Post-Start Post

So I'm two days in and getting to the first post following my start on the job, as discussed.  One thing I did not anticipate was how [mentally] exhausting a workday would be.  20% of this is probably just attributable to the stress of being in a new position where I am not yet comfortable; the other 80% I'm attributing to the fact that more than half of my time is being spent reading and trying to commit everything to memory.

The first day started with the standard HR form signing, powerpoint slideshow, a tasteful video on workplace behavior with climax at the sexual harassment scene, etc.  I did this with several other new employees but none of whom were actuarial (aside from myself).  HR ended with the building tour and pass-off to our respective managers.  I  felt pity seeing the others get dropped off in their departments located in basements and cubicle farms knowing the product development department was housed in a relatively nice location with windows.  Too bad, so sad.

So I won't bore you with every detail of the first couple days at my desk.  I've basically been sitting in with my supervisor at their regular meetings/conference calls where things such as rate sheet changes and good beers are discussed.  When I am not doing that I am either getting a powerpoint presentation about some aspect of my job or else studying something included in my 3 month learning plan.  I am reading the Exam 5 syllabus paper on ratemaking, going through some training modules on our products and studying for my next exam.  I also have a paper to read on GLM and some user manuals for software in use there.

Among all the analysts I am the least advanced in my exam progression.  I expected this but it will mean I won't have a study buddy to work on the material with.  Not a big deal, just worth mentioning.  The other analysts say I have to slow down my reading pace and spread it out over a couple months - it is true that I'm already letting FM get sidelined by the other stuff.  Since one of my tasks is to develop a study plan for my next exam I don't think that will stay the case though.

Well, more informational meetings tomorrow with product managers in various product lines, analysts who work in the respective lines and in reserving, etc.  One thing I've learned so far is that the knowledge base required to become proficient in my role (R&D), since I will work with all the product lines, is much broader than that of the pricing/reserving analysts (though probably also less deep).  But I think this experience will be very valuable in my career down the road for that reason.

-Analyst

Prelims

I'm at a coffee shop drinking a beer and enjoying the irony.  Just wrapped up a long day of studying for FM and I think I'll get to writing about how I landed an actuarial position.

I graduated in 2009 - probably the worst year for a new graduate to enter the labor market.  My first degree was in the social sciences and I actually managed to land a position in my field of choice.  I can't say exactly what that was - I'll call it organizational development, broadly speaking.  I worked in that area for 2 years doing long hours of non-analytical work for little salary.  The experience was really not transferable to insurance aside from soft skills (which I really talked up during my interview).

I decided to go back to school in 2011 to pursue a more rigorous degree and a better-paying career.  By that time I still had never heard of an "actuary" - I thought I might go to grad school for economics or do something with technology.  But I knew whatever I went for I'd have to have a solid background in math and with nothing beyond high school 'advanced algebra' I started there.  In two years I did everything from Calc I through Analysis with coursework in economics and computer science and some upper level probability and statistics.

I sat for P the first time in November 2012.  I don't exactly remember where I had heard of actuarial by then - I think I saw some literature hanging up in my department.  Anyway, I didn't prepare and got a 4.  I took it again in January after some serious, intensive study.  I used ADAPT and TIA, reached level 8 in ADAPT, felt ready and failed with a 5.  At that point I had written off ever getting into the profession with graduation so close, but nevertheless I registered (out of frustration and stubbornness) again for March the same day I failed.  I never found the time to study between January and March as I was taking a heavy course load.  I went in expecting to fail and not caring.  It was quite a feeling to finally see the congratulations message at the end of the exam - grades were recently released and I passed with a 9.  So either I was extremely unlucky in January or very lucky in March.  In any case, I got my resume together the same day.

I didn't think I would have much luck applying with one exam, no internships and so late in the season.  So I submitted my resume to the black holes for internship positions and emailed the directory about possible openings.  I applied to two full-time positions, one of them following a networking event at my school where an open position was mentioned.  I was surprised to hear back within a week about doing an on-site.

At the time I was more committed to being in a different city and taking any non-actuarial position I could get while passing more exams.  This was because of a girl whom I more recently broke up with, but was seriously dating at the time.  So I went into the first round of interviews not expecting much and not caring what happened - it was more of a practice run.  This must have been the right attitude because I easily connected with my interviewers and was pretty relaxed throughout.  The questions were not very hard - nothing technical, all soft stuff about how I approach work and coworkers.  I had some experience in a professional setting to talk about which was a definite plus.  I was asked a little bit about what I could do in Excel and Access as it was on my resume - I threw out some random words like 'joins' and 'record macros' and the interviewer (the database guy at the firm) was actually satisfied.  If he had followed up with nearly any technical question involving either joins or macros I might have been in trouble.  But I do actually have some surface knowledge of these programs through school, so I was not totally BSing.

My second round was similar.  I met with the higher ups at the company (a small company).  I think the decision had already been made and the purpose of this round was for the higher ups to give the green light.  I got the offer within a week following the second on-site.

Some things I will highlight which came up in the interviews and I believe contributed to my hiring:

• Luck - the greatest factor I am sure.  The opening came up at the right time for me, the applicant pool may have been weak, I had met someone at the above mentioned event who probably said I was serious and worth talking to.  Aside from luck though...
• solid GPA (got me in the door with 1 exam)
• professional experience in an office setting of a medium sized company (~700 employees) - I was able to talk about working on a team, handling certain types of situations with coworkers and clients, other soft stuff.
• Volunteer and hobbies - I volunteer in organizations doing things which are related to my hobbies.  So I was able to show I have a life outside of school as well as that I take on leadership responsibilities in groups.  If I saw an applicant with the typical volunteer activities (neighborhood cleanups, volunteering to tutor kids at the local public school, fundraisers for a relief effort, etc.) I would just think they were looking for filler on their resume and will cease all such activity once they get a job.  And that would probably be true.  Doing something you actually enjoy is more believable and says more about you, IMO.
• Asking the right questions - I have a philosophy on this which is similar to my philosophy on dating.  Go in with a lot of questions and don't seem too eager for the position.  Make them interview for you, particularly in the first round.  If you seem too eager they will think you will take any position, which means (at least, I would think this if I were on the other side of the table) that you are desperate for anything and will leave them as soon as the right position comes along.  The most difficult question I had in all my interviews was: if it was offered to me, would I take a pricing position instead of the R&D position I was interviewing for.  I answered pretty honestly: the market is tough and I would strongly consider it after hearing the details of said position, but I would probably not be as excited from what I know about traditional pricing/reserving roles as I would be to take a position in product development.  I don't think my answer was perfect, but I think 'yes, definitely' would have been the worst answer after all the interviewing for the position I was there for.  A 'no' would have ruled out an offer if they were actually thinking I was a better match for another position.  The point is that I said I would have to hear about the position first - fit matters to me and I'm not too eager to jump at anything.
• Access and Excel - I learned these in a formal setting, training opportunities that I sought out (as mentioned though, I will still have a lot to learn on the job).  They liked that.  Take some initiative and then talk about it.
• For the career changers: a good story about why you are changing careers!  Don't say you didn't enjoy it - say it wasn't challenging.  Definitely don't say it paid too little.  Say you wanted better opportunities for skill development and growth.  Then lead the interviewer into asking about the things you 'learned' which will transfer to an actuarial position.
• Dress sharp, come with multiple copies of your resume, arrive early - all that generic advice which I'm not going to repeat.  It all matters though.

My advice is certainly not to apply to only 1 or 2 positions as I did.  Also, the cold emailing of the directory actually bore some fruit - one actuary wrote back asking that I keep them updated on my exam progress, another that they would keep me on file and I should check back in periodically.  I would have nurtured those leads after passing another exam had I not gotten this position.

So that is it for now.  I'll post after my first day on the job and this will get more exciting when I can talk about work and what I learn on the job.  But I hope this gives some encouragement to the ho-hum candidates out there like myself - if you play up your strengths you might get lucky, despite having few exams, no internship, etc..

-Analyst

Friday Night Meditations

Follow truth with your heart
You know your end is just a start
So bury your worries
Leave your doubts and come with me

I was thinking today about how sad a person I am.  Since wrapping up finals last week I've had no responsibilities until I start work next week - a full week off to relax.  But I am so accustomed to studying something that I haven't known what to do with myself.  So I've gotten almost entirely through a text on Access and SQL for Data Analysis and spent the rest of the time working through The Infinite Actuary (TIA) online course for FM.  Oh well, my job gives first pass bonuses so I might as well get a jump start...

A Comment on Career-Changer Actuarial Students

I'm still getting to the background post, but I wanted to write some thoughts I have on career changers and older students.  For the record, I am in my mid 20s and just graduated with a second bachelors degree in math.  I spent two years working in a field I didn't enjoy and another two working part time while earning the degree.

I attended a public university and there were/are a lot of older students in the math department majoring in 'actuarial science'.  They are no doubt a product of the 08-09 recession and the marketing efforts of the SOA.  I graduated into the recession whereas many of the people I am thinking of are in their 30s and 40s and went back to school after layoffs or a string of non-career type jobs.  I respect anyone that chooses to go back to school and improve their skills later in life - it is not easy.  A big part of the college experience is the social aspect, but as an older student you are not a part of that (or you awkwardly try to be and make the kids uncomfortable).

I suspect many of the older actuarial students picked the major as a result of a google search for 'best career' or something similar and were attracted by the high salary.  Then there is the DWS salary survey hanging prominently on every bulletin board in the halls of the math building.  I met several such people who still, after a year in the program, didn't quite know what actuaries do; they knew it was insurance and had something to do with risk.  More than once I heard discussions about difficulties with material - not on the exams but in the relatively easy courses.  Many of them seemed to have a perpetual look as if they knew they shouldn't have raised after the flop and now the river was out and they were all in with a shitty hand.  I know of some who were struggling to get by with C's and couldn't pass one exam, but showed up at every career event neatly dressed with their resume, "Actuarial Student" under their name (I don't know what resume critiquer suggested that), all competing for the same internship which a 20 year old with two exams passed is going to land.  Poor suckers.

I admit I tend to try and classify people, fit them to a profile...stereotype is not the right word only because one doesn't always exist.  Anyway, let me qualify the above paragraph just to say that I also knew some older students who outperformed me academically and I'm sure will do well.  The point I am making is that you should not be so proud that you place a large bet on something that is truly beyond your abilities because you are desperate and think that determination will allow you to do anything.  Determination is good, but you also need to have a mind that is well-adapted to studying mathematics.  If you can't get an A in Calc I and II, that is probably enough to know you should choose something else.

I'll leave it there.  This is my first blog and I'm still trying to find my voice.  Hopefully I'll work that out before I have any blog viewers.  I start my job next week so I'll try to get the background post out of the way before then.

-Analyst

First Post

Hello world.

I'm starting this blog to document the development of my career as I begin my first position in the insurance industry.  I plan on posting about exam material, software I learn and use on the job, my work life, personal life and anything else that may be on my mind.  This will be an outlet for me so I'll limit the information I share so as to remain anonymous.  I'll follow up with a post on my background leading up to my first job offer soon.

I hope that some future aspiring actuaries will find this blog useful in pursuing their own career goals, or at least an entertaining distraction from studying for their next exam.

Not sure how I'll be signing off yet, so for now it will just be...

-The Analyst