Full Time Actuarial Training Program

Actuaries have been a part of New York Life since its inception in 1845. Back then, Pliny Freeman was the company's only actuary. As the company has grown, so has its need for actuaries. They are involved in many aspects of New York Life's operations, from designing the products to evaluating their financial impact. Actuaries here have earned the respect of both their fellow employees and of our agency force.

General Program Information
New York Life provides actuarial trainees with a broad background in both the theoretical and practical applications of actuarial science by combining exam support with rotating job assignments. The goal of the trainee program is to develop actuaries who can become future officers of New York Life. Actuarial trainees are granted a substantial amount of study time during working hours, based on their exam level and progress. A special study room has been set aside specifically for the trainees which is available during and after working hours and on weekends. The Actuarial Society of Greater New York and St. John's University. They both offer review classes for exams at several locations in Manhattan, and the company encourages trainees to attend if they desire.

Celebratory "Pass Luncheons", hosted by New York Life's Chief Actuary, honor those trainees who receive successful exam results. At the conclusion of exam sessions, the trainees' legendary happy hours take place at any of several favorite midtown establishments.

Most actuarial trainees work on various phases of research and technical actuarial operations. Examples include:

• the development of premiums and benefits for new and improved insurance and annuity products,
• analysis of mortality and expenses,
• preparation of the company's Annual Statement,
• studies of financial experience,
• asset and liability matching,
• development of underwriting rules, and
• determination of dividend scales.

Interesting assignments can also be found involving agents' compensation and the company's various benefit plans.

Actuarial trainees are generally rotated to a new job assignment every 24 months after the first year long rotation.

Salaries and Benefits
The majority of New York Life's actuaries and trainees work in New York Life's Home Office at 51 Madison Avenue in New York City. This midtown location is within walking distance of both Grand Central and Penn Station. Beginning in 2004, there will also be actuaries and trainees working at New York Life's new Westchester office, which is located on a beautiful 76-acre campus in Sleepy Hollow, New York, approximately 30 miles north of Manhattan. New York Life offers a very competitive compensation and benefits package. Recent college graduates with one Society of Actuaries exam passed can expect to earn over $60,000. Through a combination of exam and merit increases, as well as promotions, trainees attending Fellowship can expect to earn over $120,000.

In regards to benefits, the company operates on a flex time system, allowing employees to begin their work day anytime between 7:30 and 10:00 am. Vacation time ranges from 2 to 5 weeks per year, based on years of service and job level. In 2003, every full-time employee receives 10 paid holidays and 2 paid personal days. The company also provides a fitness center, located in the Home Office, which is free to all employees and is open before and after work hours for employees' convenience. The fitness center includes treadmills, stationary bicycles, stair climbers, free weights, Nautilus equipment and two large mirrored classrooms for aerobics and other classes. Other Home Office benefits include a backup child care center, which employees can utilize when their regular child care arrangements fail, and a subsidized food court dining facility open for breakfast and lunch, where employees have the option of using pre-tax dollars to purchase meals. Similar benefits are planned for the Westchester office.

Requirements
Applicants should have demonstrated the ability to pass Society of Actuaries exams. They would preferably have one or more exams, and have strong communication skills. If you meet this description and think you can make a positive impact with the New York Life Actuarial Trainee Program, then we would like to learn more about you.

How to Apply
Click here to apply

Further Reading
For more details, please continue on to read about New York Life's Actuarial Training Program.

You may also choose to apply to our Summer Actuarial Internship Program.
Take a look at A Day in the Life of an Actuarial student or intern.

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