1. Consulting Actuarial Internship at Aon Hewitt

2. How I got my Internship ½ - 1 hour time commitment per day Networking Linked In Join Groups and connect to people from your email account Write personalized connect invitations Complete your profile with picture and recommendations Profile = Online Resume Events where you can meet actuaries International Association of Black Actuaries (IABA) Gamma Iota Sigma (GIS) Society of Actuaries (SOA) Chicago Actuarial Association (CAA) Risk and Insurance Management Society (RIMS) International Association of Insurance Professionals Personalized letters of inquiry to Actuaries soa.org advanced search to get contact information

3. How I got my Internship Contd. Research before interviewing Company Recent Mergers or Acquisitions CEO and other executives Culture Reviews see glassdoor.com Typical Interview Questions see glassdoor.com What the company looks for in their candidates Interviewers Name From where Hobbies Actuary Career Type Recent changes in the law Which products are most important Recent issues

4. How I got my Internship Contd. Prepare Stories Situation Task Action Result Google Search Yourself Everything is positive Something comes up Let the Companies compete Apply online Always create a personalized cover letter

5. Consulting In a Nutshell Companies helping Companies Retirement and Health are the biggest segments Work is done on client teams Not as much travel as you would think HR services companies hire the most actuaries Aon Hewitt Towers Watson Mercer Milliman Buck Advanced search on soa.org to find others

6. Retirement Defined Benefit (DB) VS. Defined Contribution (DC) Defined Benefit Benefit is defined by a formula Contribution is not defined Investment risk is on the company More actuary work Your grandfather’s pension Defined Contribution Contribution is defined by an agreement Benefit is not defined Investment Risk is on the employee Less actuary work 401(k)

7. Retirement Issues Low Interest Rates Longevity Risk Legislation ERISA (1974) Pension Protection Act (2006) Pension Relief Act (2010) Map 21 (2012) Liability Settlements

8. Health and Benefits Self Insured Vs. Fully Insured Stop loss or Reinsurance Leverage Recent Legislation Patient Protection and Affordable Care Act (PPACA) 2010

9. My Internship at Aon Hewitt Client work on day 1 Very collaborative Plan Design Modeling Incurred but not Reported (IBNR) analysis Non-Discrimination Testing of Cafeteria Plans Compiled Non-discrimination test data for last 3 years to create benchmarks by industry Presentation on the relationship between premium credits and penalties in the PPACA

11. Consulting Vs. Insurance Consulting More seasonal More hours More people/client/team oriented Less technical More salary Insurance Less seasonal Less hours Less people/client/team oriented More technical Less salary

12. Questions?