Weighing Internship Programs
By David Jackson, SOA Managing Editor

We know internships look great on the resume, but before you give up your summer, make sure that the internship program you are evaluating lives up to your needs and expectations.

The normal length for internships is 10 to 12 weeks. For the companies surveyed, interns work in team situations along side actuaries and other staff, contributing meaningfully to the project and seldom working overtime. "We place interns directly onto our client teams. They work on the same projects as our full-time employees, such as pension financial valuations, projections and government filings," Chris Levell, a Principle of William M. Mercer Inc., said.

Most companies with established internship programs will have projects lined up for their interns from the start. "We have a 10-week project lined up that our intern will be held accountable for as part of team," said Jim Blair, Recruiting Manager for Prudential Financial in Newark, New Jersey. In that time, interns can learn a great deal. "Starting out, it’s common for interns to do data reconciliation, but by the end of the summer, an intern might train a new full-time employee," Levell said.

Although there are a limited number of internships and competition is fierce, deciding what companies to approach can seem like a daunting task; however, Robert White, Manager Actuarial Development Program for Met Life in New York, offers his take on criteria interns should use to evaluate a prospective company. "Personally, I think they should go to a company that has multi-lines of business. It gives people a good feel for the different kinds of work," said White. "The company should also have a good actuarial development and student programs, and executive training. Also, look for a company that has a number of actuaries in high levels of responsibility."

If Chris Levell was evaluating taking an internship, he would base his decision on three points: Learning – will you have a chance to do real work and see your projects from start to finish? People – will you enjoy working with the people you’ve met? Opportunity – how will the company support your growth if you accept a position after graduation?

To get an internship that’s right for you, Jim Blair recommends doing your homework on the program offered and be prepared to make a leap. "Go where there is a defined program. A company should have a project lined up and other things to learn as well as recreational opportunities and social events," Blair noted. "Also, go where the job is. Many companies provide free or subsidized housing. Confining yourself to staying within commuter distance of your hometown can really limit your opportunities."

The internship is a great opportunity to explore the different aspects of being an actuary, to learn what doing the job is really like and what aspects appeal to you. Most companies use internships to evaluate prospective full-time help, to get a chance to appraise a person’s job performance and get to know them. As an intern, use this opportunity to evaluate them. Do they meet your criteria for an ideal employer?

From The Future Actuary, Vol. 10, No. 3,  December 2001
Copyright 2001 Society of Actuaries
and Casualty Actuarial Society