Actuarial Interview Questions I
A. Exploring your Background
Tell me about yourself. A high-level summary of your qualifications is what is being asked for. Say, “I’m a twenty-year health actuary whose product strength is in commercial. I excel in leading projects and people, etc. And, I enjoy fly fishing in my spare time.” Remember to smile and look the Interviewer in the eye.
What do you like least about your present job? Company not providing growth opportunities, management opportunities, or there is a clear mismatch of your skillset and the requirements of the job, are all common reasons for dissatisfaction.
What are your greatest accomplishments? Usestories to illustrate your achievements. Include what you had to do to overcome obstacles here. They are looking for insight into your problem-solving strategies.
What are your strengths? Formulate your answer at a high level. Abstract qualities like good attitude, team-building skills, communication skills, self-starter, ability to stick through tough work assignments, attention to detail are examples. Again, use real life stories to illustrate.
What are your weaknesses? All Candidacies carry negatives. Shift the focus of questions designed to identify weaknesses to your problem-solving abilities by explaining how you addressed a weakness you have already tackled. State the weakness and explain what you did about it.
This question is meant to avoid offering a position to a Candidate with little or no chance of success in performing the role.
Expect weaknesses to be corroborated during reference checks.
What kind of manager are you? If an employee has proven their competency, it’s more effective to be a hands-off manager. Competence can not be assumed, however, and hands-on management is appropriate until this level of independence is earned by the employee.
B. Looking Forward
What are the positives and negatives of the positions you are interviewing for with our company? This question comes up when you are interviewing with a Company that has multiple open positions. You may find yourself interviewing for multiple positions during one onsite visit, sometimes not even knowing you are being considered for more than one position.
Managing competing Interviewers makes these onsites complicated. In these situations, Candidates tend to answer questions in ways that reduce the risk of losing-out on any one position, thereby making their Candidacy attractive to all positions. This strategy should maximize the chance of getting an Offer, unless the Company requires you to reveal which position you favor most. By asking a question that forces the Candidate to choose a position, the Company wants to avoid making an Offer for a position that the Candidate will certainly decline, when another might delight.
If you are asked to choose a favorite position, or more subtly asked to characterize the positions as in the question above, don’t hedge. You miss the opportunity to express your enthusiasm for your favorite position, and disappoint because it is obvious you are ducking a tough question.
Why are you looking? No sour grapes. Common reasons for looking are looking for next career challenge, deeper management opportunities, diversifying the actuarial skillset, or geographical considerations. Say, “X Corporation has helped me grow professionally. I’ll miss many of the people. Going forward, however, I need greater opportunities for Y. I am looking for a team where I can make real contributions and advance my career.”
Why do you want to work for us? Be clear about the reasons why this opportunity is the right next-step in your career path.
Where do you see yourself in five years? Use growth estimates that demonstrate your understanding of the career track and how you fit into it. Have goals and timeframes.
What interests you most about this position? Take the opportunity to demonstrate your company research with a complete and concrete answer.
How long do you plan to be with this company? “As long as I continue to grow and understand that my skillset is valued,” is a reasonable response.
What are your career goals? Your answer depends on the time frame:
Short term – “I want additional responsibilities, to learn, and to grow. I would like to outperform expectations and earn the right to be promoted.”
Long term ? "After proving my abilities, I see myself moving into a position of greater responsibility that allows me to serve the company and keep my skills sharp."
How can you contribute to this company? Now is not the time to be modest … or inarticulate! You bring some or all of the following: demonstrated analytical ability, technical skills, actuarial experience, project management skills, time management skills, desire to succeed, outgoing personality, excellent interpersonal skills, presentation skills, leadership skills, and/or management experience.
Why should we hire you? If your background isn’t a perfect fit, answer by outlining some of the unquantifiables of your Candidacy like attitude, work ethic.
Are you applying for other jobs? State that your search is geared to similar positions to the one you are interviewing for and that you are attempting to be thorough. “My career objective requires me to investigate …” Avoid naming names of companies you are interviewing with. If pressed, name one or two, no more.
What is your salary requirement? “I am looking for the right opportunity and am confident that, if you find me the best Candidate, you will extend a fair offer.” This issue is best handled through your Recruiter.
C. Questions you are unprepared to answer. You should know if there is an area of your Candidacy that is problematic. If the Interviewer is thorough enough to find it, be prepared with the following answer: “I am unprepared to answer that question at this time because … I will have to get back to you.”
