I just returned from the Actuarial Summit at The Hanover Insurance Group in Worcester, MA. The purpose was to educate students about the profession, the career path and the culture of The Hanover. Three Bentley students attended along with students from UConn, Bryant, Holy Cross, Assumption and WPI. Presentations included a panel discussion with recent hires (they love it), an overview of the recruiting process (rolling basis, over by Thanksgiving), a comparison of Property & Casualty vs. Life & Health and Consulting paths; a review of hiring attributes (intellectual curiosity is key), insight into actuarial exam preparation (expect to study 400 hours per exam) and exam support (130 hours on the job per year). The Summit culminated in a quantitative case study about the intricacies of P&C rate setting. Extremely informative!
Key takeaways for students pursuing an actuarial career…
Job satisfaction – Consistently ranked high in national publications – No surprise!
High income – at graduation and accelerating with each passed exam (30% greater than overall Bentley average)
Job security – bullet-proof with high demand from employers (expect multiple offers)
Work/life balance – strong (after exams are passed)
Impactful – Actuaries “have a seat at the table” because they inform and influence strategy