Let’s talk about actuarial internships—specifically, how to use them to get real, hands-on experience with pricing and reserving models before you even sit for Exam P. If you’re considering a career as an actuary, you already know exams are a big deal. But what often gets less attention is how much you can learn outside the classroom, especially when you land an internship that lets you dive into the nuts and bolts of pricing and reserving. These are two of the most critical functions in insurance and reinsurance, and getting your hands dirty with real data and real business problems can set you apart from other candidates, boost your confidence, and even help you pass those early exams with a deeper understanding of the material.

I remember my first internship. I walked in thinking I knew a lot from my classes, only to realize how much I didn’t know about how insurance companies actually operate. The gap between textbook problems and real-world actuarial work is wide, but internships are the bridge. They give you a chance to see how pricing models are built, how reserves are calculated, and how decisions are made that affect a company’s bottom line. More importantly, they let you contribute, ask questions, and learn from professionals who do this every day.

Why Actuarial Internships Matter—Especially Before Exam P #

You might wonder why bother with an internship before you’ve even passed your first exam. The truth is, actuarial internships aren’t just resume fillers. They’re a chance to apply what you’re learning in school to real business challenges. Pricing is about setting the right premium for an insurance product—balancing competitiveness with profitability. Reserving is about making sure the company has enough money set aside to pay future claims. Both require a mix of technical skills, business acumen, and communication.

When you work on pricing or reserving projects during an internship, you start to see the connections between probability theory (the heart of Exam P) and the decisions that keep an insurance company solvent. For example, you might help build a model that predicts the likelihood of claims based on historical data—a direct application of the probability concepts you’ll be tested on. This practical experience makes the exam material feel less abstract and more relevant.

What You’ll Actually Do in a Pricing or Reserving Internship #

Internship experiences vary by company and team, but here’s a taste of what you might do. In a reserving role, you could assist with the quarterly close process, helping ensure the company’s financial statements accurately reflect its liabilities[1]. You might work on model development, creating tools that automate calculations or improve accuracy. There’s often data analysis—digging into why reserves changed from one quarter to the next, or helping with ad hoc studies to understand risks in a particular line of business[1].

On the pricing side, you might build or refine models that determine how much to charge for auto, homeowners, or specialty insurance products[3]. This could involve coding in Python, R, or SQL to manipulate large datasets, or using actuarial software like Prophet to run projections[1]. You’ll likely present your findings to analysts or managers, which is great practice for explaining technical concepts clearly—a skill you’ll use throughout your career.

Everest, for example, offers internships where you can rotate through pricing, catastrophe modeling, reserving, and enterprise risk management, giving you a broad view of how these functions interact[2]. Liberty Mutual’s internships expose you to modeling, pricing, reserving, and analytics, with support for exam prep built in[7]. These programs are designed to help you explore different areas and discover what you enjoy most.

How to Land the Right Internship #

So, how do you get one of these internships? Start early. Many companies recruit a year in advance, especially for summer roles. Check job boards like Indeed, Acturhire, and company career pages regularly[4][6]. Tailor your resume to highlight relevant coursework, projects, and any technical skills (Excel, Python, R, SQL). Even if you haven’t passed an exam yet, showing that you’re on the path—maybe you’ve passed a couple of preliminary exams or are actively studying for Exam P—can make a difference[1].

Networking matters, too. Attend career fairs, join actuarial clubs, and connect with professionals on LinkedIn. Sometimes, a conversation with someone in the industry can lead to an internship opportunity you wouldn’t find otherwise.

When you apply, be ready to talk about why you’re interested in pricing or reserving. Companies want interns who are curious and eager to learn, not just those with perfect grades. If you’ve worked on a class project involving probability or statistics, mention it. If you’ve taught yourself to code, say so. These experiences show initiative and a willingness to tackle real problems.

Making the Most of Your Internship #

Once you’ve landed the internship, the real work begins. Here’s how to get the most out of it:

Ask Questions
Don’t be afraid to ask why things are done a certain way. The best interns are the ones who are curious and engaged. If you don’t understand a model or a process, ask for an explanation. Most actuaries are happy to share their knowledge—after all, they were interns once, too.

Seek Out Projects
If you finish your assigned tasks early, ask for more. Volunteer to help with ad hoc analyses or process improvements. The more you do, the more you’ll learn, and the more valuable you’ll be to the team.

Build Relationships
Get to know people in different departments—underwriting, claims, finance. Understanding how actuaries work with other teams will give you a broader perspective on the business. Plus, these connections can lead to mentorships, recommendations, or even job offers down the line.

Document Your Work
Keep a log of the projects you work on, the skills you use, and what you learn. This will help you update your resume, prepare for interviews, and reflect on your growth. It’s also useful when you’re studying for exams—you’ll start to see how concepts from class apply to your day-to-day work.

Prepare for Exams
Many companies support interns who are studying for actuarial exams. Take advantage of study materials, seminars, or study groups. You’ll find that the problems you work on at your internship often mirror exam questions, making your study time more efficient.

Practical Examples: What Pricing and Reserving Work Looks Like #

Let’s make this concrete with a couple of examples.

Pricing Example
Imagine you’re interning at a property and casualty insurer. Your manager asks you to help update the pricing model for auto insurance. You’re given a dataset of past claims, including driver age, vehicle type, claim amount, and other variables. Your task is to clean the data, run some exploratory analysis, and build a simple model that predicts claim frequency and severity. You might use R or Python to fit a generalized linear model, then present your findings to the pricing team. Along the way, you’ll learn about rating factors, loss ratios, and how companies balance competitiveness with profitability.

Reserving Example
Now, suppose you’re on the reserving team at a life insurer. It’s the end of the quarter, and the team is preparing the financial statements. You help pull data from various systems, check for consistency, and run reserving models to estimate the company’s liabilities. You might use actuarial software like Prophet to project future claims, or Excel to analyze trends in past data. You’ll see how actuaries use probability distributions to estimate uncertain future events—exactly the kind of thinking tested on Exam P.

These experiences aren’t just busywork. They’re the foundation of your actuarial career. The more you engage, the more you’ll understand how the pieces fit together.

How Internship Experience Translates to Exam Success #

You might be surprised how much your internship helps with Exam P. The exam covers probability—basic probability concepts, random variables, and probability distributions. When you work with real data, you see how these concepts are used to model insurance risks. For example, fitting a distribution to claims data is a direct application of the material. Suddenly, the difference between a Poisson and a negative binomial distribution isn’t just theoretical—it’s a practical choice that affects the company’s financials.

Internships also teach you to think critically about data. You’ll learn to spot outliers, question assumptions, and communicate your findings. These skills are valuable on exams and in your career.

Actionable Advice for Aspiring Actuaries #

Here’s a step-by-step plan to make the most of actuarial internships before Exam P:

• Start early: Begin looking for internships at least a year in advance. Many companies post openings in the fall for the following summer.
• Build technical skills: Learn Excel, and get comfortable with at least one programming language like Python or R. Many internships list these as preferred qualifications[1][3].
• Highlight relevant experience: On your resume and in interviews, emphasize projects or coursework that involve probability, statistics, or data analysis.
• Network: Attend actuarial events, join student organizations, and connect with professionals. Often, opportunities come through personal connections.
• Be proactive: Once you’re in the internship, seek out projects, ask questions, and take notes. The more you put in, the more you’ll get out.
• Reflect and apply: Use your internship experiences to deepen your understanding of exam material. When you study probability, think about how you’ve seen it applied at work.

Common Pitfalls and How to Avoid Them #

Not every internship will be perfect. Sometimes, you might find yourself doing more data entry than analysis, or you might feel lost in the complexity of the business. Here’s how to handle common challenges:

• Too much grunt work: If you’re stuck doing repetitive tasks, ask if you can shadow someone on a more analytical project, or propose a small side project that adds value.
• Feeling overwhelmed: It’s normal to feel out of your depth at first. Ask for help, take notes, and remember that everyone starts somewhere.
• Lack of feedback: If you’re not getting much guidance, schedule regular check-ins with your manager to discuss your progress and goals.

The key is to stay engaged and keep learning. Even if the work isn’t exactly what you expected, there’s always something to take away.

The Bigger Picture: Internships as Career Launchpads #

Internships aren’t just about passing exams or building your resume. They’re about discovering what kind of actuary you want to be. Pricing and reserving are just two paths—there’s also catastrophe modeling, enterprise risk management, and more[2]. By trying different roles, you’ll figure out what excites you and where your strengths lie.

Many companies use internships as a pipeline for full-time hires. If you do well, you might be offered a job after graduation. Even if you don’t return to the same company, the experience and connections you gain will open doors elsewhere.

Final Thoughts #

Actuarial internships are a unique opportunity to bridge the gap between classroom learning and real-world practice. By working on pricing and reserving models before you take Exam P, you’ll gain a deeper, more intuitive understanding of the material. You’ll also develop technical skills, build professional relationships, and get a clearer sense of where you want your career to go.

So don’t wait until you’ve passed all your exams to look for experience. Start now, be curious, and make the most of every opportunity. The skills and insights you gain will pay off—on your exams, in your interviews, and throughout your career.