34 Example Actuarial Internship Interview Questions
By Indeed Editorial Team
Published 2 May 2022
The Indeed Editorial Team comprises a diverse and talented team of writers, researchers and subject matter experts equipped with Indeed's data and insights to deliver useful tips to help guide your career journey.
An actuarial internship is a training program for developing skills and knowledge as a professional actuary. If you're applying for an actuarial internship position, you may likely enter an interview with a hiring manager. Reviewing some example interview questions can help you prepare yourself for a potential interview. In this article, we define an actuarial internship, provide tips for answering actuarial internship interview questions, list some example questions and detail several sample answers.
What is an actuarial internship?
An actuarial internship is a work placement program that can provide you with the resources to develop your skills and expertise as an actuary. As an intern, you typically conduct similar responsibilities to a qualified actuary. In most situations, you may be under the supervision of a manager or qualified actuary who can provide you with instructions and advice. Becoming an intern can be an excellent method to determine your suitability for the role. It can provide you with the typical experiences of working as an actuary, which can help you decide if this career is right for you.
Tips for answering actuarial internship interview questions
Below, you can find some helpful tips to consider when answering actuarial internship interview questions:
Research the hiring organisation: When applying for any career, it's usually beneficial to research the hiring organisation. This can help you identify the typical work culture, values and expectations of its employees.
Research the internship: If you're applying for an internship with a specific company, it's often a good idea to review the requirements and responsibilities involved. This can ensure you're prepared to answer questions specifically about the internship the hiring organisation provides.
Identify your strengths and weaknesses: It can be important to evaluate your strengths and weaknesses because most interviewers may ask you a question related to this. Answering truthfully, particularly to a question about your weaknesses, can display your integrity and honesty to the interviewer.
Practice answering questions: One of the best methods to prepare for an interview might be to identify common questions and develop appropriate answers. This can allow you to provide in-depth responses that highlight your research and preparation for the role.
Prepare your job application: The interviewer may already have a copy of your job application, such as your resume and cover letter, but it may still be a good idea to print several copies to bring with you. This is not a requirement, but it can show that you've prepared for the interview.
30 example interview questions
Below, you can find 30 example interview questions about the job role, the internship and your personal life:
10 interview questions about the actuary profession
If you're applying for an internship, the hiring manager might not ask you complex questions about an actuary's responsibilities. They may ask you broad questions about an actuary's primary purpose and function. Here, you can find 10 example interview questions about an actuary's duties:
What is your understanding of an actuary's primary responsibility?
Can you explain the difference between an actuary and an underwriter?
What industries does an actuary typically gain employment in?
What skills do you believe an actuary requires when conducting their duties?
Are you familiar with risk assessment processes?
Do you know the difference between TAS and SAS?
Can you explain what actuarial life tables are?
Are you aware of current actuarial laws and regulations?
Can you explain the role of an actuary in an investment firm?
Can you explain the role of an actuary in an insurance company?
10 interview questions about an internship
If you're applying for an internship role, the hiring manager may want to determine if you've researched their internship program. They may ask you questions about internships to ensure you fully understand the requirements and responsibilities. Below, you can find 10 example interview questions about an internship:
Why do you want to become an intern with our organisation?
Do you know how long this internship takes to complete?
Can you explain the modules of this internship?
What do you believe are your primary responsibilities as an intern?
Have you applied for an internship before?
What do you hope to achieve in this internship?
What are your plans after you complete this internship?
What skills do you have that make you a suitable intern candidate?
What qualifications do you have that make you a suitable candidate?
Are you comfortable conducting your intern duties while under supervision?
10 interview questions about your personal experiences and habits
Regardless of the job you're applying for, the interview may likely ask you questions about your personal life, habits and aspirations. They may ask these questions to identify your character quality and interpersonal skills. Depending on your responses, the interviewer may determine your suitability to the organisation's work culture and values. Below, you can find 10 example questions about your personal life:
Why do you want to join this company?
Where do you see yourself in five years?
What are your strengths?
What are your weaknesses?
What three words would you use to describe yourself?
Do you agree with the organisation's values?
What is your primary motivation for applying for this role?
What made you choose this internship over others?
What do you enjoy doing in your spare time?
Do you have any long-term career goals?
4 example interview questions with sample answers
Below, you can find several example interview questions with sample answers:
1. What are your strengths and weaknesses?
If your interviewer asks you this question, they may want to determine your strengths and weaknesses and also your integrity and humbleness. If you state you have no weaknesses, your interviewer might interpret this as arrogance rather than confidence. When an interviewer asks you this question, don't be afraid to state some of your weaknesses, as it can display your self-awareness. If you list some weaknesses, it can be a good idea to include an action plan for improving them. This can show you're actively trying to develop yourself, which most interviewers may appreciate.
Example answer: 'I believe I have several strengths and also a few weaknesses. My strengths are likely my attention to detail, my ability to work with others and my genuine interest in mathematics. I feel these skills complement the role of an actuary and I look forward to utilising them in a professional setting. I don't believe I have any outstanding negative attributes or traits, but I certainly believe I can improve in all aspects of my life. I am constantly evaluating myself and identifying areas where I can improve.'
2. What do you hope to achieve in this internship?
An interviewer asking this question is likely trying to identify your goals for the internship. This is a relatively simple question to answer, as most candidates apply for internships to develop their professional expertise. It's usually a good idea to answer this question in a way that highlights your desire to improve your skills and gain new knowledge.
Example answer: 'My major goals as an intern in the organisation are to develop my skills and professional expertise as an actuary. I hope to work alongside professionals in this industry and gain a unique insight into the responsibilities. If I'm successful in gaining this internship, I hope to continue developing my knowledge of risk assessment processes and general financial procedures.'
3. What do you believe are the primary responsibilities of an actuary?
An interviewer asking this question usually wants to determine your level of research into the role of an actuary. The interviewer might not expect an in-depth response, but if you're applying for an internship role, they may expect you to understand the fundamentals of the profession. Providing a broad definition of an actuary and listing some of their responsibilities might be a sufficient answer for this question.
Example answer: 'An actuary may have varying responsibilities, depending on the industry they work in. Their primary function, though, is typically the same across all industries. An actuary's primary functions are to identify, analyse, manage and assess risk or uncertainty in business decisions. An actuary utilises mathematics and statistical analysis to assign risk priorities to specific decisions and operations.'
4. Why do you want to join this organisation?
This may be a typical interview question across multiple industries. If the interviewer asks you this question, they may want to identify your level of research into the hiring organisation. Your response can also highlight your motivations for applying for an internship position. If you research the hiring organisation, you may mention some of its values, practices or methodologies that inspired you to apply.
Example answer: 'I researched several insurance organisations and feel that my values align most accurately with this organisation. I also believe that as an intern with this organisation I can challenge myself and develop the skills to become a qualified actuary.'
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