The goal of the trainee program is to develop actuaries who can become future officers of New York Life. Actuarial trainees are granted a substantial amount of study time during working hours, based on their exam level and progress. A special study room has been set aside specifically for the trainees which is available during and after working hours and on weekends. The Actuarial Society of Greater New York and The College of Insurance both offer review classes for exams at several locations in Manhattan, and the company encourages trainees to attend if they desire. At the conclusion of exam sessions, the trainees' legendary happy hours take place at any of several favorite midtown establishments.
Most actuarial trainees work on various phases of research and technical actuarial operations.
Interesting assignments can also be found involving agents' compensation and the company's various benefit plans. Actuarial trainees are generally rotated to a new job assignment every 18 months. This helps broaden each trainee's background through exposure to various aspects of actuarial work. Each trainee's previous experience, exam level, and personal preferences are considered when determining rotations. Almost all actuaries and trainees work in New York Life's Home Office at 51 Madison Avenue in New York City.