Actuarial case competitions are a golden opportunity for interns and students to bridge classroom theory with real-world practice. These competitions mimic the kinds of problems actuaries face every day—requiring analytical thinking, teamwork, and clear communication under pressure. Whether you’re participating in a university-run event, a national challenge, or an internal company contest, success hinges on more than just technical skill. It’s about preparation, strategy, and mindset. Here’s how you can stand out and make the most of these experiences, drawing from practical examples, personal insights, and actionable tactics.

Understand the Competition Structure #

Before diving into preparation, take time to understand the format of the actuarial case competition you’re entering. Some competitions, like the University of Texas at Austin’s semesterly event, are team-based and involve presenting solutions to a panel of judges from leading companies[1]. Others, such as the Society of Actuaries (SOA) Student Research Case Study Challenge, require teams to research, analyze, and submit a written report on a real-world problem, with top teams invited to present virtually[4]. There are also virtual, independent competitions like the Travelers Actuarial Case Competition, where you work solo on a case over a set period[3].

Knowing whether you’ll be working alone or in a team, the timeline for submission, the judging criteria, and the expected deliverables (written report, presentation, or both) is crucial. This knowledge shapes how you allocate your time, what skills to emphasize, and how to practice. For example, if the competition includes a live presentation, rehearsing with your team is essential. If it’s a written report, clarity, structure, and conciseness matter most.

Build a Strong Foundation of Technical Skills #

Actuarial case competitions test your ability to apply technical knowledge to messy, real-world scenarios. You’ll need a solid grasp of probability, statistics, financial mathematics, and possibly programming. While coursework lays the groundwork, competitions often go further, requiring you to make reasonable assumptions, handle incomplete data, and justify your choices.

If you’re interning, use your internship as a skills accelerator. Betty, a recent graduate, shared how her internships exposed her to real reserving tasks and large projects, helping her “pick up the story behind the numbers”[5]. She emphasized the value of learning from colleagues and gaining hands-on experience with tools like Excel, VBA, and SAS—skills that are directly transferable to case competitions.

Don’t wait for the competition to start brushing up. Dedicate time each week to practice problems, review past exam questions, and explore open-source actuarial datasets. Online platforms like Coaching Actuaries offer problem sets and mock exams that mirror competition-style questions. If your competition allows, form a study group with fellow interns or classmates to tackle practice cases together. This not only sharpens your technical skills but also builds the teamwork muscles you’ll need on competition day.

Master the Art of Teamwork and Communication #

Most actuarial case competitions are team events, and your ability to work effectively with others can make or break your performance. Teams that communicate clearly, divide tasks based on strengths, and support each other under pressure consistently outperform those that don’t.

Start by getting to know your teammates early. Discuss your strengths, weaknesses, and preferred working styles. Assign roles based on who excels at coding, who’s strongest at writing, and who’s most comfortable presenting. But stay flexible—during the competition, unexpected challenges will arise, and you’ll need to adapt.

Practice presenting your findings to each other, and seek feedback. One past competitor noted, “Learning communication and teamwork as you try to accomplish a problem no one has seen before makes for a great experience. It was also great practice for presentation skills and communicating one’s thought process through a complicated problem…”[1] Rehearse not just the content, but also how you handle questions from judges. Anticipate what they might ask and prepare clear, concise answers.

If you’re competing solo, you still need to communicate effectively—just in writing. Structure your report logically, use clear headings, and summarize key points upfront. Imagine you’re explaining your solution to a busy executive who needs to grasp the big picture quickly.

Develop a Problem-Solving Framework #

Actuarial case competitions often present ambiguous, open-ended problems. Unlike textbook exercises, there’s rarely a single “right” answer. Instead, you’re judged on how well you define the problem, structure your analysis, justify your assumptions, and communicate your recommendations.

Develop a repeatable problem-solving framework you can apply to any case. Here’s a simple one you can adapt:

• Understand the Problem: Read the case carefully. Identify the key question(s) you’re being asked to answer. Clarify any terms or concepts you’re unsure about.
• Gather and Analyze Data: Determine what data you have, what’s missing, and what assumptions you need to make. Use appropriate statistical or financial models to analyze the data.
• Generate Solutions: Brainstorm multiple approaches. Compare their pros and cons. Don’t jump to the first idea that comes to mind.
• Make Recommendations: Based on your analysis, recommend a course of action. Justify your choice with evidence from your data and models.
• Communicate Clearly: Present your findings in a way that’s easy to follow, whether in writing or orally. Highlight the most important points and anticipate questions.

Practice this framework with past competition cases or sample problems. Time yourself to simulate competition conditions. After each practice session, review what went well and what could be improved. This iterative process builds confidence and sharpens your instincts.

Leverage Networking and Feedback #

Actuarial case competitions are more than just academic exercises—they’re networking goldmines. Judges often include professionals from top firms, and fellow competitors are future colleagues. Use these events to make connections, ask questions, and learn from others’ approaches.

After the competition, seek feedback from judges, teammates, and even competitors. One participant reflected, “The case competition is what I truly believe gave me a leg up on my competitors when interviewing for internships. It was a real experience that forced me to use skills that actuaries use on a daily basis.”[1] This kind of experience becomes a powerful story for future interviews, demonstrating your ability to handle complex, realistic challenges.

If your internship includes a case competition, treat it as a chance to showcase your skills to your employer. Even if you don’t win, your effort and growth will be noticed. Many companies use these competitions to identify talent for future roles.

Practical Examples and Actionable Advice #

Let’s bring these tactics to life with some concrete examples and steps you can take right now.

Example 1: University Case Competition
Imagine you’re on a team of four, tasked with evaluating the financial impact of a new insurance product for a mid-sized carrier. The case provides historical claims data, some industry benchmarks, and a list of regulatory constraints. Your team has one week to prepare a 20-minute presentation.

• Day 1: Meet as a team to dissect the case. Assign roles: one person focuses on data cleaning, another on modeling, a third on regulatory research, and the fourth on drafting the presentation.
• Day 2–4: Work independently on your tasks, but check in daily to share progress and troubleshoot issues. Use tools like Excel or R for analysis, and Google Docs for collaborative writing.
• Day 5: Combine your work into a draft presentation. Rehearse as a group, timing each section. Ask a mentor or professor to watch a dry run and give feedback.
• Day 6: Refine your slides and speaking points based on feedback. Anticipate tough questions—practice answering them calmly and confidently.
• Day 7: Deliver your presentation. Afterward, thank the judges and ask for feedback. Reflect on what you learned, both technically and as a team.

Example 2: Virtual, Independent Competition
You’re participating in the Travelers Actuarial Case Competition, working alone over ten days[3]. The case involves analyzing a dataset to predict future claims for a portfolio of auto insurance policies.

• Day 1: Carefully read the instructions and rubric. Outline your approach: data exploration, model selection, validation, and reporting.
• Day 2–8: Clean the data, build and test predictive models (e.g., GLMs or machine learning), and interpret the results. Write a clear, concise report with visuals to support your findings.
• Day 9: Edit your report for clarity and flow. Have a peer review it if possible.
• Day 10: Submit your work. Regardless of the outcome, add the experience to your resume and LinkedIn, noting any specific skills or tools you used.

Actionable Steps You Can Take Today

• Join or form a study group focused on actuarial case competitions. Practice with past cases and give each other feedback.
• Schedule regular skill-building sessions—dedicate time each week to technical practice, presentation rehearsals, or report writing.
• Reach out to past competitors or interns who’ve participated in similar events. Ask about their experiences and lessons learned.
• Attend workshops or bootcamps offered by actuarial clubs or professional organizations. These often include case competition prep and networking opportunities[3].
• Update your resume and LinkedIn to highlight any competition experience, even if you didn’t win. Employers value the initiative and skills demonstrated.

Personal Insights and Common Pitfalls #

Having coached and judged several actuarial case competitions, I’ve seen teams succeed—and stumble—for predictable reasons. The most common mistake is getting bogged down in technical details and losing sight of the big picture. Judges care less about the complexity of your model and more about whether your solution is practical, well-reasoned, and clearly communicated.

Another pitfall is poor time management. Teams that spend too long on data cleaning often rush through analysis and recommendations. Set interim deadlines for each phase of the project, and stick to them.

Finally, don’t underestimate the value of soft skills. One judge remarked, “I wish opportunities like this had been available when I was a student. The case study was a very realistic simulation of a typical industry challenge. As a result, these students will be more prepared for a career in actuarial science.”[1] Being able to explain your work, handle criticism gracefully, and collaborate under pressure are skills that will serve you throughout your career.

Final Thoughts #

Actuarial case competitions are a unique blend of challenge and opportunity. They push you to apply classroom knowledge to real problems, work effectively in teams, and communicate complex ideas clearly. Whether you’re competing as part of an internship, a university program, or a national challenge, the experience will make you a stronger candidate and a better actuary.

Remember, preparation is key—but so is mindset. Approach each competition as a learning opportunity, not just a contest. Celebrate your effort and growth, not just the outcome. The skills and connections you build will pay dividends long after the final presentation.

So, dive in, give it your best shot, and enjoy the ride. You’ll be amazed at how much you can achieve—and how far this experience can take you in your actuarial career.