All organizations deal with risk, and actuaries are the financial and business-side experts that help corporations and people mitigate it. Actuary internships land in different work settings and fields. Actuaries in the insurance industry, for example help determine the costs and premiums for policyholders, such as assessing a driver’s background for car insurance. You may work in a private corporation and crunch numbers to guide managers in making strategic decisions. Interns in actuarial work are also employed as consultants to help structure a company’s pension and benefit plans. Other places to start a career include the government, colleges and universities, banks and investment firms, public accounting firms, labor unions, rating bureaus, fraternal organizations, etc.
To be a solid competitor in the race for an internship in actuarial work, show your interest in data and analytics by studying something quantitative, like computer science, economics, finance, management information systems, statistics, or—of course—actuarial science. Actuary interns develop complex spreadsheets to project costs and model alternatives, prepare reports for client presentations, ensure that all policies are in compliance with government forms and non-discrimination laws, and work on special projects like mergers and acquisitions. Students may want to find several internships through their college and early careers, working in a range of environments from traditional insurance companies to consultancies.