Starting an actuarial internship can feel like stepping into a new world where all those hours of studying for SOA exams suddenly meet the real-life applications of actuarial science. One of the smartest moves you can make during your internship is to build a portfolio that clearly demonstrates how you apply the knowledge from your SOA Exam P (Probability) and Exam FM (Financial Mathematics) to actual projects. This not only boosts your confidence but also makes you stand out when applying for full-time roles or future internships.
So how exactly do you use your actuarial internship projects to build such a portfolio? It’s about more than just listing your tasks—it’s about showcasing your problem-solving skills, your ability to translate theory into practice, and your communication skills. Here’s a practical guide to help you capture and present your actuarial internship experience effectively, with a special focus on Exam P and FM applications.
First, let’s talk about the kinds of projects where you can highlight your Exam P and FM knowledge. During an internship, you’ll likely be involved in data analysis, pricing, reserving, or financial modeling tasks. For example, you might be asked to analyze claim data to estimate future liabilities or to develop pricing models for insurance products. These tasks directly draw upon the probability concepts you mastered in Exam P—like random variables, distributions, and risk modeling—and the financial mathematics principles from Exam FM—such as interest theory, annuities, and discounting cash flows.
When you work on these projects, keep a detailed record of what you did and how you applied your exam knowledge. Did you use a specific probability distribution to model risk? Did you calculate present values or expected payouts using formulas from Exam FM? Did you build or improve a spreadsheet or a simulation model? These concrete examples make your portfolio tangible and credible.
A practical way to organize your portfolio is to create a project summary for each major assignment you complete. Include the following elements:
Project objective: What problem were you solving? For instance, “Developed a mortality risk model to estimate life insurance reserves.”
SOA exam concepts applied: Explicitly state which Exam P or FM topics you used. For example, “Applied exponential and Weibull distributions to model time-to-event data,” or “Calculated present value of future benefits using discount factors.”
Your role and tasks: Be specific about what you did. “Compiled and cleaned data sets, performed exploratory data analysis, and validated model assumptions.”
Tools and techniques: Mention software like Excel, VBA, R, or Python and any actuarial modeling tools.
Outcome or impact: Whenever possible, quantify your contribution. “Reduced estimation error by 10% through improved parameter fitting,” or “Automated monthly reporting, saving 5 hours per week.”
Personal reflection: Add a short note on what you learned or what was challenging. This shows self-awareness and a growth mindset.
For example, say you interned at a life insurance company and helped develop pricing assumptions for a new product. You might write:
“Project: Pricing Model for Term Life Insurance
Objective: To support the pricing team by estimating mortality rates and discounting expected claims.
Exam P Concepts: Utilized survival models and probability distributions to estimate mortality.
Exam FM Concepts: Applied present value calculations to determine net premiums.
Tasks: Extracted historical data, fitted Weibull distribution to mortality experience, calculated expected present value of claims.
Tools: Excel and VBA for data manipulation and model automation.
Outcome: Provided pricing inputs that contributed to a product launch projected to increase sales by 15%.
Reflection: Gained practical experience linking probability models with financial calculations, and improved my VBA skills.”
This kind of detailed, exam-focused project description will catch the eye of hiring managers who know how valuable real-world application is.
Now, here’s some actionable advice on how to actually create and maintain this portfolio during your internship:
Start early and be consistent. Don’t wait until the internship ends. After completing each project or task, jot down notes and save files with clear names. This saves you from scrambling later to recall details.
Use visuals. Charts, graphs, and model screenshots can make your portfolio more engaging and easier to understand. Visual representations of how you applied probability distributions or financial calculations can highlight your technical skills effectively.
Showcase diversity. If you get a chance to work on different types of projects—like pricing, reserving, or risk management—include examples from each area. This shows your versatility and broad understanding of actuarial work.
Link your projects to SOA exam topics explicitly. Many candidates list internship projects vaguely. Make it clear how each project connects to Exam P or FM concepts. This demonstrates your ability to transfer academic knowledge to workplace problems.
Get feedback and permission. Before including any proprietary or sensitive information, confirm with your internship supervisor what you can share. Also, ask for feedback on your project summaries to improve clarity and accuracy.
Leverage your portfolio in interviews and networking. Instead of just saying you did actuarial work, talk through your portfolio projects. This shows preparation and confidence, and it sets you apart from others who may speak in generalities.
On the technical side, being proficient with software tools adds significant value. Excel is a given, but many actuarial internships now expect some familiarity with programming languages like Python or R, especially for data analysis and modeling. If your internship involves automating calculations or creating simulation models (common in Exam FM-related tasks), documenting your coding or modeling approach in your portfolio can impress recruiters.
Also, don’t overlook soft skills. Your portfolio can include brief notes on how you presented your findings to team members or how you collaborated during meetings. Communication and teamwork are key for actuaries, and illustrating these through your projects makes your portfolio well-rounded.
To give you a sense of scale, actuarial internships can lead to real impact. For instance, interns have been known to develop pricing strategies that contribute to profit increases of 10% or more, or create risk models that reduce bad debt by 5% or more. Including such statistics or outcomes, when applicable, makes your portfolio concrete and credible[1].
Finally, think of your portfolio as a living document. As you pass more SOA exams and gain more experience, update it with new projects and insights. Over time, it becomes a personalized professional narrative demonstrating your growth and expertise—far beyond what a simple resume can convey.
By thoughtfully documenting your actuarial internship projects with a clear focus on SOA Exam P and FM applications, you’re not just creating a portfolio—you’re building a powerful career asset that tells your story as a capable, practical, and driven future actuary. Keep it detailed, honest, and reflective, and you’ll find doors opening more easily as you move forward in your actuarial journey.