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An actuary is a professional who is specializes in determining the probability that certain future events will occur. These professionals may also be responsible for practicing risk management and lessening the impact of potentially undesirable events. Actuaries commonly work in the insurance industry, in the financial industry, and in any other industry where it can be helpful to determine factors such as risk and pricing. An actuarial summer internship is used by many aspiring professionals in this field to get experience and to connect with potential employers, references, and colleagues. In order to choose the best actuarial summer internship, it can be helpful to consider factors such as whether it is a paid or unpaid internship, provides you experience relevant to your goals, and is in a practical location.
There are two basic kinds of summer internships for aspiring actuaries. A paid internship is one in which the intern receives payment for work that he or she does. In this sense, the internship is much like a temporary job. An unpaid internship, on the other hand, does not include payment for the intern, but, as in the paid internship, he or she may receive valuable experience and may also connect with actuarial professionals who may later serve as employers, colleagues, or references. Choosing the best actuarial summer internship may depend on the finances you have available to you since an unpaid internship may take as much time as a paying job and is not an immediately lucrative position.
Actuaries work in a variety of different industries. Some individuals who are considering a summer internship prefer to be placed in industries that reflect their long term career goals. If you believe that you have a future in one of the insurance industries, then you should choose an actuarial summer internship that allows you to learn about the practices of the typical insurance actuary. Likewise, if you prefer to work as an actuarial consultant for businesses and financial firms, it can be helpful to make sure that you are able to get the relevant experience concerning market and credit risk.
Summer internships for actuaries are going to vary in terms of location. Choosing the best actuarial summer internship may require you to consider your location for the corresponding summer. Most summer internships only last a few months, so if you are required to make a change in location, it is only for the short term. Many aspiring professionals who are choosing summer internships prefer to work close to home since this way can be less expensive and easier to manage.