Essential Pension Examiner Interview Questions & Answers:

1. Tell us what do you think of your current job?

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.

2. Explain 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.

3. Explain 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.

4. Tell us are you able to handle criticism?

I have been working in the insurance industry for some time, so I have become accustomed to handling criticism. I have one coworker in particular who has a real knack for pointing out minor mistakes, and I have learned to take it in stride and implement suggestions rather than fighting someone about it.

5. 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.

6. Can you tell me why should we offer you the position?

I've listened very carefully to what you've told me about the position and on that basis I'm confident that I could do the job as well as, if not better than, the others you have seen.

7. Tell me 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.

8. Please tell me how long would you stay with us?

I see this as a long-term career move.

9. Can you tell me 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.)

10. Tell us the role of Actuary in consulting firm?

The role of the actuary in consulting firm varies, it may include

☛ Give investment advice
☛ Evaluating a company's insurance program cost for the employees
☛ Can work for a labor union to evaluate and estimate what the new health plan provided would cost
☛ Giving evidence on how automobile insurance rates should be determined
☛ Testify in court about the loss of potential lifetime earnings by a person who has been disabled or killed in an accident
☛ Determining the future pension benefits based on the current value in divorce cases.