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  #1  
Old 01-19-2018, 07:12 PM
RoyalMath15 RoyalMath15 is offline
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Default Internship Offer Taken Away

So I thought that I was able to keep up with the competition and get my foot in the door. I have an exam passed and I'm sitting for a second soon, my GPA is above 3.75, I have some non-actuarial related leadership experience, and I was able to get an internship offer for Summer 2018. I passed my background check and drug test and my contingencies were lifted and in November it was official that I would be an an actuarial intern at the company.

Well, now months later, and from what is likely to be WAY too late to find another internship, the company called me to tell me that the office I would be working at had to make cuts and the internship program was no longer going to run. It was a "recently made business decision". I only spoke to HR for the company, and I recently sent a follow up email to the hiring actuary I worked with basically just saying I'm still interested in the company and to please keep me in mind if anything changes/opens up. I also understand that this might be signs of a non-ideal company to work for, but as someone who really needs experience, I was at a point where any experience would work. I really liked the company and the actuaries I met who work there. I even turned down other interviews once the offer became definite.

Does anyone have any advice on what steps to take next? Of course I'm going to try and find other actuarial internships but I really doubt that I'll be able to. Has this ever happened to anyone else before?

Sorry for such a pessimistic post. Any input is appreciated!
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  #2  
Old 01-19-2018, 07:29 PM
Pension.Mathematics Pension.Mathematics is offline
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consult a lawyer.

at the same time, look for another opportunity.
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  #3  
Old 01-19-2018, 07:30 PM
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Originally Posted by RoyalMath15 View Post
So I thought that I was able to keep up with the competition and get my foot in the door. I have an exam passed and I'm sitting for a second soon, my GPA is above 3.75, I have some non-actuarial related leadership experience, and I was able to get an internship offer for Summer 2018. I passed my background check and drug test and my contingencies were lifted and in November it was official that I would be an an actuarial intern at the company.

Well, now months later, and from what is likely to be WAY too late to find another internship, the company called me to tell me that the office I would be working at had to make cuts and the internship program was no longer going to run. It was a "recently made business decision". I only spoke to HR for the company, and I recently sent a follow up email to the hiring actuary I worked with basically just saying I'm still interested in the company and to please keep me in mind if anything changes/opens up. I also understand that this might be signs of a non-ideal company to work for, but as someone who really needs experience, I was at a point where any experience would work. I really liked the company and the actuaries I met who work there. I even turned down other interviews once the offer became definite.

Does anyone have any advice on what steps to take next? Of course I'm going to try and find other actuarial internships but I really doubt that I'll be able to. Has this ever happened to anyone else before?

Sorry for such a pessimistic post. Any input is appreciated!
It happens...especially during the last recession, a lot of companies had hiring freezes, and people got their offers rescinded, or even laid off right after they were hired.

That being said, focus on the things you can control. Figure out what to do during the summer. If you can't find an actuarial internship, find a non actuarial one. If you can't find an internship at all, study like crazy over the summer so that in the next round of interviews, you'll be a 4 exam candidate with a high GPA. In addition, work on your technical skills, interviewing skills, and network aggressively.
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Don't you even think about sending me your resume. I'll turn it into an origami boulder and return it to you.
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Old 01-19-2018, 07:30 PM
royevans royevans is offline
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I am so sorry this happened to you, and I can only imagine the frustration you are in.

That being said, it isn't too late to apply for internships. You can find lots of postings on indeed and even the large insurers go through a second round of recruiting often times in Jan - May (either because an intern cancelled, a new team wants an intern, or because they didn't hire to capacity in the first round).

Is your company a large company? It does seem quite unprofessional on their part (unless they are going through serious financial issues, then I guess its explainable... but most of the time losses can be anticipated and they shouldnt be hiring interns if they were unsure of their commitment). I'm sure others will have great advice.
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Old 01-19-2018, 08:38 PM
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consult a lawyer.
for what? you're suggesting a college student who hasn't even gotten their foot in the door start suing actuarial employers? sounds like a pretty awful idea.
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Old 01-19-2018, 08:43 PM
RoyalMath15 RoyalMath15 is offline
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Quote:
Originally Posted by Pension.Mathematics View Post
consult a lawyer.

at the same time, look for another opportunity.
The offer I got was "at will" and it stated that they could terminate at any time, for any reason. Although I don't think I would consider taking legal action, I appreciate your advice, thank you!
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Old 01-19-2018, 08:44 PM
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for what? you're suggesting a college student who hasn't even gotten their foot in the door start suing actuarial employers? sounds like a pretty awful idea.
Obviously a troll, but just in case, OP should know that souring the relationship with the company is literally the worst thing they can do right now. That's an easy way to permanently end up on the do-not hire list.

Companies can go through bad times but things can pick up in the future. And if they end up being in a position to hire later, OP could get a job. It's best to maintain a good relationship with them.
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Originally Posted by Wigmeister General View Post
Don't you even think about sending me your resume. I'll turn it into an origami boulder and return it to you.
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  #8  
Old 01-19-2018, 08:45 PM
RoyalMath15 RoyalMath15 is offline
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Originally Posted by Colonel Smoothie View Post
It happens...especially during the last recession, a lot of companies had hiring freezes, and people got their offers rescinded, or even laid off right after they were hired.

That being said, focus on the things you can control. Figure out what to do during the summer. If you can't find an actuarial internship, find a non actuarial one. If you can't find an internship at all, study like crazy over the summer so that in the next round of interviews, you'll be a 4 exam candidate with a high GPA. In addition, work on your technical skills, interviewing skills, and network aggressively.
This is really great advice, my network got me this opportunity so I'll continue to build it. Also, I'm optimistic I can hopefully find an internship that is mathematical in some way, and I'll definitely start working on exams. I'm taking P in March and I'll consider one of the upcoming summer sittings as well. Thanks again
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  #9  
Old 01-19-2018, 08:47 PM
RoyalMath15 RoyalMath15 is offline
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Originally Posted by royevans View Post
I am so sorry this happened to you, and I can only imagine the frustration you are in.

That being said, it isn't too late to apply for internships. You can find lots of postings on indeed and even the large insurers go through a second round of recruiting often times in Jan - May (either because an intern cancelled, a new team wants an intern, or because they didn't hire to capacity in the first round).

Is your company a large company? It does seem quite unprofessional on their part (unless they are going through serious financial issues, then I guess its explainable... but most of the time losses can be anticipated and they shouldnt be hiring interns if they were unsure of their commitment). I'm sure others will have great advice.
The company is pretty large. That's why I was extremely shocked when this happened, especially after I had been offered the job multiple months ago. It was extremely bad timing, as I have a tough academic semester starting, along with an exam in March. I was super relieved that I would no longer have to worry about application, praying for interview, networking, missing class to interview etc. Thanks for you input.
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  #10  
Old 01-19-2018, 09:05 PM
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Originally Posted by Quinn View Post
for what? you're suggesting a college student who hasn't even gotten their foot in the door start suing actuarial employers? sounds like a pretty awful idea.
Maybe the OP can sue for an amount that equals his/her future actuarial salary that was denied after they didn't get the internship, win, and end up never having to work another day in his/her life.
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