1. Explain me what are you looking for?
It takes a lot of thinking to be ready for this question. Avoid speaking in generalities. Be prepared to talk about the kind of work you're interested in doing and how your skills translate to the employer's needs.
2. Explain me what Payroll Forms Are You Familiar With?
Payroll administrators must understand the function and proper usage of various payroll forms. Forms related to payroll include personal data forms, overtime or absence approval forms, expense reimbursement forms and time sheets.
3. Tell me why are you looking for a job?
Keep it brief. A straightforward answer is best. For example, “My organization was forced to downsize.” Avoid negative statements about yourself, your work or your ability to get along with others. Never criticize former employers or coworkers.
4. Tell me do you get on with your current Manager?
I have a good relationship with my boss; he/she is not the reason I'm looking to move.
5. Tell me how long would you stay with us?
I see this as a long-term career move.
6. Tell me what is the Casualty Actuarial Society?
Casualty Actuarial Society is a professional association of non-life actuaries, of risk management professionals who work in industries other than life insurance. The motive of this society is to give knowledge to members and the general public about actuarial analysis of property and liability risk
7. Explain what are your greatest weaknesses as Pension Consultant?
Some people have said my natural enthusiasm is a weakness, but I found my administration skills were weak. However I have recognised this and come to terms with it. Consequently, it is no longer a major problem.
8. Tell me how Do You Stay Organized?
Organization is key to accurate and timely payroll processing. Highly organized payroll administrators have information about pay, deadlines, taxes and other important data all in one place for ease of access.
9. We don't have many employees who are your age. Would that bother you?
Explain that you believe your age would be an asset, you are eager to learn and it doesn't matter who helps you. Describe recent experiences, whether at work or in other situations, where age diversity has been an asset.
10. Tell me what is the role of actuarial assistant in the insurance company?
Actuarial assistant is a helping hand to actuary; it plays a valuable support role to the actuary, assisting with the calculation of premium rates, policy liabilities and developing new products.
11. Explain this is how we do things around here, what would you change?
This is more of a test of personality than technical skills, An employer is essentially asking the actuary to use their professional judgement to identify a problem, but explain it in an easily understandable way.
12. Do you know what is actuarial report?
An actuarial report includes the future and current conditions of the fund, like in case of pension or insurance policy, it helps to decide whether it meets the need of people depending on it. For government organization, this actuarial report is available on public request, while, for privately managed fund, it might not be accessible to the public.
13. Explain what do you think of your current job? / Why do you want to leave?
As a company they are fine but I do not think they can match my ambitions with the possible opportunities offered and now is a right time for me to move on.
14. As you know we have state-of-the-art technology. Would you be able to jump right in?
Show you are adaptable and tech-savvy. Provide specific examples of projects you've done that required computer skills, computer programs you know, and your familiarity with social media. Emphasize any training you've had to keep your skills up to date.
15. Tell me in your role in Pensions consulting what are your responsibilities?
My work is generally very varied, which is great. Responsibilities can range from assisting with funding updates or valuations to running calculations for specific clients on an ad hoc basis.
In my role, from early on you can get heavily involved in projects and become a key member of the team, working with a variety of clients.
16. Explain typical IRS Forms Such as Form W-2 and W-4?
Payroll administrators process payroll tax information. IRS forms W-2 and W-4 provide employers with the information needed to withhold income taxes from employees' wages. Familiarity with these forms ensure the candidate understands how to properly prepare these documents.
17. Tell me do you think your boss is a good Manager?
I have never had any problems with the management expertise of my boss and as already mentioned he/she is not the reason I'm looking for another job.
18. Tell me a time when you had to take initiative?
Once a coworker was trying to sign a prospective client. Our boss constantly had to check in with him to see what progress was being made, and the work simply was not getting done at the pace the boss wanted. There was a significant risk that we would lose this big client. I did not want to overstep any boundaries, but I offered to help my coworker with the research. I think my coworker was a little too prideful to outright ask for help, but I could tell he was grateful for the help, and we ended up splitting the commission when we landed the client.
19. Tell us what Is Your Experience with Computerized Payroll Systems or Software?
Payroll systems accurately maintain data related to payroll processing. Familiarity with formal payroll systems and computerized software ensure the candidate has experience with current payroll technology.
20. Tell us do You Have Experience Processing Special Pay Items?
Special pay items are not processed in the same manner as regular payroll. These items include pay for incentives and bonuses, as well as pay for work completed by contract specialists.
21. Do you know what does a pension actuary do?
The job of pension's actuary is to help pension's providers to set the pension rates and craft retirement policies that minimize risk. They apply their skills to the creation and maintenance of sustainable retirement plans. Majority of the pension actuaries work in a pensions actuarial firms while others work in government bodies.
22. Explain where do you see yourself in five years time?
At the moment in five years time I can see myself progressing along my chosen path and currently I would like to progress into a managerial role. But, if in two to three year's time a better, more suitable opportunity shows itself, then I would give it my consideration. Actually I would like to have won the pools and be sitting on a boat drinking wine in the Med. (Humour can sometimes help.)
23. Tell me aren't you overqualified for this position?
Even though overqualified can be shorthand for "old" or "expensive", it's important to stay positive. Express your enthusiasm for the job and pride in your qualifications. Explain what makes you interested in this position at this point in your career - such as wanting to apply your skills to a new field, not wanting any management responsibilities, or to achieve more flexibility and work-life balance.
24. Explain me how difficult is it balancing your day-to-day work and studying for your CFA exams?
The actuarial exams can be very challenging, however Aon are extremely accommodating in helping graduates balance their work and studies. They assign you a considerable amount of study days including tutorials in order to allow you to spend time focusing on your studies. From speaking to friends I know at other firms looking to pass the actuarial exams, Aon gives us an above average amount of study days.
You are also able to take these days when you like, as long as it doesn't mean that you neglect your duties to clients that you are working with. People that you are working with are generally very accommodating when you are looking to study for your exams because they have all been through the process before.
25. Tell me how Would You Assist an Employee Whose Tax Withholdings Are Inaccurate?
This question illustrates whether the applicant has experience changing employee income tax withholding amounts. The applicant should be able to describe the necessary forms to use and the process for changing the information in the payroll system.
26. Tell me the role of chief actuaries?
Chief actuaries act as an actuary head or supervisor for the government organization as well as corporate. They keep an eye on other actuaries and distribute and direct assignments. Also, they prepare reports and reviews of business functions like budgets and mergers. Further, they implement policies and guidelines relating to actuary risk analysis.
27. Explain some of the topics that Actuary should be proficient in?
To become a successful actuary, you must have a good hold on
☛ Calculus
☛ Linear Algebra
☛ Differential Equations
☛ Probability & Statistics
☛ Regression Analysis
☛ Time series Analysis
☛ Accounting
☛ Finance & Management
☛ Economics
☛ Computer science & communication
28. Explain me what are the responsibilities of a property or casualty actuary?
As a property or casualty actuary, responsibilities includes
☛ Conducting studies and analyzing of rates according to geographical area and type of insurance, such as homeowner rates or automobile rates
☛ Preparing materials or evidence that tells the changes in the rate for insurance is legitimate
☛ Developing plans for the company to enter a new line of insurance
☛ Conducting research on new statistical models and methods for estimating claims
29. Explain a situation where you had to express an opinion in a tactful manner?
Once I was discussing a potential pension plan with a client. She had done her research and had acquired information from a different company. I tried explaining all the benefits she would get from us, but she countered that the other company offered the exact same benefits at a lower rate. I looked into the situation and found that the client was right, so I explained that going with another company was the right move, but if it ended up not working out, we would be there to assist her. A few months later, the client came back saying she was unsatisfied with the services she was getting from the competition, and wanted to work with us.
I get on extremely well with my colleagues and those that work around me. We are always bonding with each other via team lunches and events, as well as the regular Friday evening at the pub.
With regards to their backgrounds, because my area of business is quite mathematical there isn't a huge range of different courses represented. However there is a common misconception that my role is only open to those studying mathematics at university, which is not true. Other courses represented around me include Physics, Engineering and Economics amongst others.
You do not need a mathematics degree but you may need a mathematical element to your degree.
Employees who do not complete their required payroll forms make the payroll administrator's job more challenging. Asking this question allows the applicant to explain how she would handle this to ensure the worker still gets paid.
I personally think that Aon make it extremely easy to settle in and it is very hard for you not to find people to talk to or someone to confide in if you have any problems. You are even assigned a buddy that you can ask any questions you like, these can range from asking about pensions to something more general about how certain things work at the company. This can really help to make sure you feel in the loop at a new company. I have been very fortunate to find a firm in which everyone is friendly and welcoming.
Before starting work in the office, the graduates go on a residential induction where they can get to know each other and learn a bit about what their role is within the firm. It's a really fun experience, and it means that when you start in the office it's easier to settle in because you've already made friends there and have a general understanding of your role.
33. Tell me what proactive actions have you taken in order to create a more efficient workplace?
Before I started working at my last job, there was no referral program in place. They mostly relied on cold-calling to get new clients, so I recommended to my boss that we should offer incentives to current clients if they refer someone over to us. It took some convincing, but he agreed to try it out. We ended up getting a lot more business out of the system.
34. Explain me what are the skills required to become actuarial?
Skills required to become actuarial is
☛ Good understanding of statistics and math's
☛ General knowledge of business and finance
☛ Basic knowledge of programming languages, statistical analysis programs, spreadsheets and databases
☛ Good communication skills which include preparing reports and giving presentation
☛ Good analytical and problem-solving skills
Part of the reason for asking this question is to gain an idea of how the actuary interacts with peers and managers – whether that's developing or assessing a junior colleague, or responding to the demands of a superior. However, very often simply calling on actuaries to relay this information is a test of their communication skills.
“Employers want to see evidence of healthy working relationships, but half the point in asking it is to see how actuaries respond when they're required to tell a story for five minutes,” he says. “Increasingly, it's important for actuaries to be commercial as well as technical and communication skills are integral to this.”
