Starting your journey toward becoming a fully credentialed actuary can feel overwhelming, especially when it comes to balancing the demands of passing Society of Actuaries (SOA) exams with gaining relevant work experience. One of the smartest ways to maximize your SOA exam credit—and significantly boost your actuarial career prospects—is through internships. These opportunities not only provide hands-on experience but can sometimes help you earn credit toward your SOA exams, accelerating your progress in the credentialing process.
If you’re wondering exactly how to leverage actuarial internships to maximize your SOA exam credit, this guide breaks down the process into clear, actionable steps. You’ll learn how internships fit into your exam journey, how to identify opportunities that help you earn credit, and practical tips for making the most out of your internship experience.
First off, it’s important to understand that the SOA credentialing pathway involves a series of exams, Validation by Educational Experience (VEE) credits, professionalism courses, and practical work experience. While the exams cover core technical skills—like probability and financial mathematics—internships provide a critical complement by letting you apply these skills in a real-world setting. Employers often look for candidates who have passed at least one or two exams alongside internship experience, as this combination shows both knowledge and practical readiness[1][3].
One key way to gain exam credit through internships is by aligning your internship tasks with SOA’s practical experience requirements. The SOA requires candidates to complete a certain number of years of relevant actuarial work, typically under the supervision of a credentialed actuary. This practical experience is essential for earning Associate and Fellowship designations and can sometimes be documented and credited toward your SOA requirements.
To make this happen, you want to look for internships that:
Offer meaningful actuarial work rather than just administrative tasks. This includes exposure to data analysis, risk assessment, modeling, or financial reporting.
Provide mentorship or supervision by an SOA credentialed actuary who can verify your experience and provide guidance.
Include project work that aligns with SOA competencies, such as applying probability theory, financial mathematics, or actuarial modeling techniques.
When applying for internships, don’t wait until you’ve passed all your exams. Many employers prefer candidates who have passed at least Exam P (Probability) and Exam FM (Financial Mathematics), but having just one exam passed can still open doors[1][3]. Use this as motivation to get started early—preparing for and passing your initial exams while actively searching for internships will set you apart.
Practical advice for landing these internships includes:
Starting on your university campus: Actuarial science departments and career services offices often have established relationships with companies offering actuarial internships. These can include insurance firms, consulting companies, and financial services providers[7].
Networking: Reach out to alumni, attend actuarial club meetings, or join professional actuarial organizations. Building connections with professionals in the field can lead to internship referrals.
Tailoring your resume and interview skills: Highlight your exam progress, relevant coursework (including VEE credits if applicable), and any actuarial-related projects. Practice explaining complex concepts simply and clearly, since communication is a key actuarial skill.
Once you land an internship, maximize your SOA exam credit by:
Keeping detailed records of your work experience, including dates, types of projects, and skills applied. This documentation will be crucial when submitting your practical experience for SOA credit.
Seeking feedback regularly from your supervisors and asking for mentorship. This not only helps you grow but ensures your experience aligns well with SOA standards.
Continuing your exam studies alongside the internship. Many employers offer paid study time and cover exam fees if you’re part of their actuarial student program, so take full advantage of these benefits to keep your momentum going[6].
In addition to direct credit through practical experience, some universities participate in the SOA’s University-Earned Credit (UEC) program, which grants exam credit for approved coursework. While this is separate from internships, combining UEC credit from your classes with internship experience can create a powerful synergy that accelerates your path to Associate status[2][5].
To illustrate, imagine a student who has passed Exam P and FM, completed VEE credits through university courses, and secured a summer internship at a major insurance company. During the internship, they work on pricing models, analyze risk data, and receive mentorship from credentialed actuaries. Their employer documents this experience, which the student then submits for SOA practical experience credit. This combination not only strengthens their resume but also moves them closer to the ASA credential faster than exam passing alone.
Remember, actuarial internships are competitive, but the payoff is significant. According to industry insights, candidates with internship experience are far more likely to receive job offers post-graduation and tend to progress through the SOA credentialing exams more quickly[3][7]. This is because they develop a practical understanding of actuarial concepts, professional communication skills, and a network of contacts—all invaluable for career growth.
To sum up, maximizing your SOA exam credit through actuarial internships involves a strategic blend of exam preparation, targeted internship applications, and making the most of the work experience you gain. Start early, seek quality internships that provide real actuarial work, maintain strong communication with your supervisors, and continue progressing on your exams. By following these steps, you’ll be well on your way to becoming a successful, credentialed actuary.