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.