Starting an actuarial internship is an exciting milestone, especially when you’re preparing for the SOA Exam FM. This exam tests your understanding of financial mathematics, a core skill in many actuarial roles, so pairing your exam prep with hands-on projects during your internship can make a huge difference. Tackling key projects before or alongside your FM exam not only boosts your technical skills but also makes you stand out to employers. Here are seven projects that can maximize your internship success and deepen your practical understanding of actuarial work.

First up is mastering Excel modeling with financial functions. Excel is the bread and butter for actuaries, and the FM exam heavily features concepts like interest rates, annuities, and amortizations—all of which you can model in Excel. Try building a spreadsheet that calculates present and future values of different cash flows or models an amortization schedule for a loan. This hands-on exercise helps you internalize FM formulas and shows your employer you’re ready to apply theory to real-world data. For example, you might create a dynamic model where you input different interest rates and payment periods to see how the value of an annuity changes. This project not only sharpens your technical skills but also gives you a practical tool you can adapt to various actuarial tasks.

Next, focus on developing SQL queries to extract financial data. Many actuarial roles involve working with databases, and SQL is an essential skill. Before you’ve fully passed FM, you can still gain valuable experience by querying data related to loans, investments, or insurance policies. For instance, pull records of policies with specific payment schedules or calculate total premiums collected over a period. This project teaches you how to wrangle data efficiently and gives you insights into the kinds of datasets you’ll analyze in your career. Employers value interns who can bring clean, relevant data to the table, making your internship contributions tangible.

A third impactful project is creating R scripts for basic financial simulations or calculations. R is increasingly popular in actuarial analytics for its statistical capabilities. Even if you’re new to programming, try scripting simple calculations like compound interest accumulation or Monte Carlo simulations for investment returns. These exercises reinforce your FM knowledge and introduce you to actuarial modeling beyond spreadsheets. Plus, you’ll be building a programming portfolio that employers find impressive. Imagine simulating how an investment portfolio might grow over 20 years with varying interest rates—a project like this bridges exam concepts and practical financial modeling.

Fourth, design a presentation explaining key FM concepts to non-actuarial colleagues. Communication is a critical skill often overlooked during exam prep. Pick a concept such as the time value of money or the difference between nominal and effective interest rates, and create a clear, concise presentation. Use visuals and examples relevant to your company’s business. This project enhances your understanding and shows initiative in making complex ideas accessible—something every actuary needs when working with diverse teams or clients.

The fifth project to tackle is building a dashboard using Power BI or Excel to visualize financial data trends. Visualization tools are powerful for summarizing large data sets and spotting patterns, especially in investments or insurance claims. Try creating interactive charts that track portfolio growth, claim frequency, or premium income over time. This project connects your FM knowledge with business intelligence, helping you make data-driven recommendations during your internship. Plus, dashboards impress supervisors because they translate raw data into actionable insights quickly.

Number six involves working on a risk assessment or pricing model for a simple insurance product. Even if you’re early in your actuarial journey, you can start by analyzing basic insurance metrics such as expected claims or premium calculations using FM principles. For example, calculate the net single premium for a term insurance product based on mortality rates and interest assumptions. This kind of project ties your exam learning directly to actuarial responsibilities and builds your confidence in applying formulas to real-world problems.

Finally, commit to documenting your projects and exam progress in a professional portfolio or blog. Writing about what you learn and accomplish helps solidify your knowledge and demonstrates your commitment and growth to future employers. Include screenshots of your models, code snippets, and reflections on challenges and solutions. A well-maintained portfolio is a conversation starter during interviews and shows you take initiative beyond routine internship tasks.

Alongside these projects, keep in mind that internships are as much about learning soft skills as technical ones. Building relationships with mentors, asking thoughtful questions, and showing curiosity about how your work fits into broader business goals will set you apart. For example, during your Excel modeling project, seek feedback from an experienced actuary to refine your approach or understand how those models inform company decisions. These interactions are invaluable for professional growth and can lead to strong recommendations or future job offers.

It’s worth noting that many successful interns land their roles without having passed exams yet, focusing instead on demonstrating strong analytical skills, programming abilities, and a proactive attitude. According to advice from actuarial career coaches, emphasizing projects that showcase your capacity to learn and apply complex concepts can be just as important as exam progress early on. Once you pass Exam FM, your project work becomes even more impactful because you can confidently connect your exam knowledge to practical tasks.

To give you some perspective, surveys from the Casualty Actuarial Society highlight that Excel, SQL, R, and Power BI are among the top tools actuaries use regularly. Gaining proficiency in these before or during your internship significantly boosts your employability and effectiveness on the job. Additionally, internships that include exposure to these tools correlate strongly with higher chances of full-time offers.

In summary, pairing your SOA Exam FM preparation with these seven projects creates a powerful synergy. You reinforce exam concepts through practical application, sharpen valuable technical skills, and demonstrate initiative to employers. Whether it’s building Excel models, writing SQL queries, scripting in R, communicating concepts, designing dashboards, pricing insurance products, or documenting your journey, each project builds your confidence and resumes credentials.

Remember, your actuarial internship is a unique opportunity to bridge classroom theory with real-world practice. By taking on these projects before or during your FM exam study, you’ll make the most of your internship experience and set a solid foundation for your actuarial career.