The Biggest Actuarial Myth

S.MONK Thursday Dec 20 - 2018

For more then 4 years I have been trying to erase this myth but somehow the myth still remains alive as the source of occurrence of this myth seems powerful enough.

Hypothesis - "Freshers don't get actuarial job if they more than 3 exams"

My Argument - This is INCORRECT!

Proofs

  1. Milliman posted a requirement for internship which demanded minimum 3 papers. The post says 3-5 exams and that too for just internship. This proves hypothesis false. Reference 1 - https://www.naukri.com/job-listings-Actuarial-Intern-Milliman-Gurgaon-0-to-1-years-250518500205?src=jobsearchDesk&sid=15453024253434&xp=2&px=1 . Reference 2 - https://www.naukri.com/job-listings-Actuarial-Intern-Milliman-Gurgaon-0-to-2-years-041018500371?src=jobsearchDesk&sid=15453024253434&xp=3&px=1
  2. HCL called for freshers job. Did not state the upper cap on number of exmas. Reference - https://www.naukri.com/job-listings-Openings-for-Actuarial-Freshers-HCL-Technologies-Limited-Chennai-0-to-1-years-201118007724?src=jobsearchDesk&sid=15453026389428&xp=2&px=1
  3. Numerica invited applications for Actuarial Interns. No upper cap specified. Reference - https://numericaconsulting.com/careers/open-positions/
  4. Reliance Nippon life insurance invited application for actuarial interns. Again no mention about max or min papers. Reference - https://www.naukri.com/job-listings-Intern-Actuary-Reliance-Nippon-life-Insurance-Mumbai-0-to-1-years-060618500724?src=jobsearchDesk&sid=15453024253434&xp=5&px=1
  5. Munich Re wants you to have minimum 5 exams to be able to consider your application. Reference - https://munichre-jobs.com/en/MunichRe/job/12164-actuarial-data-analyst?language=en&codes=1-INDEED

...and the list will continue to infinity if I keep on writing. these are the first 5 jobs displayed when I searched for fresher's Actuarial jobs. Now to counter can someone please enlighten me with 5 posts which strictly says students with more than 3 exams can't apply.

I have never ever seen a core insurance company putting any bar on maximum exams that you can clear before getting placed. Only a very few companies, so less that you can count these companies and their jobs on your fingertips, choose people with less number of papers. The reason being their jobs are not really too technical to let highly intelligent students with 7-8 exams do the job. So they hire people who understands basics of pension or insurance by clearing CT1,CT3 or CT5 (CM1,CS1) and do not expect too much salary. If you clear more exams, you disqualify for these few jobs but qualify for much better jobs.

My personal recommendation would be that target to complete core principle series while you are studying in university. Core practice papers are better understood after gaining some experience. Do spend some time on learning R programming, VBA, SQL and Python along with your exams.

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