How to Handle a Return Offer

When summer comes to a close, many actuarial science students receive return offers from companies they interned with. All that hard work has paid off, and they want to keep you in their ranks.

This news, while extremely exciting, might also be a source of confusion. Should you accept the offer or explore other options?

Many students I've spoken with have faced this dilemma, and there's no easy answer. While I can't tell you the exact right thing to do, I can provide some perspective to help you make the right decision for yourself.

Here are three paths you might consider in responding to that exciting (yet conflicting) new return offer. I'll also provide my thought process when I received return offers.

1. Ask for a full-time offer next year.

First, you could ask your company directly if they would consider a full-time offer next year, even if you intern elsewhere. Being honest, open, and explicit often goes over very well.

Explain your thought process and reassure them you ultimately do want to work there. However, you'd like to gain new experiences to ensure you're a well-rounded and resourceful actuary when you start full-time.

For example, you might want to see how other companies manage work. You could then bring new best practices to the company when you start full-time. Provide an answer that works for you and the knowledge you'd like to gain.

2. Consider if you'd work somewhere else.

Ask yourself, "Would I work somewhere else if I got a full-time offer from another company?" If your answer is definitely no, then returning to the same company might be your best option. You can accelerate your career there and continue learning a new area with a new team.

If there is a possibility that another opportunity or another experience could cause you to want to live or work somewhere else, an internship is the cheapest and best way to explore that.

3. Remember that you have options.

If you’re certain about your field of practice, then you can always change jobs or careers after two years.

I like to remind students about how much demand there is for their skillset and how easy it is to move around. I have gone to work at companies that weren’t hiring at the time by simply calling and talking to their head of recruitment.

It’s hard to find good actuaries who want to work for a given company, and with a little pushing, you can work almost anywhere (within your given practice area, of course).

My thought process for internships.

I think the questions, conversations and considerations above should help you make a decision. For what it’s worth, here was my thought process when thinking about internships:

1. I always wanted to get paid to work in cool places. For example, I worked as a boat hand in Europe for a summer, I took a semester off school and interned in Cabo San Lucas Mexico, and I took an actuarial internship in California for Pac Life. Internships are great ways to get paid to travel.
2. Being successful often comes from your unique perspective. Everyone will be technically competent, and you will develop product and technically specific skills just by working and taking exams, just like everyone else. However, the experiences you have that are different from everyone else make you stand out. I always felt that internships were a great way to do something totally different from my peers.
3. You should have fun while you’re young. That could be getting paid to live in a place where you’re familiar and comfortable, or it could be exploring a new city or experiencing how a small insurance company works. That is for you to decide, but these few years in your life of complete freedom won’t return until you’re retired. Do some cool stuff and have fun doing it.

Getting a return offer from a company you interned with is a great accomplishment. However, it can also pose some dilemmas for you as an actuarial science student who wants to make the best career choice.

Ultimately, the decision is yours to make, and there is no right or wrong answer. Whatever you choose, remember that you have a valuable skillset and a bright future ahead of you!