Website Principal Financial
Pursue your calling and make an impact.
We know its important to get off to a great start with your career. Principal offers multiple opportunities to gain experience, make connections, and provide fast-tracked opportunities to learn our business from the inside out.
Youre not just looking for an internship.
We hear you. Thats why working with us isnt just about skill sets and job responsibilities. We care about offering you diverse experiences, rewarding challenges, and global opportunities that push you to reach for bigger life goals.
The Internship Experience
Principal will host 200 interns across various business units and teams. You will meet with senior executives, gain career direction, and contribute to work that helps our customers live their best lives – all at a Fortune 500 company who invests in your personal and professional development.
Did we mention youll have plenty of time to explore Des Moines?
Principal is headquartered in Des Moines, Iowa, the Midwests best-kept secret. Youll get a chance to network at social events and volunteer in the community with peers and team members. From its miles of trails and lakes, local wineries and breweries, to world-class music, theater and a thriving foodie scene, Des Moines offers big-city perks with small-town charm.
Find out more
Actuarial Internship Responsibilities
You will be part of a community of over 100 actuaries at the company. You will have the chance to develop and use technical skills to do actuarial research and calculations, and provide actuarial services and support to departments throughout the company. You will also learn about Principal, and about the key roles that actuaries play here. Well provide you with guidance on how to apply professional standards that relate to actuaries at all levels.
Projects and responsibilities vary based on business need, but here are a few examples of what previous interns have accomplished:
- Cluster Modeling Project efficient method of compressing a model with the goal of improving the runtime. Retirement and Income Solutions Financial Modeling Team
- Updating experience studies this project involves looking through our data to determine the frequency and severity of our claims across demographic groups. What we find directly affects the pricing of our products by setting assumptions based on both our internal experience and industry-wide experience. Specialty Benefits Division Individual Disability (IDI) Team
- SAS Asset Reporting Tool – help us understand why things are changing from projection to projection, allowing us to better analyze future performance from block to block. Retirement and Income Solutions Financial Modeling Team
- Analysis of Foreign Exchange Rates explore the impact of fluctuations in foreign currencies on Principals international insurance and retirement businesses. This work helps our international business enhance its strategy around how we manage the complex risks of the global marketplace. Specific responsibilities included: identifying model elements most likely to be impacted by the economic environment, designing and running test scenarios, analyzing results, summarizing findings in a memo. Principal International Actuarial Team
Whats a CodeJam?
Have you heard of an Actuarial Intern CodeJam? We didnt think so – consider it a hackathon for actuaries. Youll work with an all-intern team to identify and implement a solution to a business problem. Check out what Mitch (Maryville University) had to say about it: I had a very helpful and talented team, as well as very fun and encouraging project leaders. CodeJam was an excellent way to stir up the talents among the actuarial interns to not only take on difficult tasks, but also to increase our understanding of the company as a whole. I think the experience strongly reflected the core values of Principal and should definitely be made into a tradition.
- Current enrollment at a college/university with focused studies in actuarial science, statistics, mathematics or related major
- Strong analytical, problem-solving and effective communication skills are required.
- Desire to be successful in the education system of the Society of Actuaries is required. We require candidates to have completed at least one course in the education system.
- Candidates must be able to balance collaborative and independent work. We also want candidates who are up for a challenge and are ready to meet and exceed high expectations.
- Candidates should demonstrate the desire and ability to develop into business leaders so be sure you include examples of informal and/or formal leadership on your resume.
- Strong preference will be given to students who are fluent in English and any of the following languages: Mandarin, Spanish, and/or Portuguese.
- Knowledge of Excel and database or similar PC software packages, or the ability to learn, is preferred.
What interns are saying about Principal
Actuarial internships at Principal are filled with exceptionally rewarding experiences. I immediately started working on important tasks for my team. I became responsible for aspects of the weekly rate setting process for the fixed deferred annuity products. Throughout the summer, I also worked to both create and justify an assumption change in the dynamic lapse model. Beyond learning by doing at my desk, Principal provided plenty of sessions to learn from senior leaders about the other departments within the company. Finally, I always felt like there were plenty of ways to stay active during the summer. Activities ranged from going golfing to eating at places around town with members of the actuarial student program. My personal favorite activity involved coordinating with the other actuarial interns at the apartments provided by Principal to go Frisbee golfing. If you are even slightly considering Principal, I would highly recommend that you apply! JT, University of Iowa, Actuarial Intern Summer 16, Actuarial Development Program
The actuarial internship program provides great insights into the actuarial development program. You are treated just like a full-time employee, with numerous learning opportunities during work time, such as meeting with senior executives and lunch and learns. Whats more, there are plenty of fun activities planned outside of work time, which helped to form a very strong community. Being a former intern (for two summers) made the transition from a student to full-time employee very easy. Working in Principal International, I can see my work impacting the decision making process. Amy Zhou, Grinnell College 16, Actuarial Intern Summer 14 and 15, Actuarial Development Program
Principals actuarial intern program has been an invaluable step for my personal development and professional career. I was given the opportunity to enhance my technical skills, create truly valuable work, and meet with top executives across the company. Des Moines exposed me to a local and professional community second to none, embracing an open-door policy which differentiated its culture from larger cities out East. Jarryd, Clemson University, Actuarial Intern Summer 16 and 17
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