Pension Examiner Interview Preparation Guide

Actuarial analyst’s works in the insurance industry and use statistical model to analyze the data and calculate the costs associated with certain events such as

☛ Product failure
☛ Accidents
☛ Property damage
☛ Injury and death
☛ Destruction due to natural calamities ( hurricanes, earthquakes, pandemic and terrorist attacks)

Chief actuaries act as an actuary head or supervisor for the government organization as well as corporate. They keep an eye on other actuaries and distribute and direct assignments. Also, they prepare reports and reviews of business functions like budgets and mergers. Further, they implement policies and guidelines relating to actuary risk analysis.

Casualty Actuarial Society is a professional association of non-life actuaries, of risk management professionals who work in industries other than life insurance. The motive of this society is to give knowledge to members and the general public about actuarial analysis of property and liability risk

Lognormal distribution is a probability distribution that is used as a model to claim size distribution; it is positively skewed and has a range from zero to infinity.

You felt your career prospects and progression could go no further and you need a challenge where your potential can be exploited.

My greatest strengths are threefold: -
☛ To be able to recognise my weaknesses
☛ I have the ability to pick up procedures quickly
☛ An excellent temperament which means I don't get rattled easily

Once I was discussing a potential pension plan with a client. She had done her research and had acquired information from a different company. I tried explaining all the benefits she would get from us, but she countered that the other company offered the exact same benefits at a lower rate. I looked into the situation and found that the client was right, so I explained that going with another company was the right move, but if it ended up not working out, we would be there to assist her. A few months later, the client came back saying she was unsatisfied with the services she was getting from the competition, and wanted to work with us.

“I will always ask someone why they’re leaving their current firm and why they left their role before that,” says Gareth Hughes, head of HR at Royal Bank of Canada in London.

Purpose: To establish whether you’re the sort of flaky person who jumps from role to role and former employers are glad to see the back of.

Skills required to become actuarial is

☛ Good understanding of statistics and math’s
☛ General knowledge of business and finance
☛ Basic knowledge of programming languages, statistical analysis programs, spreadsheets and databases
☛ Good communication skills which include preparing reports and giving presentation
☛ Good analytical and problem-solving skills

To become a successful actuary, you must have a good hold on

☛ Calculus
☛ Linear Algebra
☛ Differential Equations
☛ Probability & Statistics
☛ Regression Analysis
☛ Time series Analysis
☛ Accounting
☛ Finance & Management
☛ Economics
☛ Computer science & communication