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.. Continued from Part 1
Before complaining, you should understand why companies should hire you.
There are many other students who are seeking the same job. How will you stand out among others?
You should have a few things on your CV that give you an edge over others. Any internship experience, proficiency in Visual Basic, R, SAS, SQL, etc., will help you a lot. It’s difficult to learn all these software programs by the time you graduate, but at least Visual Basic is a must. Writing or modifying macros is the most important part of the work.
Have you ever thought of going through the Insurance Act before going for a job interview with an insurance company, or going through AS15(R) before you go for a job interview that requires employment benefits valuation? Just think, a small point that says “Expert Knowledge of Insurance Act (Amended)/AS15(R)” will stand out on your CV.
So, these are the small things that make you unique. When you are seeking a job, you need to seek it smartly.
Which Actuarial Papers Do I Need to Get a Job?
Well, there is no hard and fast rule, but CT1 and CT3 are a must. CT5/CT6 are required based on the kind of work the company does. More papers might be required by a few companies, so it’s all subjective to the companies. Having 3–4 papers is ideal.
What If There Are No Vacancies in the Insurance Sector?
This is a bad question as they frequently arise. Indian insurance companies are growing, and they are continuously expanding their teams. More and more vacancies will come up as this sector expands further. This is the right time to start.
Are There Opportunities Outside Insurance?
Yes, a lot. We make sense out of numbers, and we can do some really great work in analytics and big data. In a recent report by Forbes, it has rated “Data Scientist” as the No. 1 job in the world. Why don’t we conquer this specific industry as early as possible? Companies require people who are good at math and number crunching. You can definitely prove you are if you have taken your actuarial exams seriously.
In analytics, we read a huge amount of data and try to predict future events and a lot of other required information.
There is amazing scope in risk management too. Lately, I have seen some companies hiring actuarial students for their risk management teams.
The maximum opportunities today are in pensions and other employee benefits valuation in accordance with AS15(R) and IAS19, which mandate actuarial certification of the report. There is a huge scope in the domestic market, plus a huge amount of work from outside is being outsourced to India these days due to the availability of manpower in our country.
The more students available, the more work comes to India from the international market. So, a lot of people joining in is definitely not bad news, to an extent.
In Short
- Decide on a field where you want to work.
- Make a good CV.
- Have soft skills and communication skills.
- Search in the right place.
If you follow this and if you are talented, I am sure you will get a job soon. Plus, being in actuarial science, always be ready to relocate to a major city like Mumbai.
Also note, if you have passed exams but your communication skills are not good, then sadly, hardly any company would hire you. Companies hire not because they are generous and want to give you a way to earn, but to get their work done. So, any lack of required talent will result in rejection. When you seek something, you have to dance to the tune of the one who gives (at least in domestic companies, agreed?). There can’t be a place for everyone and anyone; you should be ready to make your own space.
So stop complaining, start searching!
At the end, as always, I advise you to stop working for others and start working for yourself. It will take double the effort, but the rewards will be more than double. Be your own boss! Be an entrepreneur!
Good luck!