How to Survive a Tough Job Market

[Mark]

From: The Future Actuary

==

Wei Zou
With a looming recession, workers getting laid-off and soaring gas
prices, this is probably one of the more difficult recruitment periods
in the past decade. Nevertheless, graduating seniors still need jobs
and juniors still need internships. Thankfully, companies are still
hiring, albeit more conservatively. This article will help shed light
on how you can still survive and thrive in the current job-market.

Make Yourself a Better Candidate!
The only way to separate yourself from the pile of applications is to
do just that, stand out!

1. Start taking actuarial examinations or other relevant forms of
standardized tests to improve your qualifications as a candidate (CFA,
CPA or even the GMAT). Starting your modules now would also show your
commitment towards being an actuary and your willingness to go that
extra mile to succeed.

2. The biggest mistake most students make is to put off their resumes
until application deadlines are a week away. Go to a career counselor
or talk to your professors to get insights into writing your resumes.
Most professors and administrative staff have had run-ins with
recruiters and they know exactly what recruiters are looking for in a
resume. Burn through at least three resume drafts before recruitment
season starts and don’t be shy about asking feedback from friends and
colleagues. There is a Web site, Razume.com, where resumes are
anonymously posted online and reviewed by forum members. It is a great
resource for resume reviews and samples. Trust me, when you don’t put
enough time into your resume, it is glaringly obvious to anyone who
reads it.

3. Keep up with financial news. Actuarial science is closely related
to finance (that is why you took exam FM) and being current with the
news will give you a better perspective of the economy and the
insurance industry. Spending five minutes a day reading the headlines
on Bloomberg.com, CNBC.com or wsj.com should be sufficient, unless you
are targeting a job in finance. By recruitment season, you should know
what the sub-prime mortgage crisis is and how it has disabled the
global economy. If not, you are at a disadvantage.

Getting the Interview
After perfecting your resume, you still need to convince recruiters to
give you an interview.

1. Apply to as many firms as possible. The more applications you
submit, the higher probability you will get at least one interview.
Even if there is only one company you will ever want to work for, it
doesn’t hurt to still apply to other companies and have back-up plan
B, C, D or even E.

2. The alumni network is the biggest university resource most students
overlook. Alumni have been in your shoes and know exactly what you are
going through to get an actuarial science degree. Due to the
relatively small size of most actuarial programs around the nation,
alumni are generally more willing to help underclassmen because you
share a unique connection with them as a member of that special
program. However, don’t go off calling every alumni you know asking
for a job. Instead, initiate contact and invite them for coffee or a
15 minute phone call. Ask them what they like about their jobs and the
firms they are working in and express interest in getting a full time
position within the industry. Remember, alumni do not have the
obligation to help you and you’ll need to convince them that you are a
great candidate for the position. Asking for a job upfront makes it
awkward and turns the alumni off.

3. If all else fails, start cold-calling companies. 80 percent of the
job market is hidden, and you need to actively look for opportunities.
The SOA Web site has a great directory of companies recruiting
actuaries and would be a great place to start. Begin by creating a
phone script like “Hi, my name is John. I am a graduating senior from
XXX and have passed P and FM. I am calling to inquire if they are any
employment opportunities within your firm.” Keep it short and sweet.
Since most people don’t have the courage to do cold-calling, most
recruiters tend to be very nice on the phone and will even refer you
to another company if they don’t have an open position. The secret to
cold-calling is sounding enthusiastic and interested in a job while
not appearing too desperate. When I started cold-calling firms in New
York, my voice was trembling during the first few calls, but after my
third conversation, I became very comfortable and natural with it.
Practice makes perfect.

4. Be aggressive and show initiative. Show up for company events, talk
to recruiters, and ask relevant questions about the company during the
Q&A sessions. These will make you stand out and show the recruiters
that you are serious about pursuing a career with them. Even if you
missed the deadline to sign up for an interview with a firm, send the
recruiters and email along with your resume and tell them to give you
a call if an interview slot opens up. When I missed the deadline for
Swiss Re last year, I showed up for their presentation, asked a couple
of questions when no one else would speak up and gave the two
recruiters a copy of my resume and cover letter before asking them if
they would consider granting me an interview. They told me that all
the slots were full and it would be highly unlikely that I would get
an interview. I went home empty-handed. Nevertheless three days after
the on-campus interview, they sent me an e-mail to see if I was
interested in having a phone interview with them as they were
impressed by persistence and initiative. I eventually got the offer.

In the Interview
1. Preparation is key. Do mock interviews, research the company
beforehand, prepare perfect answers and set up questions for the
interview. How is the company different from its competitors? How are
you specially suited for the job? Why are you interested in the
company? What are your greatest strengths? Know answers to these
questions! Investment banking interview guides are also a good
resource for interview questions as banking interviews are often known
for their no-nonsense tough questions.

2. During the interview, don’t just rattle off things of your resume
like a robot. Instead, craft a story that would explain to the
recruiter why you would be a great employee. Interviewers would rather
hear a story on how you juggled a full-time job while studying for
exams, than listen to someone boasting about their GPA and exams
passed. Companies are looking for real people as employees, not test-
taking machines.

3. Be positive! If you realized that you slipped up during the
interview or said something you shouldn’t have said, take it in stride
and remain positive. Take the opportunity to explain yourself or
correct your mistake at the end of the interview or though a thank you
note. More applicants get rejected for panicking during the interview
than for a mistake they didn’t address graciously later. I had a final
round consulting interview last year where I had to give an impromptu
presentation to a panel of recruiters and other applicants. I was the
first presenter and didn’t do as well as I wanted. I felt horribly
disappointed with myself after my presentation and just sat on my
chair sulking to myself for the rest of my super-day. When I got
feedback, the recruiters agreed that I didn’t do too well for my
presentation, but said they would have still offered me a job if not
for the negative vibe I was giving out throughout the day. The lesson
I learned? Be confident and stay confident.

4. Follow-up on interviews by sending a thank you e-mail. Everyone
sends thank you cards and e-mails nowadays. Sending one will not score
you extra brownie points, but not sending one might hurt you more than
you will imagine.

The Job Offers
1. The world would be a perfect place if everyone got what they
wanted. Unfortunately, that isn’t the case, especially in a tough job
market. If you didn’t get your dream job, don’t give up. Your first
job is merely your entry point into the working world and does not
define your entire career path. Most people eventually quit their
first jobs and do something entirely different. So use your first job
as an opportunity to improve yourself and increase your chances of
getting where you want to go next time around.

2. Actuaries are increasingly pushing the boundaries of the
profession. Actuaries are known for their quantitative and analytical
skills and are not only limited to working in insurance companies
anymore. Actuaries are highly sought after in other industries such as
banking, management consulting, hedge funds and private equity firms.
Look beyond the traditional field of work and you might be pleasantly
surprised.

3. As for international students, international working visas are
becoming increasingly hard to come by. It would be wise to apply for
jobs in your home country in addition to the target cities you would
like to work in. Throughout the process, frame your international
background and versatility as a strength. Brush up on your business
speak and practice speaking more formally. If you play your cards
right, the odds will be in your favor.

Finding a job is never easy, and doing it in a tight job market only
makes it harder. Although this article mostly focuses on finding full
time positions, it is still highly relevant for sophomores and juniors
looking for internships as they will mostly face the same problems.
Remember, luck is when preparation meets opportunity. Prepare to your
best capability and be aggressive in looking for opportunities—the
rest will take care of itself.