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the only graduate career guide to

ActuAries 2013/14
Hi, Im

Athena
I work at Towers Watson,
and today I did something
extraordinary.

WhAts inside

actuaries
all about the profession
NEW Internship profiles
Graduate & senior profiles
salaries & career paths
Professional qualifications
yourimagination. employer directory

Youve nearly completed your degree, and youre ready for whats next: a job that will inspire you,
make you think and put your skills to the best use.

But dont you really want more than that? Go beyond your expectations at Towers Watson.

If you join us, youll often be challenged to do something extraordinary. From the start, youll team
with senior associates to learn on the job and interact with clients on projects that help improve their
business. And along the way, youll be in charge of your own career, working with your manager to
decide whats next and how to get there. Sound good? Then plan to Go Beyond at Towers Watson.

Towers Watson. A global company with a singular focus on our clients.

Benefits
2013/14

Risk and Financial Services


Talent and Rewards

towerswatson.com
Copyright 2013 Towers Watson. All rights reserved. graduate jobs l internships & placements l career advice
www.insidecareers.co.uk/act
TW-EU-2013-33153a
your
actuarial career
starts here
Contents
05 Introduction
The profession

08 What is an actuary?
10 Why be an actuary? furTher sTudy
12 Actuarial areas of work
15 Salaries & benefits
16 Trends in the pensions sector
18 Frequently asked questions
inTernship profiles
employer direcTory
22 Barnett Waddingham Actuarial Trainee
24 Mercer Trainee Actuary
graduaTe profiles
28 AXA Actuarial Analyst
30 SunGard Graduate Actuarial Analyst
32 PwC Consultant recruiTmenT consulTanTs
34 Guy Carpenter Actuarial Analyst
senior profiles

38 The Co-operative Insurance Chief Actuary


40 Aon Pensions Consultant Actuary
42 Legal & General Head of Pricing reference Table
44 Mercer Senior Associate
finding The righT job

48 Writing the perfect actuarial CV


50 Actuarial key skills
52 Graduate training schemes
VisiT our websiTe
54 Actuarial internships
56 Applications and interview tips For more advice, live jobs,
internships, patents forums, industry
The insTiTuTe & qualificaTions news and updates

60 The Institute and Faculty of Actuaries


62 Actuarial Syllabus and Exams
Publisher Copyright in individual articles 2013
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T: 020 7565 7900
www.insidecareers.co.uk The compilation 2013 Cambridge
Market Intelligence Ltd.
Editorial
Laura McFarlane All rights reserved. No part of this
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of The Association of Graduate
Recruiters.
05

Introduction

Welcome to the Actuaries guide 2013/14.


If youre considering a career as an actuary, this is the place to start.

The actuarial profession is one that is well regarded and rewarding. Consistently highly rated, the
profession has received particular attention recently for outperforming other professions and
topping polls in 2013 as the most desirable career.

One reason for the popularity of working as


an actuary is the professions positive outlook
for the future at a time of uncertainty amongst
other finance professions. Actuaries remain
central to the traditional areas of life insurance
ACTUARIES
and pensions, where new challenges make fresh
perspectives and innovative thinking vital. Go online for:
More careers advice, including
Demand for actuarial skills in other areas of company case studies and employer
finance is also increasing. As emphasis on risk Q&As
management within the finance industry grows, Employer directory
actuarial professionals are increasingly moving Graduate job listings
into corporate finance and banking. Take a look Internship & placement listings
at page 12 to find more about where work as Job deadlines and events calendars
an actuary could take you. Postgraduate course listings
The latest industry news.
The aim of this guide is to provide all the
information you need to embark on a career Keep up to date with all things actuarial
as an actuary. In our The Profession chapter, with our newsletters
youll find articles covering the basics, such as
What is an actuary? Our internship, graduate
Join our actuaries LinkedIn group
and senior profiles give you unique insider
accounts of what its like to work at all levels of
the industry. Articles in Finding the Right Job
will help you to pick and secure the perfect job,
with tips and advice on CVs, internships and what
employers are looking for. Laura McFarlane is editor of the
Inside Careers city & finance range.
Perhaps most importantly, the Employer Directory
at the back of this guide lists profiles of actuarial
companies and details of how to apply for their
graduate vacancies and internships.

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The Profession

BACK TO CONTENTS
WHAT IS AN ACTUARy?
08

WHy BE AN ACTUARy?
10

ACTUARIAL AREAS OF WORK


12

SALARIES & BENEFITS


15
Mark Crail

TRENDS IN THE PENSIONS SECTOR


16
Alex Jefferson

FREQUENTLy ASKED QUESTIONS


18

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08
THE PROFESSION

what is
AN ACTUARY?
Actuaries are more than just number crunchers: they not only have to be good
at maths, but be innovative thinkers and problem solvers, helping companies to
manage their risk.

Actuaries analyse past and present data to hard work, so ensure you work towards your
solve real business problems. A lot of actuaries actuarial qualifications with a firm that really
work is about risk management: assessing how supports you, meets the costs associated
likely an event may be and the costs associated with your exams and study, provides you with
with it. Actuaries predict and measure study leave and also gives you the practical
emerging risks and then help to reduce them, experience you need to make your mark.
putting financial safeguards in place.

To make things more challenging, actuaries


really need to understand how businesses
operate; they need to keep up to date with The ability to
legislative changes, long-term demographic communicate and
trends and have general commercial and
economic awareness.
articulate difficult topics
to non-specialists is
Depending on where they work, an actuary of paramount
could be involved in: importance.
Determining the cost of insurance premiums
Advising a company on their pensions plans
Managing financial assets and liabilities.

Career paths
An actuarys early training has a split focus on
passing the professional exams and building Beyond this you will need to develop the
practical experience. Once qualified, many capacity to give expert advice. Often this will
actuaries go on to be practising specialists involve dealing with non-actuaries and the
in one of the traditional fields, with many general public, so the ability to communicate
actuaries becoming senior managers in firms and articulate difficult topics to non-specialists
of consultants or insurance companies. is of paramount importance.

There are many different career paths: some Expert domains


actuaries specialise in technical research, whilst The traditional areas in which actuaries
others may focus more on commercial activities. operate are: consultancy, investment, life and
The different roles require different mixes general insurance and pensions. Actuaries are
of skills, but whatever a particular actuarys also increasingly moving into other areas of
strengths, there will be a niche for them. the financial sector such as risk management,
banking and capital project management,
How do you become a qualified actuary? where their analytical skills can be employed.
Passing the professional exams is the first
hurdle to becoming an actuary, and this must Consultancy
be coupled with at least three years practical Actuarial consultancies offer a whole range
experience to fully qualify. It takes a lot of of services to their clients on issues such as

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09
wHaT IS aN acTuaRy?

acquisitions, mergers, corporate recovery sold) and answering technical queries from
and financing capital projects. Many also policyholders. Insurance actuaries also
offer advice to employers and trustees who undertake detailed investigations of different
run occupational pension schemes. In fact, experiences such as how assets and expenses
such consultancies are probably the biggest have performed and the extent of different
employers of actuaries in the UK. types of claims for different types of insurance
policies (e.g. death claims for life insurance or
A successful consultant will work to develop car theft for motor insurance).
a real partnership with their client, allowing
them to gain an in-depth understanding Pensions
of commercial operations and business The work of actuaries is vital to the
objectives. Actuarial consultants also need health of pension schemes. Actuaries are
to be able to communicate effectively, often heavily involved in designing and advising
explaining complex technical issues and ideas occupational pension schemes. This could be
to all kinds of people, whether they are finance a formal valuation for one persons benefits or
directors, CEOs, shareholders or trustees. for a whole scheme with one million members.

Investment As actuaries gain experience, they spend less


In the area of investment, actuaries are of their time working on the strictly technical
involved in a range of work such as: pricing aspects, instead applying their expertise to
financial derivatives, working in fund wider business challenges. These may include
management, or working in quantitative advice on financial strategy advising a client
investment research. Often investment on remuneration policy, consultancy around
actuaries work in fields where their a corporate takeover and other large scale
understanding of insurance or pension projects. This demands proactive and creative
liabilities helps them to manage the thinking, as well as technical prowess and
investment of the corresponding assets. great interpersonal skills.

Insurance What next?


The work carried out by actuaries in insurance If you have found this overview interesting
includes designing new insurance policies, then read the rest of this guide, where you will
setting premium rates, calculating a companys find more information on all the areas that
financial status (based on the policies already have been touched on here.

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10
THE PROFESSION

why be
AN ACTUARY?
If you want to apply your mathematical skills to real life problems, then the actuarial
profession could be for you. Find out why the diverse opportunities, intellectual
challenges and prestige of being an actuary all add up to a highly rewarding career.

Intellectual challenge and support given by employers is generous,


An actuarial career is a very stable and secure although this will vary from employer to
one, as our society will continue to demand employer. In addition, the training company
pensions and insurance whatever the state provides a great deal of assistance. The
of the economy. The actuarial environment institute can even review any failed exams
also offers constant intellectual challenge and and give you pointers as to what went wrong.
variety, requiring the application of a multi- Exam failure is a part of life: very few get
faceted skill set. To be successful you will need through all papers first time.
to demonstrate excellent analytical thinking
and an ability to solve complicated financial
problems. Solid commercial and economic
understanding alongside the skills to interpret
and communicate complex information in a A very satisfying and
clear way is also essential. clearly defined career
progression is there for
A prestigious industry the taking for highly
The Institute and Faculty of Actuaries in the
UK is relatively small compared to other
motivated and driven
professional bodies. With c. 23,000 members, individuals.
you will become part of a high-profile,
prestigious and well respected profession.

you will work towards a world-recognised


qualification. The exam syllabus reflects
the latest developments within finance and
industry. It is not easy to qualify and you must It is important to assess what training support
be willing to work hard to get through the and help is offered by the employer: how
rigorous examinations alongside performing much paid (or unpaid) study leave is given,
well in your day job. On average between 15- whether they pay for all the external tuition
20 hours study at home in the evenings and and exam costs, what their attitude is to any
weekends are required per week. This requires hiccups with exams, how varied the training
great focus, determination and an ability to placements offered are and what the longer-
cope well under pressure. The training can be term opportunities are.
undertaken at your own pace; the usual time
to qualification is between three to six years, Career flexibility
but could be longer. Unlike some of the other professions, the
training is portable: you can start with one
Excellent study support and training company and move as a trainee actuary
The examinations are certainly challenging: to another employer. you need not be
the pass rates in the earlier papers are tied down for several years during your
between 50% and 70% and can fall to as low professional training; you can move within
as 30% in the later papers. However, the help the UK if you wish to. you shouldnt

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11
wHy bE aN acTuaRy?

admit to this being your key benefit at There are around 10,000 qualified actuaries
interview though! in the UK and over half now work in these
non-traditional areas. Qualified and trainee
Beyond the UK, the consultancy and actuaries are now to be found in investment
accountancy firms allow some opportunity management, corporate finance, liquidations,
for overseas work and travel. Actuaries have mergers and acquisitions, derivatives, fund
an agreed and accepted international exam and asset management, project finance and
syllabus and there are some c. 4,000 actuarial risk assessment.
students studying outside the UK and Ireland.
Well paid
A wide range of opportunities You can expect to receive very good financial
The range of opportunities within the rewards in the actuarial sector. Graduate
profession continues to grow. Actuarial entry salaries are offered from 25,000
careers used to be found mainly in the life to 35,000, newly qualified actuaries can
assurance and non-life (insurance) industries. command in excess of 55,000, and senior
In recent years though, there has been an positions can attract 100,000 plus. A
insatiable demand for trainee actuaries from very satisfying and clearly defined career
actuarial consultants, life offices and the progression is there for the taking for highly
professional financial services firms. motivated and driven individuals.

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12
THE PROFESSION

actuarial
AREAS OF WORK
Traditionally, the key employer of actuaries has been the insurance industry. Todays
actuaries work all over the world and in a variety of different industries, including
finance and investment. Find out where a career as an actuary could take you.

Actuaries have the skills for tackling the investment and 4% work in the public sector
risks and uncertainties that financial and education, as well as other newer areas
businesses face in the interest of both such as industry.
customers and owners.
Consultancy
As the skills of an actuary are increasingly Actuarial consultancies are the biggest
recognised, the range of employment employers of actuaries in the UK. Many offer
opportunities will increase. Traditionally advice to employers and trustees who run
actuaries have worked in pensions, insurance occupational pension schemes. The 1995
and investment. However, actuaries have Pensions Act made it a statutory requirement
sought new opportunities to move into for the trustees of a pension scheme to
other areas of business whilst at the same appoint an actuary. The advice given to clients
time maintaining their presence in traditional covers a wide range of topics, from setting
employment areas. Ageing populations, up a new scheme, to assessing the level of
damages, finance, genetics, healthcare, personal contribution to be paid by the members
finance planning and risk management are all and valuing the fund if the company is to be
new areas in which the effective contribution of taken over. Additionally, consultancies will
actuaries has been recognised. offer a range of services to their clients, such
as enterprise risk management, merger and
Where do actuaries work? acquisition advice, corporate recovery and
Of the 10,498 Fellows of the Profession, financing capital projects.
72% are based in the UK, 8% in the rest of
Europe and 20% in the rest of the world. The Government Actuarys Department (GAD)
35% of those Fellows work in Insurance, 37% provides advice to the Government via Royal
work in consultancy, 7% work in finance and Commissions, as well as giving advice to

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13
acTuaRIaL aREaS OF wORK

other government departments and a wide companies are extending their range of
range of public sector bodies, including local products to include medical insurance, critical
authorities and the NHS. An important part of illness and disability insurance.
this work concerns the occupational pensions
for about four million people via the operation In an increasingly global business world,
of the National Insurance Fund. mergers between life companies are
becoming more frequent. When life offices
Insurance industry are bought and sold or life funds merged,
Life insurance actuaries tend to be retained by both sides.
Life insurance companies provide life
insurance, pensions and other financial General insurance
services. Actuaries are involved at all stages General insurance is a fast-growing area for
in the product development and in the actuaries, both within insurance companies,
pricing, risk assessment and marketing of the consultancies and at Lloyds of London, where
products. In addition, actuaries fill key roles in they have certain statutory duties. Many are
financial management and the investment of employed by consultancies which provide
policyholders money by developing strategies services to insurers and Lloyds syndicates.
that ensure customers get a good return.
General insurance actuaries are also to
It is currently a legislative requirement that be found in reinsurance and broking
each UK life office appoints one or more operations. General insurance includes
actuaries to perform the actuarial function, personal insurance, such as home and motor
advising the firms directors on the firms insurance, as well as insurance for large
ability to pay claims and how to ensure that commercial risks. As there are many different
the life insurance and pensions benefits factors that can affect the size and number
from the many millions of pounds invested of claims, general insurance companies
by policyholders are secure. Firms that have employ actuaries to assist with their financial
with-profits business must also appoint one management, in particular in connection with
or more with-profits actuaries to advise the premium rating and reserving.
firms directors on the use of discretion in
the management of with-profits funds: in Actuarial and statistical techniques are used
particular, the addition of bonuses to policies, extensively in the analysis of often substantial
having regard to the fair treatment of with- amounts of available data. Statistical models
profits policyholders. are thus a key part of an actuarys work.
This analysis is then used to rate the risks
With recent legislation leading to more and to ensure that claims reserves are
private healthcare provision, insurance adequate to meet the eventual settlement of

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14
THE PROFESSION

insurance claims. Terrorist attacks, Caribbean consultancies, or property companies


windstorms and industrial diseases like specialising in this area.
asbestosis are all examples of insurance
liabilities where actuaries have been integrally Banking
involved in estimating ultimate costs into an Actuaries are becoming increasingly involved
uncertain future. in banking. For example, some of the
leading insurance companies now have their
Finance and investment own established banking operations, with
Investment management actuaries filling some of the senior executive
Actuaries have been involved in the field of positions for finance and risk. The leading
investment management for decades. Indeed, retail banks are also increasingly employing
it is probably true to say that more people actuaries, as they recognise that the longer
see the word actuaries through the daily term approaches advocated by actuaries can
stock exchange indices than through any add value to their businesses. As insurance
other source. Actuaries are involved in buying companies increasingly hedge their risks, we
and selling assets, investment analysis and have seen a corresponding increase in the
portfolio management. In addition, actuarial demand for actuaries from the investment
techniques are ideal for use in measuring banks that provide the hedge products.
investment performance. Solving problems
while making correct investment decisions is a As the insurance and banking markets
constant stimulus. continue to converge, we can expect to see
the demand for actuaries within banking fields
Many employers recognise the skills that the continue to grow.
training provides and have allowed actuaries
to develop these skills as well as others, such International opportunities
as the skills of financial economists. Actuaries The UK qualification is highly valued throughout
are seeking to improve their tools both in the the world. Of the qualified members of the UK
development of valuation models and in the profession, 40% are working internationally. The
refinement of traditional methods. Institute and Faculty of Actuaries works with
other international actuarial bodies to arrange
Corporate finance reciprocal recognition of the professional
Although generally regarded as the qualifications between the different bodies.
province of the investment banker, actuaries Most overseas opportunities arise in Australia,
can add value in this area. An actuarys continental Europe, India, New Zealand,
basic skills in forecasting and assessing Pakistan and South Africa.
risks are ideal for estimating whether a
capital project (e.g. for a new hospital Hopefully this brief overview demonstrates the
or a transport infrastructure project) is variety of opportunities available. An actuarial
financially viable. Employers might include qualification is an excellent base for a business
government departments, management career that is recognised worldwide.

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15
SaLaRIES & bENEFITS

what can I earn?


SALARIES & BENEFITS
What are the financial rewards for being an actuary? We ask Mark Crail from
XpertHR to provide us with an overview of expected earnings in 2013 and 2014 for
actuaries, from actuarial trainees through to senior partners.

What can I earn? These are obviously skewed towards more


XpertHR publish salary surveys for a number senior staff and partners, but if you push
of professions annually; the following results yourself and perform well you can progress
come from their findings from Salary Survey of quickly, getting your hands on that bonus in
Actuaries and Actuarial Students October 2012. the longer term.

Average earnings Recruitment


Actuaries have continued to defy the We are pleased to report that 100% of the
economic gloom, with basic salaries rising by consultancies and companies who took
an average of 4.5% in 2012. Although this was part in the XpertHR survey were recruiting
a fall from the 5.5% increase in 2011, actuaries qualified actuaries during Sept 11 Sept 12.
are still seeing pay rises higher than those in So, get your CV up to scratch and investigate
most other professions. your options by looking over the Employer
Directory.
Actuaries at all levels of the profession
commonly receive an annual bonus, with 88% Mark Crail is Head of Salary Surveys and HR
receiving a bonus in 2011, averaging 10,818. Benchmarking at XpertHR (www.xperthr.co.uk)

ACTUARIAL SALARIES By SENIORITy


Responsibility level Average basic salary

Student Actuary 33,535

Actuary 47,411

Senior Actuary/Junior Consultant 61,552

Section Leader/Consultant 69,598

Section Manager/Senior Consultant 85,178

Department Manager/Managing Consultant 90,846

Function Head/Practice Head 114,950

Senior Function Head/Practice Director 135,742

Chief Actuary/Senior Partner 215,720


Source: salary survey of actuaries and actuarial students 2012-13, published by xperthr salary surveys, www.XpertHR.co.uk

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16
THE PROFESSION

trends in
THE PENSIONS SECTOR
Todays actuaries have to continually adapt to a pensions sector thats constantly
evolving. These changes demand flexibility and innovative thinking. Find out how
changes in the market-place will affect graduate job prospects in the pensions sector.

This article highlights the opportunities and Education and learning


challenges that exist in the pensions sector The pensions industry is a complex area which
and what this could mean for the graduates is constantly evolving. New graduates need
and actuarial careers of the future. to gain a thorough grounding in the pensions
world and understand why it exists as it is. The
Changes in the sector early years of your career are vital in building
Actuarial techniques are continually evolving up this knowledge and understanding.
and being applied in more and more
sophisticated ways. The ability to match up The exams for actuarial qualifications help
projects, appropriate actuarial techniques and to bed down the key concepts and the best
the needs of your client requires an in-depth graduates use the exams as a springboard
understanding of both your specialism and to apply and extend their knowledge. Some
your client. students now study part of the actuarial
exams through a part-time university-based
The range of work has widened and the course and many find this helps to put
need to communicate issues and solutions actuarial work into a business context as
is a genuine challenge. The world is well as enabling them to build up a strong
taking more and more notice of the need network within the industry.
and difficulty of saving for retirement.
A key role for the pensions actuaries of The current environment: challenges
the future will lie in leading the way to and opportunities
identifying, communicating and presenting The pensions sector is not without challenges
solutions to both clients, governments and (or opportunities, depending on how you view
to the wider public. these things):

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17
TRENdS IN THE PENSIONS SEcTOR

The economic environment is tough, but Joining specialist teams, for example
many of our clients see the value that driving thinking and techniques used in
pensions actuaries add particularly in the area of consulting on the issues of
helping them to manage the financial increased longevity, or focusing on the
risks associated with their pension funds. lively space of corporate transactions.
The bread and butter work of years gone Developing strong careers in less
by will inevitably start to reduce as many technical (but key business) areas of
final salary schemes have closed or are sales, people management, project
closing to new members. The opportunity management and communication.
exists to broaden the range of work we
can provide to clients and also shape
the future of pension provision (and
indeed benefit provision) more widely.
Graduates who are flexible and embrace
the changing face of the sector still have The pensions actuary
the chance to make a big impact. of the future needs to
be willing and able to
The impact on the graduate job market evolve and apply their
The graduate job market is tough and as skills in a changing
things stand, the number of graduates being market-place.
recruited and trained as pensions actuaries
in the UK will fall in the coming years. At first
glance, this may sound a daunting prospect,
as it will inevitably be a more competitive
recruitment environment. However, graduates
who demonstrate the aptitude, the attitude
and the drive to become a pensions actuary Quite often people combine all of the
will increasingly be expected to progress their above mixing a specialism with business
career quickly and develop consulting skills management responsibility. There are many
earlier in their careers than those who have combinations of things in which you can get
gone before. involved if you are proactive and willing to put
yourself forward.
For example, an increasingly common
business model is for the employers of Traditional skills, new approaches
pensions actuaries to move the tried and Some things do not change. The pensions
tested mainly calculation-based pensions actuaries of today need to be every bit
work to offshore locations. This leaves the as numerate and capable of learning the
onshore team to focus on delivering bespoke technical skills that underpin being a good
work and projects. actuary as has always been the case. In
addition though, the pensions actuary of the
Career prospects future needs to be willing and able to evolve
A grounding in pensions actuarial work and to apply their skills in a changing market-
provides a good base from which to expand place. Its a challenge that the best graduates
your career. The people in the industry who will relish.
are making the most from their careers are
those who embrace change, are open to new
opportunities and push themselves out of
their comfort zone.
Alex Jefferson qualified as an actuary
Actuaries can go down a variety of career in 2009 with Aon Hewitt and now
paths such as: works on a variety of management
Specialising their actuarial/consulting projects in addition to his actuarial
skills to advise either companies, trustees consulting work.
or public sector clients.

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18
THE PROFESSION

frequently asked
QUESTIONS
There are some questions that everyone has about joining the actuarial profession: in
our online Employer Q&As, students have the opportunity to ask different actuarial
recruiters their questions. Here are some commonly asked questions from students,
along with helpful answers from Inside Careers and prominent actuarial recruiters.

Is actuarial work mostly office-based? What schemes at present. Researching on the


tasks and activities do you get involved in? internet and reading about defined benefit
LCP: When you first start your career the on our website should help.
majority of your work will be desk-based.
However, even in your first year of joining you Inside Careers: We have an actuaries specific
can expect to have several opportunities to newsfeed thats constantly updated with all
meet clients, either at face-to-face meetings things actuarial. Check it regularly to keep up
or at corporate events. The level of client- with industry news: www.insidecareers.co.uk/act
facing work you do will naturally increase
as you develop in your career and a typical What hours do actuaries work?
LCP partner might spend about half of their LCP: As a new graduate you can expect to
working week away from their desks at work about 35 hours a week. When you first
meetings or events. start at LCP, the key focus will be on ensuring
that you are able to dedicate sufficient time
One of the key benefits of a career as an to passing your actuarial exams, and your
actuarial consultant is the variety of work. team leader will be on hand to ensure that
Whichever department you work in you will be you achieve a healthy balance of work so that
doing a variety of jobs each day, whether it is you are able to leave the office on time to go
building spreadsheet-based models, carrying home and study (or rest!).
out calculations or drafting reports. And,
whilst you are taking your exams, about one On the whole, an actuarial career provides
day a week will be spent studying, either at an excellent work/life balance. However, as
home or at group tutorials. a consultancy firm, our actuaries do need to
be flexible in order to meet the needs of our
Can you get a job as an actuary without clients. Occasionally this may mean needing to
previous work experience? work outside of office hours in order to ensure
Aon: It is not assumed that graduates have that client deadlines are met.
an actuarial background. Numeracy skills
are important, however degrees range How do I qualify as an actuary?
from maths and physics to chemistry and Inside Careers: you can join the actuarial
engineering. you learn to become an actuary profession by applying directly to an employer
on the job. Aon will support your studies and and joining their graduate training scheme.
give you the necessary time off to gain the Whilst working for your chosen company, you
actuarial qualification. will also have to study and pass exams. This
can take 3-6 years.
What prior knowledge of the industry do
actuarial employers look for in candidates? How different is the work in pensions
Towers Watson: It is advisable to have a compared with general insurance, and how
general understanding of how pensions easy is it to swap between the two?
works and the challenges companies are Aon: Some of the skills used are quite
facing with the liabilities in their pension different. However, actuarial qualifications are

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19
FaQS

incredibly transferable and there are examples required in pensions but to a lesser extent,
of people switching between the two with greater emphasis on communication.
programmes. At the end of the day, if you are Both departments contain a good mixture
keen for a secondment to one of Aons many of one-off, unique projects and there is an
different departments, or even to a client, opportunity to see a wide range of work and
there are opportunities out there. use different mathematical techniques in both.

How to I obtain a work permit to work in


the UK?
Whichever Inside Careers: you cant apply for a work
department youre in permit on your own behalf: an employer must
do it for you. Work permits are issued by the
youll be doing a variety
Home Office to UK-based employers wishing
of jobs each day, whether
to employ people from outside of the EU.
it is building spreadsheet- Find out more at: www.bia.homeoffice.gov.uk/
based models, carrying workingintheuk
out calculations or
drafting reports.
Will companies accept applications from
international students?
Towers Watson: We welcome applications
from overseas candidates. All applications
are considered on the basis of their merits.
LCP: Working in insurance and pensions both If successful, we would hope to be in a
require common skills, such as numerical position to provide sponsorship, though
ability and good communication skills. please be aware that the number of
However, the clients we advise in pensions applicants we are permitted to sponsor is
differ from those in insurance and we adapt controlled by the government.
the way in which we provide our advice
accordingly. For example, one of the key Aon: Unfortunately we are only able to accept
challenges within the pensions department applications for our Graduate Programme
lies in explaining complex actuarial ideas in a from individuals who are eligible to work in
way that is easy to understand. the UK.

Our clients come from a range of different Inside Careers: Different companies will vary
backgrounds and we need to be able to in their policies on recruiting international
communicate to them in a way that is suitable students always check with each company
for people with varying levels of pensions and before applying to avoid disappointment.
financial knowledge. In insurance, many of
our clients are other actuaries. Here, it is more I want to take a gap year to go travelling
common to be asked very specific technical after I graduate. Would this hinder my
questions that you need to be able to answer chances of being recruited and would I still
giving the appropriate level of detail. be eligible to apply for graduate schemes
one year after graduating?
In terms of the day-to-day work, insurance Towers Watson: We are sure the experiences
could, in general, be described as the more you would gain from a gap year would be
technical. As a graduate, you may find you valuable. We would suggest either applying
are required to use more statistics and there to our Summer Intern Programme or waiting
is a greater focus on techniques such as until the following September before applying
computer programming. These skills are still to our Graduate Programme.

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Internship Profiles

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BARNETT WADDINGHAM
22
Actuarial Trainee

MERCER
24
Trainee Actuary

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22
INTERNSHIP PROFILES

Actuarial Trainee
Barnett Waddingham
LOCATION Liverpool NAME Victoria yung
UNIVERSITy Manchester University
LOCATION Southampton
DEGREE Mathematics & UNIVERSITy
Physics Oxford
PLACEMENT TyPE Summer Internship
DEGREE Mathematics

EWAN
xxxMIL
xx LER

Should I apply for an internship? Where Barnett Waddingham was a company


should I apply? What will I do and will I enjoy that attracted me due to their integrity,
it? These are the type of questions I had professionalism and work ethic, factors much
before starting my summer internship in 2012 appreciated by their clients. The training and
at the actuarial firm Barnett Waddingham, and structured career path also appealed to me.
I imagine there are similar questions you are
asking yourself. Starting my internship
The Barnett Waddingham internship began
Applying for an internship with a two day induction course, where all
After reading about actuarial work and successful applicants met at one of their seven
deciding it was the area I wanted to learn more offices to be introduced to actuaries and given
about, an internship was the best way to gain information about what they do. This included:
invaluable experience. I had no definite plans Details on UK pension structure and laws.
for my career, so I felt that I could use my time Basic actuarial mathematics, which
with Barnett Waddingham to help me decide we would go on to use throughout
whether this would be an area I would like to the internship.
pursue. An internship also looks impressive to How to use Barnett Waddinghams
employers when starting your career. computer systems.
Everyone was amazingly welcoming, and the
When applying for internships, it is essential event gave everyone a solid basis on which
to remember that the quality of your to build.
applications is more important than the
quantity you submit. Do as many applications My first day at the Liverpool office involved
as you wish, as long as you put effort into introducing me to the team, being made
each one. Many application processes require aware of all the various regulations I should
you to pass online mathematical and logical follow and setting up my desk space. I was to
tests, followed by a telephone interview and work alongside about ten actuaries and many
a final assessment day. For the interviews, be others from various departments. I was given
sure to know: a fantastic opportunity to gain experience
To which company you have applied of a variety of different areas that Barnett
and why. Waddingham operates in. This allowed me to
What the position involves and why you find which sector I enjoyed the most.
are interested.
My main duties consisted of:
Finally, be knowledgeable about everything Calculating the cost of pension schemes
you have written on your CV. using the companys custom-made

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23
acTuaRIaL TRaINEE

Excel spreadsheets. Specifically, a offer help when needed. This team-focused


typical calculation could include atmosphere is part of what made Barnett
determining the total amount to be Waddingham such a great place to work,
paid by the scheme using information sharing client work and using any free time to
on the number of individuals in the assist in finishing work before deadlines.
scheme and the amount of pension
each has accumulated. The most enjoyable part was the feeling of
Word processing reports for trustees, being a valued member of a team, and not
explaining the significance of the just another employee, as you could find at
calculated figures. some bigger companies. The hardest bit was
Contacting clients and business getting used to working 9 to 5, as it meant
partners to keep them updated with going to sleep early for a change!
our work, or to ask for further details on
the pension scheme.
Completing a project set at the
beginning of the two months, about
how the company could attract high I was delighted when
quality students from my university. a month after my
I had to research using a variety of internship, I was offered
sources and put together a presentation, and accepted a full-
which I gave to the rest of the actuarial time position with the
team. I was trusted to manage my company.
time in order to complete the project
alongside client work.

I learnt many things from my internship,


including how to work in an office
environment and how to present myself in
a professional manner on the phone and in During my two months with Barnett
emails. I began to explore the mathematical Waddingham, I met and worked with many
intricacies involved in actuarial work with friendly people. The team made a real effort
the assistance, guidance and patience of my to involve me not just in their jobs, but also
colleagues. It is important to remember that outside the office, such as young Professionals
you are truly indebted to everyone who uses events in the city, games nights and sporting
their own valuable time to help you. events. I was extremely grateful and delighted
when a month after my internship, I was
The support from the entire company was offered and accepted a full-time position with
evident from the beginning: the IT services the company. I am looking forward to starting
were available at any time to provide out in my chosen profession with such a
assistance and the rest of the office would supportive practice.

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24
INTERNSHIP PROFILES

Trainee Actuary
Mercer
LOCATION Glasgow NAME Victoria yung
UNIVERSITy Glasgow University
LOCATION Southampton
DEGREE Statistics UNIVERSITy Oxford
PLACEMENT TyPE Summer Internship
DEGREE Mathematics

Kirsten Fairlie

Is a career as an actuary for me? I prepared thoroughly by researching the firm


I, like many other students, found deciding on and the position I had applied for by using
my future career to be a daunting experience. Mercers careers website and also gained a
good grasp of issues in the pensions industry
Having particularly enjoyed studying a by keeping up-to-date with the current
Financial Statistics course at university, I financial news. Although preparation is an
was keen to pursue a career in the financial integral part of the interview process, it is
industry doing a job where I could apply the essential to be yourself throughout.
statistical knowledge I had gained during
my degree and work in a client-facing role. Jet set start to the internship
I decided to apply for internships as an My internship started with an early morning
opportunity to gain some work experience flight to London for an intensive training day at
and to see if a career as an actuary was for me. the Mercer Headquarters, which was attended
by all thirty actuarial interns from across the UK.
I applied to Mercer in 2012 and was accepted
onto their eight-week summer internship The day included inspiring talks from a senior
in the Glasgow office. The placement gave partner and an actuarial trainee, as well as
me a valuable insight into what a career as an introduction into some of the computer
a trainee actuary would entail (without the programs and calculations we would be
pressures of the professional exams!) and encountering in our day-to-day work back in
I thoroughly enjoyed my time there. After the office. After our training session, we were
completing my internship I was offered a then divided into small groups and were each
graduate place for the following year, which I assigned a topic to be researched collectively
was delighted to accept. during our placement and presented together
in our final week.
The interview process
The application process began with an Our induction day concluded with a drinks
initial online application, which was followed reception, which was a great way to meet some
by a phone interview and an assessment of the London based trainee actuaries and the
centre which included a series of group and HR team, as well as getting to know some of
individual tasks, a short presentation and a the other summer interns, before heading back
psychometric verbal test. The final stage was to Glasgow for my first day in the office.
an interview with two team managers from my
chosen office where I was asked a combination Starting in the office
of questions about Mercer, competency-based On my first day in the office, I was placed in a
questions and about current pension issues. delivery team made up of six actuaries, all at

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TRaINEE acTuaRy

various stages of qualification. My colleagues I gained experience in prioritisation and


were very welcoming and were eager to get working to deadlines and was involved
me involved in a wide variety of their own in following my assigned tasks from the
individual client projects, which made me feel initial calculations, through the peer
like a valued member of the team. reviewing stage to issuing the quotes to the
administration team.
Mercer also have a buddy scheme in place
which meant I was teamed up with a new Project work
graduate who was more than happy to help When I wasnt working on tasks passed
me understand the tasks I had to complete, on to me by my colleagues, I was kept
taking time to provide me with background busy with researching my groups topic of
information on different clients and to answer interest. With each group member based in
any of my questions. a different office, we had to communicate by
using group emails and conference calling
something new to most of us!

My colleagues were As a group we had to delegate areas for


very welcoming and research and produce a clear PowerPoint for
were eager to get our presentation in our final week. Despite
me involved in a my initial nerves, our presentation ran
wide variety of their smoothly and I received good feedback from
own individual client my managers and the HR team. I also feel
projects. this project helped improve my presentation
skills and highlighted the importance of clear
communications between offices.

Social events
I was invited to a dinner and drinks event
During my internship I had the opportunity to the week before starting my placement in
work on a number of different responsibilities, the Glasgow office which was a great way to
including a range of calculations from Transfer meet the people I would be working with in
Values and Early Requirement Quotes for a relaxed environment and definitely made
individual scheme members to updating client starting in the office a much less intimidating
specific monthly factors. I was also involved in prospect. During my placement there were
accumulating data to fill in valuation surveys, plenty of other events to be involved in,
which gave me the chance to work with including team nights out, drinks to celebrate
colleagues in different teams as well as some colleagues passing their actuarial exams and
of the senior actuaries. even a cocktail master class!

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Graduate Profiles

uate
r e grad
o ne:
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Rea les onli k
profi eers
.co.u
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/act

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AXA
28
Actuarial Analyst

SUNGARD
30
Graduate Actuarial Analyst

PwC
32
Consultant

GUy CARPENTER
34
Actuarial Analyst

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28
GRaduaTE PROFILES

Actuarial Analyst
AXA
NAME Mallika Natarajan
LOCATION London
UNIVERSITy Warwick
DEGREE BSc MORSE

Be empowered to take your career where experience as you. youre surrounded by key
you want to go stakeholders which gives you an in-depth
At AXA, youre empowered to flourish understanding of everything thats going on.
and take your career where you want it
to go. youre given an amazing level of Im finding the work incredibly interesting.
responsibility, which I just dont think youd Ive been working on the Reserve Review,
find in many graduate roles. Being exposed to looking after the projection of long term
the Finance Director and Head Underwriters general insurance claims. Its a key project.
of a global, market-leading organisation is The review is produced quarterly and vital to
very exciting and a great opportunity to learn all insurance companies.
and develop your skills. you feel like youre
constantly growing. Were working to tight deadlines and there
can be quite a lot of pressure, but the
environment doesnt make it feel stressful.
Were always commended for our work and
we even get taken out to lunch as a thank you,
which is lovely!
Its hard work, but its
actually a nice step up AXA have been hugely supportive with my
from university as youre actuarial exams too. Not just financially, but
still learning but also theyve also given me plenty of study days
enjoying a great career. throughout the year and these are topped up
as the exams get harder.

Lots of other people here have taken the


exams, so its nice to be able to speak to them
and get a little bit of advice. Its hard work, but
its actually a nice step up from university as
Support and career encouragement,
youre still learning but also enjoying a great
friendships and lovely lunches
career. Ive made lots of friends and we study
Its a great environment to work in too. Its
together which really helps.
professional, but not what you might typically
expect from a financial company. Theres a lot
Im from India and its really nice to be
of encouragement and the support network
working for a global organisation. There are
is huge from senior managers and mentors
opportunities for secondments across the
to other graduates going through the same
world which is such an exciting prospect.

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acTuaRIaL aNaLyST

I really do love my job. My CEO is a real allowing me to practice across the world.
inspiration and I can see a great future here. The qualification path takes blood sweat
and tears with exams twice a year, but being
How did you get your job at AXA? an academically strong and competitive
I applied for my role through the graduate candidate makes you push on!
scheme while still completing my final year.
Do you have any advice for anyone
What was the application process like do wanting to get into the industry?
you have any advice? As the qualification process is long and requires
The application process was similar to a great amount of dedication, ensure that you
most other actuarial companies: there was are comfortable with giving up your social life
a competency based application process, for large chunks of the year! There are plenty
followed by an initial online numerical and of students with most companies so there is
logical reasoning test. This is usually nice and always someone to have study sessions with.
straightforward for budding actuaries. If youre
successful in the numerical test, it is followed What skills are useful in the
by an interview and assessment centre. My actuarial profession?
advice for assessment centres would be to just This might sound obvious, but a good
be yourself. mathematical mind is a must. I would also
recommend working on your communication
Why did you choose a job in the skills, as a great part of the role is explaining
actuarial profession? results and methods to non-actuaries.
As a MORSE graduate from the University
of Warwick I had the opportunity to attend Is it a 9-5 job?
seminars held by actuaries. This gave me the The great part of working with AXA is that
opportunity to learn more about the career there are times when one needs to work a
and the paths open to me through pursuing little bit extra, but most days are 9-5. This is
the profession. The prestige of being a Fellow definitely a big plus when you compare it with
of the Institute of Actuaries opens doors, roles in banking and trading.

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30
GRaduaTE PROFILES

Graduate Actuarial Analyst


SunGard
NAME David Chisnall
LOCATION Chertsey
UNIVERSITy york and Cambridge
DEGREE PhD Physics

I think 2007/2008 was a watershed year for insurance industry. By supporting our clients,
a lot of people. Northern Rock and Lehmans everyone in the team has the opportunity
both sparked my interest in learning about to liaise with many of the worlds largest
economics (a subject I was wholly ignorant insurance and reinsurance companies. In
about at the time). The more I read, the more addition to that exposure, the opportunity to
interested I became. further develop my computational skills was a
prospect I couldnt resist!
When I graduated with my PhD in physics,
I decided that I would use my analytical What is your role?
skills to solve some real-world problems. I In broad strokes, my job is a mixture
decided to study for the actuarial exams, as of development and maintenance. My
I had missed the slightly more formalised team effectively sits between two groups:
world of undergraduate study. Having had the computational developers, who
some experience programming during are professional coders, and the clients
both my undergraduate degree and my and business managers, who steer the
PhD, a software company seemed the development. Our team develops the
natural environment for me to continue my economic and mathematical ideas into
professional development. practical solutions, which can then be
implemented in software.
Who are SunGard?
My manager once called SunGard The largest Weve got some big projects in the pipeline
software company youve never heard of. which will add more functionality to our
SunGard provides software across a spectrum software, and theyre a great mix of some
of financial institutions, including insurance hard maths, and a little bit of computer
companies. Our insurance software suite is science. When not working on development,
used by nine of the top ten US life insurers I spend time on third line client support,
and all of the top ten UK life insurers. you helping our customers work around any
can find our software being used in offices in problems theyre experiencing.
almost one third of all the worlds countries.
What do you enjoy most about your job?
Why did you decide to join SunGard? I really enjoy the variety of work. Id never
SunGard stood out from the other companies worked with the programming and scripting
I interviewed for immediately. I took a languages VBA or PowerShell before
tour around the office when I came for an joining SunGard, and you really do get the
interview, and the positivity in the office was opportunity to learn new skills and work on
tangible. SunGard is also a major player in the real problems. Its incredibly satisfying to

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GRaduaTE acTuaRIaL aNaLyST

know that the product is used by real people with using computers. I would say the most
in the industry. Aside from that, having a great important aspect is self-confidence; the fear
team around you who are all experts in their of breaking the computer can sometimes
field really makes a difference! override the better maybe this will work, or
Lets see what this does mentality. There is
a lot of self-discovery in this role, and that is
something which has always been encouraged.

What transferable skills are available?


you DONT need to be
As well as the phenomenally transferable
a computational genius actuarial qualifications which you can obtain,
to be able to work for a working for a software company gives you
software company! access to a whole toolbox of skills which
you can sharpen. Firstly, being intimately
acquainted with the iWorks software suite
(which is used very widely in the industry) is a
huge bonus. In addition, Ive been able to gain
experience working with VBA via Excel, C#,
and PowerShell.
Are you all computational gurus?
Perhaps contrary to popular belief you We also have a centralised learning facility,
DONT need to be a computational genius SunGard University. This lists available
to be able to work for a software company! courses and webinars, which can be tailored
Obviously, you DO need to be comfortable to the direction of your career progression.

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p r ofilefrom yoject:
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32
GRaduaTE PROFILES

Consultant
PwC
NAME Kirsty
LOCATION Edinburgh
UNIVERSITy Heriot-Watt
DEGREE Actuarial Maths & Statistics

When and why did you choose an Which skills do you consider to be essential
actuarial career? for your job?
Growing up I never knew what I wanted to As I work in a consultancy, I think
do (I changed my mind weekly!) so when it communication is a key skill which is essential
came to picking university courses during for my job. It is important to be able to
my final year of school I had no idea where communicate clearly with both colleagues
to even begin. I had always enjoyed maths and clients including explaining complex
and sciences so started looking into courses information in simple understandable way to
along those lines when I stumbled across the non-actuaries.
Actuarial Mathematics and Statistics course at
Heriot-Watt. I had never heard of an actuary What do you like most about your job?
before, but the statistical, risk and analytical I really enjoy my job and find the work really
side of the course appealed to me. interesting and challenging but the thing I like
most about my job is the people I work with.
I really enjoyed my degree, but I had a
nagging doubt in my mind that maybe I From the day I started at PwC I have been
would enjoy another maths based career such made to feel welcome in the team and
as accountancy better. A summer internship have been provided with great support. In
with an accountancy firm soon corrected that particular, people are always willing to answer
and I went into my final year of university your questions or take the time to explain
certain that an actuarial career was for me! something which you are unfamiliar with even
if they arent working on that piece of work
Briefly explain what your work involves with you.
I work in Actuarial Insurance Management
Solutions based in Edinburgh. I work in life I love the variety of work that I get the
insurance mainly and I have worked on a opportunity to do, working with different clients
variety on different projects since I joined, and on different projects throughout the year.
ranging from auditing large insurance
companies to organising a volunteering event How do you achieve a work/life balance?
for the Edinburgh office. I think it is important to be realistic and be
aware there are times where you may have
I spend a lot of time working on client sites to work late and you will have to study in the
both in Edinburgh and throughout the UK. evenings and/or at weekends close to exams.
This allows me to experience a wide variety of However this is only in the short term and I
work and gain experience in many different generally have not found it hard to achieve a
areas of the life insurance industry. good work/life balance.

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cONSuLTaNT

The important thing is to leave work at work expand my technical knowledge. The actuarial
and ensure you enjoy your spare time. Being profession is expanding out of the traditional
organised and writing a daily to do list also fields, therefore it is impossible to know where
helps me maintain a good work/life balance my career will be in 20 years time but I hope
as it allows me to prioritise the tasks I need to to continue to find the work as interesting and
get done each day. enjoyable as I do today.

Any advice you may have for others


considering an actuarial career?
When I began researching actuarial careers,
Numerical skills are
I thought most actuaries were maths geeks
only a small part of
who loved to do complicated calculations
being an actuary, with that nobody understood in reality that is
communication being not true. Therefore my advice would be dont
equally important if believe the stereotype! In my experience,
not more so! numerical skills are only a small part of being
an actuary with communication being equally
important if not more so!

Ensure that you fully research the career and


are confident it is for you as there will be
Future plans? times when you are studying for exams when
My future plans are to qualify and to continue you need to remind yourself why you are
to gain experience within my field and doing it.

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34
GRaduaTE PROFILES

Actuarial Analyst
Guy Carpenter
NAME Chris Apps
LOCATION London
UNIVERSITy University of Oxford
DEGREE MSc Physics

I graduated from Oxford University with a insurance. I frequently work with many clients
Masters degree in Physics in July 2011. Guy simultaneously, which can get very intense.
Carpenter kick-started my actuarial career The tasks I perform vary in both difficulty
with an analyst position in September. I am and length; from cleaning up spreadsheets
currently studying for the actuarial exams and just received from clients, so we can input
sat my first modules in April. data into our models; to building complex
reinsurance structures, and their respective
What does Guy Carpenter do? models, completely from scratch. As an
Guy Carpenter is a reinsurance and risk intermediary, Guy Carpenter is completely
intermediary. Reinsurance is basically insurance focused on serving its clients in the best way
for insurers. Our primary task is helping our possible. My actuarial training has equipped
clients place their reinsurance with Lloyds of me with strong technical expertise to allow me
London or other reinsurance companies. If to achieve this.
effectively placed, it helps clients cope with
large claims they wouldnt otherwise be able What do you enjoy most about your job?
to survive similarly to how primary insurance There are many things to enjoy about working
protects the public. It also spreads the risk of at Guy Carpenter, as there is with many
losses over larger populations than insurance actuarial firms. The pay is good, the work is
companies can effectively manage; preventing interesting, and Im actively improving my
insurers from losing out if a big loss affects skills in a way which many careers do not offer
an entire region, or an entire population so early on. Most of all, I enjoy working with a
subgroup, where they make business. team of like-minded individuals on a common
objective we all believe in.
How did you get your job at Guy Carpenter?
I was contacted by a recruitment consultant What are the most stressful parts of the job?
in the summer following graduation, who I rarely get stressed at work. Better
suggested the actuarial profession would suit overworked than underworked! Fitting in
someone of my background. I interviewed study and adequate exam preparation,
for several actuarial positions in the following however, is not easy. If an exam is a week
month and following many challenging, and away theres a lot less time remaining than at
many more unsuccessful interviews received university as Id most likely be in office for
several offers. I started working at Guy five days out of the available seven. Rigorous
Carpenter in September. time management is critical. Fortunately
Ive learned to manage data well, with
What is a typical day like for you? spreadsheets, as part of my training. A few
The reinsurance workplace tends to be thousand hours is nothing compared to a few
closer to consulting than traditional million insurance claims!

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acTuaRIaL aNaLyST

What was the interview process like? can happen for a variety of reasons; the
The interviews were hard, but its competition for the role could be very fierce,
understandable why it was necessary. and an employer needs to be completely
Thinking and communicating on the spot, in certain youll fit in with existing employees.
unfamiliar territory to unfamiliar audiences, is In either case its never personal. If a
an important part of my role. My interviews recruitment consultant is getting you plenty of
at Guy Carpenter were fairly standard for interviews, its mostly a numbers game before
graduate positions questions about me and you get a position. Just ditch the recruiter if
my experiences mixed in with technical critical they arent (theres plenty out there!), and
thinking style problems. The key in both types make sure you really want the jobs youre
of question is how you communicate your applying for. Interviewers can sniff out lack of
answers as opposed to what you say. Practice motivation instantly.
was very important.
Is there a work/life balance?
yes, although I dont agree with the term
balance as it implies the two are separate. If
my home life is good I rock up at work with a
The pay is good, the smile on my face, bursting with energy, and
work in interesting, and perform well; if not my work suffers. Its also
Im actively improving important for work to provide a continuous,
my skills in a way which but not overwhelming, challenge otherwise it
many careers do not affects my home life in a negative way.
offer so early on.
What soft skills have you found useful?
Managing time well has been paramount.
Its important to manage both long-term
important, but not urgent, tasks along with
those that are urgent, but less important. An
ability to work well in any team is important,
but this is something interviewers try to assess
Any advice for the interview process? before employing you. Staying proactive and
Be prepared to do a lot of them. Its not on the ball in fast-paced environments is also
uncommon for an interview to go perfectly important not just so you can do your job
well and yet not be offered a position. This well, but so you enjoy doing it!

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Senior Profiles

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THE CO-OPERATIVE INSURANCE
38
Chief Actuary

AON
40
Pensions Consultant Actuary

LEGAL & GENERAL


42
Head of Pricing

MERCER
44
Senior Associate

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38
SENIOR PROFILES

Chief Actuary
The Co-operative Insurance
In seventeen years at the Co-operative Insurance, Grant has progressed from
Actuarial Trainee to Chief Actuary, and all stops in between. He explains what being
a Chief Actuary involves and how his career has taken some turns he never expected.

Starting out on an actuarial career


GRAnT MITCHELL
Like many new actuarial students, I didnt have much idea
what to expect when I started my career. Having obtained
a Mathematics degree from Cambridge, I was looking for a
career that used my mathematical and statistical background,
and alighted on the actuarial profession. It seemed to be
well-regarded and well-paid, and suited my skills.

I was offered a job in the general insurance actuarial


department of the Co-operative Insurance Society in my
home city of Manchester. At that stage I had no clear idea
of what type of actuarial role I wanted to pursue whether
2013
in general insurance, life insurance or pensions, whether in
a company or a consultancy environment. With hindsight, I
Became Chief Actuary at was lucky in that initial role.
Co-operative Insurance
General insurance is still a relatively new branch of actuarial
work, and as such offers opportunities for actuaries to
2007 develop techniques in a fast-changing market. Working in
a company environment offered me the opportunity to get
Appointed Head of Motor involved in the detail, to understand every aspect of the
Insurance and Pricing way the business operates. For some people, a consultancy
environment offers the best route to an actuarial career
gaining exposure to a broad range of ideas from a number
1999 of companies but for me, the depth was more important
than the breadth and working in a company was ideal.

Qualified as an actuary The training scheme to qualify as an actuary is notoriously


hard work. It consists of a series of 14 or so exams,
combining advanced mathematical techniques with specialist
1996 knowledge of the various actuarial practice areas (life and
general insurance, pensions, investments) and softer skills
such as communications.
Joined Co-operative Insurance
as a trainee
Studying for the exams while also holding down a full-
time job requires a lot of commitment and hard work. I
1995 was fortunate in that the Co-operative Insurance offers a
generous package of study support for actuarial trainees,
but I still had to put in a lot of study in my own time as
Graduated with a degree in well. I was lucky to complete the exams in just under three
mathematics years many actuarial students take four or five years or
more to qualify.

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39
cHIEF acTuaRy

Career experience to date Current role


My initial role as an actuarial trainee In 2013, I have moved back into a more
involved a wide range of work producing technical role as Chief Actuary. This involves
management information, writing reports for managing a team of around sixty people
senior managers, calculating the reserves the covering a wide range of activities, including:
company needs to hold to pay past insurance
claims and setting the prices for future Pricing setting the prices we charge for
policies. At the heart of it all is a need to use our insurance business.
past experience perhaps statistics on the Reserving working out how much
numbers and cost of motor insurance claims money we need to set aside for claim
for the last five years to predict the future. events that have already happened but
we havent yet paid.
Of course, even the most advanced statistics Capital management insurers have
and mathematical techniques can take you to hold rainy day money to ensure
only so far; throughout my career I have found they always have enough money to pay
that the best actuaries are those who can claims, even if things turn bad. We build
combine that with a deep understanding of detailed models of our business to look
the dynamics of the insurance market and a at all the risks we are exposed to and
healthy dose of business acumen. calculate just how bad that could be, and
hence how much money we need.
After qualifying, I began to specialise, Underwriting determining which types
particularly in the pricing of motor insurance. of customer we are prepared to accept,
I also began to take on more managerial writing the wording of our insurance
responsibilities initially just supervising the policies and ensuring that we have
work of one or two more junior actuarial appropriate anti-fraud controls in place.
trainees, and gradually progressing to leading Reinsurance the process by which an
a pricing team of a dozen or so people a insurance company itself buys insurance
mixture of actuaries, trainee actuaries and to protect against extremely large claims
statisticians giving pricing advice not just (e.g. a person seriously injured in a motor
on motor insurance but also home insurance accident may be due compensation of
and a range of other personal and commercial several million pounds) or collections of
lines of business. claims arising from a major storm or flood.

My big career break came in 2007, when I My role is very broad and gives me the
was appointed as Head of Motor Insurance opportunity to use both my technical
and Pricing. This gave me the opportunity actuarial training and my knowledge of the
to combine my technical background, insurance market. The market is extremely
still managing the pricing team, with an competitive and regulation is intense so we
account management role responsible for can never stand still. I have the opportunity
growth and profitability of a 500 million to contribute to the overall strategic thinking
business, whilst also ensuring that we kept of the business and I attend board meetings
our customers happy and complied with a where these ideas are discussed. Ive also
regulatory framework that becomes ever made a number of TV and radio appearances
more onerous. as an insurance expert definitely something I
wouldnt have seen myself doing 17 years ago.
This was something of a departure for an
actuary moving into a more general business Overall, I would definitely recommend an
management role but it was one that suited actuarial career. The technical training opens
my interests and gave me more exposure to doors to a wide range of potential future
the way the business, and the wider market, roles and whilst it can be very hard work
operates, as well as more responsibility for at times, it is also constantly interesting
leading a larger team of people. and challenging.

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40
SENIOR PROFILES

Pensions Consultant Actuary


Aon
Since qualifying as an actuary, Ben has been working hard to progress his career.
Now a pensions consultant actuary, his job involves managing the new actuarial
trainees and helping them to develop their careers.

Why did you choose a career in the industry?


BEn SCUTT
I graduated with a degree in Maths from Oxford University
in 2005 and I knew that I wanted a career which made the
most of my analytical skills. I had completed some actuarial
science modules as part of my studies and felt that this could
be the career for me. I like the challenge of learning new
things and so set myself the goal of qualifying as an actuary.

I joined Hewitt Associates (now Aon Hewitt) as part of their


2006 graduate intake after surviving a gruelling assessment
day! I was then straight in at the deep end, gaining
experience of daily working life whilst simultaneously
2012
studying for the exams. I would not say that I enjoy exams,
but I do get a bit of a buzz out of doing them, and an
opportunity to get paid for passing exams seemed very
Became a Fellow of the Institute
appealing after paying to do them at university!
and Faculty of Actuaries (FIA)

I would say that the institute exams are massively different


from school and university exams. you need to be prepared
2011 to do a full days work and then study during your evening,
although we get days off work to help with the study load.
The institute exams also set a high benchmark in order to
Completed the actuarial exams pass. However, the high level of difficulty of the exams is
why qualified actuaries are so sought after and studying for
the exams is very rewarding.

2006 When I found out I had passed my last exam in July 2011
I felt relieved that they were over and excited about the
opportunities that would be open to me in the future. While
studying for the exams, you build up great camaraderie
Joined Aon as a
graduate trainee
with your fellow students that I dont think you get in other
graduate jobs. I think this is a big part of being a student
actuary that I will miss.
2005
What is a typical day like for you?
I am a Pensions Consultant Actuary and a member of
the Trustee Advisory Group responsible for advising the
trustees of larger clients. Day to day I will specify and review
Graduated from
Oxford University
calculations and prepare advice for my clients. I attend
meetings with clients to present the advice on a regular
basis. I enjoy developing relationships with clients and
making their jobs easier.

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41
PENSIONS cONSuLTaNT acTuaRy

An appealing aspect of the job is that there What do you enjoy most about your job?
is no defined career path you are given the I enjoy learning, solving problems and
opportunity to drive your career. I am on the meeting people. In my job I work with
team which helps train new Pension Scheme like-minded people, in an industry that is
Trustees, and I also give training within the continuously evolving so there is always
business to our actuarial trainees. I enjoy this something new to learn. Working for a
part of my job, as it adds a bit of variety and consultancy allows you to get out and meet
allows me to stretch myself. There are many clients rather than sit behind a desk all day.
areas that you might choose to get involved
in if training doesnt appeal to you, for What would you like to achieve in
example you might want to specialise more the future?
in selling the business and building contacts, I am always looking to develop myself and
or you might be more suited to building never want to stand still. Being an actuary
calculation models. opens up lots of doors and really allows you to
choose your career path rather than it choosing
you. I aim to become a top consultant.

What are the current challenges the


industry faces?
Working for a I advise clients predominantly in relation
consultancy allows you to to defined benefit pension schemes. In 20
get out and meet clients years time the market I work in will look very
rather than sit behind a different, and the role I currently perform
desk all day. may well not be required. However the skills
I have learnt and am still learning are highly
transferrable and I am confident that there
will be a role for pensions actuaries in the
future even if it is not clear now what that
role might entail.

Increasingly actuaries are moving into other


I have also managed trainee actuaries, taking fields too. You should not feel that taking up a
them through their salary review and helping graduate role as a trainee actuary means you
them to develop their careers. I find this have to perform an actuary-type role for the
very rewarding, and I know from personal rest of your career: on the contrary, the skills
experience that a good manager/mentor can you develop as an actuary will prove useful in
be very helpful for your development. whatever role you opt for beyond the exams.

I am vice chair of the 2013 Momentum Do you have any advice for anyone
conference organising committee, which wanting to get in to the industry?
is a conference for nearly/newly qualified I would speak to a trainee actuary and an
actuaries. This has allowed me to meet actuary to hear firsthand about what it is like
actuaries from other areas such as Life, General to sit the exams and ultimately to finish them.
Insurance and Investment. There are various you may be able to take actuarial modules
roles you can take up at the institute, and it is as part of your university course I would
good opportunity to meet other actuaries and recommend taking these options if they are
trainee actuaries from the industry and give available to get a taster of actuarial science.
something back to the profession. Good luck!

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42
SENIOR PROFILES

Head of Pricing
Legal & General
Hannah was looking for a career that gave her the opportunity to use her
mathematical skills when she found out about the actuarial profession. She
discusses where her career has led her so far and why she loves where she is.

When and why did you choose an actuarial career?


HAnnAH Cook
I have always loved maths and knew from quite an early
stage in my degree that any career path would need to
have a substantial maths element in it. I completed one
of those online career searches that every good university
careers department has and there, right underneath
accountant, was actuary. I knew nothing about what
actuaries did at that stage, but did a bit of research and
decided that it sounded like just my sort of thing. That
does make me sound a little as though I didnt get past
number two on the list, but it really did sound the most
interesting suggestion on there!
2007
What was your first job?
Joined the Protection Pricing My first job was with Prudential, working in the systems
Team, heading it up in 2013 development department, but I fairly quickly moved to
Legal & General where I started off in the experience
investigations team before moving on to EV reporting.
2006
What skills have you gained since working?
Ive gained a diverse range of skills since I started working
Qualified as an actuary
and I have used different ones as my career has progressed.
Earlier on in my career, I had to be very details focused but
as my career has progressed my skills are more in reviewing
2003 being able to look at a piece of work that someone has
produced and get a feel for whether the result is in the
right ball park or not.
Moved into EV Reporting
I think one of the most valuable skills as an actuary though
is being able to think widely to know that everything that
2002 we do has a consequence and be able to think through the
end impact on the different stakeholders is a key part of
what I do on a day to day basis.
Joined L&G in the Experience
Investigations Team
How is your work different to when you first started as
a trainee?
2000 I think when you first start in a job the focus is very much
on learning how to do it and then later on you move on to
the why. I remember when I was studying SA2 for the first
Graduated and joined Prudential time stopping every few minutes to say Ah so thats why
we do that!. As a trainee youre very focused on the piece of
work that youre doing often without regard to the bigger

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43
HEad OF PRIcING

picture. I think that is one of the biggest pricing the new business that we sell and
differences that hit me when I qualified. monitoring the performance of the existing
policies that we have. No two days are ever
the same as we always seem to be working
on a new project. Ive got a great team
of 15 who are a mixture of students and
I dont have a grand plan. qualified actuaries and we all pitch in to
What I do know is that I make sure we achieve what we need to.
love my current job and
plan to continue to do it What does the future hold for you?
for as long as I continue Who knows what the future holds for me? I
to enjoy it. have to confess Im not a fan of the age old
Where do you see yourself in five years time?
interview question. I dont have a grand plan.
What I do know is that I love my current job
and plan to continue to do it for as long as I
continue to enjoy it as much as I currently do.
Thats the great thing about being an actuary
Where do you work now and what does the though the opportunities are so diverse
job involve? that if youre not happy in one role, there are
I lead Legal & Generals busy protection plenty more out there if youre willing to seek
pricing department. Were responsible for them out.

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44
SENIOR PROFILES

Senior Associate
Mercer
Katie wasnt sure what she wanted to do after graduating, but chose the actuarial
profession for the opportunity to stretch herself academically whilst working with
clients. She sheds some light on the challenges and rewards of being an actuary.

As a philosophy student with an actuarial family background,


kATIE LoW
it was anyones guess whether I would end up going down
the actuarial path. Both my father and grandfather were
actuaries so I was always aware of it as a career option. I
enjoyed maths at school, but did not want to go down a
pure maths route. Instead, I ended up at Oxford University
studying Philosophy and Economics.

I joined Mercer as a Trainee Pensions Actuary in 2001, and


have been with Mercer ever since. After qualifying I spent
just over a year on secondment in the San Francisco office,
which was an excellent opportunity, giving me experience
2011 of different ways of working and of course the adventure of
living in a new place.
Promoted to Senior Associate
at Mercer Why did you choose a career in the industry?
I did a summer placement as an actuarial intern in New
york which I really enjoyed, but I still wasnt sure that I
2006-7
wanted to follow in the family footsteps it seemed too
obvious a choice!
Secondment in San Francisco
As a result, when I left university I didnt really know what I
wanted to do. I did know that I wanted to move to London,
so ended up doing a variety of temp jobs. I wanted to work
2005 with bright, dynamic people and do something that would
stretch my brain and the external, client-focused element
of consultancy appealed to me, as well as the intellectual
Became a fully qualified actuary rigour of the exams and work. This led me to the realisation
that an actuarial career might actually be right for me, so I
stopped trying to fight against it!
2001
What is a typical day like for you?
A typical day seems to involve very little time sitting at my
Joined Mercer as a Trainee
Pensions Actuary
desk, which makes it hard sometimes to get things done.
There are meetings and conference calls about particular
projects that are going on, making sure that everything is
2001 on track within the team or with any external parties that are
involved. I have a portfolio of clients, some where I act as an
adviser to the company and some where the advice is to the
Graduated from Oxford University
with a degree in Philosophy and
trustees of the pension scheme. They are of different sizes,
Economics involve different personalities and face different issues so
depending on which one is busy, a day can be quite varied.

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45
SENIOR aSSOcIaTE

I now have supervisor responsibilities and that What do you enjoy most about your job?
aspect of my job is completely non-actuarial. I enjoy the people that I work with, some of
The role takes up quite a lot of time, but on whom have become good friends. I think its
the whole I enjoy it because I like the variety a really important element of any job that you
it gives me. get on with the people around you because,
lets face it, you are going to have to spend a
lot of your life with them.

What would you like to achieve in the future?


I admit I dont have a detailed plan or
checklist of things I would like to achieve
I wanted to work with maybe I should! The important thing for me
bright, dynamic people is to feel that I am moving forward in my
and do something that career in a way that keeps me challenged
would stretch my brain. and interested. So far Ive always been able
to find new challenges when I have felt I
needed them.

Do you have any advice for anyone


wanting to get into the industry?
Be prepared for the exams to be tough, but
once you are through them, there are lots of
different avenues and specialisms to keep you
I have also become involved in the Institute and interested and challenged, so its important
Faculty of Actuaries as a volunteer and through to be open-minded about the direction you
that I have a whole different set of experiences. might take.

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Finding the Right Job

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WRITING THE PERFECT ACTUARIAL CV
48

ACTUARIAL KEy SKILLS


50
Dr Geraldine Kaye

GRADUATE TRAINING SCHEMES


52

ACTUARIAL INTERNSHIPS
54

APPLICATIONS AND INTERVIEW TIPS


56
Gary Heslop

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48
FINdING THE RIGHT JOb

writing the perfect


ACTUARIAL CV
Places on actuarial graduate training schemes are comeptitive: its vital to give
yourself the best chance possible in applications by honing and perfecting your CV.
Learn how to present yourself to your best advantage with this short introduction
on how to write a CV for actuarial positions.

Many actuarial employers, such as APR, Always double-check


Canada Life, Capita, Direct Line Group, Punter Dont rely on spellcheckers, always proof-read
Southall, Royal London Group and SunGard your CV carefully every time you make an
require candidates to supply a CV as part of amendment. Getting someone else to take a
their application. This makes perfecting your quick look at it can also help to spot the errors
CV extremely important, as its the very first you may have missed.
chance you get to make a good impression
to prospective actuarial employers. This is
our step by step guide to creating the best
actuarial CV you possibly can.

THE BASICS

Before you start to optimise your CV for


applying to actuarial jobs, make sure you have
all the basics right:

Presentation
Keep things simple and professional looking.
This means sticking to standard fonts, such as
Arial, Calibri or Times New Roman. Avoid the
use of colours, pictures or photographs. your
CV should be roughly two sides of A4 this is
also a useful guide to how much content you
should include, so dont be tempted to adjust STRUCTURE
spacing and font-size to compensate for
over-long or over-short CVs keep font sizes Profile
between 10 and 12 points. This is a short paragraph allowing you to
present yourself to the recruiter. Briefly
Style summarise your background, ambitions
Keep things clear and brief. Break up large and achievements.
blocks of text (which recruiters are likely to
skip over) and instead aim to use bullet points To stand out as an actuarial candidate, avoid
to itemise key facts. any vague or general statements. The more
focused you are as a candidate the better, as
Aim to always use positive language and the recruiter wants to know that youre serious
emphasise achievements, but avoid sounding about joining their firm. If youre seeking to
arrogant. Dont say youre very intelligent or become an actuarial trainee, where? Are you
talented, prove it: what specific achievements interested in working within consultancy,
demonstrate your value to employers? insurance or finance? These are things you

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49
wRITING THE PERFEcT acTuaRIaL cv

should be considering before you make an Never underestimate the value of work
application. List your strengths, but avoid experience: take care to highlight key
general traits such as team-player. achievements, even of summer shop jobs
which you might not think sound very
Amongst other things, future actuaries should impressive. you might have had a customer
be looking to highlight their analytical skills, facing role or trained other members of staff:
technical abilities and commercial awareness. these show communication skills, which are
crucial for a future actuary. Taking stock
Personal details checks or dealing with money proves your
Supply your contact details, including at least ability to take on responsibility.
one phone number, your postal address and
your email address. It isnt necessary to list your Be sure to include any particular goals you
gender, age or marital status, but if you are not achieved, (such as sales targets) or praise you
a UK national, include your nationality and give received from senior members of staff.
details of your work permit status here.
Skills
Whether you choose to highlight them
elsewhere in your CV, such as education,
work experience or interests, or you
Sometimes you may hear that the
choose to include a specific skills section,
latest mode is to include details of work
its important to display your relevant
experience ahead of your educational
knowledge and talents. IT and language
qualifications. Disregard this: as an
skills are particularly important for
actuary, your education and training
actuaries. For example, if youve come
is always of the highest importance
across actuarial systems such as Prophet
to employers and as such should be
through your course, or youre very adept
included first.
with Excel, these are vital skills which an
actuarial employer will value. Remember,
Dr. Geraldine kaye, Managing Director
they wont assume you have these skills
of GAAPS Actuarial
unless you tell them.

Interests
Different recruiters place different emphasis
Education on hobbies: keep these brief and bear in
In reverse chronological order, list your mind what a hobby says about you as a
educational qualifications, including dates, potential employee. Involvement in societies
grades and where you studied. The more at university, particularly if you took on an
recent the qualification, the more space you organisational role, is valuable, as are hobbies
can take to expand on it. that demonstrate commitment, such as sport
or charity fundraising.
For your degree, listing the modules that
youve studied or the subjects youve Referees
covered and the grades received can help to Nowadays, it is not seen as necessary to
emphasise how relevant your qualifications include references on your CV: these can be
are. If you have not studied actuarial sciences supplied later in the recruitment process.
specifically, but have studied a business or
science related degree, highlighting any When submitting a CV, always take care
mathematics or statistics covered during your to note what information an employer
course can help to show your competence. has requested you include: its extremely
important to demonstrate that you have
Work experience attention to detail and can follow instructions.
List your work experience in reverse Dont forget, that if youre applying for roles
chronological order, including any voluntary which require different skills, always adapt
work that youve undertaken. your CV accordingly.

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50
FINdING THE RIGHT JOb

what are employers looking for?


ACTUARIAL KEY SKILLS
What are the skills you need to impress future employers? In the actuarial
profession, numerical aptitude is a given, but you also need softer skills in order
to analyse and communicate complex concepts. Dr Geraldine Kaye advises on the
qualities you need to develop in order to be a successful actuary.

Maths was always my favourite subject. I lived, Tenacity is essential, as the actuarial exams
ate and slept maths. But it was not until a are demanding. To be accepted as an
friend mentioned actuaries that I first thought actuarial student usually demonstrates that
about a career as an actuary. you have the ability to qualify. The two
reasons for not qualifying are that a) the
She told me that actuaries not only used student learns well how to fail and gives
maths and economics every day of their up, or b) gives up, albeit for some wholly
working lives, but they required good justifiable reasons (such people are often
interpersonal skills, as they are in regular referred to as unqualified successes).
contact with clients, senior colleagues and the
staff they manage. This certainly appealed to Actuaries need good communication skills. It
me. But my eyes really sparkled when I heard used to be said that you know you are talking
of the salaries that actuaries could command to an extrovert actuary because they look at
at that time. And they still sparkle over some your shoes rather than their own when they
of todays levels! speak. This is no longer true. As an actuary you
will often need to explain complex technical
Ideally, you should be studying for a degree information to non-technical audiences.
with significant mathematical content;
statistics, maths, engineering, science and Actuaries work across diverse industries, from
economics are all ideal subjects. The advice insurance, pensions and benefits, investment
that I was given as a student, and that I still and asset management through to banking,
give, is to study a subject that you enjoy. healthcare, capital projects and risk. Working
you are better with a good class of degree individually or as part of a team, you could
than a poor degree and some exemptions find yourself being a consultant, analyst,
and you are more likely to do well at trouble-shooter and risk assessor all in the
something you enjoy. same day; so because your own future will be

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51
acTuaRIaL KEy SKILLS

wide open, you will also be the kind of person West End. Then, in the final year, I tried my
whos ready for anything. you need to be able hand at consulting, at Lane Clark & Peacock.
to distinguish between the essential and the On leaving university, I started my full-time
inessential, and once qualified, to have a long- career, as an actuarial student and trainee
term perspective. I often describe the actuarial analyst in the investment department of Sun
qualification as a qualification in applied Alliance (now RSA).
common sense.
Born with an inquisitive and acquisitive mind, I
In theory, exemptions make it easier to have never been slow in asking questions and
qualify, but you need practical experience in I certainly asked plenty during my days as an
an office in order to integrate the theoretical actuarial trainee. If I have any one message for
knowledge and to learn the jargon. Take todays graduate entrants to our profession,
advantage of the long summer holidays it is never be afraid to ask questions. It is a
before you graduate to gain as broad a range superb way of building up knowledge.
of experience as possible. While at university I
chose something different each year. It is important to remember that different
employers are looking for different things;
actuaries are a diverse bunch and one size
does not fit all. Before you apply, research the
different companies, read their websites and
speak to their representatives at careers fairs.
Because your own Get a feel for the companies so that you can
future will be wide open, apply to the employer that is right for you.
you will also be the kind
of person whos ready Skills in brief:
for anything. Excellent academics
Excellent communication skills
Strong numeric and logic skills
Be able to distinguish between the
important and the unimportant
Never be afraid to ask questions.

First, it was the City head office of a large NB: it may be possible to demonstrate these
life assurer, The Northern (before it was other than just by examination results.
taken over by what is now Aviva). The
second summer, I chose Dominion Lincoln, Dr Geraldine kaye is Managing Director of GAAPS
a minnow of a life office based in Londons Actuarial.

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52
FINdING THE RIGHT JOb

jobs on offer:
GRADUATE TRAINING SCHEMES
If you have started to think about jobs after you graduate, you have probably heard
about employers offering graduate training schemes. But what are they and why
should you apply to them?

Actuarial training schemes offer tailor- Experience of different areas of


made routes into the profession for capable the company
graduates. They are designed to give you a Networking opportunities.
fuller understanding of the profession and
company and will help you develop your You will receive financial support for exams,
technical skills, support you during studying and study support is often built in, with
for professional qualifications, build your staff available to give advice on exams and
commercial knowledge and soft skills as well studying as well as days off to ensure that
as giving you opportunities to develop your you pass your professional qualifications.
professional network.
What are actuarial graduate training
However, have no illusions, they are hard schemes like?
work. Competition can be fierce to get onto The programme will usually start with
them and a lot will be expected of you during an induction period where you will be
the scheme: you will also be expected to introduced to the company, the type of
balance working full-time and studying. But customer or clients they deal with and the
these schemes are well respected and the type of projects they are involved in. you
benefits are numerous: will then embark on a number of placements
which will have training opportunities
What are the benefits? integrated into them, these can be for both
Comprehensive training technical and soft skills.
Mentoring
Study support to gain professional you will be given time to study, but also a
qualifications fairly large amount of responsibility early on,
Financial support which may be quite daunting. During periods

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53
GRaduaTE TRaINING ScHEmES

where the assignments and exams are


coming up you may be expected to spend
around 20 hours per week on your studies. CASE STUDy
To find out more about what actuarial
Xafinity is a specialist pensions consulting
training schemes involve, take a look at
firm which recruits graduates as actuarial
Xafinity Consultings case study.
assistants. On Xafinitys graduate
scheme you will develop analysis and
How do I apply?
communication skills which you will need
Actuarial firms that use graduate training
in order to build a successful career in a
schemes will generally have one intake
challenging field.
a year, with a September start date.
Deadlines for applying to the schemes Actuarial study package
are much earlier: some firms will stop Xafinitys study package supports trainees
taking applications in the November or as they study to become qualified actuaries.
December of the preceding year, so you The package is flexible to meet individual
need to be organised and act quickly to requirements and includes:
secure a place. To gain a place for after
you graduate, you will need to begin the Full payment towards exam fees, study
application process in the first term of your materials, tutorials, mock exams and all
final year of university. administration costs.
Study leave of one day per week.
Details of different actuarial graduate Office study area and supportive
training schemes that you can apply for colleagues including mentoring.
are all in the Employer Directory at the Professional development
back of this guide. you can also visit our Actuarial assistants at Xafinity also focus on
website for a continuously updated job developing skills to use in the real world via
deadlines calendar. a series of in-house and external training
sessions. These skills will be used for:
Understanding the actuarial profession
and the pensions industry.
Accumulating general business and
finance knowledge.
Improving your ability to deal with
clients and being able to explain complex
concepts in simple terms.

e Advice and support


mor
m ore raining ies: On joining Xafinity, a qualified actuary will
Find uate t se stud be assigned as your mentor to offer support
grad me ca o.uk
and guidance whenever you need it.
sche care ers.c you will also be assigned a buddy who will
e
.insid help you to settle in to your new job and
www keep an eye on how you are getting on.
/act They will be your first point of contact when
you are finding things difficult.
Benefits and rewards
Trainees earn a competitive salary which
is reviewed on a regular basis, as well as
becoming a member of the flexible
benefits scheme.

BACK TO CONTENTS www.insidecareers.co.uk/act


54
FINdING THE RIGHT JOb

how to secure
ACTUARIAL INTERNSHIPS

Are you not sure if an actuarial internship is for you? Have you thought about taking
one, but dont know what to do or where to begin? Read this article for a quick
introduction to actuarial internships and advice on how, where and when to apply.

Why take part in an actuarial internship? What are internships like?


Actuarial internships offer the opportunity to Actuarial internships are usually for 6-8 weeks
experience working as a professional actuary over the summer. During this time, you will
before you graduate, helping you to make be placed within a specific department (for
valuable industry contacts, gain business example pensions or insurance), earn a salary,
experience and make an informed decision work standard office hours and get involved
about your future career. in a variety of projects designed to give you a
taste of actuarial life.
When it comes to applying for your first
graduate job, having the experience of an
internship under your belt also makes you
more employable: it is tangible evidence of
being driven, proactive and committed to a Having the experience
career as an actuary. of an internship is
tangible evidence of
Best of all: many interns who perform being driven, proactive
well during their placement are often
and committed to a
fast-tracked through their firms interview
process for full-time graduate trainee
career as an actuary.
positions, or even offered a graduate job at
the end of their placement.

Projects can involve working with data,


building spreadsheets and models, and
creating research on an aspect of the business
to present to the whole team. you will start
to learn standard calculations and technical
methods employed by actuaries, gaining
valuable professional insight and experience.

To find out more about what internships


are like and the benefits they can offer, read
Tower Watsons case study (right) or take a
look at the internship profiles on page 20.

How do I apply?
Much like full-time graduate positions,
companies generally ask for candidates to have

BACK TO CONTENTS
55
acTuaRIaL INTERNSHIPS

a maths A level or equivalent qualification. It is The companies at the back of this guide all
generally preferred that candidates are taking a indicate whether or not they offer internships
numerically related degree and are on track for in addition to graduate placements. you can
a 2:1. Find out what employers ask for in the also find the internships currently accepting
Employer Directory at the back of this guide. applications online at www.insidecareers.co.uk
/professions/actuaries/work
Most firms will ask you to apply by filling out
an online application form, although it is also When should I apply?
common (roughly one third of companies) Actuarial internships are generally held during
to request that you send a CV and covering the summer in between your penultimate and
letter, either via email or by uploading them final year of university. You will need to apply to
online. Make sure you use your time wisely by companies early in the year, generally January
researching companies and only selecting a to March, although some companies open
few to apply to, investing the time to perfect applications earlier than this, in the preceding
your application, rather than adopting an autumn/winter. you should always aim to apply
ineffective scatter gun approach. as early as possible as places can fill up quickly.

CASE STUDy

What we offer
Each year we run a six-week intern programme, during July/August across all of our 11 UK
offices. An internship with us will give you valuable real-world experience while you are still a
student. youll apply your education in an environment that is both intellectually challenging
and rewarding.
Training and development
you will be invited to attend three induction days with all other interns from across the UK.
During the induction days you will benefit from various training sessions and networking
opportunities. you will also be assigned a buddy and a line manager who will help you settle
in and be on hand to answer any questions throughout your time with us.
What will I do day to day?
As a largely project based business, no two days are the same! We work hard to ensure your
six weeks are well planned so that you leave us feeling youve really contributed to client
projects and developed your skills further; from project management to communication and
presentation skills.
Social sceneits not all work and no play!
Our culture is open and friendly so be prepared to be invited out to office events ranging
from organised trips to more informal drinks after work. On your last day we bring all interns
back together in London to celebrate the end of the internship where you will also get to
participate in a fun outdoor activity!
Why Towers Watson?
We devote a lot of time and energy to making our intern programme the best it can
be. Why? We consider interns to be critical after all, many of our best university hires
were once interns. We offer around 75% of our interns graduate positions, far above the
market average.
To find out more and to apply, please visit our website: www.towerswatson.com/graduate/uk

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56
FINdING THE RIGHT JOb

applications and
INTERVIEW TIPS
Gary works as a partner for APR, an actuarial company that places more than usual
emphasis on the quality of graduate recruits: in a 2012 actuarial exams session,
APRs staff achieved over a 95% exam pass rate. In this article he explains what he
sees as some of the key dos and donts when applying for actuarial jobs.

TAKING yOUR FIRST STEPS INTO THE the name, syllabus and pass rate of all 15
ACTUARIAL INDUSTRy modules, but its important to show you have
some understanding of what youre letting
Who wouldnt want to be an actuary? yourself in for. Weve rejected candidates
According to research by Careercast.com with great CVs for not appearing to have
published this year, its the best job you done the most cursory research around the
can have, finally making official what those actuarial profession.
of us on the inside have always suspected.
According to the survey, perks of the job CV typos
include lack of stress, pleasant working your CV is your key pre-interview marketing
environment, relatively short working hours, tool and is unlikely to vary greatly between
high wages and good future prospects. So employers. As such, there is no excuse for
naturally, you want a piece of that for yourself, typos and errors in it. If you appear to lack
right? Problem is so do a lot of others, and the ability to exercise care in such a crucial
just like you theyre academically strong, document, its not unreasonable for an
diligent, motivated and have a killer suit just employer to conclude you lack the attention
waiting to be cracked out for those crucial to detail that is a key attribute of most good
interview situations. actuarial students. Find more actuarial CV tips
on page 48.
So what can give you the edge?
Tailored cover letter
APPLICATIONS Its good to strike a balance between
conciseness and substance. Most importantly,
Prioritise prospective employers it should be tailored each time towards the
I recognise that your primary objective may be application in question. Sending out the same
to gain an offer from any actuarial employer, cover letter for all applications, changing only
but youd be wise to go down the list of the name of the company, can usually be
actuarial employers, check the companies out, spotted a mile off. For example, as a provider
and figure out which ones youd most like of actuarial services predominantly within the
to work for. Do you want to work for a big UK, some candidates seem to think we will
or small company? Which sector of actuarial be flattered by being told we enjoy a global
work interests you? This will almost certainly reputation we dont currently, and inclusion
come up in an interview, so candidates that of such a line only harms a candidates chances.
appear to have given some genuine thought
to this will be better placed to sell themselves Be truthful
to the companies theyre most keen on. Here are just two examples:
A. Dont suggest youre full of initiative
knowledge of the profession if, for example, you graduated a year
It costs a lot of money for an employer to ago and dont appear to have taken
sponsor a student through the actuarial steps to increase your attractiveness to
exams. you dont need to be able to reel off actuarial employers in that time (e.g.

BACK TO CONTENTS
57
aPPLIcaTIONS aNd INTERvIEw TIPS

by sitting the CT1 exam or developing interest in whats been said. Without being
relevant IT skills). monosyllabic and closed, keep your answers
B. Dont overstate your competency in on the short side, focused on the specific
key areas (e.g. Excel or programming question asked and arrive at a definite end
languages) because this can be easily if the interviewer wants more detail, theyll
shot down at interviews. ask for it.

Dont over-prepare
Its important to know whats on your CV and
be aware of the skills your achievements have
Show some personality demonstrated, in case they become relevant
to questions youre asked in interviews.
and you may find
However, dont have word-for-word pre-
it goes a long way prepared answers for every possible line of
towards helping you questioning. One of the skills employers are
secure your dream job. looking for is the ability to think on your feet.

Its not how much you want it


Its possibly a by-product of our X-Factor
culture, but it seems increasingly common that
candidates believe that expressing how much
they want the job or how hard theyll work if
INTERVIEW TIPS successful, is crucial to their chances. From my
perspective its not; a reasonable level of hard
Widen your research work is expected, but much more important is
So youve fired off your applications and the quality you would bring to the role.
awaited responses with bated breath. Finally,
the moment youve been waiting for: you have Engage
an interview. your only chance is to spend every Finally, be yourself. Its tempting to believe
spare minute between now and the interview that your interviewers will be cold, humourless
date slavishly researching the names and machines, droids who care not about love
personal habits of every actuary who has ever or happiness, preferring instead to deal only
set foot in the companys offices, right? Wrong. in spreadsheets, rates of return and bottom
Dont spend too long on reading the companys lines. This is very rarely the case. In fact, they
website; instead, think more widely about are more than likely going to be relatively
the challenges the company is facing, issues normal people, who some years ago were in
surrounding the sector and profession. This will the same position as you. Engage with them,
also allow you to ask intelligent questions. show some personality and you may find it
goes a long way towards helping you secure
Dont download everything you know your dream job.
about a subject
Gary Heslop is a partner at Austin Professional
Solvency II provides a good example currently:
Resourcing (APR).
its useful to have a very high-level knowledge
of what its about, as its likely to be an
important current issue for your prospective
employer (if its an insurance company). What II
ency
is unlikely to impress is a full regurgitation b o ut Solv fecting the
a f
of the details youve memorised regarding Learn er issues a at:
th n
Solvency IIs different pillars. and o l professio o.uk/
actua ria
e car eers.c
.insi d
Short, concise answers are best www
Ive lost count of the number of times Ive act
asked a question and after the candidate
has rambled around a relevant answer, lost

BACK TO CONTENTS www.insidecareers.co.uk/act


The Institute and Qualifications

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THE INSTITUTE AND FACULTy
OF ACTUARIES
60

ACTUARIAL SyLLABUS AND EXAMS


62

BACK TO CONTENTS
60
THE INSTITuTE & QuaLIFIcaTIONS

the institute and faculty


OF ACTUARIES

Find out about the aims and activities of the Institute and Faculty of Actuaries, the
organisation that regulates and represents the actuarial profession in the UK.

What is the Institute and Faculty of Actuaries? Members are encouraged to sign up
The Institute and Faculty of Actuaries (IFoA) for practice areas and member interest
is the professional body of the UK actuarial groups, and to volunteer to help with other
profession. The aim of the IFoA is to support working parties or committees. It is through
actuaries throughout their careers so they this work that they seek to influence
have the skills, attributes and knowledge government, regulators and thinking in the
appropriate for the evolving needs of the UK actuarial profession.
financial sector, primarily as risk professionals.
In addition, it has the twin roles of regulating
and representing members to the outside
world. It achieves this through:
There is close
Education of new entrants who wish cooperation between
to become actuaries and the actuarial socieites around
continuing professional development
the world through
of existing actuaries.
Cooperation with government, business,
mutual recognition
regulators and other professions. agreements.
Innovation through research and
debate, to expand the horizons of
actuarial knowledge.
Promotion of the work of actuaries in
general (but not of individuals or firms).
Regulation of members by enforcing
adherence with the ethical standards and Professional qualifications
the technical standards produced by the There are a number of different
Board for Actuarial Standards (BAS), an membership classes. The current classes of
independent body under the Financial membership are:
Reporting Council (FRC).
Affiliate
IFoA has a strong tradition of encouraging Student
community and companionship among its Associate
members, locally and internationally. There is Fellow
close cooperation between actuarial societies Honorary Fellow.
around the world through mutual recognition
agreements with the organisation, enabling In order to qualify as either an Associate or
qualified actuaries to obtain full membership Fellow, students have to pass examinations,
status in another country. IFoA is governed by demonstrate satisfactory completion of certain
a council elected by the membership helping modules and acquire a satisfactory level of
to set its strategic direction. work-related experience.

BACK TO CONTENTS
61
THE INSTITuTE aNd FacuLTy OF acTuaRIES

Chartered Enterprise Risk Actuary


Qualification (CERA)
With the increasingly complex and changing
business environment, organisations
are seeking enterprise risk management
professionals to join their teams. A new and
exciting global risk management qualification
(CERA) was launched to develop the skills
of those professionals. In order to obtain
the CERA qualification students need to
pass a subset of the actuarial examinations
including a specialist technical subject
Enterprise Risk Management (ST9).

Continuing Professional Development


All Fellows and Associates who are in work
and are fully regulated by IFoA are required
to demonstrate that they have undertaken
appropriate and sufficient Continuing
Professional Development (CPD).

The CPD Scheme demonstrates commitment


to the protection of the public interest
through the provision of sound and
appropriate actuarial advice delivered in
a professional fashion. It is important for
actuaries to be seen to clearly demonstrate
that they have maintained their skills through
relevant development. It is clear that the
development of professionalism is every bit as
important as technical skills.

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62
THE INSTITuTE & QuaLIFIcaTIONS

actuarial
SYLLABUS AND EXAMS
The actuarial syllabus is reviewed and updated every year. The syllabus and
examinations described below cover the full range of study required up to Fellowship.

Core Technical Stage two-day event was introduced in 2009 which


The Core Technical Stage is designed to give involves a presentation skills exam along with
students a solid grounding in the key actuarial a written communications exam. The aim of
techniques. These are examined by a three-hour the communications paper is to ensure that
examination containing short answer questions a candidate can communicate with a non-
and longer problem solving questions. technical audience.

In addition, a Business Awareness module (CT9) is Specialist Technical Stage


taken about a year after joining the institute. This This stage builds on the Core Applications
includes attendance at a two-day introductory Stage, but in individual specialisms with
course, online study and examination. choice introduced at this stage. The student
chooses two subjects from the list shown on
Core Applications Stage the following page.
The aim of the Core Applications Stage is to
teach actuarial concepts across a range of Each Specialist Technical subject, which is
applications. The aim is to encourage thought non-country specific, is assessed by one three-
about how these concepts can be applied, in hour examination.
both familiar and unfamiliar situations.
Specialist Applications Stage
The main Core Applications subject is The final stage of the examinations is one
CA1 Core Applications Concepts. This specialist subject chosen from the list on the
subject enables candidates to understand following page.
strategic concepts in the management of the
business activities of financial institutions Each subject is offered within a UK context.
and programmes, including the processes There is only one compulsory (three-hour)
for management of the various types of risk paper at this stage. There is no requirement
faced and to be able to analyse the issues and to have passed the corresponding Specialist
formulate, justify and present plausible and Technical subject, however, the Specialist
appropriate solutions to business problems. Applications subjects will typically assume
knowledge of the corresponding Specialist
In addition, there is a Core Applications, Model Technical subject.
Documentation, Analysis and Reporting
(CA2) module, with the aim of ensuring that Students have to pass a short test of UK
a candidate has data analysis skills and can practice, regulation, guidance and taxation if
communicate the results to a technical audience. they wish to work in a regulatory role in the UK.
It involves the use of spreadsheets for producing
models from given data sets. Students are Work based skills
assessed at the end of a two-day event, which is Students will be required to maintain a
held at a limited number of locations. logbook of work undertaken, of courses
attended and other learning activities
The third part of the assessment at this stage undertaken as part of the development of
is an examination on communication (CA3). A their work-based skills. This includes some

BACK TO CONTENTS
63
acTuaRIaL SyLLabuS aNd ExamS

technical actuarial skills as well as more version of the syllabus termed Core Reading.
general business and management skills. The syllabus and Core Reading provide a
guide to tutors preparing tuition material
Exemptions and exams for students working for the examinations.
University exemptions for students reaching Examinations are based on the extended
the agreed standard are available for all stages syllabus, so students can prepare for them in
except the Specialist Applications Stage. any way they choose. As the key route, the
Candidates may also gain an exemption from IFoA has an agreement with a tuition provider,
one Specialist Technical paper if they have a The Actuarial Education Company (ActEd), for
relevant professional qualification recognised a series of distance-learning texts which cover
by the IFoA. the syllabus.

All examinations, except Business Awareness A series of units have been written for each
(CT9), Model Documentation, Analysis and subject covering the core learning and the
Reporting (CA2) and Communications (CA3), objectives of the syllabus and containing a
are held twice yearly. Students, in consultation number of self-assessment questions and
with their employer, can determine the solutions. The material is presented in loose-
optimal pace of study through the subjects. leaf form and is updated year on year where
necessary. Assignments are included which
Tuition opportunities can be used independently or in conjunction
The institute has prepared an extended with a marking service.

CORE TECHNICAL STAGE SPECIALIST TECHNICAL STAGE

CT1 Financial Mathematics ST1 Health and Care


CT2 Finance and Financial Reporting ST2 Life Insurance
CT3 Probability & Mathematical Statistics ST4 Pensions and Other Benefits
CT4 Models ST5 Finance and Investment (A)
CT5 Contingencies ST6 Finance and Investment (B)
CT6 Statistical Methods ST7 General Insurance Reserving and
CT7 Business Economics Capital Modelling

CT8 Financial Economics ST8 General Insurance Pricing

CT9 Business Awareness ST9 Enterprise Risk Management

CORE APPLICATION STAGE SPECIALIST APPLICATIONS STAGE

CA1 Actuarial Risk Management SA1 Health and Care


CA2 Model documentation, Analysis SA2 Life Insurance
& Reporting SA3 General Insurance
CA3 Communications SA4 Pensions and Other Benefits
SA5 Finance
SA6 Investment

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Further Study

BACK TO CONTENTS
66 CASS BUSiNESS SChOOl

68 hEriOT-WATT UNivErSiTy

70 UNivErSiTy Of KENT

BACK TO CONTENTS
66
FURTHER STUDY

The Cass advantage experience and current research to inform


located in the heart of the City of london, their teaching. Students will receive dedicated
one of the worlds great financial centres, online support, ready access to faculty
Cass Business School is home to one of the members and advice on exam techniques.
largest finance faculties in Europe. Studying
for your Masters here means being part of a The Masters courses reflect the changing
global network of Cass students, alumni and skills expected from actuaries in the fields
partners, and ideally positioned to embark on of life and non life insurance, pensions,
the next exciting stage of your career journey. investment and finance.

Actuarial Masters at Cass MSc Actuarial Science students have an


The institute and faculty of Actuaries excellent opportunity to gain up to eight
accredits the MSc in Actuarial Science and exemptions from the Core Technical
MSc in Actuarial Management courses at subjects of the actuarial profession, whilst
Cass Business School. The MScs are also MSc in Actuarial Management programme
recognised by other actuarial professional offers exemption from some of the Core
bodies around the world. Applications and Specialist Technical subjects
of the institute and faculty of Actuaries.
The MSc in Actuarial Science is a first step to
a successful career in the actuarial profession, Elective modules give students exposure
whereas the MSc in Actuarial Management to topics in wider fields, such as insurance,
offers exemptions from the second and third finance, investment and IT.
stages of the examinations of the institute and
faculty of Actuaries. For more details visit:
MSc in Actuarial Science:
The courses are delivered through face-to-face www.cass.city.ac.uk/actscience
lectures from qualified actuaries and other MSc in Actuarial Management:
experts in the field, who use their commercial www.cass.city.ac.uk/actman

Cass Business School


City University london
106 Bunhill row
london EC1y 8TZ
CONTACT

T: 020 7040 5150


cass-masters@city.ac.uk

Scan for more


information

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Interested in
a world-class
Actuarial Masters?
MSc in Actuarial Science
MSc in Actuarial Management
Full-time and part-time study
options available
Find out more at
www.cass.city.ac.uk/masters
London. Business. Masters.

www.cass.city.ac.uk/masters
There have always been plenty of excellent
reasons to study actuarial science at
Heriot-Watt. After all, we pioneered
degrees in the field. Today, we enjoy a
worldwide reputation for the quality of our
teaching and research. We offer a range
of accredited courses from BSc to MSc/
Diploma.

The reasons for starting your professional


journey with us are much more than
academic. Were certain your experience
at Heriot-Watt, both at study and at play,
will be unforgettable. The Times newspaper
agrees. Thats why theyve named us
Scottish University of the Year. Based in
beautiful west Edinburgh parkland, were
within easy reach of the bustling city centre.
Which means youll have world-renowned
attractions and stimulating culture on your
doorstep. Whats more, youll be close to
the heart of Scotlands largest financial
hub, where companies such as RBS, Lloyds
Banking, Standard Life, Aegon, Mercer and
Scottish Widows have a presence. We have
graduates in all of them. Perfect.
Our courses are accredited by the actuarial BA (Hons) Actuarial Science
profession, and carry exemptions from
professional examinations. Actuarial Science BA (Hons) Financial Mathematics
courses correspond to CT1 - CT8, while our MSc/Diploma Actuarial Science
MSc/Diploma in Actuarial Management
offers CA1, CA3 and a choice of up to three MSc/Diploma Actuarial Management
Specialist Technical (ST) subjects. Theres the
chance for work placements and overseas
MSc/Diploma Financial Mathematics
study, too. MSc/Diploma Quantitative Financial
Engineering
www.macs.hw.ac.uk MSc/Diploma Quantitative Financial
Risk Management

All of our courses are designed to get you


ready for life in the financial world.
To discover more, visit our website, email
enquiries@macs.hw.ac.uk or call 0131 451 8337.

Distinctly Ambitious
www.hw.ac.uk
70
FURTHER STUDY

Actuarial Science and Financial BSc (Hons) in Actuarial Science


Mathematics courses (with an optional year in industry)
MSc in Applied Actuarial Science This three-year full-time taught course offers
Postgraduate Diploma in Actuarial Science the opportunity to gain exemptions from
International Masters in Applied eight subjects (CT1CT8), as well as giving a
Actuarial Science firm foundation for some Specialist Technical
BSc (hons) in Actuarial Science (with an stage subjects.
optional year in industry)
BSc (hons) in financial Mathematics. BSc (Hons) in Financial Mathematics
This is a three-year, full-time taught course
All our actuarial science courses are accredited which offers the opportunity to gain
by the institute and faculty of Actuaries (ifoA). exemptions from seven subjects (CT1, CT2,
CT3, CT5, CT6, CT7 and CT8).
MSc in Applied Actuarial Science
Designed for students who already have Introduction to PROPHET
knowledge of the fundamentals of Actuarial The University of Kent has entered into an
Science, this 12-month, full-time taught course arrangement with SunGard, who market the
provides the opportunity to gain exemptions industrys leading actuarial software package
from subjects CA1, CA3, ST2, ST4, ST5, ST6, PrOPhET. As a result, students on all of our
ST7, ST and ST9 within the Core Applications Actuarial Science courses have the opportunity
and Specialist Technical stages of the to get practical experience of using PROPHET,
examinations of the ifoA. which is used by commercial companies
worldwide for profit testing, valuation and model
Students can also choose an optional Modelling office work. In addition, the PROPHET module
module which prepares them for CA2. marks also count towards the degree award.

A two-year, part-time version of this course is Centre for Actuarial Science, Risk
also available. and Investment
The Centre for Actuarial Science, risk
Postgraduate Diploma in Actuarial Science and Investment is part of the School of
This nine-month, full-time taught course Mathematics, Statistics and Actuarial Science
enables graduate students to acquire the core at the University of Kent, where actuarial
skills and knowledge required by all actuaries. science has been taught for over 25 years.
It offers the opportunity to gain exemptions The centre includes 13 professionally qualified
from eight subjects (CT1CT8) within the actuaries with many years practical experience
Core Technical stage of the examinations of in insurance and pensions and maintains
the ifoA. excellent links with the actuarial profession.

International Masters in Applied


Actuarial Science T: 01227 827 181
This two-year course for international students imsadmin@kent.ac.uk
www.kent.ac.uk/casri
is equivalent to a Pre-Masters Graduate
CONTACT

Diploma, covering the subjects taught within


the Postgraduate Diploma, followed by Scan for more
the MSc in Applied Actuarial Science and information
offers the opportunity to gain exemptions
from subjects in the Core Technical, Core
Applications and Specialist Technical stages.

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ACTUARIAL
SCIENCE /THE
UNIVERSITY
OF KENT

Kent offers academic excellence, inspirational Kent is a top 20


teaching and a superb student experience. university
We are located at Canterbury, just over an hour from London (Guardian 2014).
by train. The University occupies a large and very attractive
campus overlooking the cathedral city of Canterbury. It provides
excellent accommodation for a large proportion of its students,
much of it connected to the PC network, allowing internet access.
Our undergraduate and postgraduate programmes are accredited
by the Institute and Faculty of Actuaries.

For more information, please visit the department's website at:


www.kent.ac.uk/casri
For undergraduate and postgraduate enquiries:
E: imsadmin@kent.ac.uk T: 0044 1227 827 181
To apply for the undergraduate programmes, please go
through the UCAS system.
To apply online for the postgraduate programmes, please visit:
www.kent.ac.uk/studying/postgrad/gradapply.html
Employer Directory

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76 BArNETT WADDiNGhAM 92 lEGAl & GENErAl

78 BUCK CONSUlTANTS 93 MErCEr

79 CANADA lifE 94 PUNTEr SOUThAll

80 CAPiTA 97 PwC

82 friENDS lifE 98 SUNGArD

84 GAD 99 TOWErS WATSON

86 hyMANS rOBErTSON 100 xAfiNiTy CONSUlTiNG

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74
EMPLOYER DIRECTORY

No. of employees

COmpANy deTAils
65,000

o of qualified actuaries
120

Locations
Few things are certain in life. Economic upheaval, Opportunities nationwide,
depending on your chosen stream
political crises, natural disasters and plenty more
besides all mean the world can be full of surprises.
International opportunities
At Aon, we draw on the expertise of 5,000 people
No
to help the biggest names in business plan for
every eventuality. Our size, global network and
emphasis on innovation mean where we lead, the
industry follows. Type of work experience offered

vACANCy deTAils
Internships
Weve recently moved our global headquarters to
No. of work experience vacancies
the UK. Here we rely on ,500 employees across
40
30 offices to uphold our reputation for excellence,
insight and outstanding service delivery. its the skills,
No. of graduate vacancies
knowledge and attitude of these people that help us
50
do what we do best. So, if youre looking for a sure-
fire way to start your career and have a 2:1 degree or Disciplines recruited from
higher, wed like you to join them. All degrees considered, although
numerate subjects are required for
We recruit summer interns and graduates into some streams
six streams: pensions; general insurance;
insurance, reinsurance and risk management; Min. degree required
investment consulting; captives and health & 2:1
benefits broking and consulting.
Starting salary
Depending on the area you join, youll be using Competitive
your numeracy, analytical abilities and strong
customer service skills to help clients address key Benefits
questions that affect the running and growth of their Life assurance and pension scheme
businesses. How can risk be predicted and spread
to minimise the impact of natural or man-made
catastrophes? How can financial markets effectively How to apply
AppliCATiON deTAils

manage their risks? Where can employers invest to Apply online at:
www.aon.co.uk/graduates
improve the value of their pension schemes? Will
a company be able to meet its pension obligations Contact information
decades down the line? How can it provide a benefits T: 0845 026 4587
programme that rewards employees and represents
a shrewd business investment for the employer? Application deadline
Check website
Whatever the question, its our business to provide
the answer.

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67% chance of buying your first house before turning 30.
33% chance of keeping in touch with your first-year friends.
2% chance of leaving uni debt free.
0.01% chance of making a tutorial after a big night out.
100% chance of moving onwards and upwards at Aon.

Actuarial Consulting Pensions | Actuarial Consulting General Insurance


Insurance, Reinsurance and Risk Management | Investment Consulting
Captives | Health & Benefits Broking and Consulting
There are few things that are certain in life. Economic upheaval, political crises, natural
disasters and more all mean the world can be full of surprises. At Aon, we draw on the
expertise of 65,000 people to help the biggest names in business plan for every eventuality FIND OUT MORE
be it in pensions; general insurance; insurance, reinsurance and risk management;
investment consulting; captives or health & benefits broking and consulting. Our size,
global network and emphasis on innovation mean where we lead, the industry follows.
So if youre looking for a sure-fire way to start your career and have a 2:1 degree or
higher dont leave your future to chance, visit aon.co.uk/graduates to find out more.
76
EMPLOYER DIRECTORY

Background could relate to anything from the broad


founded in 1989, Barnett Waddingham spectrum of areas on which we advise
has grown to become the UKs largest examples include analysing longevity trends,
independent provider of actuarial and providing strategic investment advice and
consultancy services with 0 partners, advising on acquisitions.
over 550 employees and seven offices
throughout the UK. Our business has grown Each client is the responsibility of a partner
predominantly through referrals from our who builds a team dedicated to meeting that
clients and professional contacts. The business clients particular needs. The partner maintains
is based on a culture which aims to provide a close personal involvement at all levels of
all of our clients with an excellent professional work. You will be given genuine opportunities
service through strong personal relationships to contribute to our success, both working
and tailored solutions whilst remaining as part of a client team and in assuming
competitive on fees. Our values can best be responsibility at an early stage of your career.
summarised as Doing it the right Way and We believe that it is important to nurture
we take a long term view to all of our services talent and enthusiasm.
and relationships.
As a new recruit you will have the opportunity
Barnett Waddingham strives to recruit to work closely with the partners and
graduates who share our values, and can bring other experienced employees offering you
special skills which will enhance the service we excellent development opportunities and a
provide to our clients. We look for graduates unique learning process. We are keen for our
with good, relevant degrees, and who are employees to gain wider business knowledge
eager to join a firm where they can make a and experience of our other practice areas
difference. Graduates are very much the focus where this is possible. You will be encouraged
of our actuarial recruitment and we look for to show initiative and develop areas of
those who are ambitious, and who value the responsibility that are not directly related to
chance to join the partnership in due course. client work, raising both your own and your
teams profile, whilst gaining good experience.
Our partners understand the importance
in looking after all employees, and see Professional development policies
employee engagement as fundamental to and programmes
continuing success. This was reflected by Your professional and personal development
the firm being awarded a One Star Best is important to us and we are strongly
Companies Accreditation in a subsequent committed to developing our employees. As
year of participation in the Best Companies an actuarial trainee, you will work towards
to Work for award scheme. Barnett qualification and we will give you every
Waddingham is a rewarding, enjoyable and support to achieve this, including offering a
satisfying place to work. generous study package. As part of this you
will receive study days, funding for external
How we work courses and a mentor from within the firm to
From day one you will be an integral part of support you. You will also be rewarded for
the business, working in our actuarial teams passing exams as you progress. As well as
who advise various bodies and organisations supporting your studying, your mentor will
including pension plan trustees, insurers review your work based experience and help
and employers. The work you carry out you identify the development opportunities

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77
EMPLOYER DIRECTORY

No. of employees

COmpANy deTAils
Over 550

o of qualified actuaries
110

No. of trainees
95
available, with the aim of enabling you to reach your
full potential. In addition, we will help you to develop Locations
Amersham, Bromsgrove,
your technical and consulting skills with regular Cheltenham, Glasgow, leeds,
performance development reviews, internal courses Liverpool and London
and most importantly, experience.
International opportunities
The social side No
Social activity is taken seriously across the firm; from
inter-office sporting events to the annual Christmas Type of work experience offered

vACANCy deTAils
Internships
party. Sporting events include bowls, cricket, croquet,
football, golf, poker, pool and table tennis. The non- No. of work experience vacancies
sporting side is equally active and includes walking 10-13
weekends, excursions to UK and European cities, wine
and beer tasting, charity events and picnics. No. of graduate vacancies
10-13

There is something for everyone to choose from, Disciplines recruited from


but, suggestions for further social events are All disciplines
always welcome!
Min. degree required
2:1
Who are you?
you will have a minimum of a 2:1 degree and at least Min. UCAS points
300 UCAS tariff points, including an A grade in A 300
level maths or equivalent qualifications.
Starting salary
Competitive
Excellent communication skills are essential, together
with a positive and enthusiastic attitude. As a Benefits
self-starter you have ambitions to develop both 22 days holiday, healthcare, pension
individually and in a team environment. A team scheme, study support, season ticket
player, you work in a cooperative and supportive way loan, life assurance, bike scheme,
gym membership, performance
for the benefit of the team, understanding how your bonus and social events
actions impact on other team members or goals and
how they affect the bigger picture. In addition, you
How to apply
must be organised with a meticulous attention to
AppliCATiON deTAils

Please apply via our application


detail, capable of solving problems of all si es. form found on our website

Contact information
graduaterecruitment@
barnett-waddingham.co.uk

Application deadline
Please visit our website

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Waddinghams
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78
EMPLOYER DIRECTORY

No. of employees

COmpANy deTAils
340

o of qualified actuaries
40

No. of trainees
40
About Buck
Locations
Buck is a global pensions, employee benefits and Bristol, Edinburgh, Ipswich,
investment consulting firm. We provide real-world london, Manchester and reading
solutions to our clients complex HR and business
challenges. After nearly 100 years, weve remained true to International opportunities
our core values: innovation, unparalleled client satisfaction No
and the highest professional standards.
No. of graduate vacancies

vACANCy deTAils
The requirements 2-4
We look for graduates who are both literate and
No. of work experience vacancies
numerate, have a strong academic background, are On request
good communicators and highly analytical. in addition,
graduates need to be flexible, confident and committed Type of work experience offered
to their profession. Internships and industral placements

Disciplines recruited from


Training and career development
Numerically related degrees
Successful graduates will join Buck as an Actuarial/investment
Analyst in one of our pension or investment teams. Min. degree required
2:1
Pension
You will progress from simple pension transfer calculations Starting salary
Competitive
to more detailed functions, such as full actuarial valuations of
group pension schemes, assessing the funding requirements Benefits
of a retirement plan, and evaluating pension obligations as Up to 25 days holiday, healthcare,
part of a merger, sale or acquisition of a business. pension scheme, study support,
interest-free loan, season ticket
loan, life assurance, bike scheme,
Investment
stocks/shares, gym membership,
You will progress from valuing pension scheme assets and performance bonus and social
monitoring their ongoing performance to more complex events
investment work, such as drafting and implementing
advice on the transfer of assets between investment funds How to apply
and asset classes, carrying out asset-liability modelling
AppliCATiON deTAils

Online via www.buckconsultants.co.uk


studies and advising on pension schemes long-term
investment strategies. Contact information
Buck Consultants limited
160 Queen victoria Street,
We aim to ensure that all new staff are equipped with the
london EC4v 4AN
necessary knowledge and skills to enable them to develop T: 0207 429 1000
into consultants. In order to facilitate this, we place a high buck_graduates@buckconsultants.com
value on training and development provided both in-
house and externally, and professional qualification. Application deadline
Check website
Benefits package
Buck graduates receive a competitive starting salary Scan for Buck
with membership of a pension scheme, and will be able Consultants
to participate in the Bucks flexible benefits scheme, live jobs
incorporating wealth, health and life benefits. We also provide
generous study support (financial and study leave).

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79
EMPLOYER DIRECTORY

No. of employees

COmpANy deTAils
900

o of qualified actuaries
25

No. of trainees
About us 25
founded in 1847, Canada life is a wholly owned
Locations
subsidiary of Great-West lifeco inc, one of the largest
Bristol, hertfordshire (Potters Bar),
Canadian life and health insurance companies.
isle of Man and london
Canada Life began operations in the United Kingdom
in 1903 and looks after the retirement, investment
International opportunities
and protection needs of individuals and companies.
No
Our UK operations are headquartered in Potters Bar,
15 minutes from central london by train.

Benefits of working at Canada ife No. of graduate vacancies

vACANCy deTAils
c. 3 per year
Canada life offer the advantage of working in a
professional, fast moving, financially strong company,
No. of work experience vacancies
yet with a better work/life balance than you would
0
usually find in London. We offer excellent starting
salaries and great opportunities for career progression.
Min. degree required
2:1
A competitive study package is available to all our
actuarial trainees, which includes study days, tutorials, Starting salary
course materials and entry fees for the first sitting of 25,700
each exam. Every new starter is assigned a mentor
to oversee their progress. Canada Life has a strong Benefits
culture of success in the actuarial examinations, and 23 days holiday rising to 30 with
provides an environment for new actuaries to study service and seniority, bike scheme,
and develop. flexitime, healthcare scheme,
life assurance, pension scheme,
Who are we looking for? performance bonus, season ticket
Applicants will have at least three A Levels (or loan, social events, stocks/shares
equivalent) and a degree (2:1 or better), ideally and study support
in mathematics or another numerate subject,
although exceptional candidates with other
degrees will be considered. We are looking for How to apply
AppliCATiON deTAils

excellent communicators with strong problem CV, covering letter and application
solving skills. Successful candidates will be form, email to:
motivated to maintain our strong record in the Claire.reeve@canadalife.co.uk
challenging professional examinations.
Contact information
The role Canada life Place,
high Street, Potters Bar
Our actuarial trainees have the opportunity to work
hertfordshire EN6 5BA
in a variety of roles in areas including: reserving,
financial reporting, pricing, risk management,
investments and systems. We expect that trainees
Scan for Canada
will work in at least two or three different areas
Lifes live jobs
before qualification, which means our newly
qualified actuaries tend to have a valuable breadth
of experience.

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80
EMPLOYER DIRECTORY

No. of employees

COmpANy deTAils
50,000+

o of qualified actuaries
11

No. of trainees
40
Capita Life & Pensions
Locations
Capita is the UKs leading provider of outsourcing Cheltenham, Dublin and other
and professional support services in both the public locations throughout the UK
and private sectors. The Life and Pensions division
providing business process outsourcing for the International opportunities
No
industry accounts for 19% of Capitas business.

Our market leading position is maintained through No. of graduate vacancies

vACANCy deTAils
a dedication to service and a belief in constant Up to 3
evolution. We pride ourselves on being progressive
No. of work experience vacancies
and at the leading edge of service transformation. Up to 3

Actuaries within Capita Type of work experience offered


There are many opportunities for actuaries within Internships
Capita. The unique skills of actuaries are applied
Disciplines recruited from
in many situations across the division from Actuarial science, economics and
understanding the problems our clients face through mathematics
to developing and implementing solutions and
providing ongoing support. Min. degree required
2:1
Actuaries provide project management, business Min. UCAS points
planning and life assurance expertise to other 300
departments within Capita, as well as providing
corporate reporting and project services direct to our Starting salary
clients. Actuaries are also involved in seeking out new Competitive
opportunities from new and existing clients, both Benefits
independently and as part of wider life insurance 23 days p.a. increasing with length
outsourcing propositions. of service, healthcare, pension
scheme, study support, season
At Capita, we offer an experience which combines ticket loan, life assurance, bike
scheme, stocks/shares, performance
elements of both consultancy and traditional life bonus and social events
office work. The wide variety of work means you
will enjoy freedom to choose how your career
How to apply
progresses and on-the-job training ensures you
AppliCATiON deTAils

Email application form, CV and


are able to progress quickly and take on additional covering letter
responsibilities from an early stage.
Contact information
Capita is a vibrant, challenging and rewarding place actuarial.applications capita.co.uk
to work, and you will be given opportunities to make
Application deadline
your own contribution from your very first day. 31 March 2014

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Stand out, get noticed

Head online and find


ACTUARIES the tools you need to help
you get ahead in your
actuarial career.
82
EMPLOYER DIRECTORY

The best of the best university. We value the life experience that
This exciting company offers career challenges parents and older students can bring. Diversity
that are not readily available in the majority can also be seen in students backgrounds,
of financial services companies. Unique which range from engineering and iT to more
opportunities exist for talented actuarial traditional actuarial backgrounds.
students across both the finance and strategy,
capital and risk functions. Whatever route people have taken in their
career to date, we believe in giving them real
Strategic goals responsibility from day one. As well as getting
Our strategic aim is to build a profitable and involved in business-critical projects, theres
sustainable business. We will: plenty of opportunity to spend time with other
Compete where we have the edge trainees, qualified actuaries and mentors.
Make more of what we have
Run a leaner operation. The support you need
Managers really understand the importance
To enable us to do this we are committed of your actuarial exams and are determined
to developing an aligned, engaged team to help you succeed. Friends Life provides
determined to succeed. financial support towards covering the
substantial cost of study materials and
Points of distinction professional fees and our flexible study
Numerous awards won from industry leave package is designed to help you take
bodies for the quality of our products control of your own development. Were
and services. sure youll find it very generous and theres
Reputation for leading-edge technology a commitment in the business to help you to
evidenced through numerous awards. take advantage of study time.
Values-driven approach to business
Friends Provident was the first company to We also believe in developing your softer
launch retail ethical investments in the UK. skills, ensuring when you have finished passing
your exams, youre not only a fully qualified
ffice locations actuary, but you are also confident in your
We have a substantial actuarial population communication and team working abilities.
across Bristol, Dorking, london and Salisbury
as well as an international presence. It wont Seeing the business from every angle
be long before youll find yourself part of a As you work towards qualification, our
community of people working towards the rotation scheme allows you to move between
same goals. departments. Not only does this ensure great
variety in your work, but it also means youre
A perfect mix able to make intelligent decisions about
Actuaries at friends life come from a wide where your professional interests ultimately
range of backgrounds. As well as being diverse lie. in a business the size of friends life, there
in terms of ethnicity and age, the group isnt will, after all, be first class opportunities for
always made up of students fresh out of career progression.

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83
EMPLOYER DIRECTORY

No. of employees

COmpANy deTAils
c. 5,000

o of qualified actuaries
125

No. of trainees
90
Remuneration package
A competitive starting salary of 2 ,500 is Locations
london, Bristol, Dorking and
combined with an excellent remuneration package,
Salisbury
which includes:
Defined contribution pension scheme International opportunities
Four times pensionable salary death in service No
lump sum
Performance related bonus.
Type of work experience offered

vACANCy deTAils
Industrial placements
In addition we offer flexible working hours and 2
days holiday. No. of work experience vacancies
c. -10 per year

No. of graduate vacancies


TBC 8-10

Disciplines recruited from


Any numerate discipline

Min. degree required


2:1

Starting salary
28,500

Benefits
2 days holiday, pension scheme,
study support and life assurance
AppliCATiON deTAils

How to apply
Online at:
www.friendslife.co.uk/careers

Contact information
Marie Allan
marie.c.allan@friendslife.co.uk
T: 0117 928 3197

Application deadline
TBC 31 December 2013

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Friends Lifes
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84
EMPLOYER DIRECTORY

Who we are Nothing we do must impair our ability to


GAD was established as a government deliver Aim 1
department in 1919. Today, we provide Meeting our financial criteria
actuarial analysis for public sector clients having a sustainable long-term GAD
throughout the UK. We are based in in government.
central London in the heart of the financial
community, with a second office in Our values
Edinburgh, and currently employ around 50 in addition to the core values of the Civil
actuaries and 50 trainees. We are a not for Service (integrity, honesty, objectivity and
profit organisation. impartiality), GADs values are:

What we do Making client service our priority


Our analysis enables government to formulate Professionalism (Civil Service core values
national policy and manage public sector as above and actuarial professionalism)
finances. This work is crucial to the welfare Treating people fairly and with respect
of millions of people both in the UK and Being flexible, sharing and collaborative
overseas. We provide advice on a wide variety Delivering a work/life balance to the
of topics in many fields. extent consistent with our themes
Being forward looking and pro-active
Our aims Pursuing a fulfilling and varied career
GAD provides actuarial analysis to the public Having a strong public sector ethos.
sector from the public sector. Our aim is
to be a highly valued principal provider of Who are we looking for?
actuarial analysis and advice to all parts of Each year we recruit a small number of people
the UK Government and other relevant UK who have the clear potential to become fully
public bodies. qualified actuaries and who will relish the
challenges of our diverse and public interest
for UK Central Government (and the orientated work.
devolved administrations) to deliver and be
seen to deliver: As a minimum, candidates should:
Top notch service and policy advice Expect to graduate, or have graduated,
A full range of actuarial analysis with a first or high 2:1 honours degree
whenever appropriate for actuarial input in a subject with a high mathematical
to be provided content or expect to achieve or have
All the actuarial analysis on pensions as achieved an equivalent postgraduate
the shared service supplier of actuarial qualification and
analysis to Government. have an A level in mathematics at grade
A, or Scottish/irish equivalent and
For other public sector (UK and overseas) to have a GCSE in English language at grade
win and deliver as much actuarial analysis B or above, or Scottish/irish equivalent.
work as we can, subject to:
Meeting the commitments to quality in Applicants must be highly numerate, but do
all we do not need to be maths graduates. Many people
Anything we do must be consistent with come to GAD from other disciplines, such as
Government policy physics or economics.

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85
EMPLOYER DIRECTORY

No. of employees

COmpANy deTAils
145

o of qualified actuaries
61

No. of trainees
56
At the Government Actuarys Department we are
renowned for the quality of our advice. This is Locations
london and Edinburgh
because we select only the most promising recruits.
International opportunities
Providing actuarial support to some of the largest No
pension schemes in the UK, our work is crucial to the
welfare of millions of people. Our graduates are the
actuaries of the future.
No. of work experience vacancies

vACANCy deTAils
0
As a trainee actuary you will work as part of a team
with qualified actuaries in both our London and No. of graduate vacancies
Edinburgh office, to deliver advice across a broad 5-10
range of areas such as valuations, benefit design,
Disciplines recruited from
investment strategy and government policy. In
Degrees with a high mathematical
addition to advising government, trustees and content
employers, there may also be opportunities to work
in UK and international social insurance, long-term Min. degree required
care, health, risk and insurance. 2:1

Starting salary
As your experience grows you can expect to 2 , 00 pa
have regular client contact. To help you qualify
as quickly as possible we offer substantial study Benefits
support with generous study leave, discussion 25 days holiday (30 upon
qualifying), pension scheme, study
classes, and paid for tutorials, courses, exam entry
support, flexitime, season ticket
and exam counselling. We also provide an internal loan, bike scheme, performance
business training programme to help trainees grasp bonus and social events
the opportunities we offer and to assume new
responsibilities, including:

A comprehensive induction and technical


training programme.
In-house seminars and professional briefings. How to apply
Managerial and business training including project
AppliCATiON deTAils

Online only via


management, team working, presentations, IT www.gad.gov.uk/careers/
skills and managing client relationships. graduate_careers
A friendly and cooperative working
Contact information
environment, where actuaries and senior recruitment@gad.gov.uk
students are enthusiastic about teaching new
trainees and passing on their experience. Application deadline
Check website

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GADs
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86
EMPLOYER DIRECTORY

No. of employees

COmpANy deTAils
600+

o of qualified actuaries
100+

No. of trainees
70+
Make the most of who you are. Be you. Locations
Get your career off to the very best start with hymans Birmingham, Edinburgh, Glasgow
Robertson, the UKs award winning, independently owned and london
pensions, investment and risk consultancy. Many of the
International opportunities
UKs biggest pension schemes rely on our advice and we No
provide consultancy services to leading organisations,
including FTSE100 and public sector companies. Type of work experience offered
Summer internships

vACANCy deTAils
We offer a comprehensive programme of training and
No. of work experience vacancies
support to our graduate trainees. That means youll
7+
get all the help you need to achieve your actuarial
qualification, whilst also getting some of the best No. of graduate vacancies
possible hands-on experience. 20+

Disciplines recruited from


Youll be encouraged to take on responsibility and get
Economics, finance, mathematics,
involved in client work and projects from a very early science, statistics and other
stage. Youll also work alongside some of the sharpest numerical disciplines
minds in the profession, at all levels across the firm.
Min. degree required
2:1
If youve already decided to work in pensions and
benefits, or are looking for a rewarding career in Starting salary
financial services, training with Hymans Robertson to Highly competitive
be an actuarial, investment or risk modelling consultant,
is a great step forward. Well equip you with a range of Benefits
Generous leave entitlement option
skills that you just wont find in any other profession. to purchase, healthcare, pension
scheme, study support, interest-
Youll be trained in economics, probability, statistics, free loan, season ticket loan, life
financial mathematics and behavioural psychology, assurance, bike scheme, gym
and be given the opportunity to apply those membership, performance bonus
and social events
skills to real business situations. With our support
youll develop strong commercial awareness, How to apply
communication and problem-solving skills.
AppliCATiON deTAils

Online at
www.hymans.co.uk/careers
We want you to make the most of who you are and, as
part of this, youll be able to design an individual and Contact information
richard Prescott T: 0207 082 6337
tailored study plan with your study mentor. Youll have (london and Birmingham) and
true flexibility around which actuarial exams you take, Carla henison T: 0141 566 7894
at a pace that suits you, and you can advance your (Glasgow and Edinburgh)
career as quickly as you want and in your own way.
Application deadline
4 November 2013
Were committed to helping you fulfil your potential
and really make your mark. Scan for Hymans
Robertsons
We have also been awarded a Best Companies Two live jobs
Star rating for 2013 as a great place to work and that
demonstrates our commitment to our most important
asset our people.

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87
EMPLOYER DIRECTORY

Trainee Profile
NAME harry Allen
lOCATiON Birmingham
UNivErSiTy Warwick University
DEGrEE Mathematics
rOlE Trainee Actuarial Consultant

So youre considering a career as an and for me this is the most enjoyable aspect
actuarial consultant... of what I do. I am particularly lucky at Hymans
if you have a mathematical mind and enjoy Robertson in that everyone in the firm is
communicating with others then working as supportive, helpful and friendly. People will
an actuarial consultant could be the perfect always make the time to explain things and
role for you. answer any silly questions i may have. There
is an excellent team atmosphere around the
I wont pretend that training to be an actuary office and Id be lying if I said the office socials
is easy; the exams are tough and you need a arent one of my favourite aspects too!
wide skill set to be able to do your job well.
however, if you like a challenge and are willing The least enjoyable aspects
to work hard, then a career as an actuarial Training to be an actuary means at
consultant is extremely rewarding and can be least another three years of study and
a lot of fun! exams! fitting studying around your work
commitments and also making sure you dont
A day in the life of an actuarial consultant miss out on a social life can be a struggle at
What an actuarial consultant does day to day times and requires you to be disciplined and
is probably a mystery to most people, and organised. Thankfully, hymans robertson
to be honest even after a years experience I provide an excellent study support package
find it difficult to explain what it is I do! This which includes one day off a week to study, all
is mainly due to the varied nature of the work the relevant materials, regular tutorials, and a
we undertake every client is unique and has study mentor who will help guide you through
different needs. It is therefore important that we the process. It is reassuring to know you are in
are adaptable and able to think outside the box. the same position as all the other trainees and
everyone is able to support each other.
Since joining hymans robertson last
September I have done individual member Overall impression
calculations, prepared accounting disclosures, in my short time at hymans robertson i
drafted reports, emailed and spoken to clients have learnt so much and have enjoyed the
on the phone, and much, much more. opportunity to apply my technical knowledge
to real-life problems faced by clients. I am
The most enjoyable aspects extremely happy that I decided to pursue
Despite what some people may say, being a career as an actuarial consultant and im
an actuary is never boring! im constantly looking forward to continuing along the road
learning, improving and being challenged, to qualification...

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88
EMPLOYER DIRECTORY

History valuing and managing accumulated pension


LCP is a specialist actuarial consulting firm commitments, advising on risk mitigation
with over 5 partners and over 00 personnel, options, carrying out calculations for
including approximately 130 qualified individual members and advising on the
actuaries and 0 actuarial students. The firm impact of new legislation.
originated from a sole practice founded in
1947 and in 1962 began to trade under the Investment helping companies and trustees
name lane Clark & Peacock. to manage risk and decide on the best way to
manage the assets of their pension funds.
We set ourselves high professional standards,
reflected in the fact that we have won the Insurance (London office only) giving
European Pensions Consultancy of the Year advice to general insurance companies on
in 2012 and a host of other awards. So reserving and financial risk management,
whether you join our Pensions, investment building models to calculate capital
or insurance team, you can be sure youll requirements, pricing insurance contracts
be working with some of the very best and and helping insurance companies implement
brightest in their field. Solvency ii.

lCP offers a full range of actuarial and related We also offer flexibility to move between
employee benefit advice to employers and teams if you wish, as well as occasional
pension scheme trustees of various si es and opportunities of secondments to our
in many industries as well as to individuals, European offices.
especially directors and expatriates.
Specialist departments also provide pension Number of graduate trainees required
administration services, investment consulting in 2014
and general insurance advice. Up to 21 for positions in our pensions,
investment, and insurance consultancies.
The work of the actuarial student
One of the great benefits of working for LCP Minimum academic requirements
is the variety of projects youll be working on We welcome graduates from a wide range of
and the range of tasks involved in completing disciplines who are prepared for the high level
them. For example, you could be helping of mathematical content the actuarial training
with pension scheme valuations, monitoring and profession delivers. Ideal graduates
investment manager performance or assessing would have at least a 2:1 honours degree
the impact of unlikely events. You could be (or equivalent) and an A grade in A level
building a spreadsheet model, using our Mathematics (or equivalent). We also require
own software, drafting letters to clients or good A level grades in other subjects equating
writing full reports. There are also plenty of to a total of 320 UCAS points.
opportunities for client contact, right from
early on in your career. Starting salary
To be announced. The competitive package
What areas can I work in? includes bonus and other benefits.
youll be working in one of three teams,
covering our specialist areas: Annual leave
Pensions advising companies and trustees Escalating holiday entitlement and facility to
on their pension arrangements, including buy and sell holiday.

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89
EMPLOYER DIRECTORY

No. of employees

COmpANy deTAils
400

o of qualified actuaries
130

No. of trainees
80
Professional development
LCP places great importance on students passing Locations
london and Winchester
their exams and qualifying as quickly as possible;
the firm also has a major programme of in-house International opportunities
training. After an introductory course, regular No
training sessions are held throughout the first three
years, covering every aspect of the business. We
also offer initiatives to help our new graduates
Type of work experience offered

vACANCy deTAils
practise and develop their presentation skills. After Internships
the formal three year programme, staff continue to
receive training to keep their technical knowledge No. of work experience vacancies
up to date and to improve their managerial, 12
reporting, and presentation skills. We provide
No. of graduate vacancies
comprehensive support for external tuition for 21
the actuarial exams, including payment of tuition,
tutorial, and examination fees and we provide Disciplines recruited from
generous study leave. Most degrees considered

Min. degree required


Working hours 2:1
The professional examinations are challenging and
require hard work. We do not therefore expect staff Min. UCAS points
to work regular overtime during their first two years, 320
as passing the exams is the main priority. As staff
Starting salary
develop and assume more senior roles within their Competitive
client teams, more flexibility is needed to respond to
the needs of clients and extended hours of work may Benefits
become necessary during busy periods. Flexible holiday package, lifestyle
discounts, pension scheme, study
support, season ticket loan, bike
scheme, performance bonus and
social events

How to apply
AppliCATiON deTAils

visit the website for a


downloadable application form

Contact information
graduatecareers lcp.uk
T: 020 7439 2266

Application deadline
15 November 2013

Scan for
LCPs
live jobs

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90
EMPLOYER DIRECTORY

Trainee Profile
NAME rachael Casey
lOCATiON london
UNivErSiTy University of Cambridge
DEGrEE Natural Sciences
rOlE Analyst

I joined LCP in September 2010 along with 15 sessions on topics covered in the actuarial
other graduates after completing a summer exams (e.g. actuarial functions and annuities),
internship with LCP the year before. We hot topics such as tax and regulation and
started with a two week training course, which softer-skills training (e.g. on presentational
offered a great opportunity to get to know one skills). The si e of the firm gives me the
another and introduced us to the company and opportunity to work directly for senior
what was to be expected of us. There was a lot consultants and partners and to work on a
to learn, but everyone was very approachable number of different clients, varying in both
and encouraged us to ask questions. si e and the type of work involved.

This eased me into the general everyday The technical and challenging work is
office work, particularly in getting to grips balanced by a friendly, supportive work
with the in-house programmes and models. environment and a lot of socialising. The
The work is diverse, ranging from performing saying work hard, play hard is definitely
individual member calculations to attending practised here. The social committee arranges
trustee meetings to discuss the results of frequent social events such as trips to the
their pension scheme triennial valuations. theatre, pub qui es and our annual summer
The work is supported by an excellent three party and there is always somewhere to go for
year graduate training programme, including a few drinks on a friday.

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GRADUATE OPPORTUNITIES

See the world


from a different
perspective

Find out about the exciting journey towards a successful


career as an actuary
Want to work for the consultancy named European Pensions Consultancy of
the Year 2012? Now recruiting up to 21 highly numerate graduates with strong
communication skills in London and Winchester within our Pensions, General
Insurance and Investment consultancies.
For more information and an application form please visit
www.lcp.uk.com/graduatecareers
92
EMPLOYER DIRECTORY

No. of employees

COmpANy deTAils
6,500+

o of qualified actuaries
200+

No. of trainees
90+
We are a leading provider of risk, savings and
investment management products in the UK. Locations
Established in 1836, weve been in business for Kingswood, Birmingham and
175 years, which not only gives us credibility but london
it demonstrates our experience in every kind of
economic climate. International opportunities
No
We are responsible for investing 370 billion
worldwide (as at 30 June 2011) on behalf of

vACANCy deTAils
investors, policyholders and shareholders. We also No. of graduate vacancies
have over seven million customers in the UK for our varies
life assurance, pensions, investments and general
Type of work experience offered
insurance plans. We are one of the UKs top assurance
Internships
companies for financial strength.
Min. degree required
We recruit, by the middle of March, a limited number 2:1
of graduates each year in order to meet our demands
for actuarial students. This policy means that all of our Starting salary
new actuarial trainees have specific responsibilities Competitive
from the moment they join the company.
Benefits
Our Kingswood office is in the heart of the Surrey 22 days holiday, bike scheme,
countryside, but central london is only a 45 minute life assurance, pension scheme,
performance bonus, season ticket
train journey from the station, which is a five minute
loan, stocks/shares and study
walk from the office. The site has excellent sporting
support
facilities (including football and cricket pitches, tennis
courts, swimming pool and sports hall) and a staff
restaurant. Kingswood is home to over 1, 00 people
involved in an extensive range of activities. These How to apply
include our company pensions and life insurance
AppliCATiON deTAils

Online via our website:


businesses, compliance, group finance and sales. www.legalandgeneralgroup.com/
careers
Our Birmingham office is located in the heart of
the city near the Arcadian and the famous Bullring Contact information
Shopping Centre. Based only a five minute walk Clare Williamson
from New Street Rail Station, the office is ideally Senior recruitment Consultant
situated for commuters around the Midlands area. clare.williamson@landg.com
Our Birmingham office houses over 500 people
Application deadline
working mainly in the area of General insurance. We
Check website
provide a busy and successful environment that offers
excellent resources, a friendly working atmosphere, a
wide choice of career opportunities and of course, Scan for Legal
easy access to some of the best shopping and & Generals
entertainment venues in the Midlands. live jobs

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93
EMPLOYER DIRECTORY

No. of employees

COmpANy deTAils
over 20,000

o of qualified actuaries
c. 250 in the UK

No. of trainees
c. 150 in the UK
As the worlds leading global provider of talent,
Locations
health, retirement and investments services, we England, Scotland, Northern
specialise in helping global organisations stay one ireland and over 40 other
step ahead. Operating in over 1 0 cities and 1 countries around the world
countries were providing expert advice to over
International opportunities
0% of FTSE 100 companies, on everything from
yes
pension schemes and investments to salaries,
rewards and benefits.

vACANCy deTAils
No. of graduate vacancies
We offer professional excellence and a broad 50
range of services, making us an undisputed market
leader. Our graduate roles encompass actuarial, No. of work experience vacancies
30
retirement, investment consulting, and human capital
analysis. To succeed, you must be highly perceptive, Type of work experience offered
communicative and organised. youll be looking to Internships
be challenged by genuine responsibility, intellectual
stimulation and ever-changing client priorities. Disciplines recruited from
Numerical & semi-numerical
We offer extremely attractive rewards, including a backgrounds
company pension and an innovative flexible benefits
scheme. youll also enjoy a working culture that Min. degree required
recognises talent and understands the importance of 2:1
balancing work, life and leisure.
Min. UCAS points
300
Our 1 -month graduate development programme
includes a comprehensive induction and a focus on Benefits
equipping you with the range of skills you will need 25 days holiday, healthcare,
to become an exceptional consultant. pension scheme, study support,
season ticket loan, life assurance,
bike scheme, gym membership
Most of our graduate roles will also see you study and peformance bonus
towards a professional qualification actuarial,
the Investment Management Certificate (IMC) and
Chartered financial Analyst (CfA), or the advanced How to apply
diploma in retirement provision. Whatever you Please visit our website:
AppliCATiON deTAils

www.mercer.com/ukgrads
choose to study, were here to support you. Well pay
for your tuition fees, study materials, and give you a Contact information
generous study leave package. www.mercer.com/ukgrads
T: 020 7178 7192

Application deadline
Please visit our website for
closing dates

Scan for
Mercers
live jobs

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94
EMPLOYER DIRECTORY

About us Our services


Punter Southall was established in 1988 by Our trustee and employer consulting teams
Jonathan Punter and Stuart Southall with provide friendly, professional and jargon-free
nine employees to provide actuarial and advice for all aspects of occupational pension
investment advice to UK pension schemes. schemes including: funding, investment
in 1999, Punter Southall became a limited strategy, benefit design and reporting of
company; this was an important step in our pension costs in company accounts. We also
companys growth strategy. have a wealth of experience in takeovers,
mergers, acquisitions and management of
The business was originally set up to buy-out situations. This has long been a
introduce a fresh, competitive presence to growth area and existing clients, lawyers,
a largely static pension services market and venture capital houses and strategy
primarily to put client service first. These consultants, who appreciate our practical and
guiding principles have not changed. commercially minded approach, regularly
instruct us. Punter Southall Transaction
Our key services to occupational pension Services is our specialised division dedicated
schemes and their related employers include: to mergers and acquisitions pensions
consultancy. We also provide high quality
Actuarial consulting pensions administration for a large number of
Defined contribution consulting our clients.
Health and protection consulting
international consulting Our actuarial and administration employees
investment consulting work closely together in multidisciplinary
Pensions administration client teams. This encourages cross-
Transaction services. fertilisation of ideas, a wider understanding
of our clients needs and enhances the
We currently have eight sister companies, services we provide.
which form the Punter Southall Group,
providing a unique combination of actuarial, Minimum academic requirements
pensions consultancy, administration and A 2:1 Honours degree (any discipline), 3 0
investment services specifically for: pension UCAS points or equivalent (excluding General
scheme trustees, corporate sponsors, private Studies and AS level grades) including a
clients and institutions. grade A in A level Mathematics. in addition
to the necessary academic achievements,
Key facts about Punter Southall Group candidates need to be able to demonstrate
50 employees in 10 locations the ability to work as part of a team and
throughout the UK possess excellent interpersonal skills both
1,000 companies and trustees of pension verbally and in writing.
schemes receiving services including:
actuarial, administration, investment, Professional development
employee and risk benefits advice We offer generous study leave and pay
,000 private clients for course notes, annual subscriptions and
We administer more than 225,000 examinations. Actuarial students are assigned
occupational pension scheme members a mentor, who is normally a newly qualified
12 billion assets under management actuary, to support them in their studies.
30 billion assets under advice. Students are given the opportunity to sit

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95
EMPLOYER DIRECTORY

No. of employees

COmpANy deTAils
c. 50 Group wide

o of qualified actuaries
9 Group wide

No. of trainees
73 Group wide
mock exams before their first actuarial exams.
Locations
In addition, employees are offered an induction Birmingham, Bristol, Edinburgh,
programme upon joining and an extensive Guildford, london and Wokingham
programme of internal training courses that are
held throughout the year, together with on-the-job International opportunities
No
training. Career planning and personal development
are assisted by an in-house appraisal system which
Type of work experience offered
applies to all employees. Other forms of training

vACANCy deTAils
Internships
include regular staff nights, weekly actuarial technical
training and technical seminars. No. of work experience vacancies
6-10
We are committed to the continued support of
No. of graduate vacancies
our employees, which is reflected in our Investor in 8-10
People (IiP) Gold accreditation.
Disciplines recruited from
Award winning Any degree discipline

Min. degree required


2:1

Min. UCAS points


340

Starting salary
Competitive

Benefits
23 days holiday, healthcare,
pension scheme, study support, life
assurance, bike scheme, performance
bonus and social events
Named one of The Sunday Times Top 100 Companies
to Work for 2013. How to apply
AppliCATiON deTAils

Achieved Investor in People Gold Status Cv & covering letter online, by


ACQ Global Awards 2012. email or post. All applications will
be reviewed together after the
Pensions and Actuarial Due Diligence Provider of the closing date
year UK ACQ Global Awards 2011
Actuarial Advisory firm of the year 2011 UK and ireland Contact information
ACQ Country Awards 2011 Jacqueline Weller
(recruitment Manager)
Niche Adviser of the year UK
T: 01483 540 300
Engaged investor Trustee Awards 2011 opportunities puntersouthall.com
highly commended, Most innovative Pensions Consultant
Pension and investment Provider Awards 2011 Application deadline
highly commended, Third Party Administration 1 November 2013

Scan for Punter


Southalls
live jobs

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96
EMPLOYER DIRECTORY

Trainee Profile
NAME Gemma Jefferies
lOCATiON Guildford
UNivErSiTy University of Bath
DEGrEE BSc (hons) Mathematics
rOlE Actuarial Trainee

i started my graduate career at Punter to the day to day work. I am responsible


Southall shortly after completing a six week for coordinating the new graduate training
summer internship at the Guildford office. I programme and also for running some of the
was keen to be able to use my Mathematics training courses. This is excellent experience
degree, but also wanted a career that could for improving my presentation skills, and also
provide me with varied and interesting work, for realising how much i have actually learnt
and so far this has been the case! so far in my career. A key part of an actuarial
career is studying for the exams. Whilst this
In the Guildford office, there is currently one can seem daunting at times, Punter Southall
actuarial team made up of around 15 people provide generous study support and I have
each with varying levels of experience, there my own study mentor to help me progress
are also around 12 more senior qualified through the exams. i am now over half way
actuaries outside of the main team. As a new there with nine exams passed and the hard
graduate there was certainly a steep learning work pays off as there are usually plenty of
curve, but I received plenty of support from celebrations when exams are passed and for
the team as they have all been there before, those who qualify.
and there is always someone to answer your
questions. having now been at Punter Southall The atmosphere in the Guildford office is
for three years, I am the one providing support very friendly and sociable. There are plenty
to the junior team members and passing on of events happening both within the office as
my knowledge. i have moved on to checking a whole and also within our team. from the
the work of more junior team members and annual Christmas party and summer event
also taking on more responsibility as there are to team meals and office qui nights, there is
plenty of opportunities for progression. something for everyone to get involved with.
The Guildford office itself is also in a great
Punter Southall provide an internal training location, close to lots of restaurants, bars and
programme, which means there are plenty shops and all within walking distance, perfect
of opportunities to learn more in addition for socialising after work!

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97
EMPLOYER DIRECTORY

No. of employees

COmpANy deTAils
c. 17,000 (UK) c. 180,000 (worldwide)

o of qualified actuaries
c. 215

No. of trainees
c. 211
Your career is just that; yours. You choose it. You
live it. You make it happen. To get the best from Locations
it, you need the best opportunities. Thats why Birmingham, Bristol, Edinburgh,
leeds, london and Manchester
opportunities are at the heart of a career with us.
Opportunities to grow as an individual, to build International opportunities
lasting relationships and make an impact in a place visit our global site for more
where people, quality and value mean everything. information www.pwc.com
And were proud, based on the opportunity we

vACANCy deTAils
offer, that students have voted us the number one No. of graduate vacancies
Graduate Employer in The Times Top 100 Graduate c. 50
Employers survey for the last ten years.
No. of work experience vacancies
Actuarial opportunities with PwC c. 25
Our actuarial practice is looking for graduates who,
Type of work experience offered
whatever their degree subject, background or insight days, talent academy,
aspiration, are highly analytical people who enjoy shadow a female leader,
working with others to help solve complex problems, internships and work placements
but also have qualities that make them stand out.
We help clients evaluate risks to their businesses, Disciplines recruited from
All degree subjects
using financial and statistical techniques to analyse the
likelihood and implications of different events. Its a Min. degree required
challenging and highly technical remit, made even more so 2:1
by the need to communicate complex findings in a simple
way, so that clients can implement actions that best meet Min. UCAS points
320 including a B in Maths A level
their interests. Very early on youll get the opportunity
to interact with clients enhancing your experience and Benefits
supporting your development along the way. 25 days holiday, bike scheme, gym
membership, healthcare scheme,
Your development interest-free loan, life assurance,
Actuaries need professional qualifications and we give all pension scheme, season ticket loan
and study support
the support youll need to get them. On average it takes
six years to qualify; PwC graduates usually take less than
four. Youll be supported during your training and benefit How to apply
AppliCATiON deTAils

from on-the-job commercial experience. Youll also be Online at www.pwc.com/uk/careers


working with colleagues from a range of backgrounds apply early to avoid disappointment
and expertise outside of your direct team helping you to Contact information
build your skills and be best equipped for the future. PwC recruitment helpline
T: 0808 100 1500
Find out more
Go to our website to understand each area in more Application deadline
Deadlines apply in some areas.
detail: Actuarial & insurance Management Solutions
Please visit our website for details
which works primarily in the insurance field and also
in the growing non-insurance field; Human Resource
Consulting covering pensions, or reward consultancy. Scan for
PwCs
Take the opportunity of a lifetime. live jobs
www.pwc.com/uk/careers
www.facebook.com/PwCCareersUK

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98
EMPLOYER DIRECTORY

No. of employees

COmpANy deTAils
17,000

Locations
Offices across EMEA, APAC and
Americas. UK graduate vacancies
are in Chertsey

About us International opportunities


varies year on year
SunGard is one of the worlds leading software and
technology services companies. SunGard serves
approximately 25,000 customers in more than 70
countries and has approximately 17,000 employees.
SunGard provides software and processing solutions
for financial services, education and the public
sector. SunGard also provides disaster recovery

vACANCy deTAils
services, managed iT services, information availability No. of graduate vacancies
consulting services and business continuity 2-4
management software. With annual revenue of over
.0 billion, SunGard is one of the largest privately Disciplines recruited from
Numerical disciplines including
held IT software and services companies.
mathematics, actuarial science and
computer science
iWorks Prophet
SunGard offers a range of products serving the Min. degree required
insurance sector. SunGards iWorks Prophet is an 2:1
enterprise-wide actuarial modelling system used
Min. UCAS points
around the world to model companies financial
300
business. it is used by 8,500 customers in more than 650
sites, in more than 55 countries. The iWorks Prophet Starting salary
department contains three core actuarial teams: Competitive
Actuarial Systems team design and
architecture of the iWorks Prophet Professional Benefits
and Enterprise editions. 25 days holiday, bike scheme,
dental care, healthcare scheme,
Library Development team development pension scheme, season ticket
of the actuarial codebase, to meet the latest loan, social events and study
international business requirements. support
Consultancy team working with SunGards
customers around the world, implementing
solutions to get the best out of iWorks Prophet.
How to apply
Graduate careers
AppliCATiON deTAils

Online with Cv and covering letter


SunGard is looking for innovative graduates to drive and
direct their suite of Prophet products into the future. Contact information
Successful candidates will become part of the actuarial www.sungard.com/graduatecareers
profession with a focus towards becoming a qualified emea.campus sungard.com
actuary. SunGard will support you in all ways towards
achieving this goal including study support and training. Application deadline
28 february 2014

What we are looking for


in addition to a strong academic record, successful Scan for
candidates will have an interest in iT, systems and SunGards
finance. Strong technical communication skills are live jobs
vital for this role, both in discussing requirements with
clients and within the Prophet team. Problem solving
and analytical skills are also critical for success.

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99
EMPLOYER DIRECTORY

No. of employees

COmpANy deTAils
14,000

o of qualified actuaries
600

No. of trainees
350
Towers Watson is an exciting place to begin your
Locations
actuarial career. Along with a formal actuarial training Birmingham, Bristol, Cambridge,
programme, you will gain valuable insights into Edinburgh, Epsom, Leeds, London,
the business needs of some of the worlds most Manchester and reigate
sophisticated organisations.
International opportunities
yes
Who we are
Towers Watsons mission is to contribute to their

vACANCy deTAils
No. of graduate vacancies
clients success through utilising their unique 80-85
capabilities and deep expertise. We provide the
vision, ideas and answers to positively affect their No. of work experience vacancies
business results. Towers Watsons roots may go back 40-45
more than 130 years to the worlds oldest firm of
Type of work experience offered
actuaries, but their vision is firmly fixed on the future. Internships and insight days
in March 2012, fortune magazine ranked Towers
Watson as number one in its industry and on its list of Disciplines recruited from
the Worlds Most Admired Companies. various

Min. degree required


What we offer 2:1
We are a leading innovator in the market and one
of the largest employers of actuaries in the UK. This Min. UCAS points
provides our trainees with a unique support network 300
for achieving the Institute of Actuaries qualification. Starting salary
You will be helping clients to forecast and manage Competitive
risk by analysing the likelihood of an event and its
potential impact on cost and other factors. Benefits
25 days holiday, bike scheme,
healthcare scheme, life assurance,
in a nutshell, at Towers Watson you will gain the pension scheme, performance
necessary technical and non-technical skills actuaries bonus, season ticket loan, social
need to gain a detailed understanding of relevant events and study support
legislation, economics and the business world, and
strong mathematical modelling and statistical expertise. How to apply
deTAils

Online at:
What do we look for? www.towerswatson.com/graduate/uk
We need talented and flexible individuals with superb We encourage you to apply by the
deTAils

first deadline
problem-solving and communication skills who meet
AppliCATiON

our entry criteria: A level Mathematics (or a numerate Contact information


degree) and on track to obtain a second class degree. graduate.uk@towerswatson.com
AppliCATiON

Top three reasons to join us Application deadline


Fully funded study up to 0 study days per year. Check website
Opportunities from day one for involvement in Scan for
client work. Towers Watsons
Collegial working environment with world- live jobs
class experts.

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100
EMPLOYER DIRECTORY

No. of employees

COmpANy deTAils
388

o of qualified actuaries
56

No. of trainees
Xafinity is a specialist pensions consulting firm which 56
recruits graduates as actuarial assistants. The company
is small enough to provide an innovative and supportive Locations
Belfast, leeds, london,
atmosphere to its employees, while at the same time
Manchester, reading and Stirling
offering the benefits associated with a large company.
International opportunities
With Xafinity you will develop analysis and
No
communication skills which you will need in order to
build a successful career in a challenging field.

Actuarial study package

vACANCy deTAils
No. of work experience vacancies
Xafinity offers an excellent study package to support 0
employees as they study to become qualified actuaries.
The package is flexible to meet individual requirements No. of graduate vacancies
and includes: 8-10
Full payment towards exam fees, study materials,
tutorials, mock exams and all administration costs Disciplines recruited from
Study leave of one day per week Maths, economics or science-
Office study area and supportive colleagues based subjects
including mentoring.
Min. degree required
Professional development 2:2
Actuarial assistants at Xafinity also focus on developing
skills to use in the real world via a series of in-house and Starting salary
external training sessions. These skills will be used for: Competitive
Understanding the actuarial profession and the
pensions industry Benefits
Accumulating general business and finance Pension scheme, study support, life
knowledge assurance and social events
Improving your ability to deal with clients in a
friendly and concise manner, and being able to
explain complex concepts in simple terms.
AppliCATiON deTAils

How to apply
Advice and support Online
On joining Xafinity, a qualified actuary will be assigned
as your mentor to offer support and guidance Contact information
whenever you need it. graduate.recruitment@
xafinityconsulting.com
You will also be assigned a buddy who will help you to
settle in to your new job and keep an eye on how you Application deadline
are getting on. They will be your first point of contact See website
when you are finding things difficult.
Scan for
Benefits and rewards Xafinitys
You will be offered an extremely competitive salary live jobs
which is reviewed on a regular basis. you will also
become a member of the flex benefits scheme enabling
you to select from an excellent range of benefits.

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101
EMPLOYER DIRECTORY

Trainee Profile
NAME Nicola Duncan
lOCATiON reading
UNivErSiTy Swansea University
DEGrEE BSc (hons) Mathematics
rOlE Actuarial Assistant

My degree Professional development at Xafinity


like many others doing a maths degree, i The great thing about Xafinity is the different
didnt know exactly what i wanted to do for a ways of learning. Xafinity offers both on the
career when I first started at university. I knew job training and in-house training sessions.
i wanted a job that involved numbers, thinking
logically and provided a variety of work. Before I start a new piece of work, a colleague
will sit down with me and explain what I need
Choosing Xafinity to do and why. The why part is the most
After attending the assessment centre i knew important as it gives me an opportunity to
that Xafinity was the company I wanted to understand what i am doing and ask any
work for. questions on any areas i dont understand.

Xafinity stood out amongst other companies We are always striving to improve the ways
because of the friendly and fun atmosphere in which we work, which leads to new work
at the assessment centre. The tasks we were processes. This means that from time to time
given were unusual and involved working we need group training sessions to ensure
as a team to solve different problems. This everyone in the office is up to date.
really suited me and helped me to relax. The
assessors were all really friendly which helped ife at Xafinity
me to perform my best. I actually surprised What I like most about working at Xafinity
myself by having fun at the assessment centre! are the people. Even after asking a thousand
questions they are all still happy to answer
My job more of my questions.
I have been working for Xafinity for over a
year now and am still learning something Outside of work there are a number of
new every day. There is such a variety of different activities to take part in, such as after
work, which can be anything from calculating work drinks, parties, qui nights and team
the total value of an individual members meals. These social events have allowed me
pension, to performing a valuation on a to get to know everyone better and help build
whole pension scheme. Valuations look at stronger relationships. This has helped give
the assets that a scheme holds and compares me the confidence to approach anyone in the
those to the value of all the pensions that office for help.
they must pay out to the members over their
lifetime. valuations can take a long time to Its very important for me to work in an
complete so it is great opportunity to learn environment where good staff relations are
all about a particular pension scheme, as each key, and for anyone feeling the same i couldnt
scheme is unique. recommend Xafinity more highly.

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Recruitment Consultants

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104 GAAPS ACTUAriAl

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104
RECRUITMENT CONSULTANTS

Ethical actuarial recruitment by actuaries sourcing and placing in the UK and


and consultants internationally for nearly 20 years.
The graduate recruitment market is at its most GAAPS was established by Dr Geraldine
competitive for years. At GAAPS Graduate Kaye, herself a highly respected and
Division, we are dedicated to getting your experienced actuary.
actuarial career off to a flying start. Since then, we have grown to become
one of the worlds best known actuarial
We do more than just place candidates! We recruitment consultancies.
take the time to get to know you, as well as As well as energy and dedication, our
our clients. So, rather than being just a name consultants bring a wide range of skills
and number, you are a real person with hopes, to GAAPS. Directors and senior staff play
dreams and ambitions and we will introduce an active role in numerous professional
you as such to our clients, with whom we have bodies worldwide.
long established professional relationships. We understand your problems and issues:
loans, salary expectations, a bewildering array
We want you to get that first step on the of companies, maybe even work permits. Our
actuarial ladder absolutely right. We will do experience and contacts within universities, as
everything to ensure you are happy with the well as with our graduate recruitment clients,
position and company. means we chart the way for you to sail into
your first job.
We place graduates, part-qualified and qualified
actuaries all over the world, so whether you
want the UK, Europe, Australasia, the Far East or
South Africa, look no further than us!

How can we give you an edge?


Specialist support
Cv guidance
Advice on interview techniques
Psychometrics register at
Career and salary advice www.gaaps.com
A shoulder to lean on.
for more information, check out the
GAAPS Facebook page, or
CONTACT

and it wont cost you a penny. Give us a ring


gaapsblog.com
and well talk. No obligation, no pressure, just
a friendly ear and a chat!
Scan for more
information
A bit about us
We are different we are a specialist
actuarial recruiter. We have been

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www.gaaps.com

Needcareer.
Your direction with
Where your
in the career
World?

GAAPS Actuarial
22 Bevis Marks, London EC3A 7JB
Telephone: +44 (0)20 7397 6200
Register at www.gaaps.com to find the latest opportunities
Part of the GAAPS Group of companies
Reference Table

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108
JOB REFERENCE TABLE

No. graduate vacancies


No. work experience
experience offered
No. of employees

No. of qualified

No. of trainees

Type of work
Company

Locations

vacancies
actuaries
Aon
65,000 120 - Nationwide Internships 40 50
www.aon.co.uk/graduates
Amersham,
Bromsgrove,
Barnett Waddingham
Cheltenham,
www.barnett-waddingham. 550+ 110 95 Internships 10-13 10-13
Glasgow, leeds,
co.uk
Liverpool and
london
Buck Consultants Bristol, Edinburgh,
Internships
www.buckconsultants.co.uk Ipswich, London,
340 40 40 & industrial - 2-4
Manchester and
placements
reading
Canada Life Bristol, Potters
www.canadalife.co.uk 900 25 25 Bar, isle of Man - 0 c. 3
and london
Capita
Up Up
www.capita.co.uk 50,000+ 11 40 Nationwide Internships
to 3 to 3

london, Bristol,
Friends Life industrial
c. 5,000 125 90 Dorking and 8-10 8-10
www.friendslife.co.uk/careers placements
Salisbury
GAD london and
145 61 56 - 0 5-10
www.gad.gov.uk/careers Edinburgh
Birmingham,
Hymans Robertson Edinburgh, Summer
600+ 100+ 70+ 7+ 20+
www.hymans.co.uk/careers Glasgow and internships
london

LCP london and


400 130 80 Internships 12 21
www.lcp.uk.com Winchester

Kingswood,
Legal & General
6,500+ 200+ 90+ Birmingham and Internships - varies
www.legalandgeneralgroup.com
london
Mercer c. 250 c.150
20,000+ UK and worldwide Internships 30 50
www.mercer.com/ukgrads (UK) (UK)
Birmingham,
Punter Southall Bristol, Edinburgh,
c. 850 98 73 Internships 6-10 8-10
www.puntersouthall.com Guildford, london
and Wokingham
Birmingham,
PwC c.17,000 Bristol, Edinburgh,
c. 215 c. 211 - c. 25 c. 50
www.pwc.com/uk/careers (UK) leeds, london
and Manchester

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109
JOB REFERENCE TABLE

Additional benefits
Min. degree required

Application deadline
Healthcare Scheme
No. of days holiday

Performance bonus
Season ticket loan
Min. UCAS points

Pension Scheme

Further info - pg
Study support
Starting salary

How to apply
Social events
Check
2:1 - Competitive - l Apply online 74
website

Check
2:1 300 Competitive 22 l l l l l l Online application 76
website

Check
2:1 - Competitive 25 l l l l l l Apply online 78
website

Email Cv, covering


2:1 - 25,700 23 l l l l l l letter and - 79
application form
Email Cv, covering
31 March
2:1 300 Competitive 23 l l l l l l letter and 80
2014
application form
31
2:1 - 28,500 26 l l Apply online December 82
2013
Check
2:1 - 2 , 00 pa 25 l l l l l Apply online 84
website

4
highly
2:1 - - l l l l l l Apply online November 86
competitive
2013

Download 15
2:1 320 Competitive - l l l l l application form November 88
online 2013

Check
2:1 - Competitive 22 l l l l Apply online 92
website

Check
2:1 300 - 25 l l l l l Apply online 93
website

1
Cv & covering
2:1 340 Competitive 23 l l l l l November 94
letter online
2013

Check
2:1 320 - 25 l l l l Apply online 97
website

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110
JOB REFERENCE TABLE

No. graduate vacancies


No. work experience
experience offered
No. of employees

No. of qualified

No. of trainees

Type of work
Company

Locations

vacancies
actuaries
SunGard Offices across
www.sungard.com/ 17,000 - - EMEA, APAC and - - 2-4
graduatecareers Americas

Towers Watson Internships


www.towerswatson.com/ 14,000 600 350 Nationwide and insight 40-45 80-85
graduate/uk days

Belfast, leeds,
london,
Xafinity Consulting
388 56 56 Manchester, - 0 8-10
www.xafinity.com
reading and
Stirling

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the only graduate career guide to

ActuAries 2013/14
Hi, Im

Athena
I work at Towers Watson,
and today I did something
extraordinary.

WhAts inside

actuaries
all about the profession
NEW Internship profiles
Graduate & senior profiles
salaries & career paths
Professional qualifications
yourimagination. employer directory

Youve nearly completed your degree, and youre ready for whats next: a job that will inspire you,
make you think and put your skills to the best use.

But dont you really want more than that? Go beyond your expectations at Towers Watson.

If you join us, youll often be challenged to do something extraordinary. From the start, youll team
with senior associates to learn on the job and interact with clients on projects that help improve their
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decide whats next and how to get there. Sound good? Then plan to Go Beyond at Towers Watson.

Towers Watson. A global company with a singular focus on our clients.

Benefits
2013/14

Risk and Financial Services


Talent and Rewards

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Copyright 2013 Towers Watson. All rights reserved. graduate jobs l internships & placements l career advice
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