New York Life's Summer Actuarial Internship Program.
Development, classes, and presentations.
We provide our actuarial trainees with a broad background in both the theoretical and practical applications of actuarial science by combining challenging rotating job assignments and significant support toward the completion of the actuarial exams. We also provide significant opportunities to improve business and leadership skills that will enable advancement throughout the company and prove valuable throughout ones career.
The summer begins with a series of training classes covering a range of topics including Microsoft Excel and Access, VBA, and Prophet (our primary actuarial modeling software). The learning continues throughout the summer in many forms:
- Weekly presentations made by New York Life actuaries, offering the interns exposure to various actuarial roles
- A mentor pairing with a student in the Full-Time Actuarial Training Program
- A one-on-one lunch meeting with an Executive actuary, allowing each intern to see the company from a high level
Interns are typically placed in a pricing or financial reporting division, working side-by-side with actuaries or senior level actuarial students. A summer interns responsibilities are dependent on placement, and may include assisting with:
- Developing premiums and benefits for new and enhanced insurance and annuity products
- Designing new products and product features
- Projecting profitability generated by the companys products
- Analyzing the matching of assets and liabilities, including developing optimal investment strategy
- Quantifying the companys risk exposure and proposing ways to minimize risk
- Performing actuarial research and statistical analyses
At the conclusion of the program, each intern will make a presentation on the project that he or she was involved in during the internship.
Social events and networking.
The interns are encouraged to join full-time actuarial students in social events ranging from weekly softball games to post-exam gatherings. Interns are also invited to more formal company events including the Annual Actuarial Reception, All Campus Enrichment (ACE) day. Other less formal social events include bowling night at the Chelsea Piers, a Mets or Yankees game, a group volunteer activity, and a goodbye ice-cream social.
Interns also participate in many networking and development events to expose them to various non-actuarial areas of the company. There are multiple gatherings that include the entire corporate internship program, which is made up of over 100 interns across the company.
Interns are scheduled to work from late May through mid-August. The company generally hires 14 interns each summer; the salaries are commensurate with the number of actuarial exams passed. Housing is provided by 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.
We seek candidates who exhibit the following characteristics:
- In Junior or Senior year, working toward a Bachelors degree with an accredited college or university (or in a Graduate program)
- Preferred majors: Actuarial Science, Mathematics, Statistics, Engineering, Sciences, Economics, and Finance
- Cumulative GPA of 3.0 or higher
- Strong written, oral communication, and interpersonal skills
- Analytically minded
- Knowledge of modeling packages, programming languages, and spreadsheet/database software
- Passage of one or more Society of Actuaries exams preferred
The 2019 Actuarial Summer Internship Program is now accepting applications.