How do I Become an Actuarial Trainee?

N. Kalu

To become an actuarial trainee, you will have to be enrolled in an academic program that specializes in training professionals in skills that actuaries need to have, including financial acumen and strong math abilities. University programs which offer majors in fields relating to actuarial sciences will usually offer internships for actuary trainees. In order to become an actuarial trainee, you will need to take the time to seek out opportunities for aspiring actuaries in your area.

Businessman giving a thumbs-up
Businessman giving a thumbs-up

The first step in becoming an actuarial trainee is to matriculate in an undergraduate program that will give you an accredited bachelor's degree. This program can be an either an online or on-campus program which focuses solely on actuarial sciences, or an on-campus program that will allow you to major in fields relating to actuarial sciences, such as finance, math, and operational engineering. Such programs will teach you how to evaluate and manage risk for a company. They will also expose you to many industries which use actuary professionals on a regular basis, such as the banking and insurance industries.

Undergraduate programs for those who wish to become an actuarial trainee usually help students find internships. A trainee is essentially an intern, and one of the fastest ways to become an actuarial trainee is to secure an internship through your university's cooperative or career advancement office. The center should have materials that will point you in the right direction when looking for companies which seek to hire actuary trainees and interns. You should speak to your university's team of career advisors to seek further information on how to apply for actuarial internships.

Once you secure an internship and become an actuarial trainee for a summer or for an academic semester, you will have to work very hard to apply the concepts that you learned in class to specific business problems. Calculating risk can be challenging and requires the use of complex computer modeling and forecasting. You should remember what you learned through coursework so that you will be better equipped to handle the fast-paced business environment that comes with being an actuary trainee.

If you are unable to secure or internship or perhaps are in a program that does not offer internship support, you can search for opportunities on your own. You can volunteer to do actuarial work for a small business to practice your skills. Small businesses also need to be able to manage business risk, so your services will be much appreciated.

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