Actuary Resume: Resume Formats, Examples, Templates & Writing Tips

Looking for a high-paying, low-stress job? Consider a career as an actuary. The United States Bureau of Labor Statistics projects a remarkable 24% growth in demand for actuaries from 2020 to 2030, making it a standout profession in terms of job opportunities.

According to Forbes, despite the high demand, there is a shortage of professional actuaries. This presents a fantastic opportunity for individuals interested in the financial industry. All that's needed is an impressive actuary resume that catches the attention of recruiters. What's needed is an impressive actuary resume that captures the attention of recruiters.

However, it’s important to note that pursuing a career as an actuary requires exceptional math skills. Actuaries must apply basic mathematical theory, probability, statistics, economics, and finance to solve real-world business problems, particularly those related to risk.

CakeResume offers valuable resources for actuarial positions, including actuary resume examples and templates, a good help for actuary job seekers like yourself. Additionally, you can explore the estimated salary range for this position.

Table of Contents

Who Are These Actuaries and What Do They Do?

Before getting into the main section, let's first explore who these actuaries are and what their daily tasks entail.

The work of an actuary job involves collecting and analyzing data to make policy determinations. Actuaries commonly find employment in life insurance companies, property and casualty insurance companies, health insurance companies, pension funds, and as actuarial and investment consultants.

Actuaries combine their mathematical skills, knowledge of economics, and understanding of the law to fulfill various responsibilities. These include reviewing pension calculations, calculating insurance premiums, assessing company solvency levels, and designing new insurance products, among other tasks.

According to LiveAbout, here are some specific responsibilities of actuaries:

  1. Collecting and compiling statistical data for analysis.
  2. Estimating the profitability and potential loss associated with accidents, deaths, natural disasters, or infectious diseases.
  3. Developing, testing, and managing strategies to minimize risk and maximize profits related to insurance policies and retirement programs.
  4. Presenting findings, recommendations, and proposals to management, clients, shareholders, and government entities.

How to Write an Impressive Actuary Resume

1. Resume Header

First and foremost, before getting into the main details of your resume, which is your experience, you will need to craft a clear resume header section. The resume header section often includes your personal details—such as your full name, phone number, professional email address, and home address or city of residence. Optionally, you can add links to your LinkedIn profile or personal website if relevant to the job. Keep the information concise and straightforward so that the potential employers can contact you easily.

Here are a few simple dos and don'ts for your resume header:

DOS

  • Your name
  • Active email address
  • Phone number
  • Your city
  • LinkedIn account

DON'TS

  • Caution should be exercised when providing personal information such as your full address, ID number, insurance number, and other sensitive details. It’s important to strike a balance between providing sufficient contact information and safeguarding your privacy.
  • To avoid potential biases from hiring managers, it is advisable to refrain from including social media accounts on your resume. Additionally, social media accounts are not necessary for working as an actuary, so omitting them will not have any adverse impact on your application.

2. Resume Summary

A resume summary is essential for highlighting your career or professional skills and knowledge. A resume summary is a concise statement at the top of your resume. Depending on the design, sometimes it can be in the resume header section.

A well-crafted resume summary has the potential to leave a lasting impression on hiring managers. For recent graduates, the summary section can encompass various elements, such as educational background, internship history, hard and soft skills, and motivation for applying to the specific role.

Here are some examples for when crafting an actuary resume:

"A highly motivated and detail-oriented accounting graduate from the University of Indonesia with a GPA of 3.9. Possessing strong skills in Excel, financial accounting, and programming languages such as Python and R."

"Actuarial analyst with 5+ years of financial experience working on data manipulation, risk assessment, and statistical analysis. Knowledgeable in healthcare insurance products, benefit options, and actuarial policies and procedures."

"Professional actuary with over 10 years of experience in the life insurance industry. Proficient in analyzing financials for a range of family and group life products, resulting in a significant increase in valuation accuracy of up to 90%. Additionally, trained and mentored 10 newly hired actuaries for the company."

3. Career Objective

Including a one- or two-sentence career objective can be advantageous, especially for recent graduates. A career objective articulates the candidate’s ambitions and future plans within their professional journey.

"Seeking a role as an actuarial intern at Highland Insurance to deliver accurate statistical analysis reports and documentation."

"Seeking an opportunity for an entry-level position to start my career as an Actuarial Analyst in a professional environment such as Telus Health Insurance."

"Seeking a new role within a supportive organization to utilize my extensive knowledge of Actuarial Science, Excel, and Risk Management."

4. Work Experience for Actuary

Let’s dive into the most crucial aspect of an actuary resume: work experience.

When describing your work experience, it is vital to not only outline your job responsibilities but also emphasize your achievements and contributions to the team. Hiring managers are keen on assessing how well your work style aligns with their company. Here are some tips to keep in mind:

  • Utilize bullet points to maintain an organized, concise, and easily readable format. Since hiring managers typically spend only a few seconds reviewing resumes during the screening process, it is essential to present information succinctly.
  • Make effective use of action verbs to highlight your ability to perform tasks. Consider incorporating words like: Reported, Boosted, Increased, Executed, Analyzed, Approved, Reviewed, Reduced, Developed, Established
  • Additionally, it is important to include specific details such as the company name, location, duration of employment, and job title.

Here are a few examples of work experience section on your actuary resume:

Actuarial Analyst
Telus Health Care, Malaysia
Jan 2018 - Present

  • Developed a corporate medical device pricing model.
  • Successfully adjusted pricing for small group products, leading to reductions in loss ratio of up to 35%.
  • Created a risk analysis system that improved the speed and accuracy of analysis results by up to 25%.

Actuarial Assistant
Mayapada, Indonesia
Dec 2014 - Dec 2017

  • Managed retirement programs for over 200 clients, both new and existing and successfully resolved 88% of client complaints.
  • Implemented an Excel-based optimization system to streamline profit calculations, resulting in a work acceleration of up to 55%.
  • Collaborated with senior management to optimize claims processing procedures.

5. Skills Section

Hard skills and soft skills are needed because they are "tools" for the job. The list of skills you include on your actuarial resume is also used to determine if you meet the criteria the company is looking for.

Hard Skills

  • Financial literacy
  • Project Management Skills
  • Math skills
  • Microsoft Excel skills
  • Microsoft Word
  • Microsoft PowerPoint
  • Microsoft Access
  • R
  • Python
  • SAS
  • Power BI
  • Tableau

Soft Skills

  • Attention to detail
  • Problem-Solving Skills
  • Time Management
  • Critical Thinking
  • Conflict Resolution
  • Emotional Intelligence
  • Negotiation Skills
  • Active Listening
  • Creativity
  • Communication Skills
  • Teamwork Skills

6.  Education History

Not all actuary resumes require the inclusion of education history. When applying for higher-level positions, hiring managers tend to place greater emphasis on work experience. However, there are several conditions under which including education history is necessary:

  • Recent graduates or candidates without experience: In such cases, information about your education may be of interest to hiring managers.
  • Possession of a master’s or doctoral degree that supports your abilities as an actuary: If you hold an advanced degree relevant to the field, including it in your resume can be beneficial.
  • If your GPA falls below 3, it is advisable not to include it on your resume. Instead, focus on providing details such as your major, the name of the university, and the duration of your education.

Bachelor of Science in Accounting
Gadjah Mada University, Indonesia
Feb 2014 - Dec 2019
GPA: 3.9/4.0

High School Diploma
Santa Katarina Senior High School
Yogyakarta, Indonesia
Jan 2010 - Jan 2013

Bachelor of Science in Mathematics
University of Indonesia, Indonesia
Expected to graduate in May 2024

Relevant Coursework:

  • Computer Science Course - CodeBlue Academy
  • Introduction to Computer Science and Programming Using Python - Massachusetts Institute of Technology

7.  Other Information

  • Languages: English has become the standard language in the global job market, particularly when seeking employment abroad. Additionally, other languages like Mandarin and Japanese are highly sought after by many companies. Therefore, including foreign language skills on your resume can be a valuable asset.
  • Certifications: Obtaining certifications can enhance your skills and capabilities as an actuary. These certifications typically involve a series of tests designed to ensure your proficiency in the field. At the bottom of this document, CakeResume provides information about various international actuarial certifications that you can pursue.
  • Hobbies and interests: When crafting your actuarial resume, it is appropriate to include information about hobbies and interests if you're a recent graduate. However, if you possess prior work experience, it is advisable to exclude this information, as recruiters may consider it irrelevant to your professional qualifications.

Tips for Writing a Good Actuary Resume

1) Research the company you are applying to

Demonstrating your commitment to becoming part of a company’s team begins with conducting thorough research. Researching helps you gain an understanding of the company you are applying to, your prospective job description, and the work environment they offer.

Furthermore, research equips you with knowledge that can make you better prepared and more persuasive during an interview. “What do you know about our company?” is a common question asked by hiring managers, and providing a well-informed answer can leave a positive impression.

To conduct research, visit the company’s website, explore its social media accounts, and seek out ratings and reviews that provide valuable insights from current or former employees.

2) Understand the difference between a resume and a CV

In some countries, job postings might use the term “CV” to refer to a resume, which often leads to confusion. It is essential to grasp the main distinctions between a CV and a resume.

The most noticeable difference lies in the length. A CV can extend beyond three pages and is not restricted to a specific maximum length like 10 or 15 pages. This is because a CV encompasses the entire professional history of a candidate.

The sections in a CV and a resume are mostly the same. However, a CV allows individuals to include all their work experiences, educational background, obtained certifications, attended courses, and undertaken projects. Every piece of information is included, regardless of the relevance to each experience.

On the other hand, resumes are tailored to the job you are applying for, focusing only on the information relevant to that particular position. For instance, if you are applying for an actuary role, the experiences you include will be directly related to that position.

If you are unsure about the format required by the company, it is advisable to seek clarification beforehand.

3) Use a resume format that aligns with your work experience

There are three types of resume formats commonly used by candidates, and the choice depends on your level of work experience. Let’s discuss each format:

  • Chronological Resume: This is the most frequently used format among job seekers. A chronological resume is suitable when you have a consistent career path or aim to progress to a higher career level. In a chronological resume format, list your work experience, education, and courses from most recent to oldest.
  • Functional Resume: A functional resume is the type of resume that emphasizes your skills and experiences over your chronological work history. This format is handy for individuals with gaps in employment, those changing careers, or those with diverse but relevant skills, as it emphasizes what you can do rather than when you did it.
  • Combination Resume: This format combines elements of both chronological and functional resumes. It enables you to showcase your skills and then include work experience that substantiates those skills. A combination resume provides a comprehensive overview of your capabilities.

Once you have selected a format, it is essential to review and adhere to the writing standards. Consider the following guidelines:

  • Keep your resume within three pages
  • Utilize two font sizes: 14 for headings and 12 for the remaining text
  • Maintain a line spacing of 1.25 to 1.5 to enhance readability
  • Opt for standard fonts like Times New Roman, Arial, or Open Sans
  • Ensure to send your actuary resume in PDF format

3) Incorporate keywords and customize your actuarial resume

In today’s job market, many companies employ AI engines or Applicant Tracking Systems (ATS) to efficiently filter through candidates. These tools help streamline the process of identifying potential employees.

How do AI engines and ATS filter candidates? They scan resumes to determine if they match the keywords specified by the company. This method is not limited to AI and ATS; some recruiting teams also employ this approach.

So how can you include the right keywords? The method is simple: pay close attention to the requirements and job description provided in the job posting.

It’s important to remember that each company has distinct policies and requirements, even for the same position. Therefore, a single generic resume may not be effective for multiple companies.

The solution is to tailor your actuarial resume to align with the specific needs of each company you apply to. For instance, let’s consider two different companies:

Company A: Job Description for Actuary Position

  • Collect, verify, and validate data
  • Ensure the quality of statistical data
  • Perform data analysis
  • Provide monthly technical reverse calculation for financial reporting
  • Conduct monthly loss ratio and combined ratio analysis
  • Collaborate with and provide data to other departments

Company B: Job Description for Actuary Position

  • Calculate actuarial assumptions
  • Conduct portfolio analysis
  • Support regional initiatives
  • Handle product pricing, projection, historical performance, and monitoring

You can observe the differences in these job descriptions. For Company A, some suitable keywords could be: data analysis, data collection, data verification, and statistical data quality.

On the other hand, for Company B, relevant keywords might include: calculations, analysis, support, pricing, projection, and reporting.

By incorporating these keywords and tailoring your actuarial resume accordingly, you can increase the chances of catching the attention of hiring managers and improve your prospects of securing an interview.

Actuary Resume Templates and Examples

1) Actuary resume example for Entry-level

Actuary resume example for Entry-level
Actuary resume example for Entry-level

2) Actuary Resume Example for Mid-level

Actuary resume example for Mid-level
Actuary resume example for Mid-level

3) Actuary resume example or Senior-level

Actuary resume example for senior-level
Actuary resume example for Senior-level

4) Actuary resume examples for Actuary Analyst Position

Actuary Cover Letter Example

Are you someone who believes that cover letters have lost their importance in today’s world? You might want to reconsider when you see the statistical results. Recent data reveals that 49% of hiring managers admit that a strong cover letter has convinced them to interview a candidate who has submitted a relatively weak resume.

Think of the cover letter as a means of communication to convey who you are, your relevant experience, and the valuable skills you can bring to the company. The cover letter provides a more personalized message. It allows you to explain why you are applying, whether you genuinely seek a new job, or the reasons behind any extended career gaps. A cover letter can offer explanations that are not included in an actuary resume, enabling recruiters to assess your situation and circumstances objectively.

However, it’s important to note that 18% of recruiting teams reject applications if the cover letter is weak and fails to provide sufficient explanation.

To address this issue, CakeResume offers the following tips and examples to craft compelling actuary cover letters:

  1. Include essential information about yourself, such as your full name, city, email, phone number, and LinkedIn account.
  2. Don’t forget to include the date the letter was written in the mm/dd/yy format.
  3. Begin the letter with a friendly greeting, such as “Dear Hiring Manager” or “ Dear Mr./Ms. [insert name].”
  4. Proceed to the first paragraph, where you introduce yourself, mention your previous position at a company (for experienced professionals), or provide details about your major, campus name, and GPA (for recent graduates). Additionally include your work, internship, or volunteer experience, and specify the position you are applying for.
  5. In the subsequent section, elaborate on your work approach, accomplishments, and how you can contribute to the team.
  6. After highlighting your achievements, include any pertinent information. This could involve discussing your motivation for applying, explaining any gap years in your work experience, or mentioning a reference letter you received from your previous employer.
  7. Conclude the actuary cover letter by expressing your enthusiasm for the opportunity to join the company you are applying to.

Remember, keep your cover letter to just one page. Anything longer may be perceived as a waste of time by hiring managers. Here's an actuary cover letter example:

Ben Nadir
Jakarta, Indonesia
(+62)99-198-70011
[email protected]
linkedin.com/in/bennadir

March 30, 2024,

Dear Mr. Armstrong, 

I am writing to express my sincere interest in the Actuarial Analyst position with your company, as advertised on CakeResume. As an experienced Actuarial Assistant, I believe my background aligns well with the requirements of the role. I bring a strong track record in validating data for over 200 policies totaling $100 million.

In my current position as an Actuarial Assistant, I have successfully created profit distributions utilized by the CEO for investor pitches. Additionally, I have conducted an in-depth analysis of employee data for 10 companies, encompassing over 300 employees, to accurately calculate pension plans and health insurance coverage.

My contributions to these initiatives led to my recognition as the Employee of the Year in both 2022 and 2023.

I am particularly drawn to Telus as an employer because of its commitment to fostering an inclusive work environment, eliminating discrimination, and promoting work-life balance for its employees. I firmly believe that dedicating my efforts and loyalty to a company like Telus, which provides a supportive and empowering environment, is the ideal choice.

Moreover, I wholeheartedly align with Telus’s vision and mission.

To gain a comprehensive understanding of my qualifications, I have attached my resume to this cover letter. I am thrilled at the prospect of joining the Telus team and I am committed to contributing my best efforts.

Thank you for considering my application. I eagerly await the opportunity to discuss my candidacy further.

Sincerely,

Ben Nadir

Common FAQs

Can I become an actuary without a bachelor’s degree?

Unfortunately, some companies require candidates to have at least a bachelor’s degree in business administration, actuarial science, mathematics, statistics, or other related fields.

If you don’t hold one of these degrees but still aspire to become an actuary, you can enroll in an education program. However, it’s crucial to ensure that the institution or program you choose is reputable and credible.

How much does an actuary earn?

The high salary associated with the actuarial profession is one of its appealing aspects. Therefore, pursuing a career as an actuary can be a wise decision, especially considering the relatively low interest in the field.

According to the US Bureau of Labor Statistics, the average annual salary for actuaries is $113,990. Interestingly, even the lowest-earning 10% can earn as much as %71,760.

This indicates that entry-level actuaries can expect competitive salaries. However, it’s important to note that salary standards can vary based on factors such as the country of residence, company size, individual performance, and years of experience.

Can I work remotely as an actuary?

Absolutely! There are numerous actuary positions available that can be performed remotely. This means there are expanded job opportunities with enticing salary prospects.

When working remotely, it’s essential to maintain professionalism. For instance, establishing a daily work schedule can help ensure that all tasks are completed within deadlines.

What educational options can enhance my actuarial skills?

If you’re interested in further developing your actuarial expertise, several internationally recognized training courses are available. Some examples include:

  • Associate of the Casualty Actuarial Society (ACAS): To become an ACAS member, the candidate must complete specialized courses and pass two exams as part of the Validation by Educational Experience (VEE) process. The VEE focuses on accounting, finance, and business topics. Afterward, candidates must pass additional exams to earn the ACAS credential.
  • Fellow of the Casualty Actuarial Society (FCAS): After achieving ACAS status, actuaries can pursue the FCAS designation by passing three specific exams that delve into policy liability calculations, advanced interest generation, and rates of return.
  • Society of Actuaries (SOA): This certification is particularly useful for those aspiring to become actuaries in the health and life insurance sectors. The SOA offers two levels of certification, Associate of the Society of Actuaries (ASA) and Fellow of the Society of Actuaries (FSA).

Key Takeaways

Career opportunities for actuaries are great, with high demand expected to grow until at least 2030. The key to an effective actuary resume is to emphasize your skills in mathematics and economics, as these disciplines form the foundation of an actuary’s work. Additionally, the cover letter plays a crucial role by allowing candidates to showcase their personal side, including their motivation and future career plans. Strategically placing relevant keywords is also a proven technique to optimize an actuary resume for ATS (Applicant Tracking System) screening.

We hope this article on actuary resumes proves helpful for you. Don’t forget to explore CakeResume’s job tips, resume and cover letter templates, and numerous job postings. Register now and let’s get started!

CakeResume is the best free resume builder that allows users to create professional online resumes and portfolios with ease. With a vast library of more than 60+ resume templates and snippets, you can effectively showcase your skills and accomplishments. Give it a try today!

--- Originally written by Erika Rizqi ---

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