The official guide to actuarial careers

Transcription

1 2015/2016 The official guide to actuarial careers Everything you need to know to start your journey

2 Contents Welcome from Fiona Morrison, President, Institute and Faculty of Actuaries 3 Institute and Faculty of Actuaries 4 Who are our members? 6 What career paths are open to me? 8 Where can I work? 10 Areas of work 10 Case study Xavier Lo, Marsh 12 Recruitment 14 Who employs actuaries? 14 What can I expect to earn? 16 An actuarial career at LV= 17 Case study Jean Eu 18 Actuarial recruitment 20 Internships - Aon 21 International 22 International membership 22 Our qualifications 24 Entry requirements 24 What qualifications can I achieve with the IFoA? 25 Qualification routes 27 Our actuarial exams explained 29 University courses and exemptions 34 What support is available to me? 38 Case studies 39 Career contact details 50 Welcome Welcome from Fiona Morrison, President, Institute and Faculty of Actuaries. In this guide you will find information about the Institute and Faculty of Actuaries (IFoA), our exam system, our qualifications, and the range of opportunities that can open up to you as you take the first steps on your career path. The IFoA is the only chartered professional body for actuaries in the UK. It has a global spread, with over 40% of members living and working outside of the UK. At the IFoA we put the needs of our members at the heart of what we do providing high quality, internationally recognised qualifications and lifelong education opportunities. Our role in regulating our members is key to assuring public confidence in our profession. We work hard to speak up on matters of public interest and to promote the work of actuaries, and the value the actuarial skillset adds to business and society. Deciding on a career path is a pivotal time in your life. A career as an actuary or actuarial analyst offers a wide range of opportunities and challenges. It gives you the chance to apply your skills in maths and statistics to real world challenges. These skills give actuaries an exceptional appreciation of many business areas, including the growing area of financial risk management. Actuarial work is especially suited to those who enjoy solving problems by analysis, mathematics and logical reasoning. Many of the concepts actuaries deal in are complex, and the ability to communicate those concepts clearly to a range of audiences is invaluable. There is no doubt in my mind that, although it takes hard work and dedication to qualify, a career as an actuary or actuarial analyst can be exceptionally fulfilling and intellectually challenging. I love my job: it is incredibly varied and rewarding. I hope you enjoy exploring what a career in actuarial science could hold for you. Best wishes, Disclaimer: This document has been prepared by and/or on behalf of the Institute and Faculty of Actuaries (IFoA). The IFoA does not accept any responsibility and/or liability whatsoever for the content or use of this document. This document does not constitute advice and should not be relied upon as such. The IFoA does not guarantee any outcome or result from the application of this document and no warranty as to the accuracy or correctness of this document is provided. The document may also contain advice, opinions, statements or other information provided by third parties (Third Party Information). Reliance upon that Third Party Information is at your own risk and the IFoA does not accept any responsibility and/or liability whatsoever for any reliance placed on that Third Party Information. Fiona Morrison President, Institute and Faculty of Actuaries Copyright: All material in this document is the copyright material of the IFoA, unless otherwise stated. Use of the IFoA s copyrighted material may be made of these pages for non-commercial and study/research purposes without permission from the IFoA. Commercial use of the IFoA s copyrighted material may only be made with the express, prior written permission of the IFoA. If you wish to use the copyrighted material of any third party contained within this document, you will need to seek that third party s prior written permission to use that material. Institute and Faculty of Actuaries (RC )

3 The official guide to actuarial careers Institute and Faculty of Actuaries What is the Institute and Faculty of Actuaries? The IFoA is the UK's only chartered professional body dedicated to educating, developing and regulating actuaries based both in the UK and internationally. What is a professional body? A professional body is usually a not for profit organisation seeking to further a particular profession, the interests of its members and the public. The IFoA works with employers of actuaries to encourage and develop their organisations, their actuarial employees and the financial sector as a whole. What benefits do you get as a member of the IFoA? Alongside support from the IFoA, membership opens up a wide range of opportunities, an exciting and rewarding career path, lifelong learning and the chance to use your skills to live and work in great locations all over the world. Professional recognition your membership of the IFoA is internationally recognised and sought after by employers throughout the financial community Regulation and control - you are part of a membership body which is effectively regulated to assure public confidence and which monitors and maintains standards in collaboration with the regulators Education and career development you will gain through the qualification syllabus and CPD programmes, a high quality qualification and a lifelong opportunity to learn, develop and reflect on that learning Public affairs and promotion you will see matters of public interest and the work that actuaries do and consult on, raised in public forums Networks you have the opportunity to build a community and grow your professional network in your practice area, in cross practice areas, and globally Research you can be involved in member-led working parties in various practice areas and through external research such as that undertaken in universities to provide members with cutting edge knowledge attuned to the realities of their working lives Extensive library resources you have the opportunity to access a wide variety of material in hard copy and online to aid studying and research projects such as research journals and study materials Free resources you will have access to a member magazine, volunteering opportunities, newsletters, the IFoA website and a virtual learning environment Other resources you can attend events, conferences as well as have access to guidance material, mentoring, forums and discussion groups, and finally, member lounges in the London and Edinburgh offices. The career development resources on offer from the IFoA have proved invaluable Devan Nathwani Aon Hewitt Institute and Faculty of Actuaries 4 Institute and Faculty of Actuaries 5

4 Who are our members? We have a global membership of over 26,000 members. Our members come from a variety of different countries, cultures and ethnicities *. Students Location Fellows The IFoA has 11,717 Fellows. The figures below show who makes up our Fellowship membership. Gender 75% are male 25% are female 13,923 The IFoA has 13,923 student members. The figures below show who makes up our student membership. 58% are based outside the UK Location 72% are based in the UK including Northern Ireland 28% are based outside the UK Age groups 15% are under the age of 30 51% are under the age of 40 Age groups 42% are based in the UK including Northern Ireland Top three Industry Sectors under 21s under 30s under 40s 78% of our membership work in the top three industry sectors. 6% are under the age of 21 71% are under the age of 30 94% are under the age of 40 Gender 62% are male 38% are female Top 10 degree subjects our students have 1. Mathematics 2. Actuarial science 3. Economics 4. Physics 5. MORSE (Mathematics, Operational Research, Statistics and Economics) 6. Accounting 7. Statistics 8. Engineering 9. Chemistry 10. Civil engineering 27% Pensions 33% Life insurance 18% General insurance 6 *At the end of Institute and Faculty of Actuaries 7

5 What career paths are open to me? With one of the IFoA s qualifications, you can work in a wide range of industries at all different levels. Below is an explanation of what you can expect to do in those roles. What is an actuary? Actuaries are experts in risk management. They use their mathematical skills to help measure the probability and risk of future events and their financial impact on a business and/or their clients. This information is useful to many financial services industries, such as healthcare, pensions, insurance, banking and investment. To become a qualified actuary you can work towards the Associate qualification or the Fellowship, both of which are outlined opposite. Actuaries work with a number of professionals in areas such as data analysis, pricing and financial product marketing these professionals are often called Analysts. We have launched a new qualification to professionalise these skills, the Certified Actuarial Analyst (CAA). An actuarial career can be one of the most diverse, exciting and rewarding in the world. What is a Certified Actuarial Analyst? CAAs are professional technical and analytics experts who work in teams where the technical application of actuarial science is required. The generalist nature of the strong analytical skills developed by the CAA qualification, means that it can be used to open the door to a wide range of careers inside and outside the traditional actuarial sphere, from marketing to senior management. What is an Associate? An Associate is a qualified actuary with a broad range of technical skills in a number of different financial services industries. What is a Fellow? A Fellow is a qualified actuary with expert knowledge in a particular industry. At Fellowship you study to a higher level, and are highly sought after in the global market. What is a CERA? CERA, is short for Chartered Enterprise Risk Actuary. It is a global risk management qualification and is one of the most comprehensive and rigorous enterprise risk management qualifications available. It aims to address the urgent need for highly-qualified risk management professionals worldwide, especially in the financial sector. Why would I consider an actuarial career? Globally recognised Great variety in the work Well paid Global network of peers and career opportunities Highly reputable in many industries Intellectually satisfying A good work/life balance. To take an active role in the new actuarial world, you need to possess a level of resilience and have a confidence in your approach Vickii Burton Legal & General 8 Institute and Faculty of Actuaries 9

6 Where can I work? Areas of work Actuaries work in a wide range of different fields. The following pages give you an idea of these practice areas and also information about what you might do, as a graduate actuarial trainee. General insurance This is the fastest growing practice area for actuaries. The role of a general insurance actuary is incredibly varied, and has changed considerably over the years. Given the fast-moving dynamics of the industry, the ever-changing regulatory environment and the continuous development of actuarial skills, it s a safe bet that the role actuaries play in the insurance industry will continue to evolve. There are four main areas: Reserving: how much an insurance company needs to set aside to pay future claims, given how many policies it has sold in the past. Pricing: how much an insurance company should charge customers for a new policy, given how much risk is involved. Capital modelling: all insurers need to hold a certain amount of capital aside, in case claims turn out to be worse than expected or something else goes wrong. Actuaries build models to help them decide how much and what sort of capital to hold. Enterprise Risk Management: Actuaries get involved in monitoring and quantifying all risks facing an insurance company, and help devise strategies for dealing with and avoiding these risks. Health and care Health and care insurance issues such as critical illness, income protection and long-term care insurance are designed like long-term or short-term life insurance policies so actuarial roles are very similar to those described in the life insurance section. Although many of the roles and activities are the same as for these other types of insurance business, the inherent risks differ. There is more emphasis on understanding the rates of becoming sick or disabled or needing medical treatment or rates of recovering from sickness, which are more complex than death rates. It is also necessary to consider aspects such as the implications of medical advances and medical cost inflation. Some health and care actuaries are more closely involved in wider roles, such as national healthcare funding systems. For example, how best can we ensure that there will be adequate provision for long term care in old age under increasing national budget pressures and an ageing population? Investment Actuaries have been involved in the field of investment management for decades. They buy and sell assets and undertake investment analysis and portfolio management. An actuary s basic skills in forecasting and assessing risks are ideal for estimating whether a capital project (e.g. for a new hospital or a transport infrastructure project) is financially viable. Employers might include government departments, management consultancies, or property companies. Life insurance Actuaries working in life insurance have a broad range of responsibilities, both in technical and client facing work, as well as in management. They play a leading role in the design and pricing of life insurance products, which are broadly divided into two categories: protection and investment. Protection products are those that provide a benefit based on either the death of the insured person, or survival to a specified age, while investment products are primarily designed to provide the policyholder with growth on the premiums they pay. In addition to determining the price of life insurance contracts, actuaries are also responsible for the ongoing valuation of the business the company has sold, the investment of its assets and ensuring that it has enough money to meet its obligations to policyholders in the future. Pensions There are two main types of pension scheme; defined benefit (where pensions are calculated on a formula, often your salary) and defined contribution (where the member builds up a pot of money and uses this to provide their income in retirement). In a pensions consultancy it is likely that you will be performing calculations to help estimate how much the employer and employee will have to pay and also advising clients on ways they can reduce the costs and risks associated with pension schemes. There is currently a lot of activity in the defined contribution pension scheme market given the recent legislation compelling employers to include their employees in a pension scheme. This has led to an increased focus on the governance of such schemes and the risks associated with the increased size of defined benefit pension schemes. Risk There are many different areas of work that you could be involved in, from capital models or analysing specific risks, like operational risk. You could also be involved in investigating mathematical models of risk to see if they can be used within an organisation. Communication is an important skill to have as often those working in risk need to explain the theory behind the models to those who are non-actuaries. Although the risk models should in theory capture everything, it s important that actuaries analyse new risks that may have materialised to check that the models are still appropriate. It s unlikely and unrealistic to expect everything in the future to be foreseen now. Where can I work? 10 Institute and Faculty of Actuaries 11

7 Case study Xavier Lo Job title: Actuary Company: Marsh Location: London Practice area: General insurance University: London School of Economics Course: BSc Actuarial Science What do Marsh/your team do? Marsh is part of Marsh and Mclennan Companies (MMC), a listed company on the New York Stock Exchange. MMC offers a wide range of services through its many subsidiaries. Specifically, Marsh provides insurance broking services. As part of the Financial Services Group, I help clients, mainly non-financial, model their insurance losses. I then consider this loss projection along with other factors, like insurance premium, to recommend an insurance programme which would fit their risk appetite. What is a typical day like for you? I ll list a few things which I have to go through every day. You can then decide what a typical day looks like for me: using my brain, opening up at least 10 spreadsheets, speaking to clients (could be internal or external), high-fiving my colleagues. What do you enjoy most about your job? As a qualified actuary, I had to pass a lot of exams, which required me to study a lot of mathematical and statistical theory. I know a lot of actuaries who forget their exam material quite quickly after qualifying. However, my job requires me to actually use what I ve learnt in my exams to solve problems for clients. Makes all the studying worth even more. What was the interview process like? Just like talking to a friend who really wants to get to know you inside-out. One interesting question was being asked to describe a creative use of an Excel function. Thank you to the mighty SUMPRODUCT you helped me get my job. How do you manage your work/ life balance? I try to spend a few hours a week doing some sort of physical activity whether it is running, going to the gym, or playing sport. A healthy physical body leads to a healthy mental brain. Having a more agile brain leads to completing work much more efficiently. Finishing work quickly leads to having more time to enjoy life! Not saying that I dislike my job, though. What soft skills have you found useful? Being able to explain really complicated concepts using simple English or diagrams adds a lot of value to clients. Having a sophisticated model without an easy-to-understand explanation is like having the internal parts of a formulaone car and marketing it as a bicycle. 12 Institute and Faculty of Actuaries 13

8 Recruitment Who employs actuaries? There are many companies in many different industries that employ actuaries or those with an actuarial skill set. Some examples of companies who employ actuaries are consultancies such as Deloitte, EY, PwC and KPMG, insurance firms such as Aviva, Legal & General, Prudential and Standard Life. You could also work for banks such as HSBC. Whilst the IFoA does not employ actuaries directly, we advertise job opportunities from employers through the Directory of actuarial employers. Once you have decided on an actuarial career, you would look for work experience, an internship or placement or an actuarial graduate trainee role with an actuarial employer. If you are applying for a graduate trainee role, you would apply to that employer through their specific entry route and then join our professional body once you ve joined the employer. Alternatively you can join the IFoA independently if you wanted to take some exams prior to gaining a job. Entry requirements Both the IFoA and employers have entry requirements that you must meet. It is very important that you familiarise yourself with employers' requirements as the recruitment process becomes more difficult if you do not meet their standards. You can read more about entry requirements in the Our Qualifications section. Internships/placements/work experience/graduate vacancies All of these opportunities can also be found in the Directory of actuarial employers. It is important to note that some actuarial employers do not offer internships or work experience, for work that may rely on a particular level of technical skill or confidential client work. Often work experience is reserved for those in the penultimate or final year of university although of course, there are exceptions. When you are applying for a role, what employers want to see is that you have used your initiative to get a job or work experience in your holidays or even taken a gap year and done something productive. For example, skills that you will learn in any environment are business skills that employers may talk about in job descriptions. These are skills such as communication, team work, leadership and being able to think logically around a situation. What if you can t get an actuarial graduate role? If you are unable to gain an actuarial job when you leave university you could apply for technical support roles or analyst roles in the financial services sector, opening opportunities to shadow actuaries. If you are unable to get a job then you could look to take an exam independently, for instance Financial Mathematics for non-members. What else can I do to increase my chances of getting work? There are many ways that you can increase your chances of gaining a job, from gaining work experience, joining a society or club at university and increasing the amount you use your skills. IFoA gave me the best insight into who was hiring. It was invaluable Jennifer Rees Aon Hewitt Recruitment 14 Institute and Faculty of Actuaries 15

9 What can I expect to earn? Mark Crail, Content Director at Xpert HR, explains how the survey is made up and what he has seen over the last year. Mark Crail Actuaries remain among the best paid of all professional groups. Over the past year, however, salaries have increased more slowly than at any time since XpertHR s salary survey of actuaries and actuarial students for 2015 shows that basic pay increased by 2.9% for qualified actuaries and 3.9% for students. Once bonus payments are factored in, however, the average increase was 4.5%. Although this is substantially less than the typical headline level of increase seen in recent years, with increases in pay and bonuses hitting 8.6% last year, falling inflation means that in real terms pay growth has remained strong. Among the key findings from the survey: More than half of actuarial employers recruited new graduates last year; The average salary for recent graduates in the actuarial profession is nearly 10,000 a year higher than for graduate starters in other roles; More than eight out of ten actuaries covered by the survey received a bonus (82.4%); Bonus as both an absolute figure and as a proportion of salary increases with seniority; The survey is based on anonymised payroll data supplied by 17 major employers of actuaries on 1,712 individuals. Further information at Survey/Index/81 Seniority level Chief actuary, senior partner Senior function head, practice director Function head, practice head Department manager, managing consultant Section manager, senior consultant Section leader, consultant Senior actuary, junior consultant Average basic pay ( ) Average bonus ( ) 222, , ,814 39, ,343 20,717 89,442 17,433 80,664 16,306 73,043 14,288 66,118 9,962 Actuary 52,067 5,521 Student actuary 36,241 2,700 Recent graduate 33,130 n/a An actuarial career at LV= MARK LAIDLAW Mark Laidlaw is LV= s Group Chief Actuary, based at their head office in Bournemouth. Having joined in 2012, he has transformed its actuarial department and is an advocate of the LV= Actuarial Academy. We caught up with him to find out what makes life as an LV= actuary so interesting. What was it that initially attracted you to LV=? For me, one of the key attractions was the fact that LV= offers both generai insurance and life insurance. Also with LV= being a mutual and its continuous growth as an organisation, it means there s a longer term view of how they develop the business very appealing from an actuarial point of view. What does your role entail? I lead the actuarial function across general insurance and life. I was brought in to transform the department into a front office function, where we d be able to comment on business implications highlighted by our reports and enable strategic decision making. By growing the function and bringing in new talent, we re now better equipped to help grow value for our members. What do you enjoy most about your role? I enjoy working with great, interesting people who are excellent at their jobs. We ve all worked hard to optimise the information we deliver, making it more granular, more detailed and more useful for different business areas. It s been a huge transformation and I love being a core part of the business and playing a key role in strategic decisions. What can you offer actuaries joining LV= that they couldn t get elsewhere? We re one of the few organisations where you can experience every piece of actuarial work as our general insurance, life and investment actuaries all work together in one team, in one location. You have exposure to the senior leadership team, excellent support, and the opportunity to help shape longer term business decisions. There s a lot of collaboration here and really exciting opportunities. There s also a great work/life balance in Bournemouth. We have great beaches, are close to the New Forest, with great schools, and your commute will be much shorter than if you were working in London. You ll have a much better lifestyle alongside a really interesting career. How do you provide and support career development for your actuarial teams? Our actuarial career path covers the full profession; from a newly qualifying graduate, to becoming an experienced actuary. Our Actuarial Academy provides help and support to students, with continuous professional development for qualified actuaries. We believe it s really important to continue developing and improving your own skills and knowledge, in order to add value to LV=. To find out more, visit jobs.lv.com/actuarial or contact Actuarial Resourcing Consultant [email protected] 16 Institute and Faculty of Actuaries 17

10 Case study Jean Eu Job title: Senior Actuary Company: Correlation Risk Partners Ltd Location: London Practice area: Life and health insurance University: City University/Cass Business School Course: BSc Actuarial Science Voted top female in the Actuarial Post s 2013 Top 30 under 30 Actuarial Professionals survey, Jean Eu is a qualified actuary, working in the life and health insurance fields. What do reinsurers do? In a nutshell, reinsurers insure insurance companies. The functions within a reinsurance company are set out very similarly to an insurance company you have your actuarial departments for pricing and reserving, your underwriting and claims departments, admin, IT and marketing/new business development which tends to have a mixture of actuaries and non-actuaries. However, the focus of a reinsurer tends to be much broader than that of a single insurance company, simply due to the nature of its business and its clients. The products that a life reinsurer would cover typically consists of life insurance, critical illness insurance, income protection and more recently, bulk annuities. So as an actuary working within a life reinsurer, you would have to develop a good understanding of these products. As a new graduate/trainee actuary, you could expect to work in either pricing or reserving. How did you get your first job? While in my final year at university I found that the job market for graduates was particularly competitive. I applied to all the big firms but struggled to secure an interview or a place at an assessment centre. Even when I did get interviews, I was often up against applicants who already had at least a year s work experience, which put me at a disadvantage. It got to a point in my final year where I had to make a decision as to whether to continue applying for jobs, or to focus on my exams. I chose to focus on my exams, reasoning that if I can get all the possible actuarial exemptions from my course and graduate with a 1st class honours, that should at least put me ahead of some candidates in the job search. After my exams I approached the job search with a renewed vigour. By this stage it was too late to apply for any of the large firms graduate schemes for the September/October intake, so I identified all the smaller firms which would take a CV and cover letter application, and sent off about 30 CVs and cover letters. I got two responses back, one of which happened to be RGA, my first employer. At the interview I was thankful for my actuarial degree, because I was asked some simple technical actuarial questions which I was incredibly pleased to be able to answer correctly and impress the interviewer sufficiently to take me to the next stage. The rest, as they say, is history. The good news is after you get your foot in the door, subsequent jobs are much easier to find (at least in my experience). What do you enjoy most about your job? I enjoy the variety that my job exposes me to, and the culture of my company. Correlation in itself is a small firm there are currently only 17 of us in the London office, of which three are actuaries! However, through our business partners, we end up working with some very large brands. I am responsible for our life and health insurance partners, so my job covers the broad spectrum of typical actuarial roles within pricing and reserving, as well as product development and relationship management. What are the most stressful parts of the job? Juggling the various responsibilities in my role, especially when there are competing deadlines. Do you have any advice for anyone wanting to get into the industry? Make sure you like data, numbers and spreadsheets! There are a lot of these in an actuarial career, particularly at the start. You also need to have good organisational skills and determination, especially to get through the actuarial exams while working. 18 Institute and Faculty of Actuaries 19

11 Actuarial recruitment Matthew Wylie So you have come to the conclusion that you would like to be an actuary, good decision. Actuaries analyse, evaluate, and educate others about risks. They are typically paid well but this is earned through years of training and exams, coupled with expert knowledge. Entry level or graduate roles in the actuarial profession can be found by applying to an organisations graduate scheme or through a recruiter such as Cititec. Both routes are very competitive and it is important to differentiate yourself from the competition. I would suggest that a graduate should increase their exposure to the employment market by applying to graduate schemes, signing up to actuarial recruitment agencies, posting their CV on insurance and finance focused job boards, and creating a LinkedIn profile. You can also help your cause by attending and networking at events held by the actuarial society at your university or the IFoA Your CV provides a specific representation of your skills and achievements relevant to the job you are applying for. This means that it is imperative that you adjust your CV accordingly. Make it obvious to the hiring manager/recruiter that you are the best person for the job. A CV should only be 2/3 pages long at graduate level and you should bullet all points so that it provides a clear and logical pathway for someone to read. Theoretical information should be kept separate to anything you have had direct experience of during work experience or an internship. However, it is still important to highlight your personality through your wider interests and achievements. If you are required to write a cover letter then make it as engaging as possible. Hiring managers/ recruiters will read through a significant number of cover letters and if you can stand out from the crowd then you will put yourself at the top of the pile. This can be done by making references to current affairs affecting the insurance market or highlighting key aspects about the company you are applying to. When writing your CV you also need to consider the type of company you have applied to. Some firms will look for CVs that show someone has the technical capabilities to meet certain niche skill areas. On the other hand, other firms will look for CVs that demonstrate an individual with the capability for both technical actuarial work and the ability to grow into a client facing role. One final piece of advice, spend a significant amount of time researching the company when you do get an interview. They will be looking for clear signs of this. If you can highlight areas such as knowledge of a company s core values you will set yourself apart from the competition. Good luck in your actuarial career! Matthew Wylie, Consultant Actuarial Internships - Aon Phil Sartain, Early Careers Recruitment Business Partner at Aon, talks to you about internship opportunities. PHIL SARTAIN Aon At Aon, we draw on the expertise of over 66,000 colleagues to help the biggest names in business plan for every eventuality be it in pensions; general insurance; insurance; reinsurance and risk management; investment consulting; health and benefits broking and consulting; captive solutions or human capital consulting. Our philosophy is to employ people with the right skills and attitude to help our clients giving them the support they need to develop and enabling them to find opportunities that play to their strengths. Our internships Our paid summer internships last for nine weeks. They are designed to give you an insight into our business, an understanding of our culture and an invaluable opportunity to help us forge lasting legacies with worthy causes through our Corporate Social Responsibility (CSR) programme. During your placement, you will be contributing to our business and taking on real responsibility. You will be supported by a buddy, a mentor and comprehensive training to give you the necessary technical knowledge and business skills. At Aon, our internship programmes are viewed as a high-potential pipeline for our graduate programmes. As an intern, you will be fully supported by the people you meet to maximise your exposure to our business and help you to get the most out of your time with us. Development You ll begin your placement with us by attending our national internship induction, which will allow you to build your knowledge of Aon and how we enable our clients to achieve success. You will also begin developing your technical and business skills, which will continue throughout the internship. In addition to the day to day role, you ll take part in a CSR business project during the internship which will provide you with the opportunity to work with interns from across our business developing your client facing, problems solving and creativity skills. Finally, you ll take part in lunch and learns and other training opportunities throughout the nine weeks. All aspects of your development programme ensure you leave us with a better understanding of our industry and how to succeed in it. What should I do next? Internships are a great way to gain an insight into the industry and offer a gateway to a graduate role before everyone else. Applications for internships open at the start of the autumn term and close in December. I recommend attending insight days and other recruitment events to succeed during the application and selection process. To find out more visit Aon s Early Careers opportunities: 20 Institute and Faculty of Actuaries 21

12 The official guide to actuarial careers International International membership There are an ever increasing number of international members joining the IFoA each year. 58% of our student membership is international, which shows the dynamic and varied membership body that you can join. Why join the IFoA? There are a number of different professional actuarial bodies around the world. Below are a number of different reasons why you should consider the IFoA as a serious contender. Exams - you can take the exams anywhere - with 165 exam centres around the world. Recognition the IFoA qualifications are globally recognised. Mutual recognition as a qualified actuary with another actuarial professional body you can transfer into the IFoA through a mutual recognition agreement the agreements vary, so it is to look at our website to understand the requirements of the agreement. kudos it is not a qualification that will be simple to achieve but the recognition of your achievement within the industry will be high. Reward due to the level of responsibility actuaries have in their jobs and also working through a professional qualification the rewards throughout your career are substantial. Network with such a huge variety of members based all over the world, it is a fantastic opportunity to meet with like-minded people with common interests and goals. Opportunity there are fantastic opportunities for international actuaries to make their mark within the industry. What does the IFoA offer me? The IFoA offers international students exactly the same benefits as UK members; from CPD opportunities and events, to member interest groups, newsletters, discussion groups and international visits from our executive and presidential teams. How easy it is for international students to gain work in the UK? Once your university course has officially finished, you can work for up to four months or until your Tier 4 visa expires. If you wish to take a permanent full-time job in the UK after your course, you will need to change your visa status. You will only be able to do this once your final degree result has been formally confirmed by the university. Getting a job in the UK is not easy; however, opportunities are available to those considering an actuarial career. It is worth noting that not all actuarial employers will be able to take on international candidates, this is usually stated in their application forms or web pages. Work permits are issued by the Borders and Immigration Agency, which is part of the Home Office. Work permit applications can only be made by employers based in the UK who wish to employ people from outside the European Economic Area. Individuals are not able to make applications on their own behalf. Contact details: contact/ Are there people I can talk to that can give me advice? Career Ambassadors are working actuaries at all levels of qualification that can advise you on what it is like to work as an actuary, what the working environment is like and what a move might be like if you are transferring to another country. You can contact an advisor by ing [email protected] We're in a globalised economy so the international membership base of IFoA is really significant for all of us Lloyd Richards Barnett Waddingham International 22 Institute and Faculty of Actuaries 23

13 Our qualifications Entry requirements What will employers look for? Most employers are looking for graduates with at least a 2:1 degree and excellent A-levels or equivalent. Maths A-level (or equivalent) at grade B or higher. A degree at 2:1 or higher, in any numerate discipline (other disciplines may be considered). Many employers also look for candidates who have a basic knowledge about the IFoA and the qualification route applicable to them. Employers will not expect students to have passed any of the IFoA exams on entry to the company. However, you can take the Certificate in Financial Mathematics (CT1) exam to gain an insight into the exams and to show an employer that you can take and pass the exams independently. What will the IFoA look for? The minimum requirements for admission as a student of the IFoA are: Maths A-level (or equivalent) at grade B A second A-level (or equivalent) in any subject at grade C English GCSE (or equivalent) at grade C Two other GCSEs (or equivalent) in any subject at grade C. For holders of a second class honours degree or above in any subject, the maths A-level requirement is reduced to a grade C. For holders of a third class honours or above in a mathematical or actuarial science degree, the maths A-level requirement is dropped. What skills do I need? Understanding how businesses operate, and how legislation may affect them, is vital. But what really sets actuaries apart is their natural mathematical, economic and statistical awareness, and their ability to apply this to real situations in the financial world. Aside from the technical knowledge that actuaries need to have, they also need to show experience of good communication skills, leadership, team working, organisational skills, motivation and good problem solving skills. Obviously you may not have experience of all of these things, but integrity, willingness to learn and enthusiasm for the work will set you apart at interview stage and will help get you the placement. What qualifications can I achieve with the IFoA? Certified Actuarial Analyst (CAA) The main function of a CAA is to work in actuarial teams or in wider financial and analytical work where the technical application of actuarial science is required. However, the qualification will also develop wider skills in line with this technical expertise, such as communication and professionalism. Many of these skills will be assessed in the work-based skills part of the qualification. It will take two to three years to complete and you can study and sit exams around the world, while continuing to work full time. The qualification would be suitable for: school leavers candidates with strong maths skills who are interested in starting their career and learning on the job without having to undertake a degree degree level candidates who have left university and are interested in actuarial work and current employees of an actuarial organisation perhaps someone who is working in an analytical support role or someone who has started the Fellowship exams but feels their skills would be better served by a more technical qualification. Associate As an Associate you can practise as an actuary and use the letters AFA or AIA after your name. As an Associate, you will have a breadth of expertise that brings wide and varied opportunities in business and finance. Associates work to the same high ethical and professional standards as Fellows and have the right to vote on matters affecting the future of the profession and the opportunity to be involved in membership forums, events and research. In order to be an Associate you need to take Core Technical subjects (CT1-9) and Core Application Actuarial Risk Management (CA1). You need to sit examinations in Model documentation, analysis and reporting (CA2) and Communications (CA3). The Associateship is an internationally recognised qualification in its own right and in many countries it is the most suitable level of qualification to work towards. Fellow As a Fellow you will have completed your studies to an advanced level in order to be specialist in a particular practice area. You can use the letters FIA or FFA after your name and will be highly sought after in your chosen field. In order to be a Fellow you need to have completed all of the Associate exams, two of the Specialist Technical subjects, one of the Specialist Applications subjects, and meet the three years of Our qualifications 24 Institute and Faculty of Actuaries 25

14 work-based skills requirement. Newly qualified Fellows of the IFoA are required to attend a Professional Skills Course within 12 months of being admitted as a Fellow. Chartered Enterprise Risk Actuary (CERA) CERA is a global risk management qualification which the IFoA is accredited to award to members who meet certain criteria once they have gained either the Associate or Fellow qualification. It is one of the most comprehensive and rigorous enterprise risk management qualifications available. It aims to address the continuing demand for highly-qualified risk management professionals worldwide, especially in the financial sector. Qualification routes Routes to gaining an actuarial role School leaver Go to university Do you have good GCSEs and an A-level (or equivalent) in Maths or another numerate subject? Grade A or B? Have you got work experience? Y All work experience is useful whether it is with an actuarial employer or not it will show an employer that you do things other than study. Business skills are just as important as your qualifications. N What options are available to me now? N Y Most employers will expect this as a minimum entry requirement to a lot of their schemes including apprenticeships or summer internships. This is often the minimum entry requirement to enter into the IFoA and the first main entry requirement that employers will look for. Apprenticeship Membership is the route to the qualifications I need to progress Sam Waterman First Actuarial Employers will usually look for candidates with a numerate degree maths, physics, chemistry, engineering etc. Choose a university and course that you will enjoy. You could be eligible for exemptions depending on your course and your grades. You can still apply for exemptions independently if you did not do an Graduating university Do you have a 2:1 or 1st (or equivalent) in a numerate subject? Use the Directory of actuarial employers to find employers who have graduate actuarial trainee positions and apply to them directly. Y Use the Directory of actuarial employers to find out which employers are offering opportunities to those leaving school. N You could take some exams independently to show an employer you re keen and a good investment. This may not exempt you from the degree requirement. Seek advice from an employer to see where you are falling down in terms of their requirements. Once you have that feedback you can act on it

15 Routes to qualifying Apprenticeship Graduate trainee position You could use the time between graduate schemes opening and shutting to consider taking some of our exams like the CAA qualification or Financial Mathematics for non-members. Depending on what scheme you embark on, you will be given the opportunity to take some of our exams, gain on the job experience and earn a salary. Use the Directory of actuarial employers to find out what companies are offering these opportunities. Did you gain an actuarial graduate trainee position? Y N Even if you haven t managed to get an actuarial position you can still use the experience for good. If it is a firm that takes on actuaries you could try and gain some experience or see if they would sponsor you to do some exams. Most employers will have a set graduate scheme that they will have you follow up to qualification. Including study leave and incremental pay as you take and pass exams. There are three qualifications you can work towards now! Our actuarial exams explained In this section you will find information on what exams you need to take and pass in order to become an actuary. It will also give you details on other elements that you must consider when looking to qualify with the IFoA. Certified Actuarial Analyst (CAA) Exam Title Format of exam Module 0 Entry exam Computer based testing multiple choice, two hours Certified Actuarial Analyst Complete Module 0 either through taking the exam or via exemption. Take and pass the remaining five exams either independently or through exemptions and complete the work-based skills requirement. Qualify as a Certified Actuarial Analyst (CAA) of the IFoA Associate DAT certificate - completion of all CT subjects Take and pass 10 exams either independently or through exemptions. Complete the professionalism requirement throughout your studies before CT9, and between the 4th and 6th anniversary of your admission. Fellow Take and pass 15 exams either independently or through exemptions and three years of workbased skills. Complete the professionalism requirement throughout your studies before CT9, and between the 4th and 6th anniversary of your admission. Module 1 Finance and financial mathematics Computer based testing multiple choice, two hours Module 2 Statistics and models Computer based testing multiple choice, two hours Module 3 Long term actuarial mathematics Computer based testing multiple choice, two hours Module 4 Short term actuarial mathematics Computer based testing multiple choice, two hours Module 5 Models and audit trails Three hours online exam In order to qualify as a CAA, you must also complete the Online Professionalism Awareness Test (OPAT), which must be sat and passed at any time within one full CPD year of joining as a Student Actuarial Analyst member. *From 2017/2018 there will be a bridge developed between the CAA and the Associate (and then Fellowship) qualifications. It will take you longer than the direct route, but it should help you to assess your career options. Qualify as an Associate of the IFoA AFA or AIA There is still a professionalism skills requirement each year after you qualify as well as annual Continuous Professional Development (CPD) requirement. Qualify as a Fellow of the IFoA FIA or FFA There is still a professionalism skills requirement each year after you qualify as well as annual Continuous Professional Development (CPD) requirement. The exam consists of five, three-part questions, covering each of the five core principles of the Actuaries Code. You must also complete one year of work-based skills. This is explained more in this section of the careers guide. 28 Institute and Faculty of Actuaries 29

16 Associate exams Core Technical Core Technical CT1 Financial mathematics CT2 Finance and financial reporting CT3 Probability and mathematical statistics CT4 Models CT5 Contingencies CT6 Statistical models CT7 Business economics CT8 Financial economics Format of exam One written paper, three hours Specialist Technical Specialist Technical Title Format of exam ST1 Health and care ST6 Finance and investment (B) One written paper, three hours each ST2 Life insurance ST4 Pensions and other benefits ST5 Finance and investment (A) ST7 General insurance reserving and capital modelling ST8 General insurance pricing ST9 Enterprise risk management (Certified Enterprise Risk Actuary) CT9 Business awareness 2 day residential practical exam or an online exam The Core Technical exams are the building blocks for key actuarial techniques. All students have to complete these exams. The CT9 exam has been designed to help those joining the IFoA to understand the business environment, tackling business problems and your professional responsibilities. Core Application Core Applications Format of exam This stage builds on your knowledge of the Core Technical and Core Application stages. You only have to pick two exams from this stage to complete in line with your expertise and your organisation s business function. Specialist Application Specialist Applications Format of exam SA1 Health and care SA4 Pensions and other benefits One written paper, three hours each SA2 Life insurance SA5 Finance CA1 Actuarial risk managements Two written papers, three hours each SA3 General insurance SA6 Investment Fellowship exams Core Application Core Applications CA2 Model documentation, analysis and reporting CA3 Communications. Format of exam Two three hour papers, with 15 minutes reading time From October 2015 online only Two part exam 10 minute presentation recorded via a webcam and a 90 minute written paper You only need to complete one of these subjects. There is no requirement to have passed the corresponding Specialist Technical subject. However many of the Specialist Applications subjects typically assume knowledge of the corresponding Specialist Technical subject. 30 Institute and Faculty of Actuaries 31

17 Certified Enterprise Risk Actuary (CERA) CERA is one of the most comprehensive and rigorous enterprise risk management qualifications available. It aims to address the urgent need for highly-qualified risk management professionals worldwide, especially in the financial sector. CERA is designed to equip actuaries to fulfil roles such as chief risk officer in fields such as insurance; reinsurance; consulting; energy; infrastructure; transport; manufacturing; technology; media; and healthcare. There are two ways in which members of the Institute and Faculty of Actuaries can be eligible to receive the CERA qualification: become an Associate member and pass ST9, the Specialist Technical exam in enterprise risk management; become a Fellow and have passed ST9 as one of your ST subjects for Fellowship, or as an additional ST subject. Professionalism Professional skills is mandatory for all members of the IFoA. It is a key part of your training and ongoing development. The three stages of our mandatory professional skills curriculum will all affect students. Stage 1: Online Professional Awareness Test (OPAT) When you join the IFoA you must pass OPAT before you can apply for Subject CT9 Business awareness. You'll need to have had your student membership application accepted before you can take the test. Stage 2: Professional Skills Course You must pass this course between the 4th and 6th anniversaries of your admission, or within a year of qualifying as a Fellow, whichever comes first. If you wish to become an Associate you will need to complete the course, in addition to passing the relevant exams, before you can transfer. You can take this online or through a face-to-face course. Stage 3: Professional Skills for Experienced Members This is an annual requirement to complete two hours of verifiable professional, ethical training. Where do I get my study material from? The Actuarial Education Company (ActEd) is contracted to provide actuarial tuition for students, both by correspondence courses and in person. Their website offers a brochure with information on tuition materials and fees. ActEd provide, and sell, all the study material for the courses. Material is also available on the IFoA s website via the e-shop. Website: [email protected] The syllabus and past papers for each exam are on the profession s website Work-based skills An important part of qualifying as an actuary is demonstrating that you have developed the practical aspects of your training. This includes developing skills in reflecting on what you have learnt, and the ability to self assess. Work-based skills consist of a series of documents, known as learning logs, which you are asked to complete. These enable the IFoA to review your development to ensure that you are fit for the role of an actuary. The aim of work-based learning is to help you to: understand the interaction between theory and practice when using actuarial techniques understand the commercial environment work within a professional and ethical framework communicate with stakeholders and colleagues develop management skills, including self-management satisfy the public need for competence understand the need for continuing development develop processes for reflection and self-assessment of competence. How much work-based skills do I have to do? Certified Actuarial Analyst one year Associate one year Fellow three years. If you have any questions education. [email protected] 32 Institute and Faculty of Actuaries 33

18 University courses and exemptions What university should I go to? What course should I take? One of the hardest decisions to make is what university you should go to and what course you should study. Most employers will want a 2:1 or 1st from your degree. It is therefore important to pick a course and university that you will enjoy and get the most from to achieve those grades. There are certain things that you should keep in mind picking a course and university: What is the content of the course? Universities will have very similar courses, so do your research and work out what it is that you want to achieve from your course Where is the university? Is it on campus or is it spread out around a city? Is it close to home or the other side of the country/world? What is the support like at university/ on your course? How is the course made up? Purely lectures or are there one-to-one tutorials too? How long is the course? Does it have an additional placement year? What do employers want? Most employers will want a degree with a numerate element and development of business skills such as team work, communication and leadership. What is the social life like? Of course it s important to gain a good grade in your degree but the social side of university life is just as important. By joining a club or society you are gaining key business skills such as communication, team work and networking. So get involved! What are exemptions? Depending on the modules taken, and the grades obtained, completion of programmes at the universities below can lead to a recommendation for exemption from some of our exams. Accredited programmes can lead to exemptions based on your overall performance during the course Other actuarial and non-actuarial degree courses can lead to exemptions from individual exams based on your performance in certain modules of your course. The subject by subject exemption agreements that the IFoA has with the universities are based on information that the relevant university has provided to us. If you are considering applying for one or more programmes on this list, we strongly recommend that you contact the university you are interested in for further information. Case study I got some exemptions Nick Grover Hymans Robertson I undertook a year-long Masters degree at Cass Business School in Actuarial Science in My primary motivation for doing this course was to gain some exemptions from the actuarial exams, but also to get more of a feel for whether an actuarial career was suitable for me. My year at Cass certainly helped me gain confidence in the subject matter (which can be technical and complex for those outside the industry), particularly following my dissertation which was on a pensions related topic. I feel this knowledge put me in an advantageous position when applying for graduate programmes, although I don t believe employers have a preference for those who do (or don t) join with exemptions. Upon finishing at Cass I joined Hymans Robertson as an actuarial trainee. Over the last two years I have certainly built on some of the technical skills first developed at Cass, although I would say the majority of work I do, particularly the client facing role, requires experience in a working environment which cannot easily be replaced with theory learnt at university. While my Masters may have initially given me more background knowledge than other graduates in my intake, I do, however, feel that starting with my 6 CT level exemptions has eased some of the pressure of continuing the examination process. 34 Institute and Faculty of Actuaries 35

19 IFoA s official guide to actuarial careers Case study I didn t get any exemptions Tom Levi Towers Watson Joining the IFoA without any exemptions meant I had fifteen challenging exams ahead of me, as well as a demanding, full-time job. It was a little daunting. However, a lot of colleagues and friends were in the same situation and it was comforting in this way to have a supportive network of fellow students. Additionally, the reason I didn t have any exemptions is because I chose my degree (maths with philosophy) over four years prior to joining the IFoA, based on what I thought I would exceed at and enjoy at that time. I have no regrets as I thoroughly enjoyed my degree. Also, having a non-actuarial academic background can be helpful in giving you a different perspective to problems you encounter in your work life, and a diversity of backgrounds helps not only you but your company and the profession to flourish. Having sat and passed all of the exams, I do have a sense of satisfaction at having got through them while working and continuing to progress my career. It was certainly tough at times, but undoubtedly rewarding to have tackled the exams via the traditional route. I am sure there are merits to gaining exemptions, either through studying actuarial science or through taking relevant modules at university, but for me this was the right route to take. Which universities offer exemptions? This is the current list of universities with accreditation or exemption agreements. This may be subject to change. For any updates please look on the website. You will need to contact the university directly if you want to enquire about a specific course. Australian National University University of Birmingham University of Bristol Cairo University Cass Business School Central University of Finance and Economics (CUFE), China Chinese University of Hong Kong City University London Curtin University (Australia) Dublin City University University of East Anglia University of Essex Heriot-Watt University University of Hong Kong Imperial College London Indian Statistical Institute (Kolkata) University of International Business and Economics (UIBE) China University of Kent Lancaster University University of Leeds University of Leicester University of Limerick University of Lisbon University of Liverpool London School of Economics Macquarie University University of Manchester Universiti Teknologi MARA (UiTM), Malaysia University of Melbourne Monash University (Melbourne) Nanyang Technological University (Singapore) National University of Ireland (Galway) University of New South Wales Newcastle University University of Nottingham University of Oxford Queen's University Belfast Queen Mary, University of London Said Business School, Oxford University of Southampton University of Stirling University College Cork University College Dublin University of Technology, Mauritius University of Warwick University of Waterloo University of Zambia. 36 Institute and Faculty of Actuaries 37

20 What support is available to me? After you have left university or school it is often a daunting experience. However, one of the benefits of becoming a member of the IFoA is the huge network that is there to support you. Career Ambassadors The role of a Career Ambassador is to promote the actuarial profession by helping to advise those interested in the career path about the role of an actuary and give them informal and personal advice about their route in. Our Career Ambassadors are at many different stages in their actuarial career, from new graduates to senior actuaries. They are also working for many different employers in various roles, which allows for a huge variety of insight into a dynamic and ever changing career and professional body. Our Career Ambassadors are based all over the world, and do a number of different tasks for the purpose of promoting the work of actuaries. If you would like some advice from a Career Ambassador, please contact [email protected] Regional societies At the IFoA we have 18 regional societies within the UK - from Scotland down to the Channel Islands. During the 2014/2015 session the societies collectively hosted over 110 events and meetings as well as a range of sessions delivered by the IFoA team themselves. Each regional society runs a number of events throughout the year; from technical updates to professionalism talks, Hare and Hounds pub quizzes to annual dinners. The social events give members a chance to mix and network with fellow actuaries in a relaxed environment, while the technical sessions provide the opportunity for gaining CPD as well as information on new topics. As well as the regional societies there are a number of student societies including FASS (Faculty of Actuaries Student Society) and GASS (Glasgow Actuaries Student Society) in Scotland, and the London Market Students Group. There are a growing number of member groups outside of the UK. These include Beijing, Shanghai, Hong Kong and the Gulf as well as a developing network in China, SE Asia and India. As an member of the IFoA you will receive information specific to your region via international newsletters from the IFoA. The regional societies are always keen for new members to join them. They also love to welcome members visiting from others regions. Why not pop along to a meeting if you are in another region on business. For more information on the regional societies and their events please look at the Regional Actuarial Activity pages on the IFoA website - members/pages/regional-actuarialactivity or contact the Regions Manager, Tess Joyce on [email protected] Case studies Case studies 38 Institute and Faculty of Actuaries

21 IFoA s official guide to actuarial careers For more info: For more info: As one of the largest insurers and financial services companies in the world, Allianz provides its employees with both a stable and growing working environment. Our hugely diverse portfolio and world-class reputation allow us to stay one step ahead of the market. We always look to hire the best talent and are as committed to our workforce as we are to our customers. Actuaries play an important role within Allianz. As an actuarial trainee you ll be part of a team which influences every business decision made, from how much to charge for a single policy to how much to pay for a potential acquisition. The Actuarial department is not just about crunching numbers - we provide the forecasting and calculations which other divisions rely on as they make the company s profits. Our industry-leading training scheme is built around the exams of the UK Actuarial Profession. We ll back up your career development with a detailed personal development plan, ensuring that you gain all the skills you need to work for us. We ll provide you with the support you need to qualify as a Fellow of the Institute and Faculty of Actuaries and we ll deliver pragmatic hands-on training in the office from our team of experienced qualified actuaries. You ll have the opportunity to work in different teams within the department, supporting different business areas which will give you a unique perspective on the business. Career development doesn t stop when you qualify either Allianz has a number of talent management and leadership training activities and we ll help you progress as far as you d like to go. Profile Alita Spry I joined the Graduate Programme in 2009 starting in the Retail Actuarial team where I built a solid grounding in actuarial techniques, working on our Petplan and Musical Instruments products. Following this I moved into the Quantitative Risk team where I focused on insurance, market, credit and pension risk. My current role now concentrates on pricing and reserving for Commercial Motor Fleets. Allianz is a great place to work and the projects I have been involved with make a real difference to the business. There is also a big emphasis on training both technical and management. I have an MA in Economics from the University of Cambridge and qualified as a Fellow of the Institute and Faculty of Actuaries in Profile Chloe Efstathiadi Two years ago while I was looking through endless lists of actuarial employers that all seemed much the same, I came across APR; a small but expanding company, with only around 15 actuarial employees, based in Covent Garden, providing a range of actuarial, risk and modelling services across different clients (mainly insurance companies) around the UK. For my first real career job, and given that I m quite restless by nature, I thought it would be good to get experience in different roles, at different companies, early in my career so that when I qualify I will be able to make an informed decision about the future direction of my career. The application process was one of the simplest and straightforward ones I have seen. I submitted my CV and cover letter. Then followed an online test with five maths-based questions, a phone interview and finally an assessment centre. I knew I was at the right place when the assessment test was engaging, mathematically challenging and not the usual competency-based multiple choice tests. Soon after, it was already September and I was starting my three months of intensive training. I was happily surprised as my understanding is that in many of the large actuarial employers, you re expected to learn on the job and have little in the way of formal training. My training focused on making me as useful as possible when working for clients, so it involved learning the basics of everyday actuarial work such as modelling product cashflows and calculating the value of life contracts. Advanced software and best practice modelling skills were another main focus, being the competitive advantage of APR employees. I was taught how to code in VBA and soon enough I was an advanced Microsoft Excel and Access user. Actuarial software used by most life insurers, such as Prophet, was also part of the training. The training proved exceptionally useful as it led me to my first project where I had to move an existing calculation methodology based on a combination of Access and VBA into Prophet. After a short phone interview with the client, I was on project there for six months, living my double life. Every week I would spend four days there and then the weekend plus my study day would be spent back home in London. Since then I have been on another two projects. One short term analysis project, and another six month project in testing projections for another major life insurer. Needless to say I have not been bored yet! 40 Institute and Faculty of Actuaries 41

22 IFoA s official guide to actuarial careers For more info: For more info: With a presence in 56 countries, and 157,000 employees serving the needs of 102 million customers, AXA is big. But never too big to care for every single person who works here, which is why we ve been recognised as one of the Sunday Times Top 25 Best Big Companies to work for. Actuaries are incredibly important to AXA. They make financial sense of the future, applying mathematical, statistical and economic models and providing expert investment advice. When you join us, we ll put our collective might behind you and your career. Working in an open and supportive environment, you ll be developed, challenged and encouraged to gain experience in our various businesses and locations both nationally and internationally. Interested? Find out more from Sarah Clarke, an Actuarial Analyst on our Global Actuarial Graduate Programme. At AXA, graduates are recognised as individuals and encouraged to not only develop but to be different. The culture is welcoming and friendly, but maintains a real sense of professionalism and great set of organisational values. There s also a strong focus on our clients and ensuring they re happy. Profile Sarah Clarke I love coming into work; every day is busy, but never boring. Based in the Bristol office, my work involves technical queries, calculations, testing and compliance related issues. I love the variety of my work and being able to help clients by applying my mathematical skills and actuarial judgement to real life situations. I ve enjoyed a range of responsibilities since joining, from leading cash flow on a large project, to organising a team volunteering project at a local school. One of the best parts of the Programme so far was the trip to AXA s headquarters in Paris, which was incredibly inspiring and motivating. I was one of 70 graduates from 14 different countries working across the business. Meeting a range of senior figures including CEO Henri de Castries, and hearing their own personal stories about how they d built their careers at AXA, was truly inspirational. The whole trip provided a real insight into how I could progress within the company, long term. AXA has been brilliant in supporting me through my actuarial exams. Not only have they covered all financial costs and provided individual mentoring, they also make sure I take regular study days as part of my role. I really appreciate the amount of support and flexibility that has been given to me, and hope to develop and succeed within AXA. Visit: Name: Rebekah Boddy Job title: Student actuary Location: Bromsgrove Practice area: Pensions University: University of Birmingham Course: Bachelor of Mathematics What do you enjoy most about your job? I love being a consultant. Going to meet clients and helping them understand difficult mathematical concepts is very rewarding. Whilst it can be both challenging and nerve wrecking, the extrovert in me really enjoys getting up at a client meeting and presenting to a room full of trustees and finance directors. The work of a consultant is also very varied, particularly in an ever-changing industry like pensions, which is great for someone like me who gets bored easily!" What is the most stressful part of your job? Working to tight deadlines can cause some temporary stress but I d much rather be busy at work than twiddling my thumbs - the days go so much quicker when there s a bit of pressure. However, like most actuarial students, I d definitely say my most stressful time at work is when exams are looming but you just have to look forward to the day you qualify and they ll all be over!" How do you manage your work/life balance? Around exam time this is always difficult but Barnett Waddingham give students a lot of support and a generous benefits package so it s never unmanageable. Having a young dog waiting for me at home really helps because it gives me more of an incentive to get through the day s jobs list by a reasonable time and a walk with her when I get home really helps to clear my head after a busy day. There will always be occasional days when I choose to stay and work a little later than normal but that tends to be because I want to finish a job whilst it s fresh in my mind rather than it being a requirement. I m also part of our office s social committee and we ve organised some great social events after particularly busy periods to help the team unwind." Do you have any advice for the interview process? It might sound a little obvious but if you re applying to be a consultant don t underestimate the importance of consultancy skills. Most applicants will be expecting or will already have a good degree with some form of work experience so it s more likely to be soft skills such as communication that set you apart from the crowd." What would you like to achieve in the future? The standard response here is just to qualify and, whilst qualification is important to me, it s certainly not my only focus. I d like to try and gain as much experience in the world of pensions as possible before I qualify and continue to develop my consultancy skills so I know I m ready for the extra responsibility that comes with being a qualified actuary. My company never puts pressure on students to qualify as quickly as possible so it s great to know they ll carry on supporting me if I do chose to tackle the exams at a slightly slower pace than others in the office." 42 Institute and Faculty of Actuaries 43

23 IFoA s official guide to actuarial careers For more info: For more info: Profile Gavin Reid Gavin Reid is a qualified actuary, and a lecturer on our undergraduate and postgraduate Actuarial Science and Actuarial Management degree programmes. He s also one of our graduates! What s your background? I studied the BSc Actuarial Science at Heriot-Watt, graduating in 2001 with first class honours, then joined Standard Life as a trainee actuary, qualifying in It was great - I was able to gain experience in lots of aspects of life insurance, including pricing, valuation and operations, and took on technical and management roles. I decided in 2006 that I enjoyed helping people to learn and develop, which is what brought me back to Heriot-Watt as a lecturer. How did studying at Heriot-Watt help to advance your career? Heriot-Watt is the only university in Scotland to offer exemptions from the Core Technical exams CT1-8 in the BSc/ MSc Actuarial Science. I was lucky enough to graduate with a full set of exemptions, which really kick-started my career and put me at an advantage over many other graduates who took longer to qualify. Students also benefit from the University s close links with Edinburgh s financial sector, with lots of support available to help you find a job. How is Heriot-Watt unique? Managing risk in finance (and other sectors) is a huge deal right now - the fact that there is a lot of uncertainty in the financial markets actually creates more demand for actuaries and we have some world-renowned experts who have published books and papers on risk management right here in the university. The current President of the Institute and Faculty of Actuaries is also one of our alumni! We also offer a Diploma in Industrial Training as an add-on to the BSc, which gives you a year s work experience and an extra qualification. The Scottish Financial Risk Academy, which is based at Heriot-Watt, also ensures close links with industry, allowing our MSc students to gain project work in companies. Do you enjoy teaching? I m lucky to have a job I love. It s great having contact with students every day, and I try to make lectures as interactive as possible and work closely with students during tutorials. I also try to include practical examples with real life applications of current topics like Solvency II. It s a challenging degree but when I see students graduating, it s great to see their hard work has all been worth it. Who we are and what we do We are a multi-award winning, independently-owned pensions, investment and risk management consultancy. Our core services include actuarial and investment consultancy; enterprise risk management; benefits strategy and design; communications consulting, and third party administration. We now employ over 750 people across our Birmingham, Edinburgh, Glasgow and London offices. Our reputation is built on our friendly, partnering, confident and straightforward values, and building exceptional relationships with our clients. Many of the UK s biggest pension schemes rely on our advice and we provide consultancy services to trustees and sponsors from leading companies, as well as public sector organisations. Actuarial Consultants work in our Actuarial & Benefits, Investment and Risk Modelling Consulting practices and play a crucial part in leading our commitment to delivering exceptional client service and cutting edge, innovative solutions to challenging problems. Our independence allows us to put our clients at the heart of what we. It also means that our people can build a great career and gain exposure to a wide range of opportunities from very early on. We re proud to be ranked 48th in the 2015 Sunday Times Best 100 Companies to Work For and have achieved third place in the top undergraduate employer category at the 2015 National Undergraduate Employer awards. Profile Robert Lees Robert Lees, 2013 Trainee Actuarial Consultant, Birmingham. For me it was important to get into (actuarial) consultancy, rather than other actuarial roles, because I wanted to build relationships with clients and use both my technical and softer skills. The main challenge this type of work presents is that complex issues need to be communicated in a simple, straightforward way to clients, which I really enjoy doing. In the 18 months I ve been at Hymans Robertson I ve been involved with pension scheme valuations, corporate accounting disclosures, preparation of reports and communicating directly with clients, to name a just a few things. The variety of the job means that there s exposure to many different projects and fields from the outset. This gives a great opportunity to find areas you re interested in, then specialise in these. The work environment here is always very supportive; everyone is very happy to help and there s always someone to answer any of my questions. I feel particularly lucky to be part of such a close team, especially as there are always a few social events lined up too! 44 Institute and Faculty of Actuaries 45

24 IFoA s official guide to actuarial careers For more info: For more info: LCP is an award-winning specialist pensions, investment and wider consulting firm with 109 partners and over 400 personnel, including approximately 144 qualified actuaries and 82 actuarial students. We offer the full range of actuarial and related employee benefit advice to employers and pension scheme trustees of all sizes and in many industries, including a third of the FTSE 100 and several multinational organisations. The work of the actuarial student One of the great benefits of working for LCP is the variety of projects you ll be working on and the range of tasks involved in completing them. For example, you could be helping with pension scheme valuations, monitoring investment manager performance or assessing the impact of unlikely events. You could be building a spreadsheet model, using our own software, drafting reports or presenting results at client meetings. What areas can I work in? We look for graduates to join us in our four specialist areas: Pensions - advising companies and trustees on their pension arrangements, including valuing and managing accumulated pension commitments, advising on risk mitigation options, carrying out calculations for individual members and advising on the impact of new legislation. Investment - helping companies and trustees to manage risk and decide on the best way to manage the assets of their pension funds. Insurance - (London office only) - giving advice to general insurance companies on reserving and financial risk management, building models to calculate capital requirements, pricing insurance contracts and helping insurance companies implement Solvency II. Business Analytics and Financial Modelling - (London office only) - this cutting-edge team specialises in developing models to help clients understand and develop solutions to complex problems in a range of business scenarios. Profile Shaun Wood I joined the pensions actuarial department at LCP from Nottingham University in 2014, having interned with LCP the previous summer. I already feel able to make a meaningful contribution to my client teams. This is not only down to increasing technical knowledge gained from exposure to a wide-range of work on some high profile clients, but also because of the supportive environment at LCP. There is also a strong social side to LCP. From various sports teams to a party at the London zoo, there is always something happening. Profile Leah Evans Leah Evans is a Principal in Mercer s Financial Strategy Group and specialises in pension risk management. After spending some time working in New York, Leah returned to London last year and now provides strategic advice to large corporate and multinationals. What is a typical day like for you? A lot of my work is project based with a number running concurrently, requiring management of competing deadlines. I take responsibility for the advice we deliver to my clients and work with a team, often across departments and geographies, to develop any analysis and advice we present. Projects I work on include: Helping companies understand the risks they are exposed to in relation to their pension plans globally and options available to manage these in different countries Supporting companies in relation to M&A or corporate restructuring Advising on the feasibility or implementation on risk management options, including LDI or risk transfer Helping clients with other questions they may have-although I may not always know the answer, I can usually find someone else in Mercer that does Most projects involve some form of analysis, ranging from simple liability estimates to long-term stochastic projections. Analysis is usually carried out by the team and I don t usually get into the details of the modeling. I then review the outputs carefully to ensure their accuracy before presenting to the client. As a nice change from client work, I have also been involved in internal projects in relation to intellectual capital and product development. This has provided me with a good insight into how our own business works. What do you enjoy most about your job? For me, the most enjoyable projects are those where there is a good partnership between my team and the client. Our clients see us as their trusted advisor, share their concerns and ambitions with us, and provide a real insight into the environment they operate in as well as their corporate culture. I find it really interesting to see the differences and similarities between the clients I work with. Do you have any advice to anyone wanting to get into the industry? Someone entering the industry now will probably not do the same type of work for their whole career, so I would advise looking for an employer that will offer you a good range of opportunities and support you in developing new skills. Once you start working, don t be afraid to ask to get involved in specific projects, work with senior people you look up to, or move to a new team or even country to gain a broad range of experience. 46 Institute and Faculty of Actuaries 47

25 IFoA s official guide to actuarial careers For more info: pwc.com/uk/work-in-actuarial For more info: At PwC we help our clients evaluate risks to their businesses, using financial and statistical techniques to analyse the likelihood and implications of different events. It s a challenging and highly technical remit, made even more so by the need to communicate complex findings in a simple way, so that clients can implement actions that best meet their interests. Very early on you ll get the opportunity to interact with clients enhancing your experience and supporting your development along the way. Actuarial Services works primarily in the insurance field, as well as the growing non-insurance field which includes banking, corporates and healthcare; Human Resource Consulting covers pensions or pay, performance and risk (PPR). Profile Sylvia I joined the Actuarial Services practice at PwC in 2012 with a first class degree in Mathematics with Economics from University College London. I joined the actuarial profession having known for a number of years that this was the career path I wanted to pursue. I saw this career choice as an exciting challenge of my analytical and numerical skills, and also a career that would be both rewarding and challenging. The experiences I ve had at PwC have exceeded my expectations. Quite simply, there's so much more to being an actuary than being analytical and numerate. As a consultant, client service is everything. Understanding the business issues faced by the client is essential to the work I do. I ve been involved in a number of highly technical projects but the most important quality required on each has been the ability to understand the bigger picture. As I ve gained experience, I ve had to handle increased responsibility over both my workload and the workload of others. I ve found that good soft skills, such as communication and organisation, are key to being able to manage these responsibilities effectively. But, the technical side of the job is naturally still very important. It may sound like a cliché, but being an actuary is such a varied profession. My own experience has seen me create benchmarking models for clients in the healthcare sector, review Economic Scenario Generators for the audit of an international life insurer and validate the internal models of a banks multi-currency cash settlement system, to name just a few. On top of this, I ve had the experience of a six-month internal secondment to one of PwC s newest business areas, working in the Data Analytics team, in which I ve developed models for the revenue generation process of an Asset Manager. There s a lot of variety here for exciting opportunities and you really feel in control of your career from day one. PwC has proved to be a fantastic choice for me. I ve had the opportunity to work alongside industry experts from a variety of professions, in a wide variety of traditional and non-traditional actuarial fields. Profile Aaron Kok What were your career aspirations when you started UEA? I have always had strong interests in mathematics, finance and economics. A degree in Actuarial Science combines all these elements and was therefore naturally the subject I wanted to study. The Actuarial Profession is very well respected, and the subject is very interesting in that it teaches the application of quantitative skills in financial problems. I was lucky enough to know what I enjoyed studying so from very early on at university I knew my aspiration was to be an actuary. How did you get to where you are now? Hard work and perseverance. I completed BSc and MSc degrees in Actuarial Science which definitely helped. At UEA I spent one year at Aviva on a placement, which allowed me to gain industrial knowledge and opportunities to work shadow with actuaries across different departments. What does it take to do your job? I work in the quantitative team, so textbook knowledge (especially financial mathematics and financial economics) is actually quite important! Other skills such as communication and attention to detail are also required. Industrial knowledge about challenges in the pension industry and investment products are helpful too. We talk about risk, hedging solutions and simulations in our day-to-day job. What personal achievement are you most proud of? I founded the UEA Actuarial Society (still an active society 6 years on!) and built a platform for students to get to know more about the profession and network with actuaries from the industry. How did UEA prepare you for your career? The Actuarial Science course at UEA is a great foundation for my current role. The career advisers and course director were very understanding and helpful in providing advice and guidance. What are your top tips for future students? Prioritise your studies but make most of your time at university. Get involved in clubs and societies, make friends and have fun! An internship before graduation is a big bonus while you are looking for a graduate job so begin with the end in mind. What do you think was distinctive about your UEA experience? Lectures taught by actuaries from Aviva are a unique experience at UEA, where you got to gain first-hand experience from industry professionals. Also, walking along the lakeside while having a break from studying is awesome!. 48 Institute and Faculty of Actuaries 49

26 IFoA s official guide to actuarial careers For more info: Xafinity is a market leading actuarial, pensions and employee benefit consultancy providing a full range of consulting and administration services to over 500 clients. We combine expertise, insight and technology to address the needs of both trustees and companies, specialising in pension derisking solutions. Our actuaries are employed in the consultancy division and we recruit Graduate Actuaries each year, as it is important to our business to grow and develop this talent. Our Graduates work alongside qualified actuaries and other actuarial students and are exposed to real client issues from the start. Actuarial students are encouraged to study for the actuarial examinations, with a qualified actuary as your mentor. We will provide you with paid study leave, as well as meeting the cost of subscription, tuition courses and examinations. Why work for Xafinity? Xafinity is an award winning specialist provider of pensions and employee benefits expertise Our intensive training is designed to enhance your potential for the long term The study package is generous and has the flexibility for you to progress through the exams at your own pace We offer support and encouragement with your study at every stage backed by our actuarial training expertise Name: Nicola Duncan Job title: Actuarial Assistant Location: Reading Practice area: Pensions University: Swansea University Course: Bachelor of Mathematics Like many others doing a Maths degree, I didn't know exactly what I wanted to do for a career when I first started at university. I knew I wanted a job that involved numbers, thinking logically and provided variety. Xafinity stood out from other companies because of the friendly and fun atmosphere at the assessment centre. The tasks we were given were unusual and involved working as a team to solve different problems. I actually surprised myself by having fun! There is such a variety of work, which can be anything from calculating the total value of an individual member's pension, to performing a valuation on a whole pension scheme. Before I start a new piece of work, a colleague will sit down with me and explain what I need to do and why. The why part is the most important as it gives me an opportunity to understand what I am doing and ask any questions. What I like most about working at Xafinity are the people. It s very important for me to work in an environment where good staff relations are key, and for anyone feeling the same I couldn t recommend Xafinity more highly. Institute and Faculty of Actuaries Certified Actuarial Analyst Predictive analytics, big data, unstructured data modelling, climate change, health system modelling The world is changing faster and faster and the need to analyse data, produce new models and use actuarial skills in more industries is growing. The actuarial analyst qualification is internationally recognised. You will be equipped with the relevant modelling, statistical and actuarial skills to be a valued team member in any company. Become a member of a professional body and if you choose to become a Fellow later then there is a conversion route available from For more information visit our website: or contact the Education Services team: +44 (0) [email protected] 50 Institute and Faculty of Actuaries 51

27 You re key to our success An individually-tailored Global Actuarial Graduate Programme with the world s number one insurance brand. Our Global Actuarial Graduate Programme will see you gain invaluable experience across a number of business areas, including Pricing, Reserving, Capital Modelling and Business Finance. What s more, if you re hungry for it, if you ve got the potential and drive to make it happen, you ll have the chance to head off on an international assignment, spending a placement at another AXA global company. We ll also support you to become a fully qualified actuary. Who are we looking for? Well, our business demands graduates who do things differently, who see what others don t. Graduates who think why not? when others are still getting their heads around why? Academically speaking, you ll need a head for figures and a good degree, a 2:1 or above. We love it when people use their creativity in bright, bold, colourful, unexpected ways. Show us what you can do. Our actuarial programmes are accredited by the Institute and Faculty of Actuaries, and carry exemptions from professional examinations. Actuarial Science programmes correspond to CT1-CT8, while our MSc/Diploma in Actuarial Management offers CA1, CA3 and a choice of up to three Specialist Technical (ST) subjects. There s the chance for work placements and overseas study, too. BSc (Hons) Actuarial Science BSc (Hons) Actuarial Science with Diploma in Industrial Training BSc (Hons) Financial Mathematics BSc (Hons) Statistical Modelling MSc/Diploma Actuarial Science MSc/Diploma Actuarial Management MSc/Diploma Financial Mathematics MSc/Diploma Quantitative Financial Engineering MSc/Diploma Quantitative Financial Risk Management Our programmes are designed to get you ready for life in the financial world. To discover more, visit our website, [email protected] (postgraduate enquiries) [email protected] (undergraduate enquiries) or call (postgraduate enquiries) (undergraduate enquiries). axa.co.uk/graduates Distinctly Ambitious 53

28 GRADUATE OPPORTUNITIES GRADUATE OPPORTUNITIES Discover the exciting journey towards a successful career with LCP. Career enquiries Please [email protected] To attend an Actuarial Careers Open Day. Please [email protected] Would you like a Career Ambassador to give a presentation or attend a school or university fair? Please [email protected] Want to work for the consultancy named Pensions Want to work for the consultancy named Pensions Consultancy of the Year 2015? Consultancy of the Year 2015? LCP are a firm of financial, actuarial and business consultants specialising in pensions, LCP are a investment, firm of financial, general actuarial insurance and and business business consultants analytics. specialising We are looking to pensions, recruit highly investment, numerate general graduates insurance with and strong business communication analytics. We skills are in looking London and to recruit Winchester highly within numerate our graduates pensions, general with strong insurance, communication business analytics skills in London and investment and Winchester consultancies. within our pensions, general insurance, business analytics and investment consultancies. To find out more, please visit To find out more, please visit John Small First Actuarial

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