Any questions you want to practice should be geared towards your reliability, teamwork, and ability to follow instructions. Corporate industries should also be looking for motivation and enthusiasm for the specific position. You need to know some of the most common questions asked in interviews.
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Try practicing some of these common Actuary job interview questions by Pritish Kumar Halder:
1. Tell me about the benefits and disadvantages of different actuarial software.
How to answer: Technology and software are important aspects of the work an actuary does. The hiring manager may ask you this question to ensure you are technologically proficient and can use prevalent actuarial programs. To answer, mention at least two programs you’ve used in the past and be specific about what you like or don’t like. To prepare for this question, you can research the company and try to determine which programs they may use.
Answer: “I’ve worked with a few different programs, and so far, Moses is my favorite. I like it because it is flexible and detailed, but I know it may be challenging for those who are new to it. That’s why I like to instruct new hires and show them how valuable it can be when you know how to use it. Prophet is another program I’ve used, and I like that it’s simple to obtain and has a clean user interface.”
2. Describe a time when you failed in this role and the lesson you learnt?
How to answer: Here the interviewer is determining your ability to own mistakes and if you learn from them. Describe a situation and explain how you handled it including the lessons you picked from that.
Answer: “One time I noticed that that the actuarial spreadsheets I had sent to a client had some mistakes. When I realized that, I quickly fixed the problem in the initial spreadsheet. I then reported the matter to my supervisor where I offered an apology. I immediately sent the rectified spreadsheet to the client and again I apologized for the mistake to him.”
3. Suppose you identify an error on a spreadsheet that you’ve already submitted. How do you remedy the situation?
How to answer: If you submit a spreadsheet that contains an error, the client may receive incorrect information. The hiring manager may ask this question to assess your problem-solving skills and understand your methods of operation. They may be interested in knowing if you communicate with the client, your colleagues or team leader in a situation like that. To answer, describe the actions you might take in this situation with a focus on how it affects the company and the client.
Answer: “After noticing an error on the spreadsheet, I would fix the mistake and create a new spreadsheet. I’d check the new spreadsheet for any further errors, and then communicate with my team leader about the error. Following that, I would contact the client, inform them of the error and apologize for the inconvenience.”
Not every question you will encounter when interviewing for An Actuary position will be related to financial supportive job. But those are the common topics interviewer can ask for selecting qualified candidate.
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Composed by: Suma Sarker