The New York Life Actuarial Program.
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During their tenure, actuarial trainees need ongoing exposure to a variety of projects, business areas, company products, and seasoned executives to gain the necessary skills and experience to excel in their careers. Through a combination of rotating assignments, staff meetings, exam preparation workshops, training seminars, and mentoring sessions, they become immersed in the scope, challenges, and demands of an actuarial career.
Typically students rotate to new assignments every 24 months. Rotations are designed to give each trainee a broad insurance and investments background through exposure to various aspects of actuarial work. Each trainee's previous experience, exam level, and personal preference are considered when determining rotations to provide him or her with the greatest potential for growth. Rotations are available across all actuarial teams at the company, including Pricing, Valuation, Cash Flow Testing, Experience Studies, and Investment Strategy on both the Life Insurance and Investment sides of the business. Roles are also available for students in the Office of Risk Management & the Chief Actuary in Business Unit Oversight, Regulatory Support, and Corporate Modeling.
Aspiring actuaries are required to sit through and pass a series of grueling industry exams. To support their needs, the company provides private onsite study space (for use during and after business hours), time-off study days, expense reimbursement, and review seminars to help promote the most successful results.
To supplement the trainees' study outside the office, the company permits a substantial amount of study time during working hours. This study time (days) is granted as follows:
|Requirement||First attempt||Second attempt||Third attempt|
|VEE Corporate Finance||4||-||-|
|VEE Microeconomics & Macroeconomics||2 each||-||-|
|VEE Time Series & Regression||3 each||-||-|
|Exam FM-Financial Mathematics||10||8||5|
|Exam MLC-Actuarial Models||12||9||6|
|Exam MFE-Financial Economics||10||8||5|
|Exam C-Construction and Evaluation of Actuarial Models||15||12||8|
|FSA Exams (5 hours)||18||13||8|
|FSA Exams (2 hours)||7||5||3.5|
|FSA Exam ERM (4 hours)||12||9||6|
|APC/FAC||Time to attend||-||-|
Trainees are generally allowed to choose the days on which they will take their study time and where they will study. Study days can be taken as a quarter, half, or full day. Study schedules are arranged between the trainees and their direct supervisor.
New York Life offers very competitive starting salaries for new trainees. After hire, through a combination of exam increases, merit increases, and promotions, there is a wide range of advancement opportunities.
|Exam Passed||Salary Increase|
|Exam FM-Financial Mathematics||6.0%|
|Exam MLC-Actuarial Models||5.0%|
|Exam MFE-Financial Economics||3.0%|
|Exam C-Construction and Evaluation of Actuarial Models||6.0%|
|FAP Interim Assessment||3.5%|
|FAP Final Assessment||3.5%|
|FSA Exams (5 hours)||8.0%|
|FSA Exams (4 hours and 2 hours)||2.0%|
Each March, actuarial trainees are eligible for a merit increase. The level of a trainee's increase depends upon the trainee's job performance during the prior year. In addition, actuarial trainees are eligible for a short-term incentive award each year.
New York Life is headquartered at 51 Madison Avenue, in Manhattan, across from Madison Square Park. Located between the popular neighborhoods of Murray Hill and Gramercy Park, it is within walking distance of Grand Central and Penn Stations as well as the Empire State Building, Times Square, and Greenwich Village.
The company offers a competitive and flexible benefits package. Details on our benefit plans are presented to new employees when they begin employment.
Vacation time ranges from two to five weeks, based on years of service or job level. Actuarial Assistants generally receive two weeks of vacation; Actuarial Associates and Senior Actuarial Associates receive three weeks. Most years, every employee will receive a total of 11 paid holidays and "personal days." Additionally, employees can take summer half-day Fridays between Independence Day and Labor Day.
Employee organizations and clubs sponsor various social and athletic events throughout the year. Trainees are also eligible to use the free gym facilities. The fitness centers feature treadmills, stationary bicycles, stair climbers, free weights, Nautilus equipment, and two large spaces for aerobics and other exercise classes. The gym and the locker facilities are open before and after work hours for the employees' convenience.
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 pretax dollars to purchase meals.
The Society of Actuaries (SOA) and the American Academy of Actuaries (AAA) are the industrys two leading national organizations. All students are eligible for membership upon attaining Associate status in the SOA. In addition to sponsoring the education and examination program, the SOA and AAA offer two- and three-day meetings, seminars on specialized topics, a web page, a monthly newsletter, and various publications designed to keep the actuary informed of recent developments within the profession.
The company encourages its actuaries to become active in these organizations and attend meetings. The company pays all dues and expenses for its employees in connection with membership in the SOA and AAA and for attendance at their meetings.
In addition to both national organizations, the Actuarial Society of Greater New York (ASNY) serves the local New York area with lectures, seminars, annual meetings, and various social events throughout the year.
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