INDUSTRY STATS
According to the U.S. Bureau of Labor Statistics, Actuary positions are at a 24% growth rate, which is much faster than average. With that said, there are currently 27,700 jobs in the market right now. The total number of jobs is expected to increase by 6,800 to 34,500 in the period of 2020-30.
What’s more, the median annual wage for the Actuary jobs was $111,030 in May 2020. The lowest 10% earned less than $66,030, and the highest 10% more than $196,010.
Our conclusion? The Actuary job market is wide open for candidates.
Top Actuary sections that make the best resume
- Header
- Professional summary
- Experience (with numbers and results)
- Relevant skills
- Education
- Certifications
Writing a strong Actuary experience section
Actuary Resume Experience Section: Ultimate Checklist
- Use no more than 4-6 bullet points per position;
- List relevant positions and situations that add value to your application;
- Describe situations, tasks, actions, and results (the S-T-A-R method);
- Remember to include numbers in whatever form you like (e.g. the number of projects you’ve finished);
- Begin each bullet point with an action verb.
Check out the examples below when building your experience section. They will help you stand out!
- Extensive use of Excel, writing complex VBA software to clean and manipulate data.
- Validated data for over 400 contracts that made up their $420M Aquilo Fund.
- Produced forecast profit distribution for use by CEO in investor pitches.
- Structured a bepoke lapse risk reinsurance cover for a major UK Life Insurance company
- Led the financial modelling of the solution the projected cashflows and financial metrics of the transaction
- Assessed the sensitivity and robustness of the structure by designing and implementing stress-test scenarios
- Designed the management process of the transaction
- IFRS standards : Financial impact assessment of IFRS 17 standard on both participating and non-participating contracts
- Modeling/ALM : Implementation of a MTP (P&L and Balance sheet projection over 5 years) on health/protection/life savings/retirement scope for a provident institution
- Audit : Review of French GAAP and US GAAP technical reserves of insurance/reinsurance companies
- Working with product owners and analysts to map and improve recurring analytics processes, including tariff revisions, KPI prognoses, and Solvency II estimates
- Part of the internal advanced analytics virtual team, working across business areas to educate, inspire, and support trial initiatives in Machine Learning and Artificial Intelligence in all parts of the insurance value chain
- Evangelizing the use of open source in core insurance analytics processes: R, Shiny, Python, TensorFlow, Prophet
- International P&C Reserving (incl. set of Group Actuarial Guidelines)
- Responsible of Solvency II P&C Technical Provisions reporting (Pillar III)
- M&A (Strategy and Actuarial workstreams)
- EVM production New/Renewal business EMEA and Latin America. Main EVM contact for ALHM, SRI and IptiQ.
- Modelling experience for Spain and Portugal: 2 death businesses has been moved from the loss ratio model to a proper Moses projection.
- Iberia market owner: quarterly US GAAP and STAT evaluation.
- Migration of the Life portfolio on a new software: actuarial formulas and testing.
- Profit Testing for developing new products.
- Reports development using Power Pivot.
- Pricing of most of L&H Lines of Business
- Tools development
- Support to client mangers for client meetings
- Head of Finance Transformation
- Senior Manager, Planning & Actuarial Services
- Actuary, Strategy & Planning
- Benefits calculations of retirements, terminations, deaths and marriages breakdown's for Irish Pension Plans;
- Issuing benefits statements;
- Constant communication with Dublin’s team;
- Training and support of new colleagues;
- Keep up to date the calculation tools and the training documents.
- Benefits calculations for retirements, terminations and deaths;
- Production of annual statements;
- Continuous communication with clients and plan members.
- Benefits calculations for retirements, terminations, deaths and marriages breakdown;
- Production of annual statements;
- Production of the year end data collection files in order to update the database;
- Pension adjustment calculation;
- Production of data files for audits;
- Continuous communication with clients and plan members;
- Testing changes made on the informatics tools;
- Production of data files for the actuarial valuations; etc.
- Lead pricing and risk activity for Spain, Italy, Turkey, Greece & Belgium
- Countries and product P&L monitoring
- Team management (2 FTEs multiple locations)
- Carried out the quarterly closing and annual analysis of the American portfolio, for various lines of business, mainly focused on: credit & surety, workers' compensation
- Analyzed SCOR's homebuilders portfolio in order to improve the reserving methodology for this line of business, in collaboration with the underwriter and the cedants
- Participated in working groups on various topics involving reserving actuaries (e.g. Credit & Surety, Communication)
- Performed the pricing of some treaties during the renewal for the Middle East market
- Led the Standard Formula calculation for SCOR Group and its entities under the Solvency II regulation
- Participated to the testing for the industrialization of the Standard Formula (VEGA® tool)
- Validated the Economic Scenarios Generator and the Asset model of SCOR's Internal Model
- Coordinated various regulatory stress tests exercises (ACPR stress tests, EIOPA stress tests)
- Presented the SCOR Campus for clients: impact of reinsurance programs on the solvency of an insurance company
- Developed new pricing models for new business (NB) deals
- IFRS 17 model development
- Validation of Internal Model changes (Solvency II)
- Validation of capital reporting impacts and projections
- Validation of NB aquisitions (pricing)
- Improvements in modelling approaches for pricing NB
- Member of the Technical Sub-Commitee (TSC)
- Developing & Improving risk-based capital models under the local regulatory standards (such as Solvency II)
- Developing IFRS17 models for EMEA/AP clients
- Asset-Liability Model (ALM) development
- Designed, developed and supported the work for the completion of the ReAssure Group Partial Internal Model (PIM)
- Focused on all Market, Credit, and Operational risks
- Developed and implemented the Solvency II data quality standards
- Developed and implemented the validation model for the Matching Adjustment under Stress
- MATLAB Economic Capital Model Validation
- Member of the Expert Judgment (EJ) Panel
- Took ownership and further developed the following Life & GI market risks for the NFU Mutual Solvency II Partial Internal Model: Credit Spread Risk, Inflation Risk, and Counterparty Credit Risk
- Took ownership of the life cost of guarantees closed form (Prophet) model used in the calculation of the component, independent, and combined stresses for Solvency II
- Took ownership and further developed the Matching Adjustment under stress model for the Solvency II independent and combined stresses
- Process improvements as it pertains to our internal model (Life) for operational risk mitigation
- Developed and implemented the market risk EWI's for the Solvency II pillar II ORSA
- Calibration and production of B&H ESG base outputs and stresses for Solvency I and II
- Scenario and stress testing analysis for Solvency I and II
- Monthly and quarterly valuations (Prophet)
- Credit risk modelling and analysis (MCCSR and Solvency II basis)
- Experience and expense investigations
PRO TIP
In writing your Actuary resume, you will no doubt want to list your previous duties - as you should. But steer clear of just listing your duties, instead of your achievements. Make your resume stand out by communicating what you have done, and not merely what the job needed you to do.
Action Verbs for your Actuary Resume
Recommended reads:
Writing a Strong Skills Section for Your Actuary Resume
Checklist for your Actuary skills section:
- Include all relevant skills from the job description to pass ATS;
- Focus on skills that show your expertise;
- List your technical skills in a clear and concise manner;
- Leave room for transferable skills related to teamwork, communication, negotiation, and conflict management.
Top Skills for your Actuary resume
SpaCy
TextaCy
Pandas
Numpy
StatsModels
SKlearn
SciPy
Theano
Prophet
PostgreSQL
Communication
Planning and organisation
Prioritization
Efficiency
Responsibility
Problem-solving
Attention to detail
Customer service
Phone Etiquette
Discretion
PRO TIP
Avoid getting sidetracked by Applicant tracking software by including a tech skills' section matching the job description and your own qualifications.
Actuary Resume Header: Tips, Red Flags, and Best Practices
CHECKLIST For Your Actuary Resume Header
- Your name and surname in a legible and larger resume font
- The job title you’re applying for or your current job title as a subheading to your name
- Link to your portfolio or online profile, such as LinkedIn
- Address (City and State for the US; just your city for rest of the world)
- Email address
- Headshot (required or welcomed in the EU; not required and sometimes frowned upon in the US)
Stick to popular email providers such as Gmail or Outlook. And use these professional formats to create your username:
- first.last@gmail.com
- last.first@gmail.com
- firstlast@gmail.com
- f.last@gmail.com
- first.l@gmail.com
Recommended reads:
PRO TIP
Some companies, states, and countries have non-discrimination policies about what kind of information can be included on your Actuary resume. This might include a photo (which is often included in a resume header and might be on personal web pages you link to). You can always email the company’s HR department to ask about their policies before you apply.
The Ideal Summary for Your Actuary Resume
Mastering the summary section: Checklist
- Mention the total years of experience you have in the field;
- Focus on 2 to 3 of your top achievements;
- Highlight the things that make you the best fit for the position;
- Go for short, easy-to-read sentences to keep the recruiter’s attention.
Resume Summary Formula:
PRO TIP
You’re not going to get hired simply because of a good summary or objective. However, your recruiter can bump you up in front of similarly experienced candidates who didn’t demonstrate such passion and drive.
Recommended reads:
Things to Include in Your Actuary Resume Education Section
Actuary Resume Education Section Checklist:
- Mention your highest education degree;
- Add the duration of your course and the institution you attended;
- List the awards you’ve received during your studies;
- Feature your certifications if they are relevant to the position;
- Entry-level positions: Share more about projects and classes.
Top Certifications for your Actuary resume
SOA Exam P: Probability for Actuaries Part 1 (Actuarial)
This course, along with Part 2, provide the necessary skills and knowledge to pass SOA Exam P and CAS Exam 1
What does an actuary actually do?
The course that provides a practical overview of the day to day work of an actuary in an insurance environment.
Mathematical (Actuarial) Statistics:(Exam P/CT3/CS1)
By MJ the Fellow Actuary
Foundational Mathematics for Actuaries / CFA / FRM
MJ the Fellow Actuary
SOA Exam P: Probability for Actuaries Part 2 (Actuarial)
This course, along with Part 1, provide the necessary skills and knowledge to pass SOA Exam P and CAS Exam 1
Recommended reads:
PRO TIP
There are dozens of certifications that you can claim as a Actuary. But, some are more effective than others. That’s why you mustn’t include every certificate other applicants might have. Try instead to earn and list a few of the difficult ones.
Formatting Your Actuary Resume
What’s worse than a .docx resume? A resume with a poorly chosen format.
In general, there are three basic resume formats we advise you to stick with:
- Reverse-chronological resume format;
- Functional skills-based resume format;
- Combination (or Hybrid) resume format.
Choosing between them is easy when you’re aware of your applicant profile – it depends on your years of experience, the position you’re applying for, and whether you’re looking for an industry change or not.
The reverse-chronological resume format is just that – all your relevant jobs in reverse-chronological order. It’s great for applicants with lots of experience, no career gaps, and little desire for creativity.
When working with less experienced applicants, we suggest the functional skills-based resume format. It’s great for recent graduates or people with large career gaps. Functional skills-based resumes focus on your personality, the skills you have, your interests, and your education. Ultimately, the idea is to show you’re the perfect fit without putting too much emphasis on your work experience (or lack thereof).
If you’re in the middle or are generally looking to make your resume feel more modern and personal, go for the combination or hybrid resume format. It offers the best of both worlds by combining sections focused on experience and work-related skills and at the same time keeping space for projects, awards, certifications, or even creative sections like ‘my typical day’ and ‘my words to live by’.
Actuary Resume Formatting Checklist
- Choose the resume format based on your level of experience and the company you’re applying for
- Go for a traditional 10-12p font
- Stick to 1-inch page margins to ensure high readability
- Match the length of your resume to your experience, but don’t go for more than two pages!
To take it a step further, check out how your resume can stand out without leaning too much on the creative side.
Recommended reads:
PRO TIP
Sometimes you’ll want to go after a job which requires more experience than you have. Instead of using a typical Actuary resume layout, you can use a creative layout. Getting noticed is the most important challenge and a creative resume layout might help you get invited for an interview as most of other accountants have boring resume designs.
Additional sections for your Actuary resume
In some cases, especially when it comes to entry-level positions, adding more sections beyond the usual ‘experience’, ‘skills’, and ‘education’ works well in your favor. Such additional sections will help you paint a fuller picture of who you are in the recruiter’s head.
Here’s a list of fun yet informative additional sections for your resume:
Making Your Actuary Resume Creative
We know too well that recruiters go through tons of resumes every day. The worse part is, they often need to hire people for different positions and teams. So how do you make yourself stand out in such cases?
By adding a dash of creativity to your Actuary resume. It can be in the form of a colorful layout, a section describing your typical day, or even a picture of your favorite book – you decide!
Just make sure that the levels of creativity match the industry, company, and position you’re applying for.
What Makes a Great Actuary Resume: Key Takeaways
- Choose a resume layout that sends the right message across and fits your current career situation;
- Create a resume header that shows your desired job title, and easy to find contact numbers;
- Be specific about your experience, accomplishments and future goals in your summary;
- Feature detailed metrics and specific examples that show the impact you made in your previous roles when describing your experience;
- List soft skills backed by examples;
- Add all of your technical skills and certifications that you have and match the job description;
- Show off a dash of personality in your resume that will demonstrate your culture fit and the right mix of hard and soft skills.
