The Actuarial Study Program: Supporting the career growth of our actuaries

At Blue Shield of California, we’re proud to support the professional growth and development of our people. One of the ways we do this is through our Actuarial Study Program (ASP). This work study program is designed to help the professional growth of our actuarial staff by providing education, work experience, and financial assistance. Designed to help students achieve a high level of technical competence, business judgment, and leadership skills, it’s a benefit to both our participants and Blue Shield.

The end goal of the Actuarial Study Program is for an actuary to achieve the designations of Associate of the Society of Actuaries (ASA) and Fellow of the Society of Actuaries (FSA). Participants must be employed by Blue Shield full-time in the Actuarial & Analytics Department or be approved by the Chief Actuary.

To gain further insight into the Actuarial Study Program, we asked four participants to share their experiences.

Q: What first attracted you to Blue Shield?

“Blue Shield’s mission to provide affordable and accessible health care to all Californians was very inspiring and resonated with me. I was drawn to the idea of working for a not-for-profit organization that prioritizes making a positive impact on the quality of people’s lives rather than generating profits for shareholders. I appreciate the emphasis placed on ethical and transparent business practices and the organization’s efforts to continually improve the quality of care provided to members.”

Q: What brought you into the actuarial field?

“I became interested in the actuarial field during my undergraduate studies in mathematics. As I learned more about the field and its applications, I was drawn to its unique combination of technical skills and business acumen. I was attracted to the actuarial field's reputation for being an intellectually stimulating profession, where constant learning and development is required to stay up to date with the latest industry trends and regulations. I was eager to work in a field that would provide me with the opportunity to continually develop and refine my analytical and problem-solving skills. The actuarial profession offers a clear and defined career path, with a structured system of professional exams and certifications that demonstrate expertise and competence. I have found the work to be both rewarding and engaging, and I am excited to continue my career as an actuary.”

Q: How do you like participating in the actuarial study program?

“As an actuarial student, I find the study program to be an invaluable resource for my professional development. The program provides a structured and comprehensive approach to preparing for actuarial exams, which is essential for success in the field. I appreciate the level of support and guidance provided by the program, which includes study materials and paid study time. Furthermore, the program has provided me with access to a community of like-minded professionals who are passionate about the actuarial field. I have had the opportunity to network with other students, which has been both motivating and informative. Overall, I believe that the actuarial study program is an essential part of my career development, and I am grateful for the support and resources that it provides. I am excited to continue my participation in the program as I work towards achieving my ASA (Associate of the Society of Actuaries).”

Q: Do you feel like you’re able to have a healthy work-life balance?

“As an employee, achieving a healthy work-life balance is important to me, and I am glad to say that my current work situation allows for this balance. I believe that having a good work-life balance enables me to be more productive and focused during work hours, and it also allows me to engage in activities outside of work that are important to me like surfing, skiing, and gardening. Every manager I have had has been supportive of this balance by providing flexible work arrangements and balancing the distribution of work among the team. Overall, I feel I am able to maintain a healthy work-life balance, and this has been a key factor in my job satisfaction and overall well-being.”

Q: What’s your favorite part of your job?

“I find great satisfaction in solving challenging problems on a team that shares the same sentiment. It is exciting to be working for a forward-thinking and innovative company that stays up to date with current trends, such as using machine learning models in predictive analytics. I am learning and growing each day, which is something I find very important.”

Q: What brought you into the actuarial field?

“I learned about the actuarial profession for the first time back in my college years. I love working with numbers and the fact that I could study for exams while working as an actuary sounded fascinating.”

Q: How do you like participating in the Actuarial Study Program?

“It’s really great. The program offers generous study hours and covers exam fees, which reduces the financial burden students often face.”  

Q: What advice would you give to those who are either employees of Blue Shield or prospective candidates considering applying for the Actuarial Study Program?

“Give it a try and sit for one exam (my recommendation is exam P). That gives a general idea of balancing working and studying. Also, reach out to the Actuarial Student subteam to get more of an understanding of this program.”

Q: What’s your favorite part of your job?

“The fact that I am learning new things every day! I did several rotations and through cross-functional projects, I gained knowledge across different lines of business and perspectives. In my current role, I also have a lot of opportunities working with different teams and vendors.”

Q: Do you feel supported by Blue Shield in your career growth and development?

“Yes! My team always supports my exam planning, celebrates me when I pass, and encourages me when I fail. Without their support, there is simply no way I could have made it this far.”

Q: What first attracted you to Blue Shield?

“I was first attracted to Blue Shield because of their values of being Honest, Human, and Courageous. I particularly like the Human value because I believe it is important for everyone to feel that they are in a safe space to be their authentic selves and to exhibit empathy for others.”

Q: How do you like participating in the Actuarial Study Program?

“I love participating in the Actuarial Study Program because it provides me with the tools I need to further my actuarial career. In particular, having time off to study is invaluable to preparing for and passing actuarial exams and fulfilling other requirements.”

Q: Do you feel like you’re able to have a healthy work-life balance?

“I do feel like I am able to have a healthy work-life balance, though a large part of it comes down to time management. When I am studying for an exam, I put together a timeframe for when I want to complete different sections of the material and always try to keep to this schedule. I have to be mindful of both my work responsibilities and my real-life obligations in order to balance the two.”

Q: What’s your favorite part of your job?

“My favorite part of my job is learning about the healthcare world. There is a lot to learn, and everything can seem tangled together, but it makes the moments of understanding feel more amazing. I have a lot of untangling to do.”

Q: What are your future career goals?

“My future career goals include becoming a better analyst with a larger skillset that can take on more responsibility, expanding my knowledge of the healthcare world, and completing the requirements to obtain the ASA (Associate of the Society of Actuaries) and FSA (Fellow of the Society of Actuaries).”

Q: What first attracted you to Blue Shield?

“First and foremost, Blue Shield had a job opening for an entry-level actuary. But after researching more about the company I came to appreciate their 2% pledge (to give back everything over 2% in revenue to their members and communities served). This isn’t a company that is simply trying to maximize profits and gouge consumer pockets. Blue Shield’s mission to make health care more affordable felt like a more meaningful goal to strive for.”

Q: What brought you into the actuarial field?

“My dad and brother were both actuaries for much of their careers, so I knew a lot about what it meant to be an actuary. I also felt confident in my test-taking skills, which made the preliminary actuarial exams an enticing way to distinguish myself. After passing the first two exams I felt confident that I could succeed in this career.”

Q: How do you like participating in the Actuarial Study Program?

“The study program provides much-needed support for the actuarial exams. It is very challenging to spend 100+ hours studying for an exam while also working full-time. But the Actuarial Study Program provides a significant amount of free study time to make that possible. Also, the raises that come with passing an exam are fairly meaningful and allow you to raise your income without having to worry about things like corporate politics getting in the way.”

Q: What advice would you give to those who are either employees of Blue Shield or prospective candidates considering applying for the Actuarial Study Program?

“To get the most out of the study program, you want to pass the exams, which ultimately contribute to increasing your salary. Some advice for getting that passing score:

1. When preparing for exams, even if you feel ready, it’s always worth it to overstudy and minimize the likelihood of failure. I always aimed to get at least a score of 8 for every exam I took.

2. The way you schedule your study hours is really important. Most people plan to ramp up their study hours as the exam gets closer, which I find to be a risky strategy. If you fall behind schedule or if the exam is harder than expected, you will run out of time. I recommend taking a more balanced approach where your study time is equally distributed in the beginning, middle, and end of the studying period.

3. If possible, I would limit your study sessions to no more than two hours at once and no more than one hour after work. Not only is this a more efficient use of your limited study time, but it also goes a long way in maintaining your work-life balance.”

Q: What’s your favorite part of your job?

“When I first started this job, I thought I would be following specific orders and maintaining standardized models, but I’ve ended up creating a lot of totally new reports and ad-hoc analyses. This type of work allows for more creativity and freedom, which I enjoy."

The Actuarial Study Program consists of a series of core exams for the Associate of the Society of Actuaries (ASA) and the Fellow of the Society of Actuaries (FSA), which must be completed within six years from the program start date, and each exam must be passed within three sittings. Blue Shield covers the cost of the first two sittings, and 50% of a third exam sitting. Once the core exams are completed, the remaining requirements must be completed within eight and a half years. Paid study time during normal working hours is embedded in the program and allowed upon management approval.

Additional benefits of the program include paid exam sitting days, company funding of study materials, and salary increases per the program’s specifications once passing the exams.

The goals of the program include:

·      Providing and promoting career growth and development opportunities

·      Broadening one’s skill set and knowledge base

·      Improving organizational results

If you’re interested in starting an actuarial career with Blue Shield where you can continue to learn, study, and grow, check out our open career opportunities.