resume
In today’s job market, many companies employ AI eng
ines or Applicant Track
ing Systems (ATS) to efficiently filter through candidates. These tools help streaml
ine the process of identify
ing potential employees.
How do AI eng
ines and ATS filter candidates? They scan
resumes to determ
ine if they match the keywords specified by the company. This method is not limited to AI and ATS; some recruit
ing 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 post
ing.
It’s important to remember that each company has dist
inct policies and requirements, even for the same position. Therefore, a s
ingle 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 PositionCollect, verify, and validate dataEnsure the quality of statistical dataPerform data analysisProvide monthly technical reverse calculation for f
inancial report
ingConduct monthly loss ratio and comb
ined ratio analysisCollaborate with and provide data to other departmentsCompany B: Job Description for Actuary PositionCalculate actuarial assumptionsConduct portfolio analysisSupport regional
initiativesHandle product pric
ing, projection, historical performance, and monitor
ingYou 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, pric
ing, projection, and report
ing.
By
incorporat
ing these keywords and tailor
ing your actuarial
resume accord
ingly, you can
increase the chances of catch
ing the attention of hir
ing managers and improve your prospects of secur
ing an
interview.Actuary
Resume Templates and Examples
1) Actuary
resume example for Entry-levelActuary
resume example for Entry-level2) Actuary
Resume Example for Mid-levelActuary
resume example for Mid-level3) Actuary
resume example or Senior-levelActuary
resume example for Senior-level4) Actuary
resume examples for Actuary Analyst PositionActuary Cover Letter ExampleAre 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 hir
ing managers admit that a strong cover letter has conv
inced them to
interview a candidate who has submitted a relatively weak
resume.
Th
ink of the cover letter as a means of communication to convey who you are, your relevant experience, and the valuable skills you can br
ing to the company. The cover letter provides a more personalized message. It allows you to expla
in why you are apply
ing, whether you genu
inely seek a new job, or the reasons beh
ind any extended career gaps. A cover letter can offer explanations that are not
included
in an actuary
resume, enabl
ing recruiters to assess your situation and circumstances objectively.
However, it’s important to note that 18% of recruit
ing teams reject applications if the cover letter is weak and fails to provide sufficient explanation.
To address this issue, Cake offers the follow
ing tips and examples to craft compell
ing actuary cover letters:
Include essential
information about yourself, such as your full name, city, email, phone number, and L
inked
In account.Don’t forget to
include the date the letter was written
in the mm/dd/yy format.Beg
in the letter with a friendly greet
ing, such as “Dear Hir
ing Manager” or “ Dear Mr./Ms. [
insert name].”Proceed to the first paragraph, where you
introduce yourself, mention your previous position at a company (for experienced professionals), or provide details about your major, campus name, and GPA (for recent graduates). Additionally
include your work,
internship, or volunteer experience, and specify the position you are apply
ing for.
In the subsequent section, elaborate on your work approach, accomplishments, and how you can contribute to the team.After highlight
ing your achievements,
include any pert
inent
information. This could
involve discuss
ing your motivation for apply
ing, expla
ining any gap years
in your work experience, or mention
ing a reference letter you received from your previous employer.Conclude the actuary cover letter by express
ing your enthusiasm for the opportunity to jo
in the company you are apply
ing to.
Remember, keep your cover letter to just one page. Anyth
ing longer may be perceived as a waste of time by hir
ing managers. Here's an actuary cover letter example:Ben NadirJakarta,
Indonesia(+62)99-198-70011
[email protected]l
inked
in.com/
in/bennadirMarch 30, 2024,
Dear Mr. Armstrong,
I am writ
ing to express my s
incere
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 br
ing a strong track record
in validat
ing data for over 200 policies total
ing $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, encompass
ing 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 foster
ing an
inclusive work environment, elim
inat
ing discrim
ination, and promot
ing work-life balance for its employees. I firmly believe that dedicat
ing my efforts and loyalty to a company like Telus, which provides a supportive and empower
ing environment, is the ideal choice.
Moreover, I wholeheartedly align with Telus’s vision and mission.
To ga
in a comprehensive understand
ing of my qualifications, I have attached my
resume to this cover letter. I am thrilled at the prospect of jo
ining the Telus team and I am committed to contribut
ing my best efforts.
Thank you for consider
ing my application. I eagerly await the opportunity to discuss my candidacy further.
S
incerely,
Ben Nadir
Common FAQsCan I become an actuary without a bachelor’s degree?Unfortunately, some companies require candidates to have at least a bachelor’s degree
in bus
iness adm
inistration, 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.
How much does an actuary earn?The high salary associated with the actuarial profession is one of its appeal
ing aspects. Therefore, pursu
ing a career as an actuary can be a wise decision, especially consider
ing the relatively low
interest
in the field.
Accord
ing to the US Bureau of Labor Statistics, the average annual salary for actuaries is $113,990.
Interest
ingly, even the lowest-earn
ing 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.
Can I work remotely as an actuary?Absolutely! There are numerous actuary positions available that can be performed remotely. This means there are expanded job opportunities with entic
ing salary prospects.
When work
ing remotely, it’s essential to ma
inta
in professionalism. For
instance, establish
ing a daily work schedule can help ensure that all tasks are completed with
in deadl
ines.What educational options can enhance my actuarial skills?If you’re
interested
in further develop
ing your actuarial expertise, several
internationally recognized tra
ining courses are available. Some examples
include:
Associate of the Casualty Actuarial Society (ACAS):To become an ACAS member, the candidate must complete specialized courses and pass two exams as part of the Validation by Educational Experience (VEE) process. The VEE focuses on account
ing, f
inance, and bus
iness topics. Afterward, candidates must pass additional exams to earn the ACAS credential.
Fellow of the Casualty Actuarial Society (FCAS): After achiev
ing ACAS status, actuaries can pursue the FCAS designation by pass
ing three specific exams that delve
into policy liability calculations, advanced
interest generation, and rates of return.
Society of Actuaries (SOA):This certification is particularly useful for those aspir
ing to become actuaries
in the health and life
insurance sectors. The SOA offers two levels of certification, Associate of the Society of Actuaries (ASA) and Fellow of the Society of Actuaries (FSA).Key TakeawaysCareer 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 discipl
ines form the foundation of an actuary’s work. Additionally, the cover letter plays a crucial role by allow
ing candidates to showcase their personal side,
includ
ing their motivation and future career plans. Strategically plac
ing relevant keywords is also a proven technique to optimize an actuary
resume for ATS (Applicant Track
ing System) screen
ing.
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 post
ings. Register now and let’s get started!
Cake is the best free
resume builder that allows users to create professional onl
ine
resumes and portfolios with ease. With a vast library of more than 60+
resume templates and snippets, you can effectively showcase your skills and accomplishments. Give it a try today!
--- Orig
inally written by Erika Rizqi ---