As we head into 2026, many students and aspiring actuaries are gearing up for what could be a pivotal experience in their careers: the actuarial internship. These internships offer a unique opportunity to apply theoretical knowledge in real-world settings, but maximizing their value requires strategic planning and alignment with your long-term goals, such as passing key exams like SOA Exam P and FM. The actuarial field is highly competitive, with thousands of students vying for a limited number of positions. In 2022, for instance, over 1,300 students passed SOA Exam P, which is a foundational step toward becoming a certified actuary[1].
To truly benefit from an internship, it’s crucial to understand how to integrate your learning with real-world projects and how these experiences can help prepare you for the rigorous exams that lie ahead. For example, Fidelity’s internship program offers students the chance to contribute to meaningful projects, which can be a great way to apply theoretical concepts to practical scenarios[1]. Similarly, internships at companies like Lewis & Ellis and Transamerica provide hands-on experience in actuarial tasks, which can be invaluable in preparing for exams and building a professional network[2].
When selecting an internship, consider the opportunities it provides for professional growth and how it aligns with your exam goals. For instance, New York Life’s actuarial internship program is based in New York, offering a chance to work in a dynamic financial hub, which can be beneficial for networking and gaining insights into the industry[3]. On the other hand, companies like Allianz offer fully onsite experiences, allowing interns to immerse themselves in corporate culture and gain comprehensive work experience[4].
Crafting Your Strategy #
Before diving into the specifics of how to maximize your internship experience, it’s essential to have a clear strategy. Here are a few steps to consider:
Set Clear Goals: Define what you want to achieve from your internship. This could include gaining specific skills, completing projects, or even passing part of the actuarial exams during or shortly after the internship.
Align with Exam Content: Understand the content of SOA Exam P and FM and how your internship projects can help you prepare. For example, Exam P focuses on probability, while Exam FM covers financial mathematics. Look for projects that involve statistical analysis or financial modeling.
Seek Mentorship: Many internships offer mentorship programs. Use these to your advantage by asking for guidance on how to apply theoretical concepts to real-world problems.
Practical Examples of Real-World Projects #
Let’s consider a few examples of how real-world projects can align with exam preparation:
Probability and Statistics (Exam P): Imagine working on a project involving trend and seasonality studies. This could involve analyzing historical data to predict future trends, which directly applies to the probability concepts covered in Exam P. For instance, at CareSource, interns work on projects like retrospective reserve reviews, which require statistical analysis and forecasting skills[5].
Financial Mathematics (Exam FM): In a project focused on financial modeling, you might be tasked with building asset/liability models using actuarial software. This experience is directly relevant to Exam FM, as it involves financial concepts and modeling techniques. Transamerica’s internship, for example, involves converting existing actuarial systems to new platforms and running asset/liability models, which are crucial skills for Exam FM preparation[2].
Actionable Advice for Maximizing Your Internship #
Here are some actionable tips to help you make the most of your internship experience:
Be Proactive: Don’t wait for opportunities to come to you. Ask your supervisors or mentors about projects that align with your exam goals. For instance, if you’re preparing for Exam P, ask if there are any projects involving statistical analysis.
Network: Building relationships with colleagues and mentors can provide valuable insights into the industry and open doors for future opportunities. Attend seminars, workshops, or networking events offered by your internship program.
Document Your Experience: Keep a journal or log of your projects and the skills you’ve developed. This can be useful when applying for future positions or when preparing for exams, as it helps you recall specific experiences and skills gained.
Stay Updated on Industry Trends: Use your internship as an opportunity to learn about the latest trends and technologies in the actuarial field. This could involve attending industry conferences or reading industry publications.
Reflect and Adjust: Regularly reflect on your progress and adjust your strategy as needed. If you find that certain projects aren’t aligning with your goals, communicate with your team to explore alternative opportunities.
Personal Touches and Insights #
From a personal perspective, I’ve seen many interns who have successfully leveraged their internship experiences to not only pass exams but also secure full-time positions. For instance, a friend who interned at Milliman’s CMH Health Practice gained invaluable experience in healthcare consulting and was able to apply those skills directly to their exam preparation. They worked on projects involving experience studies and model development, which were directly relevant to their actuarial exams[6].
Conclusion #
Maximizing the value of an actuarial internship requires a combination of strategic planning, proactive engagement, and a deep understanding of how real-world projects can align with your exam goals. By setting clear objectives, seeking mentorship, and actively applying theoretical concepts to practical scenarios, you can turn your internship into a powerful stepping stone for your career. Remember, the actuarial field is not just about passing exams; it’s about developing a deep understanding of how to apply mathematical and statistical concepts to real-world problems. With the right mindset and approach, your internship can be a transformative experience that sets you up for success in the years to come.