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Become An Actuarial Internship

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Working As An Actuarial Internship

  • Analyzing Data or Information
  • Getting Information
  • Interacting With Computers
  • Interpreting the Meaning of Information for Others
  • Communicating with Supervisors, Peers, or Subordinates
  • Mostly Sitting

  • Make Decisions

  • $58,011

    Average Salary

What Does An Actuarial Internship Do

Market research analysts study market conditions to examine potential sales of a product or service. They help companies understand what products people want, who will buy them, and at what price.

Duties

Market research analysts typically do the following:

  • Monitor and forecast marketing and sales trends
  • Measure the effectiveness of marketing programs and strategies
  • Devise and evaluate methods for collecting data, such as surveys, questionnaires, and opinion polls
  • Gather data on consumers, competitors, and market conditions
  • Analyze data using statistical software
  • Convert complex data and findings into understandable tables, graphs, and written reports
  • Prepare reports and present results to clients and management

Market research analysts research and gather data to help a company market its products or services. They gather data on consumer demographics, preferences, needs, and buying habits. They collect data and information using a variety of methods, such as interviews, questionnaires, focus groups, market analysis surveys, public opinion polls, and literature reviews.

Analysts help determine a company’s position in the marketplace by researching their competitors and analyzing their prices, sales, and marketing methods. Using this information, they may determine potential markets, product demand, and pricing. Their knowledge of the targeted consumer enables them to develop advertising brochures and commercials, sales plans, and product promotions. 

Market research analysts evaluate data using statistical techniques and software. They must interpret what the data mean for their client, and they may forecast future trends. They often make charts, graphs, infographics, and other visual aids to present the results of their research. 

Workers who design and conduct surveys are known as survey researchers.

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How To Become An Actuarial Internship

Most market research analysts need at least a bachelor’s degree. Top research positions may require a master’s degree. Strong math and analytical skills are essential. 

Education

Market research analysts typically need a bachelor’s degree in market research or a related field. Many have degrees in fields such as statistics, math, and computer science. Others have backgrounds in business administration, the social sciences, or communications.

Courses in statistics, research methods, and marketing are essential for these workers. Courses in communications and social sciences, such as economics or consumer behavior, are also important.

Some market research analyst jobs require a master’s degree. Several schools offer graduate programs in marketing research, but many analysts complete degrees in other fields, such as statistics and marketing, and/or earn a master’s degree in business administration (MBA). A master’s degree is often required for leadership positions or positions that perform more technical research. 

Licenses, Certifications, and Registrations

Certification is voluntary, but analysts may pursue certification to demonstrate a level of professional competency. The Marketing Research Association offers the Professional Researcher Certification (PRC) for market research analysts. Candidates qualify based on experience and knowledge; they must pass an exam, be a member of a professional organization, and have at least 3 years working in opinion and marketing research. Individuals must complete 20 hours of industry-related continuing education courses every 2 years to renew their certification.

Important Qualities

Analytical skills. Market research analysts must be able to understand large amounts of data and information. 

Communication skills. Market research analysts need strong communication skills when gathering information, interpreting data, and presenting results to clients. 

Critical-thinking skills. To determine what marketing strategy would work best for a company, market research analysts must assess all available information.

Detail oriented. Market research analysts must be detail oriented because they often do precise data analysis.

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Do you work as an Actuarial Internship?

Actuarial Internship Jobs

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Actuarial Internship Demographics

Gender

Male

46.1%

Female

31.3%

Unknown

22.6%
Ethnicity

White

49.2%

Asian

43.6%

Hispanic or Latino

5.1%

Unknown

1.5%

Black or African American

0.7%
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Languages Spoken

Chinese

25.9%

Mandarin

21.8%

Spanish

14.1%

French

9.4%

Japanese

5.9%

Cantonese

5.3%

Korean

5.3%

German

2.9%

Vietnamese

1.8%

Russian

1.8%

Hindi

1.2%

Estonian

0.6%

Greek

0.6%

Malay

0.6%

Bengali

0.6%

Urdu

0.6%

Gujarati

0.6%

Thai

0.6%

Italian

0.6%
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Actuarial Internship Education

Schools

Columbia University

9.0%

University of Iowa

9.0%

University of Connecticut

8.2%

University of Wisconsin - Madison

7.5%

Temple University

7.1%

University of Nebraska - Lincoln

5.6%

University of Michigan - Ann Arbor

4.9%

Drake University

4.9%

University of California - Berkeley

4.5%

University of Illinois at Urbana-Champaign

4.1%

University of Texas at Austin

4.1%

Ball State University

4.1%

Illinois State University

3.7%

Johns Hopkins University

3.7%

University of California - Los Angeles

3.4%

Pennsylvania State University

3.4%

Purdue University

3.4%

Cornell University

3.4%

University of Wisconsin Extension

3.0%

University of Wisconsin - Milwaukee

3.0%
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Majors

Management Science

36.7%

Mathematics

23.9%

Statistics

14.6%

Finance

4.6%

Economics

3.9%

Business

3.5%

Computer Science

2.4%

Applied Mathematics

1.7%

Mathematics And Computer Science

1.4%

Accounting

1.3%

Insurance

1.0%

Elementary Education

0.8%

Engineering

0.8%

Information Systems

0.7%

General Education, Specific Areas

0.6%

Management

0.6%

Political Science

0.4%

Business Economics

0.4%

Chemistry

0.4%

History

0.4%
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Degrees

Bachelors

57.0%

Masters

34.3%

Other

6.2%

Doctorate

1.7%

Certificate

0.7%

License

0.1%
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Top Skills for An Actuarial Internship

VBAFinancialStatementsLossRatioSQLLifeInsurancePoliciesSASLifeInsuranceProductsMortalityRatesGeneralLiabilityInternInsuranceCompaniesMacrosDataAnalysisRProphetPremiumRatesPGaapMosesProductDevelopment

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  1. VBA
  2. Financial Statements
  3. Loss Ratio
You can check out examples of real life uses of top skills on resumes here:
  • Project required a high attention to detail and advanced analysis in Excel, including writing VBA macros.
  • Assisted in Preparing monthly and quarterly financial statements.
  • Conducted Experience Study of lapse rate and A/E ratio of mortality and morbidity, and Loss ratio.
  • Conducted experience study on lapse rate for whole life and endowment business with SQL language and Excel
  • Calculate values necessary for life insurance policies Communicate with coworkers and clients in professional manner Critically think through policy request issues

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