Getting that first Actuarial Job is always hard and actuarial is no exception. It’s very discouraging to not get a response from the company even after sending out dozens of resumes. As we know that due to COVID-19 or market recession many are losing their jobs and many are unable to find a new one.
A study conducted by Glassdoor founds that on average, each corporate job offer attracts 250 resumes. Of those candidates, 4 to 6 will get called for an interview, and only one will get the job. Another study by Ladders found that it takes a recruiter only six seconds to review and evaluate a resume.
We all know, there exists a gap between demand and supply in the fresher level actuarial job but despite this gap, numerous vacancies are filled each year and many freshers are still getting hired.
Most of the time, the problem is not with the job seeker abilities but the way of finding an actuarial job, lot of times they focus too much energy on traditional ways of applying and finding a job and often overlooking some of the most effective unconventional ways of getting the job.
So how can you start your job hunt? Well, we have got it covered for you by using 5 simple unconventional hacks to get an Actuarial job. So let’s get started.
1. Don’t make a generic resume
We live in the year 2020, where having a plain black & white resume is a thing of the past. Being highlighted amongst hundreds of applications is very important and the best way to do that is to add a pint of professional colors to the resume. Highlighting professionally can massively increase the chances of being selected if done right.
One approach is to pick a single professional color (e.g. Navy Blue) and use that color on your name, all headings, and subheadings. Just by using this little trick resume can instantly become more attention-grabbing and the more attention it seeks, the more chances of getting selected.
2. Using the art of following up
Hiring is a tedious process, and most of the time hiring managers got overwhelmed with the resumes they have received. It’s always a good idea to send a follow-up email to the hiring manager, as it not only shows interest in the vacancy but also increases the chances of being selected.
A recent study conducted by Roberthalf.ca in 2019 found that 73% of the hiring managers prefer being follow up in 1-2 weeks and still almost no job seeker does it. While it’s important to remind the hiring manager of your interest and qualifications, it is also crucial not to make the person feel hounded and decrease the chances of being selected.
Ensure that the follow-up email is positive, friendly, and brief. Re-attaching the resume is also a good idea. The last thing is to be pushy and the risk of being removed from consideration for being too persistent. Also, don’t follow up more than twice. If you never hear back from the employer, it’s time to move on.
3. Don’t use a generic email
A study shows 33% of email recipients open emails based on subject line alone, and having generic mail is certainly not an option of the 21st Century. Most candidates either write a very generic mail without highlighting their skills and achievements or write a very long email mentioning everything about themselves which no one has time to read. The best strategy is to write a short and crisp mail highlighting one’s key strengths and achievements.
Mentioning key highlights, in brief, constituting the number of papers cleared, your degree along with the university name, technical skills, and any projects/internship that you have done in not more than 3-5 points would be an ideal approach. Mentioning papers as CM1 instead of CM1-Financial Mathematics and not mentioning non-important extra curriculum activities in the mail can help in shortening the mail and thus making it more readable. A rule of thumb is to make a recruitment email of not more than 150 words.
4. Building connections on LinkedIn to get those Hidden Actuarial Job
There are many Actuarial jobs that a company does not publish on their job portals. So, with the help of LinkedIn, you can get those hidden vacancies. I have seen many students getting job offers even before graduating, all because of their social presence on LinkedIn. Staying active on LinkedIn has 3 advantages:
- LinkedIn helps to stay up-to-date with the industry trends,
- It allows us to connect with more professionals and build a valuable network
- It increases exposure to more vacancies
Writing frequent posts/articles is the best way to build a connection. It not only helps to increase knowledge but also helps to showcase your knowledge and skills to potential employers.
LinkedIn also increases the chances of your selection. If there is any vacancy, before applying directly, ask an employee on LinkedIn to refer you. This can increase the chances of getting selected since the person might be directly sharing the resume with the hiring manager. Also, most companies provide a referral bonus, so if you’re qualified for the job then any employee would be happy to refer it.
5. Using Application Tracking System (ATS)
Various companies automatize their selection process by selecting or rejecting resumes that are not eligible for the job using the Application Tracking System or ATS software. There are numerous free ATS checking websites that check and gives a score on a resume. A score of 25-35 out of 100 can make you an ideal candidate for a job. resumeworded.com, resume.naukri.com, and rezscore.com are some free websites where you can get your ATS score.
There are only a few companies that use ATS to select actuarial candidates. You should still definitely check how it grades on the ATS website. This will not only tell how good a resume overall looks but also tell what needs to be improved. It even tells those minute things which can lead to rejection and suggests how it could be improved. So, it increases the chances of being selected.
Final Thoughts on getting your first Actuarial Job
Job searching can be a struggle. There are often hundreds of people applying for the same role at the same time. The COVID-19 pandemic has made it even harder to find one. There’s nothing more frustrating than an unsuccessful job hunt, but giving up altogether isn’t the answer.
To read more such articles related to Actuarial job, Exam tips, etc. visit The Actuarial Club’s website.
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