In addition to Full-Time Actuarial Training Program, New York Life offers a Summer Actuarial Internship Program for undergraduate seniors and graduate students, which combines relevant work experience with a series of actuarial classes and presentations. The internship program also includes a number of social events to make sure the interns fully enjoy their summer experience.
Interns are typically placed in a pricing or financial reporting division, working side by side with actuaries or senior level actuarial students. They are presented with challenging actuarial projects throughout the summer which will provide them with useful actuarial experience while allowing them to develop their problem solving and decision-making skills. At the conclusion of the program, each intern has to present on the project that they were involved in during the internship.
Classes & Presentations
The summer begins with a series of training classes covering a range of topics including Excel, APL programming language, and PTS computer modeling. The learning continues throughout the summer with classes in Actuarial Mathematics and weekly presentations made by New York Life actuaries.
Once each month, the interns are taken out as a group for a night on the town. In addition, the interns are encouraged to join full–time actuarial students in social events ranging from weekly softball games in Central Park to post–exam gatherings. Interns are also invited to more formal company events including the Annual Actuarial Reception, All Campus Enrichment (ACE) day, breakfast with CFO and Chief Actuary, and end-of-summer lunch with CFO and Chief Actuary. Other less formal social events include bowling, baseball game, volunteer group activity, and goodbye ice-cream social.
Interns are scheduled to work from late May through mid-August. The company generally hires 15 interns each summer; the salaries are commensurate with the number of actuarial exams passed. Housing is provided by the New York Life and is free for the interns. Interns who are offered a full-time Actuarial Trainee position at the conclusion of the internship are eligible to receive a starting bonus upon acceptance.
How To Apply for an Actuarial Summer Internship
To apply for a summer actuarial internship, go to New York Life's Career Opportunities web site and search for "Intern" in the Actuarial department. The position is open for applicants from September through March and offers are made on a rolling basis.
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