Pension Consultant

The career prospects, job content, work environment, day-to-day duties, etc.

I think the question that I will never forget was the most difficult one that I had to answer. They asked me an analytical question, where I had to estimate the answer based on little information. They weren’t too interested in what my final answer was, more how I got there and what assumptions I made. It’s the sort of difficult question that you can’t really prepare for, but tests your ability to think on the spot and think critically.

Try to postpone this question until you receive a job offer. Prepare by knowing the going rate in your area. A good resource is the U.S. Bureau of Labor Statistics. If you don’t know the range and the interviewer persists, reply, What salary range are you working with? The interviewer may very well tell you.

The Fair Labor Standards Act (FLSA) sets standards for minimum wage, overtime, commissions, wage garnishments, record-keeping and reporting. Payroll administrators must be very familiar with these laws to comply with FLSA requirements.

Occasionally mistakes in payroll happen. This question allows the applicant to describe how he would resolve a situation that involves a disgruntled employee who needs assistance.

Microsoft applications such as Word, Excel and Access are very important in processing payroll and organizing attendance, hours worked and pay adjustments. Qualified applicants should have considerable knowledge of Microsoft applications.

Actuarial life tables are statistical charts that provide detail about life expectancy in a given population.

The main role of actuary analysts is to save companies money and time, by identifying the possible risk in investment. Apart from that they have to

☛ Identify an area of investment having a minimum risk factors

☛ Avoid the situation where the quantifiable risk is relatively low in terms of the potential gains

☛ To provide actual quantifiable estimates by creating complex financial models

☛ Providing rating or ranking of different investment opportunities based on the risks to the possible returns

You may have gaps in employment for many reasons. Be honest. Speak confidently about the experience you gained during the gaps that could transfer to on-the-job skills. For instance, if you were a caregiver, you likely managed complex personal finance issues. As a volunteer, you might have worked with diverse groups and managed challenging schedules.

A. You felt your career prospects and progression could go no further and you need a challenge where your potential can be exploited.

My greatest strengths are threefold: -

☛ To be able to recognise my weaknesses

☛ I have the ability to pick up procedures quickly

☛ An excellent temperament which means I don't get rattled easily

Actuarial analyst’s works in the insurance industry and use statistical model to analyze the data and calculate the costs associated with certain events such as

☛ Product failure

☛ Accidents

☛ Property damage

☛ Injury and death

☛ Destruction due to natural calamities ( hurricanes, earthquakes, pandemic and terrorist attacks)

Some of the common actuarial software used in industry are

☛ Milliman Acturial software solutions

☛ Moses

☛ GGY-AXIS

☛ Poly Systems

☛ Prophet

☛ PTS

☛ RMISWeb

☛ SAS

☛ TAS

☛ Towers Watson

Lognormal distribution is a probability distribution that is used as a model to claim size distribution; it is positively skewed and has a range from zero to infinity.

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.

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.

Yes, this is something of a generic question, but there’s an added weight to it when asked to actuaries. Because it’s such a candidate-led market, most recruiters are headhunting rather than being deluged by CVs, suggests Stubbings, and as a result they want to see some enthusiasm for the role.

“Why are they moving? Actuaries are not the most among the most risk-taking people, so employers want to understand their motivations for making a move, whether that’s culture or potential career progression,” he says.

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.

Landing a new pension agent position might seem difficult, but by studying these pension agent interview questions and answers, you will be much more prepared.