You made it through the interview process and finally landed your first entry-level actuarial job! Here are five tips to help get your started on the right track.
Keep a Journal/Notebook
Document EVERYTHING your first year in a notebook. Some projects may already have easy to find documentation, but for others, specifically where someone else is explaining the process to you, make sure you take notes. No one likes someone who asks the same question multiple times!
Make sure you properly date and headline your notes so you can easily find them the next time you work on the project. Personally, I've had to work on a lot of quarterly projects, so it's definitely easy to forget some of the steps after three months. I referenced my notes multiple times during my first year to make sure I was following the right steps without having to ask anyone. You may not think this is too important, but at the end of the day, those you work with will trust you more if they can count on you to remember things (or at least reference notes you take) instead of asking them the same question over and over.
Make sure you properly date and headline your notes so you can easily find them the next time you work on the project. Personally, I've had to work on a lot of quarterly projects, so it's definitely easy to forget some of the steps after three months. I referenced my notes multiple times during my first year to make sure I was following the right steps without having to ask anyone. You may not think this is too important, but at the end of the day, those you work with will trust you more if they can count on you to remember things (or at least reference notes you take) instead of asking them the same question over and over.
Ask Questions
By "asking questions" I don't just mean asking questions related to projects you're working on. Ask questions about everything you're unfamiliar with. Maybe you were assigned to a project with someone from a different division and she/he starts talking about another project he's working on, completely unrelated to what you do. Don't just listen - ask questions about it. You never know - you may be working on something related to that project down the road.
Asking questions during your first year is vital to your success later on. You want to become the person other people reach out to when they have questions. It helps show you are on top of things, and it will definitely shine through for others to see. Keep in mind, you don't become an expert in any field without asking the right questions!
Asking questions during your first year is vital to your success later on. You want to become the person other people reach out to when they have questions. It helps show you are on top of things, and it will definitely shine through for others to see. Keep in mind, you don't become an expert in any field without asking the right questions!
Ask for Feedback
If you're working with a senior analyst, try to get feedback at the end of an assignment. You probably shouldn't do this for just any project, but if you're given a task open to interpretation (maybe you were asked to analyze some data or models), ask how you can improve your analysis next time. Keep in mind, you're not expected to hit the ball out of the park the first time you work on a project, but if it's visible that your analyses are improving every time, that's what counts. Most of the time, you won't be able to do this without feedback and there will be many instances where it's not given unless you ask!
It's also important to connect with your manager occasionally and ask for feedback on your work. Ask her/him for any advice to take your work to the next level. Make sure you know what's expected of you; you don't want any surprises when it comes time for your performance review!
It's also important to connect with your manager occasionally and ask for feedback on your work. Ask her/him for any advice to take your work to the next level. Make sure you know what's expected of you; you don't want any surprises when it comes time for your performance review!
Clear your To-Do List
Show your manager you can stay on top of your work and finish assignments before deadlines. This will give you the opportunity to ask for other projects and get more experience. It will also show you can be trusted with more work, which could lead to more challenging assignments and roles, such as a project lead.
If you feel you aren't being challenged enough, especially if you're six months in, this will give you the chance to ask for additional work. Keep in mind the type of projects you would like to work on. If you can specifically say to your manager, "I have some extra time and I would really like more experience doing ______", you will probably get a better response than just asking for more work.
If you feel you aren't being challenged enough, especially if you're six months in, this will give you the chance to ask for additional work. Keep in mind the type of projects you would like to work on. If you can specifically say to your manager, "I have some extra time and I would really like more experience doing ______", you will probably get a better response than just asking for more work.
Work/Study/Life Balance
Passing actuarial exams is vital to having a successful career as an actuary. At the same time, it's also important to develop a balance during your first year on the job. This cannot be accomplished without leaving time for family and friends. You are far more likely to succeed if you are happy with your personal life, so make sure to leave time to do the things you love!
It's also important to create a study schedule and develop effective study habits during your first year. Otherwise, it could be a long road to get your ASA/FSA or ACAS/FCAS. Find out about the study program at your company. Do they reimburse registration fees and exam materials? What's the limit on exam materials (number of materials or value)? Find out what others at your company are using to study. Keep this in mind and try to find the most effective study material that will work for you. Your company wants you to succeed, so make sure to use all of their available resources!
It's also important to create a study schedule and develop effective study habits during your first year. Otherwise, it could be a long road to get your ASA/FSA or ACAS/FCAS. Find out about the study program at your company. Do they reimburse registration fees and exam materials? What's the limit on exam materials (number of materials or value)? Find out what others at your company are using to study. Keep this in mind and try to find the most effective study material that will work for you. Your company wants you to succeed, so make sure to use all of their available resources!
I hope this was helpful and informative! If you have any other tips for success during the first year on the job as an actuarial analyst, comment below!
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