Actuaries. 29th Edition

Transcription

1 THE ONLY GRADUATE CAREER GUIDE TO Actuaries 29th Edition The most informative guide to the actuarial profession - Aon The most informative guide to the actuarial profession - Aon Contents The profession Finding the right job Internship profiles Graduate profiles Senior profiles The institute & qualifications Further study Employer directory Job finder

2 Take the next step......for one giant leap in your career Award winning pensions, investment and risk consulting Find a better future with hymans.co.uk

3 Visit for: JOB SEARCH JOB SEARCH EMPLOYER DIRECTORY EMPLOYER DIRECTORY DEADLINES DEADLINES CALENDAR CALENDAR EVENTS CALENDAR EVENTS CALENDAR ALERTS ALERTS VIDEOS, BLOGS, VIDEOS, NEWS BLOGS, NEWS The most informative guide to the actuarial profession Rosie Ellis, Early Careers Recruitment Business Partner Aon

4 CONTENTS THE PROFESSION What is an Actuary? 09 Eight Reasons to Become an Actuary 10 Areas of Work 12 Salaries & Benefits 14 FINDING THE RIGHT JOB Getting the Job 18 Internships & Work Experience 20 Application & Interview Tips 22 Actuarial Graduate Programmes 24 INTERNSHIP PROFILES Summer Intern Mercer 28 Actuarial & Risk Intern Standard Life 30 Actuarial Summer Intern PwC 32 GRADUATE PROFILES Investment Analyst LCP 34 Actuarial Assistant Xafinity Consulting 36 Actuarial Analyst Aon 38 SENIOR PROFILES Principal Punter Southall 40 Head of Actuarial Services Capita Life & Pensions 42 THE INSTITUTE & QUALIFICATIONS The Institute and Faculty of Actuaries 46 Actuarial Syllabus & Exams 48

5 FURTHER STUDY Cass Business School, City University London 54 Heriot-Watt University 56 UCD Dublin 58 University of Kent 60 University of Leicester 62 JOB FINDER Job Finder 104 EMPLOYER DIRECTORY Aon 66 APR 68 Barnett Waddingham 70 Canada Life Limited 72 Capita Life & Pensions 74 First Actuarial 76 FIS Systems Ltd 77 Government Actuary s Department 78 Hymans Robertson 81 LCP 84 Mercer 88 NFU Mutual 90 Punter Southall Limited 92 RSA 94 Standard Life 96 Willis Tower Watson 98 Xafinity Consulting 100 Zurich Insurance 102

6 THE PROFESSION What is an Actuary? 09 Eight Reasons to Become an Actuary 10 Areas of Work 12 Salaries & Benefits 14

7 100s Jobs WHAT IS AN ACTUARY? WHAT IS AN ACTUARY? If you re a whizz with numbers, an innovative thinker and a skilful problem solver, a career as an actuary could be a perfect fit for you. Actuaries analyse past and present data to solve real business problems. A lot of an actuary s work is about risk management; actuaries predict and measure emerging risks and then help to reduce them by putting financial safeguards in place. Actuaries must have a deep understanding of how businesses operate; they need to keep up to date with legislative changes, long-term demographic trends and have general commercial and economic awareness. Depending on where they work, an actuary could be involved in determining the cost of insurance premiums, advising a company on their pensions plans or managing financial assets and liabilities. Entry requirements The actuarial profession demands a high level of academic attainment. Most employers look for graduates with a minimum 2:1 in a numerical undergraduate degree (or equivalent) and Maths A level at grade B (or equivalent!). How do you become a qualified actuary? The actuarial profession attracts some of the brightest, creative and most ambitious people all qualities necessary both before and after qualification. Actuaries must complete at least three years practical experience alongside the professional exams. A lot of actuarial firms support trainees by covering the costs of exams and study, providing study leave and offering the practical experience necessary to fully qualify. Find your dream Actuarial role online today. Beyond this you will need to develop the capacity to give expert advice. Often this will involve dealing with non-actuaries and the general public, so the ability to clearly communicate and articulate difficult topics to non-specialists is of paramount importance. Expert domains The traditional areas in which actuaries operate are: Consultancy Investment Life and general insurance Pensions. Actuaries are also increasingly moving into other areas of finance, such as risk management, banking, and capital project management, where their analytical skills can be employed. GRADUATE JOBS INTERNSHIPS & PLACEMENTS ADVICE What next? If you have found this overview interesting then read the rest of this guide, where you will find more information on all the areas that have been touched on here. Actuaries 9

8 EIGHT REASONS TO BECOME AN ACTUARY EIGHT REASONS TO BECOME AN ACTUARY 1. Job security Whatever the state of the economy, a sustainable society will always demand pensions and insurance meaning that companies will always need actuaries. Digital has been changing the landscape of many industries in the last decade; the actuarial profession is no exception. However, those that are willing to embrace the changes and opportunities that technological innovation brings will be well placed to succeed. There has never been a more exciting time to join this profession, which offers both job stability and the opportunity for exciting developments. What ultimately swayed me to investment consultancy was the balance between the more technical skills needed to understand the complicated world of economics and investment, along with the communication skills needed to successfully explain often complex concepts to clients. Jack Rowett LCP 2. Intellectual challenge The actuarial environment offers a constant variety of intellectual challenges, requiring the application of a multi-faceted skill set. To be successful you will need to demonstrate excellent analytical thinking and an ability to solve complicated financial problems. Solid commercial and economic understanding, alongside the skills to interpret and communicate complex information in a clear way, is also essential. It sounded like a good way to use the mathematical and problem-solving aspects of my degree, alongside developing commercial and business expertise. I liked the idea of joining a profession where there was clearly a commitment to ensuring high standards. Scott Ferris Capita Life & Pensions 3. Industry prestige The exam syllabus reflects the latest developments within finance and industry; it is not easy to qualify and you must be willing to work hard to get through the rigorous examinations while performing well in your day job. This requires great focus, determination and an ability to cope well under pressure, but what you will gain is a world-recognised qualification. The things I enjoy the most are the variety of work and the relatively high level of responsibility given my junior status at the company. The opportunity to work closely on important and high level projects is one that I have relished. Tom Birkin Xafinity Consulting 4. Excellent study support and training The examinations are certainly challenging: the pass rates in the earlier papers are between 50% and 70% and can fall to as low as 30% in the later papers. However, the help and support given by employers is generous. Most companies offer paid study leave, cover the cost of external tuition and exam costs and offer mentorship schemes. 5. Career flexibility Unlike some other professions, the training is portable: you can start with one company and move as a trainee actuary to another employer. This means that you re not tied down geographically for several years during your professional training. It s equally as important that the company is a good fit for you as it is that you re a good fit for the company! Tom Birkin Xafinity Consulting 6. International opportunity The UK actuarial qualification is highly valued throughout the world. Over 60% of UK qualified members are working overseas, either permanently or for international secondments. A lot of overseas opportunities occur in beautiful locations such as Australia, continental Europe, India, New Zealand, Pakistan and South Africa. I wanted to work in finance to study towards a professional qualification and to have the option to utilise my IT skills. Adam Gillespie Punter Southall 7. A wide range of opportunities The range of opportunities within the profession continues to grow. Actuarial careers were previously found mainly in the life assurance and non-life (insurance) industries. In recent years though, there has been an insatiable demand for trainee actuaries from actuarial consultants, life offices and professional financial services firms. It is a young, dynamic profession with 43% of members aged 30 or under. There are almost 14,000 qualified actuaries in the UK and over half now work in non-traditional areas. Qualified and trainee actuaries are now found in investment management, corporate finance, liquidations, mergers and acquisitions, derivatives, fund and asset management, project finance and risk assessment. It may sound like a cliché, but no two days really are the same! Tom Birkin Xafinity Consulting 8. Financial reward Actuaries are one of the best paid professional groups, with starting salaries way above peers in other industries. You can expect to receive very good financial rewards in the actuarial sector. The average starting salary for a student actuary last year was 35,936, rising to almost 52,000 for newly-qualified actuaries and over 200,000 for senior positions. A very satisfying and clearly defined career progression is there for the taking for committed individuals. Find full testimonials about the profession from page 26! 10 Actuaries Actuaries 11

9 AREAS OF WORK AREAS OF WORK Historically, most actuaries have been employed by the insurance industry. Today, actuaries work in a variety of sectors including finance and investment all over the world. Find out where an actuarial career could take you. Actuaries tackle the risks and uncertainties that financial businesses face, working in the interest of both customers and owners. Actuarial skills are increasingly recognised across industries, meaning that the range of employment opportunities is always increasing. Traditional areas for actuaries are pensions, insurance and investment. Ageing populations, damages, finance, genetics, healthcare, personal finance planning and risk management, however, are all new areas in which the effective contribution of actuaries has been recognised. Where do actuaries work? Of the 11,717 fellows of the Institute and Faculty of Actuaries (IFoA), 72% are in the UK and Northern Ireland (NI) and 28% are based outside the UK and NI. The areas currently worked across are: 33% Life insurance 7% Investment 27% Pensions 4% Emerging fields Health and Care, Risk management 5% Other. Consultancy Actuarial consultancies offer a range of services to their clients on issues such as mergers and acquisitions, corporate recovery and financing capital projects. Many also offer advice to employers and trustees who run occupational pension schemes. In fact, such consultancies are probably the biggest employers of actuaries in the UK. Insurance industry LIFE INSURANCE This is a traditional area for actuaries, in companies that provide life insurance, pensions and other financial services. Actuaries are involved at all stages in the product development, pricing, risk assessment and marketing of the products. In addition, actuaries fill key roles in financial management and the investment of policyholders money by developing strategies that ensure customers get a good return. GENERAL INSURANCE This is a fast growing area for actuaries, both within insurance companies, consultancies and at Lloyd s of London, where actuaries have certain statutory duties. General insurance includes personal insurance, such as home and motor insurance, as well as insurance for large commercial risks. As there are many different factors that can affect the size and number of claims, general insurance companies employ actuaries to assist with their financial management, particularly in connection with premium rating and reserving. Actuarial and statistical techniques are used extensively in the analysis of often substantial amounts of available data. Statistical models are therefore a key part of an actuary s work. This analysis is then used to rate the risks and to ensure that claims reserves are adequate to meet the eventual settlement of insurance claims. Terrorist attacks, natural disasters and industrial diseases are all examples of insurance liabilities where actuaries have been integrally involved in estimating ultimate costs in an uncertain future. HEALTH AND CARE With recent legislation leading to more private healthcare provision, insurance companies are extending their range of products to include medical insurance, income protection, critical illness and disability insurance. Actuarial roles in this area are similar to those outlined in the insurance section. However, greater importance is placed on understanding morbidity rates (rates of becoming sick or disabled, of needing medical treatment or of recovering from sickness) which are more complex than mortality rates. PENSIONS Actuaries are heavily involved in designing and advising occupational pension schemes. This could be a formal valuation for one person s benefits or for a whole scheme with one million members. Finance and investment INVESTMENT MANAGEMENT Actuaries have been involved in the field of investment management for decades. Actuaries are involved in buying and selling assets, investment analysis and portfolio management. In addition, actuarial techniques are ideal for use in measuring investment performance. Solving problems while making correct investment decisions is a constant stimulus. CORPORATE FINANCE Although generally regarded as the province of the investment banker, actuaries can add value in this area. 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 can include government departments, management consultancies or property companies specialising in this area. BANKING Actuaries are becoming increasingly involved in banking. Some leading insurance companies have their own established banking operations, with actuaries filling some of the senior executive positions for finance and risk. Retail banks are also increasingly employing actuaries, as they recognise that the longer-term approaches advocated by actuaries can add value to their businesses. As insurance companies progressively hedge their risks, we have seen a corresponding rise in the demand for actuaries from the investment banks that provide the hedge products. As the insurance and banking markets continue to converge, we can expect to see the demand for actuaries within banking fields grow. RISK MANAGEMENT Another role that actuaries can take is the analysis of risk in a business. They may analyse specific risks or develop models that they can leave with a business to minimise their own future risks. It is then important that the actuary explains the model well enough to the business that they are able to use it to full effect themselves. For actuarial opportunities visit: 12 Actuaries Actuaries 13

10 SALARIES & BENEFITS What are the financial rewards for being an actuary? We ask Mark Crail from XpertHR to provide us with an overview of expected earnings for actuaries, from trainees through to senior partners. What can I earn? Actuaries have continued to attract significant financial rewards, with basic salaries rising by an average of 3% in Taking account of bonus payments, salaries rose an average of 3.7%, meaning that actuaries are seeing pay rises considerably higher than those in most other professions. Actuaries at all levels of the profession commonly receive an annual bonus, with 83% receiving a bonus in 2016, averaging 11,865. These are obviously skewed towards more senior staff and partners, but if you push yourself and perform well you can progress quickly, getting your hands on that bonus in the longer term. Recruitment We are pleased to report that 100% of the consultancies and companies who took part in Get your CV up to scratch and investigate your options by looking over the Job Finder at the back of this guide or on the Inside Careers website. the XpertHR survey were recruiting qualified actuaries during Sept 15 Sept 16. So, get your CV up to scratch and investigate your options by looking over the Job Finder at the back of this guide or on the Inside Careers website. Mark Crail is Content Director at XpertHR. XpertHR publishes salary surveys for a number of professions annually; the results reported here come from their findings from the Actuarial Staff Salary Survey for October ( ACTUARIAL SALARIES BY SENIORITY Responsibility level Average basic salary Student Actuary 35,936 Actuary 51,954 Senior Actuary/Junior Consultant 66,066 The Complete Finance Range Section Leader/Consultant 73,103 Section Manager/Senior Consultant 83,713 Department Manager/Managing Consultant 95,053 Function Head/Practice Head 116,676 Senior Function Head/Practice Director 135,192 Chief Actuary/Senior Partner 206,236 Source: Actuarial Staff Salary Survey 2016, published by XpertHR Salary Surveys, 14 Actuaries GRADUATE JOBS INTERNSHIPS & PLACEMENTS ADVICE

11 FINDING THE RIGHT JOB Getting the Job 18 Internships & Work Experience 20 Application & Interview Tips 22 Actuarial Graduate Programmes 24

12 GETTING THE JOB GETTING THE JOB So you re on track to get a good degree, but that doesn t necessarily mean you will be guaranteed a good job once you graduate. Competition for top actuarial firms is fierce, so you ll need to go the extra mile to give yourself a chance of obtaining that dream job. Helen Skinner from Punter Southall explains how. Everyone leaves university with a degree what else have you got? I saw this question on a poster in my university halls in first year and it has stayed with me ever since. Getting the job you want is all about working out how to differentiate yourself from the competition, demonstrating you are everything the company wants and making sure you are remembered. Be interesting ANYTHING GOES Sure, joining an Investment Society may help you look interested in an actuarial career on paper, but is it something you can talk enthusiastically about at interview? The skills employers are looking for can be developed in all kinds of different settings being involved in any society shows team-working, time management and communication skills, whether it s a Maths Society, Skydiving Society or even a Pantomime Society. The important thing is to do something. If you re on the committee even better. No matter what your interests are, no matter whether these are developed through an official club or it s more of a hobby, ask yourself the following questions: What have I been responsible for? In what context did I work with other people? (Liaising, delegating, team-working, promoting etc.) What problems did I have to overcome? What other demands did I have on my time? TAKING THE LEAD You don t have to be President of a society to develop leadership skills or to demonstrate you can handle responsibility. Organising a smaller part of a larger project is still important to make sure everything runs smoothly. If you haven t been involved with many clubs or societies, consider examples in other areas. You may have taken the lead on a piece of group work, had responsibilities at a part-time job or done some babysitting. COMMUNICATING WELL One of the most important skills employers are looking for is the ability to communicate. This covers both verbal and written communication, and ideally will be demonstrated in a variety of situations. Communication is about more than speaking well or good spelling and grammar; it s important to be able to adopt the right tone for different situations. Consider the different roles you have taken when trying to accomplish different things. This may include: Working as part of a team. Liaising with other people, groups or organisations. Delegating work to other people and checking it has been done. Promoting events. PROBLEMS ARE GOOD Things go wrong. The venue double books, the speaker drops out, the DJ doesn t show or the committee have a massive falling out. This is a nightmare at the time but it is gold dust when applying for jobs. Problems give you the chance to demonstrate how you come up with solutions, keep a clear head and perform under pressure. Remember this next time you lose your passport. TIME-MANAGEMENT When you start your job, you re likely to have some quieter periods followed by periods of being extremely busy, meaning you ll need to learn how to prioritise. Do you remember that week when you had six essays to do, four seminars to attend and there was that big event happening that you d been organising for months? Now is the time to remember how you handled that. And work out how you could improve on it for next time. The basics WHERE TO START Research the profession as a whole. It s easy to think that all actuarial jobs will be very similar, but there are actually significant differences between jobs, and it will be to your advantage if you can recognise what the company you have applied to specialises in. Actuaries work For actuarial roles and profiles: in a variety of industries, such as insurance, pensions and investment, and once you have a lot of experience in one area in can be difficult to switch to another. There are also differences in terms of the amount of technical work versus consultancy work each role entails. So put the time in before applying to ensure you make the best choice for you. STUDY THE STUDY Research the qualification. Exams are part and parcel of an actuarial career, and employers want to be sure that you know what you are letting yourself in for. They do not want to spend a lot of time and money training someone who isn t willing to put the work in. You will need to pass (or be exempted from) 15 exams to qualify, and this generally takes a minimum of three years but is often longer. Detailed information about the exams is available on the profession s website ( SO WHAT DO YOU DO? Research the company. Which industry do they specialise in? How big or small is the company and why does this appeal to you? Where are they based? You will not be expected to know the names of all the partners or the details of their financial statements, but you will be expected to be able to explain why you think you are suited to this particular company. This could be because of the industry, testimonials you have read or employees you have met. This is not a trick question companies want to know because they want employees who will be happy and will continue to work for them well into the future. Helen Skinner graduated from the University of Bristol in 2012 with a degree in Chemistry. She joined Punter Southall as a graduate actuarial trainee in September 2012 after completing an internship with them the summer before. 18 Actuaries Actuaries 19

13 INTERNSHIPS & WORK EXPERIENCE INTERNSHIPS & WORK EXPERIENCE Are you not sure if an actuarial internship or work experience is for you? Have you thought about doing one, but don t know what to do or where to begin? Read this article for a quick introduction to actuarial internships and work experience as well as advice on how, where and when to apply. Companies across various sectors offer internships to students entering their penultimate year of study or to those who are considering postgraduate study after completing undergraduate courses. Typically actuarial internships run for a minimum of 6 8 weeks over the summer and they will give you an opportunity to gain real life actuarial experience whilst earning a wage. During an internship or work experience, companies will provide you with a mixture of training and you will also learn how to work within a professional environment. Work experience is generally a shorter programme from one day to two weeks and these are often voluntary programmes where you will spend time shadowing a number of different departments, giving you a flavour of what your future career could be like. When it comes to applying for your first graduate job, having experience or an internship under your belt makes you more employable: it is tangible evidence that you are driven, proactive and committed to a career as an actuary. So what are the requirements? These vary from company to company but generally candidates are expected to have a maths A level or equivalent, be studying a numerically-related degree and be on track for a 2:1. Most companies will apply the same 20 Actuaries minimum criteria for both their intern and graduate programmes. Find out what specific employers ask for in the Employer Directory at the back of this guide. What does an actuarial internship consist of? By completing an internship you will have a greater understanding of what that company does and how closely their career offerings match your career ambitions. It is the perfect opportunity to understand what you could expect if you joined their graduate programme the following year. During the programme you will be placed within a specific department (for example, pensions or insurance), earn a salary, work standard office hours and get involved in a variety of projects designed to give you a taste of actuarial life. Projects can involve working with data, building spreadsheets and models, or creating research on an aspect of the business to present to the whole team. You will start to learn standard calculations and technical methods employed by actuaries, gaining valuable professional insight and experience. Training and support Companies will provide you with a mixture of training and this will be dependent on what the programme consists of. This could range from formal training sessions to being assigned a mentor to guide you through your day to day work. Internships and work experience also provide invaluable networking opportunities make sure you take up your fellow colleagues on an opportunity for social activities, from sports to meals, as this is a great way to build your network with your future prospective team. What will I take away from an internship? In addition to the specific training that a company will offer, you will also learn how to work within a professional environment. This could include how to present and manage deadlines within real-life project work or other skills such as how to run a conference call. When it comes to applying for your first graduate job, having experience or an internship under your belt makes you more employable. You will also find out if you want to pursue a career within your chosen business area. Companies that offer internships have an excellent record of hiring graduates from their intern programme. The internship is a chance for you to see if you like the company and vice versa. How can I apply? Applications for internships typically open in September. We strongly encourage you to keep an eye on your chosen company s career website and social media pages and sign up on the Inside Careers website for deadline alerts. The companies at the back of this guide all indicate whether or not they offer internships in addition to graduate placements. Before you apply, take your time to review both the company and business area you are interested in to ensure they align to your skills, interests and future career aspirations. There are a wide variety of careers out there, so we recommend taking the time to do some research over the summer. If you are joining university in September and thinking about possible career paths, get in touch with the graduate recruitment team at the companies you have an interest in. They may have an insight or work experience programme that you could apply to. Never miss a deadline again: Cathryn Rousell is Willis Towers Watson s University Recruitment Manager for the UK & Ireland. She specialises in recruiting for Pensions, Investment, Insurance Actuarial and Non-Actuarial positions as well as HR Consultancy and Software Developers. Actuaries 21

14 APPLICATION & INTERVIEW TIPS APPLICATION & INTERVIEW TIPS Your application is your chance to sell yourself to a potential employer and prove why you are perfect for the job. Gary Heslop, a partner at actuarial solutions provider APR, explains what he sees as some of the key dos and don ts when applying and interviewing for actuarial jobs. First steps Who wouldn t want to be an actuary? According to research by Careercast.com published in 2016, it remains one of the best jobs you can have, finally making official what those of us on the inside have always suspected. According to the survey, perks of the job include lack of stress, pleasant working environment, relatively short working hours, high wages and good future prospects. So naturally, you want a piece of that for yourself, right? Problem is, so do a lot of others, and just like you they re academically strong, diligent, motivated and have a killer suit just waiting to be cracked out for those crucial interview situations. So what can give you the edge? Applications PRIORITISE PROSPECTIVE EMPLOYERS I recognise that your primary objective may be to gain an offer from any actuarial employer, but you d be wise to go down the list of actuarial employers, check the companies out, and figure out which ones you d most like to work for. Do you want to work for a big or small company? Which sector of actuarial work interests you? This will almost certainly come up in an interview, so candidates that appear to have given some genuine thought to this will be better placed to sell themselves to the companies they re most keen on. Actuarial Employer A Z: KNOWLEDGE OF THE PROFESSION It costs a lot of money for an employer to sponsor a student through the actuarial exams. You don t need to be able to reel off the name, syllabus and pass rate of all 15 modules, but it s important to show you have some understanding of what you re letting yourself in for. We ve rejected candidates with great CVs for not appearing to have done the most cursory research around the actuarial profession. CV TYPOS Your CV is your key pre-interview marketing tool and is unlikely to vary greatly between employers. As such, there is no excuse for typos and errors in it. If you appear to lack the ability to exercise care in such a crucial document, it s not unreasonable for an employer to conclude you lack the attention to detail that is a key attribute of most good actuarial students. TAILORED COVER LETTER It s good to strike a balance between conciseness and substance. Most importantly, it should be tweaked towards the application in question. Sending out the same cover letter for all applications, changing only the name of the company, can usually be spotted a mile off. For example, as a provider of actuarial services predominantly within the UK, some candidates seem to think we will be flattered by being told we enjoy a global reputation we don t currently, and inclusion of such a line only harms a candidate s chances. BE TRUTHFUL Here are just two examples: 1. Don t suggest you re full of initiative if, for example, you graduated a year ago and don t appear to have taken steps to increase your attractiveness to actuarial employers in the meantime (e.g. by sitting the CT1 exam or developing relevant IT skills). 2. Don t overstate your competency in key areas (e.g. Excel or programming languages) because this can be easily shot down at interviews. Interview tips WIDEN YOUR RESEARCH So you ve fired off your applications and awaited responses with bated breath. Finally, the moment you ve been waiting for: you have an interview. Your only chance is to spend every spare minute between now and the interview date slavishly researching the company and names and personal habits of every actuary who has ever set foot in the company s offices, right? Wrong. Don t spend too long reading the company s website; instead, think more widely about the challenges the company is facing, and issues surrounding the sector and profession. This will also lead you to ask more interesting questions. DON T DOWNLOAD EVERYTHING YOU KNOW ABOUT A SUBJECT Solvency II still provides a good example: it s useful to have a very high-level knowledge of what it s about, and to give some thought to how it may impact your prospective employer (if it s in the insurance sector). What is unlikely to impress is a full regurgitation of the details you ve memorised regarding Solvency II s different pillars. SHORT, CONCISE ANSWERS ARE BEST I ve lost count of the number of times I ve asked a question and after the candidate has rambled around a relevant answer, lost interest in what s been said. Without being monosyllabic and closed, keep your answers on the short side, focused on the specific question asked and arrive at a definite end if the interviewer wants more detail, they ll ask for it. DON T OVER-PREPARE It s important to know what s on your CV and be aware of the skills your achievements have demonstrated, in case they become relevant to questions you re asked in interviews. However, don t have word-for-word prepared answers for every possible line of questioning. One of the skills employers are looking for is the ability to think on your feet. IT S NOT HOW MUCH YOU WANT IT It s possibly a by-product of our reality TV culture, but it seems increasingly common that candidates believe that expressing how much they want the job or how hard they ll work if successful, is crucial to their chances. From my perspective it s not; a reasonable level of hard work is expected, but much more important is the quality and personality you would bring to the role. ENGAGE Finally, be yourself. It s tempting to believe that your interviewers will be cold, humourless machines, droids who care not about love or happiness, preferring instead to deal only in spreadsheets, rates of return and bottom lines. This is very rarely the case. In fact, they are more than likely going to be relatively normal people, who some years ago were in the same position as you. Engage with them, show some personality and you may find it goes a long way towards helping you secure your dream job. Gary Heslop is a partner at APR LLP. 22 Actuaries Actuaries 23

15 ACTUARIAL GRADUATE PROGRAMMES ACTUARIAL GRADUATE PROGRAMMES Actuarial graduate programmes offer tailor-made routes into the profession for capable graduates. Felix Currell is currently undertaking a graduate programme at Punter Southall. He discusses the opportunities available, their benefits and offers advice on when and how to apply. An opportunity to embark on a structured and well-respected profession which offers a varied selection of career paths. That s what an actuarial graduate programme can offer, and is an ideal starting point for anyone looking for a career as an actuary. Types of opportunities available Actuaries are being employed in many different areas and disciplines, offering a broad range of opportunities for those entering the profession. Graduate possibilities are particularly strong in: Risk management Often for an institution (e.g. a bank), this involves analysing financial risks that face the firm face. The recession highlighted the potential consequences of such risks, and as such the demand for actuaries who can manage these risks is high. Insurance The different avenues in this area are wide-ranging, as the variety of products and specialist situations is greater than may be initially apparent. This can range from something as common as car insurance, to insuring a military submarine against malfunction. Benefits Giving consultancy advice to companies which provide benefits to people (e.g. companies which provide pensions to their employees). Live actuarial graduate jobs: Candidate requirements Graduates will need to have strong numerical skills, making a quantitative degree desirable but not essential. Actuaries can come from a variety of academic backgrounds; an employer will focus on a keen logical mind that is able to understand and solve difficult problems. 24 Actuaries Often an actuary is required to explain complex ideas to a client, where the client may not have full understanding of the mathematical calculations. It is therefore important that potential actuarial graduates are able to communicate clearly in simple terms, both verbally and in writing. Benefits Any graduate programme offers great opportunities, allowing you to develop many skills, such as time management and teamwork. I think that actuarial graduate programmes offer other particular benefits: Experience I have gained valuable knowledge about financial industries that is very useful in my job, as well as for any related work. Actuarial work can expose you to areas such as finance, law, and administration, which will help to broaden your knowledge. Constant learning The exams help to expand knowledge in a way that many other careers may not. Different roles within an actuarial situation also allow learning of skills in a work environment. Highly-regarded Being an actuary is looked upon favourably by many employers and professionals. The skills required for the job, plus the demanding nature of the exams, are a strong start to any CV. Support, training and development One thing that can put some people off the actuarial profession is the prospect of the exams. They are indeed a challenge for an actuary in their early years, and do require work and commitment from the graduate in order to pass them. However, graduate programmes usually offer generous study packages, which include time off work to study, as well as support networks within the company. This was helpful for me, especially as many others who I work with have had to take the same exams, and go through the same process. How and when to apply Applying for graduate programmes can be tough, but remember that everyone is in the same boat as you. Effective research and preparation into both the industry and the company you are applying to will put you in a great position at the application stage. Competition for places can be very strong in certain areas, so it is important to take some time to ensure that your CV and application letter are suitable, as they are the first reference point a potential employer has of you. This stage of the process is also the one where you have the most control you can take as much time as you like, and can make sure that you say exactly what you want to. I therefore believe that putting in that extra effort is really worthwhile. There are several other points to note regarding your application: Employer-specific Many candidates will have lots of good reasons why they wish to become an actuary. What will stand out to a potential employer is the reason for sending the application to them. Give yourself a chance Employers aren t going to mark you down for applying for other roles, as you are just maximising your chances of becoming an actuary. Going for other actuarial interviews is also great practice, as there is no substitute for the actual experience. It is important, however, to keep your applications specific. Submitting generic applications to lots of employers isn t going to get you noticed. Time is crucial There is no harm in applying too early, so I would look to submit my application well before the deadline. Some employers start reviewing applications in October or November (where the job will start the following September) so it is important that you are ready. Most employers ask for a CV, so this could be done well in advance to save yourself some time and stress. Involve others It can be very difficult to independently judge your own application, so I would definitely ask others to read it, and provide feedback. Read about other people s experiences It can be very daunting applying for graduate programmes, so it helps to read about the experience of others, and to realise that all other applicants are in a similar position. The graduate profiles in this guide are a great tool for this, as is the extensive library of profiles on Felix Currell studied for a BSc MMORSE at Warwick University. Following that, he joined the actuarial graduate programme at Punter Southall, a company specialising in consulting pension schemes. He is now almost three years into the programme. Actuaries 25

16 INTERNSHIP PROFILES Summer Intern Mercer 28 Actuarial & Risk Intern Standard Life 30 Actuarial Summer Intern PwC 32 GRADUATE PROFILES Investment Analyst LCP 34 Actuarial Assistant Xafinity Consulting 36 Actuarial Analyst Aon 38 SENIOR PROFILES Principal Punter Southall 40 Head of Actuarial Services Capita Life & Pensions 42

17 SUMMER INTERN MERCER ASHLEIGH HARWOOD LSE BSC ACTUARIAL SCIENCE MERCER 8-WEEK SUMMER INTERNSHIP Why did I choose to do an internship? After meeting with the careers adviser at my 6th form, I was advised that a career as an actuary would most suit my personality and interests. Without much of an idea of what an actuary does on a day to day basis, but knowing that the skills would be very transferable, I applied for universities across the country that offered actuarial degrees. The main driver behind applying for an internship was to get a taste of real actuarial work. Without much of an idea of what an actuary does on a day to day basis, but knowing that the skills would be transferable, I applied for universities across the country that offered actuarial degrees. After completing some research on the different areas of actuarial practice, I looked for pensions consulting internships in particular, simply because I liked the variety it offered: a combination of number crunching and engaging with clients. Never be afraid to ask questions it demonstrates understanding and that you have a genuine interest. Participating in the internship allowed me to apply some of the technical skills I was developing at university, whilst also giving exposure to the business world and first-hand experience in a fast-paced office environment. I really enjoyed being given real responsibilities and challenging work with the support of my buddy. This gave me a chance to see whether working as an actuary would be something I enjoyed. The experience as a whole was very rewarding, and it was such a relief to be offered a place on the graduate programme at the end of the eight weeks this meant in my last year of university, my only focus needed to be on study, rather than more applications! What was the application process like, any advice? The application process for Mercer was as follows: 1. Complete an application form It s really important to tailor application forms to the company you are applying to. This isn t as easy as quoting the values on their website! Really show you know what they do and what sets them apart from competitors. Also, don t be afraid of showing you have personality. The admissions team will likely sieve through mounds of applications for that position and will want to see if you are capable of fitting in with the team. Participating in the internship allowed me to apply some of the technical skills I was developing at university, whilst also giving exposure to the business world. 2. Online tests The key to success with online tests is experience; the more practice tests you complete the more likely you are to pass. I would also recommend completing them alone; I found completing them with other people wasted time due to arguments over the solutions. 3. Telephone interview/online interview Make sure you have everything to hand, such as your CV and the completed application form. Having some competency questions planned will also help here make sure you have plenty of examples lined up where you have demonstrated certain skills, such as problem solving and leadership. 4. Assessment centre & final round interviews Perhaps the most intense part of the process, it s really important to be fully prepared it may be worth trying to complete some practice interviews. Reading around the industry can also be really useful; make sure you are aware of the current issues/hot topics. INTERNSHIP PROFILES What were the most important things you learned from the internship and the highlights? The key lessons I took home from my internship were: The importance of good communication and being both comfortable and confident in speaking to a variety of different people, from different backgrounds and with different levels of experience in the office. Time management and organisational skills are just as, if not more, important than technical ability. Never be afraid to ask questions it demonstrates understanding and that you have a genuine interest. One of my favourite parts of the internship was the social side; there were lots of fun networking events over the eight weeks including a summer BBQ, a rounders tournament and wine tasting! I m still very close friends with the other actuarial interns, and kept in touch with some of the other people I worked with, which made returning to the office for the graduate job far less daunting. I would recommend completing an internship to everyone; it offers great experience in the work place and can really set you up for a graduate position. For practice tests head to: 28 Actuaries Actuaries 29

18 ACTUARIAL & RISK INTERN STANDARD LIFE CAT CONQUEST DURHAM UNIVERSITY BSC MATHEMATICS STANDARD LIFE 10 WEEK PAID INTERNSHIP I have always enjoyed asking how? and why?. At university, I consistently preferred the applied side of the subject, and sought a career where I would be able to develop my analytical, problem solving skills to produce real-world and customer outcomes. As I began to research and refine my career aspirations, the actuarial profession naturally presented itself as a way of combining these qualities into a career. Next, I needed some work experience. Why did you choose to do an internship? An internship is a valuable way of gauging what you would like from a career, the tasks you enjoy and those where you have room to develop. Having successfully navigated the application process, you are trusted with real, meaningful projects which reflect business needs. Being part of a structured scheme at Standard Life also provided the benefits of an internship cohort of like-minded peers, professional development opportunities and organised social events. Structured personal development plans aid in getting the most out of your short time in the office, with continuous input from both your manager and stream head. What were your main duties? I interned in the Financial and Insurance Risk team, where my main project involved collating a group-wide view of a stress testing exercise called Reverse Stress Testing. Collaboration with colleagues across the business, report Having successfully navigated the application process, you are trusted with real, meaningful projects which reflect b u s i n e s s n e e d s. writing and Excel were all vital skills involved in my day to day tasks. This provided me with both a holistic view of the business structure and immersed me in corporate attitudes to risk. Given the overarching theme of risk management, it also offered an insight into one of the possible actuarial specialisms Enterprise Risk Management. What attracted you to the role? Throughout the application process, I evaluated what I was looking for in both the role itself and my employer: Role I wanted a role that would be challenging, and combine my inquisitive nature with the academic rigour of my maths degree. Company culture I was very drawn to a company with such a large, collegiate culture. Clear and specific corporate and social responsibility initiatives also demonstrated that Standard Life conducted business in a grounded, conscientious manner. Investment in individuals joining a company with a nurturing environment was particularly important to me. I felt Standard Life demonstrated this through the various networks such as the Women s Development Network, the buddy system and multiple coaching networks. Reviews and research I researched experiences of previous interns on the same scheme to gain a feel for the type of work and responsibilities they were given. Although you are not expected to know the exact nature of the work when applying, having an idea of what previous interns have done, or what a typical day may look like, can be extremely advantageous in demonstrating a diligent review of the job role. For example, at Standard Life, I liked that interns were often given specific projects which lasted the majority of their placement. This permits a sense of ownership and responsibility, as well as exposure to the full end-to-end process of project organisation. Graduate role opportunity of course, as well as being a learning experience, internships are important as they can provide the opportunity to gain a full time role for after graduation. In this way, the internship is a two-way interview. Location Edinburgh is a beautiful city! Attractions such as the Fringe and Arthur s Seat are great fun when out of the office. If you re weighing up the pros and cons of a possible job afterwards, it s important to consider external factors such as location too. What were the most important things you learned from the internship? Insight into an actuarial career embarking upon life as a student actuary is a big commitment, so having the opportunity to speak to students about the study package, work/life/study balance, graduate scheme and career beyond was invaluable. We were given multiple opportunities to speak to actuaries in traditional and non-traditional roles alike, and these discussions were extremely helpful in understanding my future career opportunities. Speak to as many people as you can across different roles, departments and professions within the company. It all helps to build up a picture of the company or industry you are in and the colleagues that surround you. INTERNSHIP PROFILES Day to day duties excusing the cliché, skills such as time-management, prioritisation and the simple deconstruction of complex concepts for explanation to others are vital skills which you learn on-the-job. Often in actuarial work, you are immersed in very specific, specialised knowledge, data and processes, yet you might have stakeholders who do not work as closely with the detail. In this way, the ability to clarify this work to others is incredibly important. Technical and soft skills often, the best way to learn is by doing. As such, when completing tasks, you are supported through picking up the technical skills required be it Excel, report writing or specialist software. Having come from a very mathematical background, I knew it was really important that I worked on these skills, where others with e.g. Finance or Actuarial Science degrees may have been more adept. At the end of the internship, each intern presented back on their individual experience. Presenting to your own team on what you have done with them will be the biggest test of your understanding! Do you have any advice for someone seeking an internship? Do your research in the interview it is paramount that you can demonstrate both motivation in applying for the role and interest in the specific company. Who are their main competitors? What are their main products? Have they been in the news recently? What are the key challenges in their industry currently? Ask yourself how do I fit this role? demonstrating how previous work experience, positions held in sports teams and societies or work you have completed at university all contribute to establishing your fit for the role. Look beyond the job role does the company have projects, values and causes which align with yours? 30 Actuaries Actuaries 31

19 ACTUARIAL SUMMER INTERN PwC THOMAS MOUNSEY DURHAM UNIVERSITY MATHEMATICS & ECONOMICS PwC SUMMER INTERNSHIP Why did you choose to do a Summer Internship in Actuarial with PwC? Since I was young I ve always had a passion for maths and statistics and so I studied maths at Durham University. When searching through possible careers I came across the actuarial profession. It seemed to suit exactly what I was interested in and would give me an opportunity to apply my degree and skills in the real world. I applied for an internship with PwC during my second year. How did it tie in with your overall career plans? After researching what an actuary did before the application process I liked the idea of pursuing this as a career path. Doing an internship was a really good opportunity to further ensure that this was what I wanted to do. I was offered a graduate position at the end of my internship and I ve now been working full time for around eight months, so the internship fitted really well into my general career plans! What was the application process like any advice for other students? The process started with an application form followed by online tests, a telephone interview with a member of the recruitment team, an assessment centre and finally an interview with a director in the Pensions team. Each stage of the process is really challenging and requires lots of preparation but I also found it very rewarding. PwC recruit on a rolling basis so The best advice I would give to someone seeking an internship would be to really take time to complete the application process. you re not competing against other people to progress to the next stage; if you demonstrate at the various stages of the process that you have the required skills, then you ll progress. What attracted you to your role? After deciding that I wanted to be an actuary, the choice was between applying for an internship with an insurance company or with a consultancy firm. I liked the idea of the latter as I ve always had an interest in business, so helping clients solve their complicated problems seemed a really relevant and useful way to apply my skills. I didn t know anything about what the role of a junior actuary entailed, so it was really useful to get experience and see first-hand the type of things they do. What were your main duties during the internship? I worked in the Pensions team at PwC which advises clients on how to manage the risks associated with their defined benefit pension scheme. I undertook a number of tasks on my internship and these included: Working out assumptions for companies to value their pension liabilities. Using PwC s online valuation Skyval to determine a pension scheme s liabilities. Drafting client reports to summarise the results of work I had been doing in the client team. What were the most important things you learned from the internship? I learned a huge amount about the pensions industry and also about the difference between working for a consultancy firm and an insurance company. I didn t know anything about what the role of a junior actuary entailed so it was really useful to get experience and see first-hand the type of things they do. I also learned a lot about the actuarial exams process and was able to speak to current students regarding how they managed to balance their work and study commitments. Do you have any advice for someone seeking an internship? The best advice I would give to someone seeking an internship would be to really take INTERNSHIP PROFILES time to complete the application process and do lots of work for each stage, as the process is very competitive. Also, if you re lucky enough to get to the later stages of the process make sure you ask lots of questions at interview. You won t be expected to be an expert, but it will be important to whoever is interviewing you that you come across as a well-rounded person who has done their research and will fit well into the team. What skills did you acquire or improve during your internship? I acquired a number of technical skills and the work I did was challenging and really made me think. I also developed other important softer skills, such as the ability to work with people who had varying work styles, communication skills and working in a diverse team. For actuarial internships head to: 32 Actuaries Actuaries 33

20 INVESTMENT ANALYST LCP JACK ROWETT DURHAM UNIVERSITY POLITICS, PHILOSOPHY AND ECONOMICS WINCHESTER Why did you choose a job in this profession? Through studying Politics, Philosophy and Economics at university, I tried to keep my options open in terms of career opportunities. I had the choice of going down something more relevant to the Politics and Philosophy elements of my degree or pursuing something more financial and numerical using the Economics part of my degree. What ultimately swayed me to investment consultancy was the balance between the more technical skills needed to understand the complicated world of economics and investment, along with the communication skills needed to successfully explain often complex concepts to clients. Don t be put off a career in finance or investment just because you didn t do Maths or Economics at university. Investment consultancy requires both technical skills and c o m m u n i c a t i o n s k i l l s. How did you get your job at LCP? I applied for a six-week internship in the investment department of LCP s Winchester office during the summer holiday in between my second and third years at university. I was subsequently offered a full-time graduate position on the back of my internship, which started once I graduated after my third year at university. What was the application process like any advice? Compared to some of the other financial services firms I applied to whilst at university, LCP s application process was easily one of the most streamlined and straightforward. It involved just a simple application form and one trip down to Winchester for a morning assessment centre. My tip for the application process and this doesn t just apply to LCP s application process is to make sure you do your research on the firm, particularly the area of the business that you apply for. It always looks good if you can show that you have done your background reading and prepared properly for the interview. whether that s completing a full strategy review or preparing advice on a proposed new investment manager for the scheme. I also work closely with the development of key modelling software which gives our clients real-time access to the position of their assets and the performance of their portfolios. Outside of my day to day client responsibilities, I am also a member of the absolute return research team. This team specialises in researching those managers who have the flexibility to invest in different types of investments and can adjust the positioning of their funds quickly in response to changes in market conditions. Being heavily involved in manager research means I am frequently travelling from Winchester to London to meet with various fund managers. Meeting with fund managers provides a great opportunity to understand more about the funds my clients are invested in as well as the current trends and the outlook in the economy. Is it a 9 5 job? Financial markets are cyclical and so is my workload. The busiest periods tend to be a month or so after quarter end when I am producing clients quarterly reports and attending Trustee meetings. Things then tend to quieten down a little bit in the lead up to quarter end. Everyone at LCP has a team leader who works with you to make sure your workload is manageable. What skills are useful in this sector? Investment consultancy requires both technical skills and communication skills. It is important to be able to understand the complicated financial concepts that naturally come with the GRADUATE PROFILES profession, but equally important is the ability to explain those concepts to clients in a clear and plain-speaking way. For the latest graduate roles: What would you like to achieve in the future? I hope to become a Chartered Financial Analyst charterholder soon I am due to sit the third and final CFA exam this summer. LCP has really helped me to achieve this ambition through a generous study package which includes days off work to study, revision tutorials as well as the entry fees for exam admission. Over the longer term, I would like to play a more active role in developing the business, whether it be helping to broaden our growing client base or developing new and innovative investment ideas. Do you have any advice for anyone wanting to get into the industry? First and foremost, don t be put off a career in finance or investment just because you didn t do Maths or Economics at university. LCP in particular is excellent at encouraging applications from a wide range of academic backgrounds. Secondly, try and stay on top of what is going on in the world. Reading the news or financial press regularly will help to broaden your understanding and ensure you are always up to date with the latest developments in markets. What drew me specifically to LCP was that it was one of the few financial companies with a significant presence on the south coast of the UK. Its office in Winchester was a real bonus, having grown up just down the road in Bournemouth. What are your main duties? I provide investment advice to a range of pension schemes defined benefit and defined contribution as well as a number of charities. The majority of the work I produce involves providing strategy advice to my clients, 34 Actuaries Actuaries 35

21 ACTUARIAL ASSISTANT XAFINITY CONSULTING TOM BIRKIN UNIVERSITY OF MANCHESTER MASTER OF MATHEMATICS READING After graduating from the University of Manchester with a degree in Mathematics in July 2015, I considered my career options carefully. Like many of you I d spent hours attending careers fairs, networking events and presentations from potential employers. The actuarial profession stood out for me because of the variety of skills it incorporates strong communication, problem solving and teamwork skills are essential, as well as the core mathematical skills I had developed at university. The opportunity to utilise and develop those soft skills as well as use actual maths in my job was a big draw for me and the pay isn t bad either! What do Xafinity Consulting do? Xafinity Consulting 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. How did you get your job at Xafinity? Like most actuarial graduate schemes, the Xafinity Consulting recruitment process involves an online application, phone interview and, if successful, an invitation to an assessment centre. The recruitment process really stood out for me. In particular the assessment centre The opportunity to work closely on important and high level projects is one t h a t I h a v e r e l i s h e d. was, surprisingly, lots of fun! Xafinity Consulting put a lot of effort into getting to know you throughout the process, which really helped me to relax and enjoy the tasks a lot more. A few days after the assessment centre I received an offer of a graduate role in their largest office, which I was delighted to accept. Any advice for the interview process? It may sound like a case of easier said than done, but the best advice I can give for the interview process is just to relax and be yourself. Preparing well by reading about the company and the industry as a whole can help you to feel prepared and relaxed on the day, but be careful not to overthink it. The company has invested a lot in you if you have made it this far, so the interviewers want you to do well. And remember, it s equally as important that the company is a good fit for you as it is that you re a good fit for the company! What is a typical day like for you? It may sound like a cliché, but no two days really are the same! In the five months I ve been here, I have had the opportunity to be involved in a range of tasks and projects for many different clients. These include scheme valuations, actuarial factor reviews and corporate accounting disclosures as well as a variety of individual member calculations such as early retirement quotes and severance strain costs. What do you enjoy the most about your job? From a work perspective, the things I enjoy the most are the variety of work and the relatively high level of responsibility given my junior status at the company. The opportunity to work closely on important and high level projects is one that I have relished. Outside of work, the social aspect of Xafinity Consulting is fantastic. The sports and social club organise various events from five-a-side football and sports tournaments to pub quizzes and cocktail-making classes. Being a northern lad making the big move down south, the people here have really helped me to settle in quickly and it feels like I ve been part of the team for years. How do you manage your work/life balance? One of the best ways to keep a good work/life balance is to have hobbies outside of the workplace. For me, that s mainly playing or watching sports and socialising. As I ve mentioned previously, Xafinity Consulting put on a lot of sports and social events which gives us all There are a lot of new concepts and techniques to pick up when you first start, so asking loads of questions and letting colleagues know when I don t understand something has been key to my development. GRADUATE PROFILES a chance to blow off steam and get to know each other outside of work. In particular, we play five-a-side football every other week which is good fun as well as great exercise! It s also important to have a good work ethic and manage my time effectively so that I don t get bogged down with work. And if we are particularly busy in the office, everyone works hard to help each other out and make sure we all get away at a decent time it s a really great team atmosphere. Discover actuarial key skills: What soft skills have you found useful? Having good communication skills has been vitally important. There are a lot of new concepts and techniques to pick up when you first start, so asking loads of questions and letting colleagues know when I don t understand something has been key to my development. After all, actuaries work in teams so good communication and team working skills are essential! Time management is another skill that I ve worked hard to develop. I often have a lot of tasks and deadlines to manage so being organised and managing my time effectively helps me keep on top of those. Given the nature of consultancy, being flexible and adaptable is also important so that, if required, I can put one task aside and focus on another if it is more pressing. 36 Actuaries Actuaries 37

22 ACTUARIAL ANALYST AON ANNA LANGE QUEEN MARY UNIVERSITY OF LONDON MATHEMATICS WITH PSYCHOLOGY LONDON An internship is also a great opportunity to talk to people outside of your business area. I could also see myself getting involved in managing people and the hiring process (assessment centres, interviews etc.). Furthermore, I am constantly getting more responsibility on my client teams and I am now moving from doing to checking work. What advice would you give to someone considering applying for the 2018 Aon Graduate or Internship programme? GRADUATE PROFILES Spend some time on research! It may seem For industry insight head to: tedious now but it will be worth the time in the long run. Aon offers lots of different roles and they are all very different. It can be hard to understand the differences, so it is a great idea to start with an internship to get a better idea of what it is like to work in an office environment. The offices are all open plan and therefore an internship is also a great opportunity to talk to people outside of your business area. What attracted you to the Aon Graduate Programme? I initially applied for the summer internship at Aon which I completed after my second year at university. I was attracted to the prospect of studying and working simultaneously (as the actuarial exams take between three and six years). The positive climate I experienced during my internship was the determining factor in my decision to accept the graduate role. The positive climate I experienced during my internship was the determining factor in my decision to accept the graduate role. What have you learned in your time at Aon? I have gained a lot of technical knowledge in the pension field and learned what is important when monitoring the funding level of pension schemes. Furthermore I have improved my understanding of the design of different pension schemes and how we can improve and modify this whilst taking the legislation and members interests into account. What does a typical day look like for you? I typically start my day between 8am and 9am (we have flexible working hours so this is my individual choice) and on a typical day I will spent about eight hours working. I have a choice to work either from home (or a regional office) or in the London office, where I have to be at least three days a week. Most days are split between meeting people for catch ups or delegating and being delegated work, as well as desktop and some non-desktop based work. On top of that I have regular study days and occasional training days, so on average I am in the office and at my desk about 50% of my weekly hours. What have you enjoyed most about your Graduate Programme? It is great how many people you meet, especially as there are so many other young people in the office it has a bit of a back to school feeling. You have lunch with your friends in the office and there is lots of opportunity to socialise in and out of the office. I also enjoy my free time a lot, and this might sound strange but being on a well-organised graduate scheme means that when you leave the office you are actually free (apart from study periods). During university I had two part-time jobs and in a way work was never ending; now I can enjoy my evenings and weekends when I leave the office. What s next for you at Aon? For now my goal is to qualify as an actuary. 38 Actuaries Actuaries 39

23 PRINCIPAL PUNTER SOUTHALL I wanted to work in finance, to study towards a professional qualification and to have the option to utilise my IT skills. Adam Gillespie joined Punter Southall in 1999 as a trainee pensions actuary. He has worked in number of roles since including office cricket captain and is now a Principal of the company. Here he tells us what first attracted him to the industry and what has kept him there ever since. ADAM GILLESPIE 2013 Promoted to Principal 2012 Granted Scheme Actuary Certificate and authorisation to provide investment advice 2008 Six month investment secondment at P Solve 2007 Qualified as an FIA I joined Punter Southall in 1999 as a graduate. Seventeen years later I am Co-Managing Director of our investment consultancy business, chairman of the Group s investment committee and a senior member of the manager research team. I advise both trustees and employers on a wide range of actuarial, funding and investment matters. I hold a Scheme Actuary Certificate and am authorised to provide investment advice by the Financial Conduct Authority (FCA). Understanding both the liability and asset side helps ensure I deliver a truly joined-up investment and actuarial service to my clients. I have also spent time working within the Punter Southall Group s specialist team developing and implementing products to help control both liability and asset risk for pension schemes, including both pooled and bespoke liability hedging products and structured equity arrangements. Within the wider industry, I am a regular speaker at seminars and a member of the investment committees for both the Association of Consulting Actuaries (ACA) and the Society of Pension Professionals (SPP). In the past, I have been publications editor for the ACA and a marker for the Institute and Faculty of Actuaries pension and investment examinations. Why did you choose a career in the industry? I first heard of an actuary as a 13 year-old after it came up as my number one suggested job following a questionnaire with my school s career adviser! I immediately forgot about it until I stumbled across some actuarial job descriptions at university. The more I then read about the profession the more I realised it could be a really good fit for me. I wanted to work in finance, to study towards a professional qualification and to have the option to utilise my IT skills. They normally happen every three months but there is a lot to do in-between each quarterly get-together. This week, for example, I did a pitch to an employer for some investment consulting work, had a discussion with our Chief Executive about future growth areas for our business and worked with my team members on progressing a number of key client projects, including asset strategy reviews and actuarial valuations. However, it s not all work. I ve also managed to attend Punter Southall s golf day, a retirement lunch for one of my trustees and an evening get-together with my fellow Punter Southall Principals. The best endorsement I can provide is that most actuaries I know enjoy their job! What do you enjoy most about your job? Lots of things, but mainly the variety of work and the people. Working at Punter Southall I have been able to experience a diverse range of roles and positions: actuarial team leader, seminar speaker, secondee to our asset management business, media contact, chair of technical sub-committees not to mention captain of the office cricket team! SENIOR PROFILES With pension scheme clients you end up dealing with an interesting mix of people including lay trustees with limited pensions experience, professional advisers such as lawyers and very senior individuals from a pension scheme s sponsoring employer such as Chief Finance Officers. On a more personal level, having worked for the same employer for almost 18 years, I consider myself very lucky to have met so many nice people, many of whom have become very close friends over the years. Do you have any advice for anyone wanting to get into the industry? You won t regret it! The actuarial profession can offer graduates a lot, but perhaps the best endorsement I can provide is that most actuaries I know enjoy their job! The best advice I can give to someone starting out is to be open and flexible the job you might start as a graduate will be very different in ten years time. Welcome opportunities to do new things, look to develop your skills and broaden your knowledge and experience so you can adapt to the as yet unknown changes that will undoubtedly happen in the future. Find actuarial vacancies at: Joined Punter Southall as a trainee pensions actuary What is a typical day like for you? Every day is different! I tend to spend most of my time at client meetings with trustees and employers, discussing the current challenges facing their pension schemes. These meetings last anything between a half and a whole day. 40 Actuaries Actuaries 41

24 HEAD OF ACTUARIAL SERVICES CAPITA LIFE & PENSIONS People are encouraged to challenge the status quo from day one and, as a result, the culture is geared towards continuous improvement from top to bottom and there is rarely a sense of standing still. Since graduating in 1999, Scott Ferris has worked in a number of actuarial teams, working his way up to a senior level at Capita Life & Pensions. He explains what he thinks the industry can offers its employees both now and in the future. SCOTT FERRIS 2011 Promoted to Head of Actuarial Services at Capita Life & Pensions 2006 Qualified as an actuary 2002 Moved to Capita Life & Pension s actuarial team 2001 Joined Lincoln Financial Group as an Actuarial Analyst 1999 Graduated from Bath University and started as an actuarial student at Zurich I have worked at Capita for the majority of my career and I m currently Head of Actuarial Services in Capita s Life Actuarial Solutions team. When I joined Capita in 2002 the Actuarial team comprised eight people; today we re well over 100 strong and growing all the time. During my time at Capita, I have held a number of roles incorporating project delivery and providing actuarial support for a variety of clients. I have been part of the Actuarial management team for over ten years, contributing to significant growth and change. Notably, in recent years, alongside our more traditional outsourcing services, a focus has been on providing resource solutions to new and existing clients. This has seen the team double in size in the last few years. As well as the delivery aspects, I enjoy client interaction and the commercial and strategic aspects of a management role in a rapidly growing and evolving team. Why did you choose a career in the industry? In truth I fell into it! My degree was in Natural Sciences and I was well into my final year at university without any real idea of what career to pursue when I graduated. My personal tutor mentioned the Actuarial profession and that was the first time I had heard of it. I did some research and it sounded like a good way to use the mathematical and problem-solving aspects of my degree, alongside developing commercial and business expertise. I liked the idea of joining a profession where there was clearly a commitment to ensuring high standards. A career in the life insurance sector appealed to me as a graduate as I liked the focus on the long-term. My move into the outsourcing sector has allowed me to combine the challenges of the life insurance sector with developing some of the client-focused aspects of consultancy. What is a typical day like for you? As joint Head of Actuarial Services, my primary responsibility is the delivery of outsourced actuarial services for three of our long-standing clients. This involves working day to day alongside Customer Services and IT teams within Capita, as well as working closely with the clients themselves. I manage teams looking after policy servicing, project work and financial reporting. As part of the overall Actuarial management team, I manage client and stakeholder relationships, get involved in business development opportunities and contribute to the overall team strategy which determines our future direction. What do you enjoy most about your job? There are two main things for me: the variety of work and the people. I thought my job was varied and interesting years ago, and it has only become more so in recent times as Capita Actuarial Solutions have extended the range of services offered. People management, project oversight and service delivery all remain part of my day to day work, but they are now supplemented by proposition development to support new business and strategic challenges around recruiting, on-boarding and developing large numbers of new staff. I thought my job was varied and interesting years ago, and it has only become more so in recent times. I am lucky to work with a very capable group of people who also know how to have fun in amongst all the hard work. They work closely SENIOR PROFILES together to overcome problems that arise, so there is a strong focus on teamwork and inclusivity. People are encouraged to challenge the status quo from day one and, as a result, the culture is geared towards continuous improvement from top to bottom and there is rarely a sense of standing still. For even more insight head to: Do you have any advice for anyone wanting to get into the industry? The key thing for me is to do your research. Understand the exams, the different sectors of actuarial work and what employers are looking for. Visit the profession s website, speak to as many people as you can and best of all try to get some actuarial work experience. There is no better test of whether an actuarial career is for you than to try it first hand and it looks good on your CV too. What would you like to achieve in the future? I ve never been someone who sets long-term personal goals, but as a manager, I believe my key contribution is in the development of the people who work for me. If we continue to produce well-trained people who think for themselves and who always look to do things better than their predecessors, then I consider that success. 42 Actuaries Actuaries 43

25 THE INSTITUTE & QUALIFICATIONS The Institute and Faculty of Actuaries 46 Actuarial Syllabus & Exams 48

26 THE INSTITUTE AND FACULTY OF ACTUARIES THE INSTITUTE AND FACULTY OF ACTUARIES Find out about the aims and activities of the Institute and Faculty of Actuaries, the UK s only professional body for actuaries around the world. What is the Institute and Faculty of Actuaries (IFoA)? The Institute and Faculty of Actuaries is the professional body of the UK actuarial profession. The aim of the IFoA is to support actuaries throughout their careers so they have the skills, attributes and knowledge appropriate for the evolving needs of the UK financial sector, primarily as risk professionals. In addition, it has the twin roles of regulating and representing members to the outside world. It achieves this through: Education of new entrants who wish to become actuaries and the continuing professional development of existing actuaries. Cooperation with government, business, regulators and other professions. Innovation through research and debate, to expand the horizons of actuarial knowledge. Promotion of the work of actuaries in general (but not of individuals or firms). Regulation of members by enforcing adherence with the ethical standards and the technical standards produced by the Board for Actuarial Standards (BAS), an independent body under the Financial Reporting Council (FRC). IFoA has a strong tradition of encouraging community and companionship among its members, locally and internationally. There is close cooperation between actuarial societies around the world through mutual recognition agreements with the organisation, enabling qualified actuaries to obtain full membership status in another country. IFoA is governed by a council elected by the membership helping to set its strategic direction. Members are encouraged to sign up for practice areas and member interest groups, and to volunteer to help with other working parties or committees. It is through this work that they seek to influence government, regulators and thinking in the actuarial profession. Professional qualifications There are a number of different membership classes, as follows: Affiliate Student Associate Fellow Honorary Fellow. In order to qualify as either an Associate or Fellow, students have to pass examinations, demonstrate satisfactory completion of certain modules and acquire a satisfactory level of work-related experience. Chartered Enterprise Risk Actuary Qualification (CERA) With the increasingly complex and changing business environment, organisations are seeking enterprise risk management professionals to join their teams. A new and exciting global risk management qualification, CERA, was launched to develop the skills of those professionals. In order to obtain the CERA qualification students need to pass a subset of the actuarial examinations including a specialist technical subject Enterprise Risk Management (ST9). Continuing Professional Development All Fellows and Associates who are in work and are fully regulated by the IFoA are required to demonstrate that they have undertaken appropriate and sufficient Continuing Professional Development (CPD). The CPD Scheme demonstrates commitment to the protection of the public interest through the provision of sound and appropriate actuarial advice delivered in a professional fashion. It is important for actuaries to be seen to clearly demonstrate that they have maintained their skills through relevant development. It is clear that the development of professionalism is every bit as important as technical skills. Certified Actuarial Analyst The Certified Actuarial Analyst is a qualification offered by CAA Global, an organisation developed by the IFoA and the Society of Actuaries (SOA) in the US. It provides an internationally-recognised professional qualification, proven technical and professional skills and a gateway to a career in financial services. The qualification takes 2 3 years to complete and you can study and sit exams around the world while continuing to work full-time. You can find out more at: Prospective candidates for the qualification could include: Post-A level school leavers. Graduates working in financial services who wish to differentiate their skill set. Actuarial analysts who want an alternative to the Fellowship route. You can find more details about the CAA and CAA Global at IFoA highlights IFoA is the UK s only chartered professional body dedicated to educating, developing and regulating actuaries based both in the UK and internationally. IFoA represents and regulates 29,000 members worldwide for the benefit of the outside world and oversees their education at all stages of qualification and development throughout their careers. 46 Actuaries Actuaries 47

27 ACTUARIAL SYLLABUS & EXAMS ACTUARIAL SYLLABUS & EXAMS The actuarial syllabus is reviewed and updated every year. The syllabus and examinations described below cover the full range of study required up to Associateship and Fellowship levels. 1. Core Technical Stage The Core Technical Stage is comprised of nine subjects, designed to give students a solid grounding in the key actuarial techniques. CT1 8 are examined by a three hour examination containing short answer questions and longer problem-solving questions. CT9 is an online exam that involves some preparation work, a business game and an online test. All aspects of CT9 are taken online and can be completed from anywhere in the world. To qualify as either an Associate or a Fellow all nine CT subjects need to be completed. University exemptions for students reaching the agreed standard are available for all stages except the Specialist Applications stage. 2. Core Applications Stage The aim of the Core Applications Stage is to teach actuarial concepts across a range of applications. It has been designed to encourage thought about how these concepts can be applied, in both familiar and unfamiliar situations. There are three subjects within this stage, and they are: CA1 Actuarial Risk Management. This subject enables candidates to understand strategic concepts in the management of the business activities of financial institutions and programmes, including the processes for management of the various types of risk faced. They should be able to analyse the issues and formulate, justify and present plausible and appropriate solutions to business problems. CA2 Model Documentation, Analysis and Reporting. This subject aims to ensure that a candidate has data analysis skills and can communicate the results to a technical audience. The CA2 exam consists of two three-hour papers and is sat online over two consecutive days. CA3 Communications. This is a two-day online examination which involves a written communications exam and a presentation. The aim of the communications paper is to ensure that candidates can communicate with a non-technical audience. CA3 will be replaced by CP3 in September 2017 in advance of the new curriculum launching in To qualify as either an Associate or a Fellow all three CA subjects need to be completed. 3. Specialist Technical Stage Building on from the Core Applications Stage, this stage introduces individual specialisms. Each Specialist Technical subject, which is non-country specific, is assessed by one three-hour examination. There are eight Specialist Technical (ST) subjects to choose from, of which two need to be completed to qualify as a Fellow. No ST subjects need to be completed to qualify as an Associate. Alternatively, ST0 is also offered if you have a postgraduate or professional qualification and are eligible for an exemption from this subject. 4. Specialist Applications Stage The final stage of the examinations is one specialist subject chosen from the list on page 49. There is no requirement to have passed the corresponding Specialist Technical subject, however, the Specialist Applications subjects will typically assume knowledge of the corresponding Specialist Technical subject. There are six Specialist Applications (SA) subjects to choose from, of which one needs to be completed to qualify as a Fellow. No SA subjects need to be completed to qualify as an Associate. Alternatively, SA0 is also offered if you wish to undertake some original research to an MPhil or research degree level. UK Practice Modules, which correspond with the Specialist Applications stage, are available for those who wish to work in a regulatory role in the UK. There are six UK Practice Modules to choose from and these are optional, not compulsory. Work-based skills The aim of the work-based skills requirement is to help students demonstrate that they have put into practice the actuarial theory they gained through taking the exams. Students will be required to maintain a logbook of work undertaken, of courses attended and other learning activities undertaken as part of the development of their work-based skills. This includes some technical actuarial skills as well as more general business and management skills. Work-based skills will be replaced by PPD (Personal and Professional Development) in 2017 in advance of the new curriculum launching in Professional Skills Professional Skills is mandatory for all members of the IFoA and is a key part of students training and ongoing development. It is comprised of three stages: Online Professional Awareness Test (OPAT) Professional Skills Course (PSC) Professional Skills for Experienced Members. Exemptions and exams University exemptions for students reaching the agreed standard are available for all stages except the Specialist Applications Stage. Candidates may also gain an exemption from one Specialist Technical paper if they have a relevant professional qualification recognised by the IFoA. All examinations, except the CT9 Business Awareness exam, are held in twice-yearly sessions. Students, in consultation with their employer, can determine the optimal pace of study through the subjects. Tuition opportunities The Institute has prepared an extended version of the syllabus termed Core Reading. The syllabus and Core Reading provide a guide to tutors preparing tuition material for students working towards the examinations. Examinations are based on the extended syllabus, so students can prepare for them in any way they choose. As the key route, the IFoA has an agreement with a tuition provider, The Actuarial Education Company (ActEd), for a series of distance-learning texts which cover the syllabus. 48 Actuaries Actuaries 49

28 ACTUARIAL SYLLABUS & EXAMS ACTUARIAL SYLLABUS & EXAMS A series of units have been written for each subject covering the core learning and the objectives of the syllabus and contain a number of self-assessment questions and solutions. The material is presented in loose-leaf form and is updated year-on-year where necessary. Assignments are included which can be used independently or in conjunction with a marking service. As the needs of the actuarial profession and the Institute and Faculty evolve, so must our curriculum. Curriculum 2019 We will be launching a new curriculum in As the needs of the actuarial profession and the Institute and Faculty of Actuaries evolve, so must our curriculum. In the new curriculum there will continue to be four stages to the examination part of the qualification structure. Two stages are required to qualify as an Associate and four stages are required to qualify as a Fellow. Work-based skills will also be changing, bringing the requirement into alignment with the IFoA s CPD Scheme. Name changes reflect what is required at each stage: The Core Technical (CT) subjects become Core Principles. The Core Applications (CA) subjects become Core Practices. The Specialist Technical (ST) subjects become Specialist Principles. The Specialist Applications (SA) subjects become Specialist Advanced. Core Principles In the Core Principles stage there will be three main modules: Actuarial Statistics (CS), Actuarial Mathematics (CM) and Business (CB). All of these modules need to be passed to be able to qualify as an Associate or a Fellow. The letter C in each of these modules stands for Core. Both the Actuarial Statistics (CS) and Actuarial Mathematics (CM) modules will consist of two subjects (i.e. CS1 and CS2, and CM1 and CM2). Each subject will consist of two exams. One is a three hour paper-based exam and the other is a one hour and thirty minute computer-based exam. Each of these exams can be sat and passed separately. The Business module (CB) will consist of three subjects Business 1 (CB1), Business 2 (CB2) and Business 3 (CB3). These are all three hour paper-based exams which can be sat in any order. Core Practices In the Core Practices stage there will be three main modules: Actuarial Practice (CP1), Modelling Practice (CP2) and Communication Practice (CP3). All of these modules need to be passed to be able to qualify as a Fellow or Associate. Both CP1 and CP2 will be examined by two exam papers. CP1 will consist of two paper based exams, the first being three hours in length and the second being two hours and thirty minutes with 45 minutes reading time. CP2 will consist of two computer-based exams. Both exam papers for CP1 and CP2 need to be sat and passed together. CP3 will be examined by one three-hour computer-based exam. This is being launched from September 2017, replacing the current CA3 exam subject. Specialist Principles The Specialist Principles modules require you to be able to demonstrate an understanding of the concepts of specific specialist subjects. Each subject will be examined by a three hour paper-based exam. An option for those who have already obtained an alternative qualification will be offered as SP0. Two of these subjects have to be completed to be eligible to qualify as a Fellow. It is not necessary to complete any Specialist Principles subjects to qualify as an Associate. Specialist Advanced The Specialist Advanced modules require you to apply specific knowledge of principles of actuarial practice to the provision of specific practice areas. Each subject will be examined by a three hour paper-based exam. An option for those who have obtained an alternative qualification will be offered as SA0. One of these subjects has to be passed to be eligible to qualify as a Fellow. It is not necessary to complete any Specialist Advanced subjects to be eligible to qualify as an Associate. Transfer rules The new curriculum will be launched in For students who have already started studying and completing exams, they will need to have achieved passes in subjects in the current curriculum by 31 December 2018 in order for them to be transferred to the new curriculum. CT1 CT2 CT3 CT4 CT5 CT6 CT7 CT8 CT9 CA1 CA2 CA3 CORE TECHNICAL STAGE Financial Mathematics Finance and Financial Reporting Probability & Mathematical Statistics Models Contingencies Statistical Methods Business Economics Financial Economics Business Awareness CORE APPLICATIONS STAGE Actuarial Risk Management Model Documentation, Analysis & Reporting Communications For exemptions, these need to have been granted by 1 February 2019 to be transferred over to the new curriculum. There are a few subjects that are being combined under the new curriculum, meaning that both subjects need to be completed before the above deadlines in order to be transferred to the new curriculum. These are: To obtain subject CM1 you will need to have been passed or exempted from both CT1 and CT5 for these to transfer over to the new curriculum. To obtain subject CS2 you will need to have been passed or exempted from both CT4 and CT6 for these to transfer over to the new curriculum. If you have a pass or exemption in only one of these subjects by the time the deadlines have passed you will need to sit the new subject as a whole. SPECIALIST TECHNICAL STAGE ST1 ST2 ST3 ST4 ST5 ST6 ST7 ST8 SA1 SA2 SA3 SA4 SA5 SA6 Health and Care Life Insurance Pensions and Other Benefits Finance and Investment (A) Finance and Investment (B) General Insurance Reserving and Capital Modelling General Insurance Pricing Enterprise Risk Management SPECIALIST APPLICATIONS STAGE Health and Care Life Insurance General Insurance Pensions and Other Benefits Finance Investment 50 Actuaries Actuaries 51

29 FURTHER STUDY Cass Business School, City University London 54 Heriot-Watt University 56 UCD Dublin 58 University of Kent 60 University of Leicester 62

30 FURTHER STUDY The Cass advantage Located in the heart of the City of London, one of the world s great financial centres, Cass Business School is home to one of the largest finance faculties in Europe. Studying for your Masters here means being part of a global network of Cass students, alumni and partners, and ideally positioned to embark on the next exciting stage of your career journey. Actuarial Masters at Cass The Institute and Faculty of Actuaries accredits the MSc in Actuarial Science and MSc in Actuarial Management courses at Cass Business School. The MScs are also recognised by other actuarial professional bodies around the world. The MSc in Actuarial Science is a first step to a successful career in the actuarial profession, whereas the MSc in Actuarial Management offers exemptions from the second and third stages of the examinations of the Institute and Faculty of Actuaries. The courses are delivered through faceto-face lectures from qualified actuaries and other experts in the field, who use their commercial experience and current research to inform their teaching. Students will receive dedicated online support, ready access to faculty members and advice on exam techniques. The Masters courses reflect the changing skills expected from actuaries in the fields of life and non-life insurance, pensions, investment and finance. MSc Actuarial Science students have an excellent opportunity to gain up to eight exemptions from the Core Technical subjects of the actuarial profession, whilst the MSc in Actuarial Management programme offers exemption from some of the Core Applications and Specialist Technical subjects of the Institute and Faculty of Actuaries. Elective modules give students exposure to topics in wider fields, such as insurance, finance, investment and IT. For more details visit: MSc in Actuarial Science: MSc in Actuarial Management: CONTACT Cass Business School City University London 106 Bunhill Row London EC1Y 8TZ T: cass-masters@city.ac.uk Interested in a world-class Actuarial Masters? MSc in Actuarial Science MSc in Actuarial Management Full-time and part-time study options available Find out more at London. Business. Masters. 54 Actuaries

31 BSc (Hons) Actuarial Science BSc (Hons) Actuarial Science with Diploma in Industrial Training Actuarial Science There have always been plenty of excellent reasons to study actuarial science at Heriot-Watt. After all, we pioneered degrees in the field. Today, we enjoy a worldwide reputation for the quality of our teaching and research. We offer a range of accredited courses from BSc to MSc/Diploma. The reasons for starting your professional journey with us are much more than academic. We re certain your experience at Heriot-Watt, both at study and at play, will be unforgettable. The Sunday Times newspaper agrees. That s why they named us Scottish University of the Year for two years running. Based in beautiful west Edinburgh parkland, we re within easy reach of the bustling city centre. Which means you ll have world-renowned attractions and stimulating culture on your doorstep. What s more, you ll be close to the heart of Scotland s largest financial hub, where companies such as RBS, Lloyds Banking, Standard Life, Aegon, Mercer and Scottish Widows have a presence. We have graduates in all of them. Perfect. Our 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) 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 MSc/Diploma Actuarial Science and Management Our programmes are designed to get you ready for life in the financial world. To discover more, visit our website, MACSpgenquiries@hw.ac.uk (postgraduate enquiries) MACSugenquiries@hw.ac.uk (undergraduate enquiries) or call (postgraduate enquiries) (undergraduate enquiries).

32 FURTHER STUDY UCD College of Science MSC ACTUARIAL SCIENCE Why is this course for me? The MSc Actuarial Science course is designed for students from quantitative disciplines who wish to train as actuaries. The MSc can fast-track your career as an actuary by supporting you through the initial examinations of the Institute and Faculty of Actuaries (UK). What will I study? You will develop an understanding of the theory and principles underlying actuarial science. The programme provides a solid foundation in mathematics, statistics, economics and finance for future actuarial studies. You will also have the opportunity to undertake a dissertation in a topical area of actuarial science under the supervision of a member of the School of Mathematics and Statistics. The dissertation will allow you to develop an understanding of how the theory and principles covered in the Core Technical (CT) subjects are applied in practice. Some students will have the opportunity to undertake a paid research placement with an actuarial firm as a means of completing their dissertation. The MSc Actuarial Science is fully accredited and offers potential exemptions from the Core Technical subjects 1 to 8 (CT1-8) of the examinations of the Institute and Faculty of Actuaries. If you have prior actuarial exemptions you may choose to study all or part of the syllabus for examination Core Applications 1 (CA1) of the Institute and Faculty of Actuaries. Why study at University College Dublin? In the top 1% of the world s universities. Ireland s largest provider of graduate education. A diverse university, both in academic disciplines and culture. Emphasis on research and innovation. Purpose-built, modern parkland campus, close to Dublin city centre. Extensive range of campus accommodation options. What are the career opportunities? As a graduate of the MSc Actuarial Science programme you can look forward to a career ranging from the traditional areas of insurance and pensions consultancy to the rapidly expanding areas of investment and risk management. How do I apply? Entry qualifications: Applicants will normally be expected to have a very good foundation in mathematics and/or statistics and should have the equivalent of an Irish 2:1 honours degree in a quantitative area such as mathematics, statistics, computer science, engineering or economics and/or finance. CONTACT Director of Postgraduate Actuarial Science: Dr. Adrian O Hagan pgstudies@maths.ucd.ie Applying online Fee information Website taughtprogrammes/msc-actuarial-science MSc Actuarial Science Graduate Diploma Actuarial Science Why UCD? n Top 1% world university n Research/innovation pedigree n Strong industry links n Full professional accreditation n Earn examination exemptions n Fast-track your career UCD School of Mathematics and Statistics introduced actuarial science to the university sector in Ireland in We offer the longest running and widest variety of actuarial programmes in the country. The MSc and Graduate Diploma can fast-track your career, with significant actuarial employment links to Dublin s insurance market. Both programmes are accredited by the Institute and Faculty of Actuaries (UK), allowing you to obtain exemptions from their Core Technical (CT) 1-8 examinations. Applications now open to graduates and final-year undergraduate students with backgrounds in quantitative disciplines such as Mathematics, Statistics, Engineering, Economics, Finance and Physics. Scholarships and paid research placement opportunities available for a number of students as part of the MSc Actuarial Science programme. Further information: Questions? Contact pgstudies@maths.ucd.ie 58 Actuaries

33 FURTHER STUDY ACTUARIAL SCIENCE/THE UNIVERSITY OF KENT Actuarial science MSc in Applied Actuarial Science Postgraduate Diploma in Actuarial Science International Masters in Applied Actuarial Science BSc (Hons) in Actuarial Science (with an optional year in industry) BSc (Hons) in Actuarial Science with a Foundation Year. All our actuarial science courses are accredited by the Institute and Faculty of Actuaries (IFoA). MSc in Applied Actuarial Science Designed for students who already have knowledge of the fundamentals of Actuarial Science, this 12-month, full-time taught course provides the opportunity to gain exemptions from subjects CA1, CA3, ST2, ST4, ST5, ST6, ST7, ST8 and ST9 within the Core Applications and Specialist Technical stages of the examinations of the IFoA. Students can also choose an optional Modelling module which prepares them for CA2. from subjects in the Core Technical, Core Applications and Specialist Technical stages. BSc (Hons) in Actuarial Science (with an optional year in industry) This three-year full-time taught course offers the opportunity to gain exemptions from eight subjects (CT1 CT8), as well as giving a firm foundation for some Specialist Technical stage subjects. Introduction to PROPHET The University of Kent has entered into an arrangement with FIS Global, who market the industry s leading actuarial software package PROPHET. As a result, students on all of our actuarial science courses have the opportunity to get practical experience of using PROPHET, which is used by commercial companies worldwide for profit testing, valuation and model office work. In addition, the PROPHET module marks also count towards the degree award. A two-year, part-time version of this course is also available. Postgraduate Diploma in Actuarial Science This nine-month, full-time taught course enables graduate students to acquire the core skills and knowledge required by all actuaries. It offers the opportunity to gain exemptions from eight subjects (CT1 CT8) within the Core Technical stage of the examinations of the IFoA. International Masters in Applied Actuarial Science This two-year course for international students is equivalent to a Pre-Masters Graduate Diploma, covering the subjects taught within the Postgraduate Diploma, followed by the MSc in Applied Actuarial Science, and offers the opportunity to gain exemptions Centre for Actuarial Science, Risk and Investment The Centre for Actuarial Science, Risk and Investment is part of the School of Mathematics, Statistics and Actuarial Science at the University of Kent, where actuarial science has been taught for over 25 years. The centre includes 17 professionally qualified actuaries with many years practical experience in insurance and pensions, and maintains excellent links with the actuarial profession. CONTACT Website T: E: imsadmin@kent.ac.uk Kent offers academic excellence, inspirational teaching and a superb student experience. We are located at Canterbury, just over an hour from London by train. The University occupies a large and very attractive campus overlooking the cathedral city of Canterbury. It provides excellent accommodation for a large proportion of its students, with high speed Wi-Fi and wired internet access across campus. Our undergraduate and postgraduate programmes are accredited by the Institute and Faculty of Actuaries. For more information, please visit: For undergraduate enquiries: E: smsasugadmin@kent.ac.uk T: +44 (0) For postgraduate enquiries: E: smsaspgadmin@kent.ac.uk T: +44 (0) To apply for the undergraduate programmes, please go through the UCAS system. Kent is ranked 21 st in the Times Higher Education (THE) Table of Tables Actuaries To apply online for the postgraduate programmes, please visit:

34 Actuarial Science at Leicester: Business Focused Actuarial Science Degree Courses Are you looking to take your career as an Actuary to the next level? Perhaps you re seeking a career change, or maybe you re researching your post-18 options and can t decide on which course is right for you? If any of the above applies and you have an aptitude for Maths, your next step is with us at Leicester Why Leicester? Our Actuarial Science degrees are taught by both experienced actuaries and actuarial researchers, giving you the best of both worlds. What s more, you are able to gain exemptions from the first tier of the Institute and Faculty of Actuaries exams (CT1-CT8), and you can boost your employability credentials even further by opting to take an industrial placement. Undergraduate study Mathematics and Actuarial Science BSc This course is for you if you want to develop your mathematical ability whilst focused on financial, actuarial and business applications. It is designed to train the actuaries of the future and is differentiated very clearly from other Mathematics-based degrees at Leicester. Where can I find out more? Head to and search Actuarial Science Visit to find out more about studying with industry See for more information about studying flexibly by Distance Learning Postgraduate study Actuarial Science MSc This course is for you if you have graduated and now want to specialise in Actuarial Science at Masters level. It is designed to prepare you for direct entry into the profession and a successful career. You will leave equipped with the skills and knowledge to evaluate and interpret different forms of data, analyse risk and present your results to a professional audience, and with an understanding of how to apply this knowledge to real problems using the fundamental techniques required by an actuary. Actuarial Science MSc / PGDip by Distance Learning This course is for you if you want to specialise in Actuarial Science at Masters level from home. Studying by distance learning means you don t need to take a career break to get ahead. You can study the course at a time that suits you in a location that suits you; it also means that you can start to apply your new knowledge and insights to your working life immediately.

35 A few facts about us Actuarial consulting We provide actuarial advice to over 500 pension schemes and their sponsors, ranging in size from 20 to 85,000 members Investment consulting Punter Southall Group has 2bn assets under management and over 8bn assets under advice Pensions administration We provide pensions administration to over 460,000 members Defined contribution consulting We advise over 700 corporate clients on their defined contribution schemes, with combined assets under advice of over 2bn Health & protection We advise, design and create protection, healthcare, wellness and online benefits for more than 750 corporate clients and 4,500 consumer clients Transaction services We have provided transaction, post-acquisition and overall pensions strategy advice to over 25% of London-based private equity firms Punter Southall has offices across the UK. For further information, visit our website at Accreditations, Awards, Affiliations and Sponsorships Punter Southall Punter Southall is a trading name of Punter Southall Limited. Registered in England and Wales No Registered office: 11 Strand, London WC2N 5HR. A Punter Southall Group company _1

36 100s Jobs EMPLOYER DIRECTORY Aon 66 APR 68 Barnett Waddingham 70 Canada Life Limited 72 Capita Life & Pensions 74 First Actuarial 76 Find your dream Actuarial role online today. FIS Systems Ltd 77 Government Actuary s Department 78 Hymans Robertson 81 LCP 84 Mercer 88 NFU Mutual 90 Punter Southall Limited 92 RSA 94 Standard Life 96 Willis Tower Watson 98 Xafinity Consulting 100 Zurich Insurance 102 JOB FINDER GRADUATE JOBS INTERNSHIPS & PLACEMENTS ADVICE Job Finder 104

37 EMPLOYER DIRECTORY EMPLOYER DIRECTORY TRAINEE PROFILE Few things are certain in life. Economic upheaval, political crises, natural disasters and plenty more besides all mean the world can be full of surprises. At Aon, we draw on the expertise of over 50,000 people to help the biggest names in business plan for every eventuality. Our size, global network and emphasis on innovation, mean where we lead, the industry follows. In addition to being the world s number one Insurance Broker, provider of Reinsurance and Human Capital Consulting, Aon are a market leader in Actuarial Consulting. We have been advising companies and trustees on their pension schemes for over 60 years. Our actuarial consultants specialise in advising our clients on those schemes to help them manage the associated financial and operational risks, now and in the future. We ve recently moved our global headquarters to the UK. Here we rely on 6,500 employees across 30 offices to uphold our reputation for excellence, insight and outstanding service delivery. It s the skills, knowledge and attitude of these people that help us do what we do best. So, if you re looking for a sure-fire way to start your career, and have a 2:1 degree or higher, we d like you to join them. We recruit summer interns and graduates into seven streams: Pensions; Investment Consulting; General Insurance; Human Capital Consulting; Insurance, Reinsurance and Risk Management; Captive Solutions and Health & Benefit Broking and Consulting. Early responsibility is a way of life at Aon. You ll very quickly become a technical specialist in your particular area, meeting clients and advising them on our market-leading products far sooner than you would in many other organisations. Our training will fully equip you to make an immediate impact on our business. We also provide full study support for professional qualifications. All in all, everything is in place to help you forge a career in which challenges and rewards will come in equal measure. 66 Actuaries No. of employees 50,000 worldwide No. of qualified actuaries c. 400 Opportunities available 4 GRADUATE JOBS 4 INTERNSHIPS 4 PLACEMENTS 4 SCHOOL LEAVER SCHEMES No. of graduate jobs 80 No. of undergraduate opportunities 80 Disciplines recruited from All degree disciplines Offices recruited into Opportunities nationwide, depending on your chosen stream For application deadlines, the latest jobs and events visit: NAME LOCATION UNIVERSITY DEGREE ROLE Alexandra McCelland London Warwick MORSE Fiduciary Investment Analyst What attracted you to the Aon Graduate Programme? Initially I was attracted to the idea of a career in Investment Consulting as I was after a career that would combine technical mathematical problems with economic, market-focused research and client-oriented solutions. As a world leader in the industry, Aon was a natural choice. The renowned study policy offered at Aon was also particularly appealing to me, as I was sure I wanted the opportunity to gain a professional qualification after I finished university. The study support provided at Aon was, and remains, second-to-none. What have you learned in your time at Aon? Throughout my 18 months at Aon so far, I have learned the importance of managing my workload at all times. It can be challenging at times, especially when studying for exams whilst trying to establish yourself in your career, but everyone at work has been very supportive. One of the best parts of working at Aon is that there are so many colleagues who have walked the same path in terms of studying for exams, who offer great advice and also understand the importance of building in time to study and to relax outside of work. I would say that Aon place great importance on the benefits of a healthy work life balance. What does a typical day look like for you? I work within a specialist team at Aon called the Delegated Consulting Services team. Instead of working as advisers to pension schemes, our work is based around managing the assets of pension schemes who have delegated certain responsibilities to us, such as asset allocation, governance and investment strategy. A lot of my work revolves around monitoring the investments we have chosen to place these assets into, ensuring that target allocations to each of the asset classes are correct, and also preparing reports on performance for use at quarterly client meetings. Typically I will also spend some time reading up on recent investment news and ideas in the financial press, or those circulated by some of our specialist teams. It is important for us to be aware of topical issues in the markets as we need to make sure our clients portfolios reflect what we believe to be our best investment ideas. What have you enjoyed most about your Graduate Programme? The most enjoyable part of the Graduate Programme for me has been the opportunity to rotate around various areas within the business, before deciding which is most suited to me as a career path. This has given me the opportunity to gain first-hand experience in a variety of roles and also to work alongside numerous industry experts. This breadth of experience is highly valued within the firm, as it is something that experienced hires have often missed out on. What s next for you at Aon? In the near term I will continue to study to become a qualified actuary which I am hoping to do in the next year or two. Actuaries 67

38 EMPLOYER DIRECTORY EMPLOYER DIRECTORY TRAINEE PROFILE What does APR do? APR is a leading provider of actuarial solutions to the insurance and financial sectors. These solutions take the form of: interim resourcing (short-term project placements providing resource and support on a full range of actuarial projects); consulting solutions (using our resources and expertise to address a variety of client needs) and technical training services. Our graduate programme Key to APR s success and growth has been the recruitment and development of some of the leading graduate talent available. Each year we take on a small group of bright, technically-minded graduates, support them through our renowned intensive training programme and provide them with a broad range of stimulating and challenging client projects. No. of employees 32 No. of qualified actuaries 8 No. of trainees 20 Opportunities available 4 GRADUATE JOBS 4 INSIGHTS 4 SCHOOL LEAVER SCHEMES No. of graduate jobs 5 NAME LOCATION UNIVERSITY DEGREE ROLE Devan Rickaby London Imperial College London Physics Graduate Actuarial Associate Why did I choose APR? I applied to APR having finished a Masters in Physics. Although not set on a particular career, I knew I wanted it to be something numerical, technical, and with the potential for good progression actuarial work fitted the bill. Once I d fully mastered this, it was time to move onto something new a code testing project at a pension buyout firm, providing me with new technical challenges and allowing me to gain experience in a quite different sector. In summary APR s graduate scheme will give you the opportunity to: Experience unrivalled variety in your work through exposure to a wide range of actuarial, modelling and data analysis projects. Make a difference on stimulating assignments within weeks of starting, and be financially rewarded for doing so. Receive the best training any actuarial employer offers, with extensive exposure to the skills our clients need Excel/VBA, coding, data analysis and actuarial software along with full study support. Become part of a small but exceptionally talented group of graduate employees, holding a significantly higher pass rate in the actuarial exams than the national average. Is APR for you? The key qualities we look for in individuals are intelligence, confidence and excellent communication. Good IT skills and an aptitude for programming are also an advantage. As most of our work is in the form of on-site support at clients offices you must be prepared to work for significant periods away from your London, Edinburgh or Dublin base. Projects can be based throughout the UK and typically run from 2-12 months. Alongside the starting salary we provide generous pay increases in the second and third years of the programme and participation in our bonus and profit share schemes, which can increase earnings considerably. No. of undergraduate opportunities 5 Disciplines recruited from All degree disciplines UK offices recruited into Offices in London & Edinburgh; opportunites to work nationwide dependent on client location For application deadlines, the latest jobs and events visit: APR stood out due to its focus on training. As someone with no experience in insurance whatsoever, I was attracted by the promise of a firm which takes on bright graduates (including me, apparently!), and teaches them all they need to know to be fully-fledged actuarial professionals. This impression stuck throughout the refreshingly short application process, involving a couple of interesting online tests and interviews, focusing on applicants problem-solving/communication skills rather than their deep knowledge of everything actuarial (though be warned don t go in entirely unprepared!). Working at APR What sets APR apart from other employers is the variety of work and level of early responsibility. Having joined less than a year ago, I ve already worked on two client projects, at times being the sole APR representative on site: The first consisted of data analysis at an investment research firm, which provided a great initial learning platform. As well as working with clients, I have undertaken extensive in-house training in topics ranging from software to industry-specific knowledge. APR invests a lot of time developing its graduates, and the dedicated training days serve as both an excellent opportunity to learn useful skills, and a break from day to day work. The regular interaction with high-quality colleagues also leads to a high exam pass rate from APR graduates. Fast track development This variety of work has enabled me to gain far broader exposure than I would have in a more traditional actuarial role. Working on a wide range of projects leads you to not only develop strong technical knowledge, but also to experience the varying styles of work in different companies I d say that working with new people is the part of my job I enjoy most. Of course, there is pressure that comes with representing APR while on a client site, and I ve found that good communication and organisation skills are just as important as technical skills when it comes to project work. 68 Actuaries Actuaries 69

39 EMPLOYER DIRECTORY EMPLOYER DIRECTORY Background Founded in 1989, Barnett Waddingham has grown to become the UK s largest independent provider of actuarial and consultancy services with 64 partners, over 920 employees and seven offices throughout the UK. Our business has grown predominantly through referrals from our clients and professional contacts. The business is based on a culture which aims to provide all of our clients with an excellent professional service through strong personal relationships and tailored solutions whilst remaining competitive on fees. Our values can best be summarised as Doing it the Right Way and we take a long-term view to all of our services and relationships. Barnett Waddingham strives to recruit graduates who share our values, and can bring special skills which will enhance the service we provide to our clients. We look for graduates with good, relevant degrees, who are eager to join a firm where they can make a difference. Graduates are very much the focus of our actuarial recruitment and we look for those who are ambitious, and who value the chance to join the partnership in due course. of areas on which we advise examples include analysing longevity trends, providing strategic investment advice and advising on acquisitions. Each client is the responsibility of a partner who builds a team dedicated to meeting that client s particular needs. The partner maintains a close personal involvement at all levels of work. You will be given genuine opportunities to contribute to our success, both working as part of a client team and in assuming responsibility at an early stage of your career. We believe that it is important to nurture talent and enthusiasm. As a new recruit you will have the opportunity to work closely with the partners and other experienced employees offering you excellent development opportunities and a unique learning process. We are keen for our employees to gain wider business knowledge and experience of our other practice areas where this is possible. You will be encouraged to show initiative and develop areas of responsibility that are not directly related to client work, raising both your own and your team s profile, whilst gaining good experience. potential. In addition, we will help you to develop your technical and consulting skills with regular performance development reviews, internal courses and most importantly, experience. Benefits We offer: 22 days holiday, healthcare, pension scheme, golden hello, study support, interest-free loan, season ticket loan, life assurance, bike scheme, gym membership and social events. The social side Social activity is taken seriously across the firm; from inter-office sporting events to the annual Christmas party. Sporting events include bowls, cricket, croquet, football, golf, poker, pool and table tennis. The non sporting side is equally active and includes walking weekends, excursions to UK and European cities, wine and beer tasting, charity events and picnics. There is something for everyone to choose from, but suggestions for further social events are always welcome! Who are you? You will have a minimum of a 2:1 degree and at least 300 UCAS tariff points, including an A grade in A level maths or equivalent qualifications. No. of employees 921 No. of qualified actuaries 123 No. of trainees 101 Opportunities available 4 GRADUATE JOBS 4 INTERNSHIPS No. of graduate jobs 20 No. of undergraduate opportunities 7-10 Disciplines recruited from All disciplines Offices recruited into Our partners understand the importance in looking after all employees, and see employee engagement as fundamental to continuing success. This was reflected by the firm being awarded a One Star Best Companies Accreditation when it participated in the Best Companies to Work For award scheme. Barnett Waddingham is a rewarding, enjoyable and satisfying place to work. How we work From day one you will be an integral part of the business, working in our actuarial teams who advise various bodies and organisations including pension plan trustees, insurers and employers. The work you carry out could relate to anything from the broad spectrum Professional development policies and programmes Your professional and personal development is important to us and we are strongly committed to developing our employees. As an actuarial trainee, you will work towards qualification and we will give you every support to achieve this, including offering a generous study package. As part of this you will receive study days, funding for external courses and a mentor from within the firm to support you. You will also be rewarded for passing exams as you progress. As well as supporting your studying, your mentor will review your work-based experience and help you identify the development opportunities available, with the aim of enabling you to reach your full Excellent communication skills are essential, together with a positive and enthusiastic attitude. As a self-starter you have ambitions to develop both individually and in a team environment. A team player, you work in a cooperative and supportive way for the benefit of the team, understanding how your actions impact on other team members or goals and how they affect the bigger picture. In addition, you must be organised with a meticulous attention to detail, capable of solving problems of all sizes. The deadline for graduate applications is November For application deadlines, the latest jobs and events visit: 70 Actuaries Actuaries 71

40 EMPLOYER DIRECTORY EMPLOYER DIRECTORY TRAINEE PROFILE About us Founded in 1847, Canada Life is a wholly owned subsidiary of Great-West Lifeco Inc, one of the largest Canadian life and health insurance companies. Canada Life began operations in the United Kingdom in 1903 and looks after the retirement, investment and protection needs of individuals and companies. Our UK operations are headquartered in Potters Bar, 15 minutes from central London by train. Benefits of working at Canada Life Canada Life offer the advantage of working in a professional, fast moving, financially strong company, yet with a better work/life balance than you would usually find in London. We offer excellent starting salaries and great opportunities for career progression. A competitive study package is available to all our actuarial trainees, which includes study days, tutorials, course materials and entry fees for the first sitting of each exam. Every new starter is assigned a mentor to oversee their progress. Canada Life has a strong culture of success in the actuarial examinations, and provides an environment for new actuaries to study and develop. Who are we looking for? Applicants will have at least three A Levels (or equivalent) and a degree (2:1 or better), ideally in mathematics or another numerate subject, although exceptional candidates with other degrees will be considered. We are looking for excellent communicators with strong problem solving skills. Successful candidates will be motivated to maintain our strong record in the challenging professional examinations. The role Our actuarial trainees have the opportunity to work in a variety of roles in areas including: reserving, financial reporting, pricing, risk management, investments and systems. We expect that trainees will work in at least two or three different areas before qualification, which means our newly qualified actuaries tend to have a valuable breadth of experience. No. of employees c. 1,000 No. of qualified actuaries 30 No. of trainees 30 Opportunities available 4 GRADUATE JOBS No. of graduate jobs c. 3 per year Disciplines recruited from All degree disciplines Offices recruited into For application deadlines, the latest jobs and events visit: NAME LOCATION UNIVERSITY DEGREE ROLE Nickola Ivanov Potters Bar University of Kent BSc Financial Economics with Econometrics Senior Actuarial Associate Why did you choose the actuarial profession? I ve always had an affinity for maths, so after I graduated from university I knew I wanted a job where I could apply my numerical skills to complex real world issues. What makes being an Actuarial Assistant at Canada Life different? An important aspect of being an Actuarial student at Canada Life is the rotation scheme. The scheme allows students to move to a different team or department at regular intervals of usually around 18 months. This is a great way to experience a broad line of work and be a part of different teams. I feel like the scheme helps students develop by taking them out of their comfort zone. Moving to a brand new role after becoming confidently familiar with the previous one keeps you learning and teaches you to adapt to new environments. In my case, I ve moved from Annuity Valuation, to With-profits and Individual Health and then to the Asset Liability Management team which allowed me to gain experience in a variety of products as well to see how the company works on both sides of the balance sheet. What are the biggest challenges you faced as an Actuarial student? The actuarial exams are one of the biggest challenges. Preparing for them requires careful planning and the willingness to start studying well ahead of the exam. The amount of material to cover may be extensive, especially if taking more exams in one sitting. This means cramming the study in the last two weeks is often an unsuccessful strategy, especially when it needs to be balanced with a full time job. However, the company provides an excellent study package and study support which helps achieve a better work-life balance and there are always other students around who are happy to help with breaking down difficult topics. In the end, the hard works pays off not only financially but also with expanded knowledge and skills which help with the job by providing better understanding and the ability to take on more responsibilities. What tips would you offer to prospective candidates? Do not get discouraged if you do not come from a highly numerical degree. Look for ways to show employers that you have an interest in math: take on any numerical modules if you still can, be well prepared for numerical tests or you could even do the first actuarial exam on your own. Research the industry well, especially how insurance providers operate and the hot topics. Also know the specifics about the company you are applying to so you can tailor your application. There is plenty of information on the internet and the research will help you stand out in the interview. Make sure you know about the exams. Qualifying as an actuary is a long and difficult process and employers will look for evidence that you know what you are up against and that you have the motivation to see it through to the end. 72 Actuaries Actuaries 73

41 EMPLOYER DIRECTORY EMPLOYER DIRECTORY TRAINEE PROFILE Capita Insurance & Benefits Services Capita is the UK s leading provider of outsourcing and professional support services in both the public and private sectors. The Insurance and Benefits Services division providing business process outsourcing for the industry accounts for 19% of Capita s business. Our market-leading position is maintained through a dedication to service and a belief in constant evolution. We pride ourselves on being progressive and at the leading edge of service transformation. Actuaries within Capita There are many opportunities for actuaries within Capita. The unique skills of actuaries are applied in many situations across the division from understanding the problems our clients face through to developing and implementing solutions and providing ongoing support. Actuaries provide project management, business planning and life assurance expertise to other departments within Capita, as well as providing corporate reporting and project services direct to our clients. Actuaries are also involved in seeking out new opportunities from new and existing clients, both independently and as part of wider life insurance outsourcing propositions. At Capita, we offer an experience which combines elements of both consultancy and traditional life office work, which can include direct client placements. The wide variety of work means you will enjoy freedom to choose how your career progresses and on-the-job training ensures you are able to progress quickly and take on additional responsibilities from an early stage. Capita is a vibrant, challenging and rewarding place to work, and you will be given opportunities to make your own contribution from your very first day. Capita Employee Benefits also provide opportunities for actuaries in the pensions field. No. of employees 75,000+ No. of qualified actuaries 17 No. of trainees 50 Opportunities available 4 GRADUATE JOBS 4 INTERNSHIPS No. of graduate jobs 3 5 No. of undergraduate opportunities 4-6 Disciplines recruited from All degree disciplines International opportunities Independent Dublin office UK offices recruited into For application deadlines, the latest jobs and events visit: NAME LOCATION UNIVERSITY DEGREE ROLE Supriya Kesavan Cheltenham Rochester Institute of Technology (USA) Accountancy & Finance Actuarial Analyst Why did you choose Capita? Capita, being an outsourcer, presented me with an opportunity to work with a number of clients. Capita offered me a chance to be exposed to different books of business and also different systems and processes. Apart from that Capita offered me good study support, which I thought was essential to successfully qualify as an actuary. Can you describe a day at Capita in three words? Varied Challenging Fun. What was it like when you first started? I had excellent support from seniors and peers who helped me settle in the job early on. A very open and welcoming atmosphere makes it easy for any newcomer. There is a graduate training scheme which includes rotating between three teams and learning both technical skills and business/ soft skills. This is a great way to understand how the actuarial department at Capita works. What are your main duties? During my time at Capita I have had a number of roles. I currently work in the Projects team, where I have been in charge of two small projects. These were mainly around investigating issues with spreadsheets, finding a way to fix them and then remediating customers appropriately. A previous role included working at a client site over a number of months completing a project. It is always interesting to work alongside our clients and is one of the great opportunities offered by Capita. What skills have you found to be useful in this profession? Having a strong analytical mind is one of the key skills to be successful in the profession. Also, the ability to question and the desire to learn the technicalities of products and systems will help you go a long way. Being disciplined and organised are also skills I feel are important, particularly when studying for the actuarial exams. How do you see yourself progressing from your current position in the next 2-3 years? I have been able to lead small projects in my current role. So, the next step would be for me to lead larger projects with the ultimate aim of managing a team of my own. Do you have any advice for anyone wanting to work at Capita? If you are keen to learn and want variety then a graduate role at Capita would be perfect. Come with an open mind and be ready to be thrown into challenging situations! 74 Actuaries Actuaries 75

42 EMPLOYER DIRECTORY EMPLOYER DIRECTORY Who are we? First Actuarial is an established but growing consultancy, which has built a significant stream of business and high regard in the UK pensions arena. We offer a comprehensive range of services designed to meet the needs of pension scheme trustees and employers. Working at First Actuarial We have an energetic board of founders and partners, all of whom are qualified actuaries. Our friendly, hard-working staff offer the opportunity for you to develop a rewarding role quickly alongside them. This may mean meeting clients, winning business or playing an influential role internally. You can be certain that you won t be stuck in a narrow role doing the same work every day. As a flexible employer with a flat and informal management structure, we encourage a relaxed and friendly working environment with a casual dress policy and flexible working hours. Our team structure will enable you to work directly with (and learn from) experienced qualified actuaries in order to provide support in all areas of actuarial pensions consulting. Who are we looking to recruit? We are looking for well-rounded graduates with excellent numeracy, problem solving and analytical skills. In particular, we will be looking for good results in mathematics, statistics, economics or similar subjects. In addition we expect you to: Accept responsibility at an early stage in your career Be personally motivated Have strong communication skills Enjoy working within a team environment. Professional development We will give you full support to study for Fellowship of the Institute and Faculty of Actuaries. Our current study package includes: Exam success rewarded through pay rises Payment for required study materials and tutorials Up to 40 study days per year Exam entry fees Membership subscriptions for the Institute and Faculty of Actuaries. No. of employees 239 No. of qualified actuaries 54 No. of trainees 40 Opportunities available 4 GRADUATE JOBS 4 INTERNSHIPS 4 PLACEMENTS 4 INSIGHTS 4 SCHOOL LEAVER SCHEMES No. of graduate jobs 5-10 No. of undergraduate opportunities 5-10 Disciplines recruited from Most degrees considered Offices recruited into For application deadlines, the latest jobs and events visit: About FIS FIS is a global leader in financial services technology, in areas of retail and institutional banking, payments, asset and wealth management, risk and compliance, consulting and outsourcing solutions. Through the depth and breadth of our solutions portfolio, global capabilities and domain expertise, FIS serves more than 20,000 clients in over 130 countries. Headquartered in Jacksonville, Florida, FIS employs more than 55,000 people worldwide and is a leader in payment processing, financial software and banking solutions. Providing software, services and outsourcing of the technology that empowers the financial world, FIS is a Fortune 500 company and is a member of Standard & Poor s 500 Index. Our size, the quality of our staff, our diverse global locations and myriad areas of expertise all create an exciting place to work, learn, develop and build a successful career! iworks Prophet FIS offers a range of products to the insurance industry. iworks Prophet is a leading enterprise-wide actuarial modelling system that helps insurance and financial services companies meet reporting responsibilities, improve risk management and develop more profitable products faster. Over 9,000 users, across more than 730 customer sites, in more than 65 countries, rely on iworks Prophet to model their firm s financial business. The iworks Prophet department contains four core actuarial teams: Actuarial Systems, Library Development, General Insurance Development and Consultancy. Graduate careers FIS is looking for innovative graduates to drive and direct their suite of Prophet products into the future. Successful candidates will have an interest in IT systems and finance, and possess strong communication, problem solving and analytical skills. Our graduates become part of the actuarial profession with a focus towards becoming a qualified actuary. FIS will support you in all ways towards achieving this goal including study support and training. No. of employees 55,000 Opportunities available 4 GRADUATE JOBS 4 INTERNSHIPS 4 PLACEMENTS No. of graduate jobs Various see website No. of undergraduate opportunities Various see website Disciplines recruited from Numerical disciplines including mathematics, actuarial science and computer science International opportunities Varies year on year UK offices recruited into For application deadlines, the latest jobs and events visit: 76 Actuaries Actuaries 77

43 EMPLOYER DIRECTORY EMPLOYER DIRECTORY Who we are GAD was established as a government department in Today, we provide actuarial analysis for public sector clients throughout the UK. We are based in central London in the heart of the financial community, with a second office in Edinburgh, and currently employ around 80 actuaries and 50 trainees. We are a not-for-profit organisation. What we do Our analysis enables government to formulate national policy and manage public sector finances. This work is crucial to the welfare of millions of people both in the UK and overseas. We provide advice on a wide variety of topics in many fields vision We aim to ensure that GAD becomes a single, high-performing team that: Is recognised throughout government as a high-quality source of innovative thinking and specialist advice across many sectors. Has substantially enhanced its reputation for efficiency and value for money. Achieves high levels of consistency and standardisation in its operations and business processes. Is widely recognised for its development of analytical, actuarial and business skills in its people. Mission Our mission is to support effective decision-making and robust reporting within government as the first choice provider of actuarial and specialist analysis, advice and assurance. ADEPT values Agile through technical innovation and flexible working to meet evolving client needs. Dedicated to delivering timely advice and first class and cost-effective customer service. Expert and focused on quality of analysis to provide robust assurance on decision making. Partnering with our clients to understand their business needs and develop solutions that add value for them. Trusted to deliver a professional service with integrity. Who are we looking for? Each year we recruit a small number of people who have the clear potential to become fully qualified actuaries and who will relish the challenges of our diverse and public interest orientated work. Providing actuarial support to some of the largest pension schemes in the UK, our work is crucial to the welfare of millions of people. Our graduates are the actuaries of the future. As a trainee actuary you will work as part of a team with qualified actuaries in our London office, to deliver advice across a broad range of areas such as valuations, benefit design, investment strategy and government policy. In addition to advising government, trustees and employers, there may also be opportunities to work in UK and international social insurance, long-term care, health, risk and insurance. As your experience grows you can expect to have regular client contact. To help you qualify as quickly as possible we offer substantial study support with generous study leave, discussion classes, and paid for tutorials, courses, exam entry and exam counselling. We also provide an internal business training programme to help trainees grasp the opportunities we offer and to assume new responsibilities, including: A comprehensive induction and technical training programme. In-house seminars and professional briefings. Managerial and business training including project management, team working, presentations, IT skills and managing client relationships. A friendly and cooperative working environment, where actuaries and senior students are enthusiastic about teaching new trainees and passing on their experience. To find out more, please get in touch with recruitment@gad.gov.uk. The Government Actuary s Department currently holds the Institute and Faculty of Actuaries (IFoA s) Quality Assurance Scheme (QAS) accreditation. No. of employees 180 in the UK No. of qualified actuaries 80 No. of trainees 50 Opportunities available 4 GRADUATE JOBS No. of graduate jobs 5-10 Disciplines recruited from Degrees with high mathematical content Offices recruited into For application deadlines, the latest jobs and events visit: 78 Actuaries Actuaries 79

44 EMPLOYER PROFILES TRAINEE PROFILE NAME Dipak Hirani LOCATION GAD, London UNIVERSITY UCL DEGREE Mathematics/Statistics ROLE Actuary Take the next step......for one giant leap in your career I joined GAD in 2013 as a Trainee Actuary after doing an undergraduate degree in Mathematics and a Master s degree in Actuarial Science. My experience with GAD was positive right from the start; the interview felt very natural and away from the assessment I was able to spend time with an existing GAD trainee which helped me to gain a deeper understanding of what it would be like to work here and what the first few years might entail. There is great emphasis on continued support for learning and development at GAD. While studying for my exams, I was well supported by my team and greatly assisted by the facilities that GAD have put in place for study support such as assigning a study mentor to each trainee. After recently qualifying, I continue to receive support in developing my skills and knowledge. I feel there is a great deal of trust between actuaries and trainees at GAD and from the very beginning I was given responsibilities and offered challenging opportunities. GAD provides actuarial services across pensions, social security, insurance and investment just to name a few, and this has led to opportunities to work on projects outside of my immediate team and gain vital experience. GAD works with some of the largest pension schemes in the country and it is incredibly rewarding to be involved in large projects from start to finish. The size of the schemes also affords the opportunity to use a wide variety of actuarial techniques as well as the opportunity to be involved in varied work. While working here, I have gained first-hand experience of how various government departments interact with each other and seen how actuaries can utilise their skills for a wide variety of work including non-traditional areas of actuarial work. From the beginning, I was encouraged to network with both trainees and actuaries across the organisation which proved to be a great learning experience. There is a lot of emphasis here on work life balance and there are endless numbers of social events to get involved in! Award winning pensions, investment and risk consulting 80 Actuaries Find a better future with hymans.co.uk

45 EMPLOYER DIRECTORY EMPLOYER DIRECTORY TRAINEE PROFILE Brighter futures aren t down to chance At Hymans Robertson we re proud to deliver award winning independent advice on pensions, investments, benefits and life insurance. We work with a wide range of clients and our solutions give companies, trustees and members everything they need for brighter pensions prospects. No. of employees 750 No. of qualified actuaries 115 No. of trainees 117 NAME LOCATION UNIVERSITY DEGREE ROLE Julie McElroy London Durham BSc (Hons) Mathematics Trainee Actuarial Consultant We are steadfastly independent in every possible way, from our ownership, through to our advice. This is what allows us to put clients at the heart of our business and provide them with the advice and solutions that truly meet their needs. At the heart of it all are our relationships with our clients and colleagues. We form genuine, collaborative relationships that last. If you re interested in one of our consultancy programmes graduate, summer internship or placement year then you ll need to have a passion for business and possess an effective blend of technical and interpersonal skills in order to succeed. From the start you ll work as part of a team, receive hands-on training and apply your mathematical and analytical skills to provide tailored solutions to our clients. You ll analyse complex data and present results of calculations and sophisticated modelling in an engaging and compelling way to help our clients make the best possible decisions. As a graduate trainee consultant with us you ll also get comprehensive and personalised support with your professional studies as you work towards the Actuarial or the Chartered Financial Analyst (CFA) qualification. We ll work with you to make sure that you make the most of your potential. Opportunities available 4 GRADUATE JOBS 4 INTERNSHIPS No. of graduate jobs 20+ No. of undergraduate opportunities 15+ Disciplines recruited from All degree subjects welcome, although the nature of actuarial work and study will suit highly numerate individuals Offices recruited into Why did you choose Hymans Robertson? I wanted to work for an actuarial consulting firm so that I could be surrounded by other like-minded people who know the difficulty of balancing the IFoA exams alongside work and, having been through the exams, could be a great pool of information and support. The largest division at Hymans Robertson is Actuarial and Benefits, which provides advice to the Trustees of UK private sector pension schemes, so I knew I would be working alongside other part and qualified actuaries who would be able to help me in any matter of my work. One of the many perks of Hymans Robertson is you are encouraged to pursue the areas of your career you enjoy and that energise you, rather than pushed to take on projects that don t. I am in charge of what work I choose to take on, which means I am excited by and enjoy the work I m doing. How did you get your job? Hymans were very accommodating with my application. I applied and went through the normal process online application, psychometrics and telephone interview, although living in France at the time, I was worried that I wouldn t be able to fly over to make my final interview! Hymans were very accommodating for my circumstances and allowed me to do my interview through Skype and final test online, rather than flying to London. What s it like working at Hymans Robertson? In my two months at Hymans, I have loved every day. It seems to me everyone is as happy as I am and it generates a buzz in the office. The office is open plan which is great to be able to interact with people at all levels and everyone is very friendly you work in many different teams and so get to meet a lot of people in the office. Each of these teams have different socials and activities planned to get to know one another, which makes for a great sense of community within the firm. There is also a strong emphasis on good work life balance with study support: one study day every week; a study mentor to help with every step of the exam process, exams, tutorials; and study materials all paid by the firm. Everyone is more than willing to help and support you through your exams. Because everyone should have the best prospects for a bright career, and you shouldn t leave that to chance. For application deadlines, the latest jobs and events visit: 82 Actuaries Actuaries 83

46 EMPLOYER DIRECTORY EMPLOYER DIRECTORY LCP is a firm of financial, actuarial and business consultants, specialising in the areas of pensions, investment, insurance, business analytics and financial modelling. Why be a graduate at LCP? Are you ready for a career that challenges you, allows you to grow and work alongside some of the brightest minds in the industry? We help our clients make good decisions, based on insightful analysis, industry expertise, and game-changing technology. Becoming one of our graduate trainees is the first step of your journey towards a successful career in financial consultancy. At LCP our biggest strength is our people, so from day one you will be valued, actively involved and able to make your own contribution to meeting the needs of our clients. The best thing about working for LCP is the variety of projects you ll have the chance to get involved with from day one. For example, you could be helping with pension scheme valuations, monitoring investment manager performance or estimating the financial impact of a hurricane on an insurance company. You could be building a spreadsheet model, using innovative software developed in-house, drafting letters to clients or writing reports. There are also plenty of opportunities for client contact, right from the start of your career. Academic requirements We welcome graduates from a wide range of disciplines. We are looking for at least a 2.1 honours degree (or equivalent) and an A grade in A level mathematics (or equivalent). Ideally, applicants would also have A level grades in other subjects equating to a total of 320 UCAS points. Professional development LCP has an excellent track record of students passing their professional exams and qualifying quickly; we also have an extensive programme of in-house training. After an introductory course, regular training sessions are held throughout the first three years, covering every aspect of the business. Staff also receive training to keep their technical knowledge up to date and to improve their managerial and presentation skills. We provide comprehensive support for the professional exams. What we do Whether you join our pensions actuarial, investment, insurance or business analytics and financial modelling team, you can be sure you ll be working with some of the very best and brightest in their field. LCP offers a full range of actuarial, investment and related employee benefit advice to employers and pension scheme trustees of various sizes and industries. We also provide general insurance advice and business analytics and modelling services. Our depth of resource and experience means that we can undertake a wide range of assignments. The work we do includes: Valuing companies pension commitments. Advising on risk mitigation options for pension schemes. Advising on investment strategy and fund manager selection. Monitoring investment performance against objectives. Advising insurance companies on reserving, capital modelling and financial risk management. Developing models for use internally and externally, for example to advise the government on its electricity policy. Our history LCP originated from a sole practice founded in 1947 and in 1962 began to trade under the name Lane Clark and Peacock. We have over 108 Partners and over 600 staff. We set ourselves high professional standards and strive to go above and beyond for our clients Our consistent efforts were recently recognised with a special UK Pensions Award, 20 Years of Excellence in Consultancy. Being recognised as a firm that stands out for providing clear, actionable advice to clients for more than 20 years makes us very proud. We were also awarded the 2017 Investment Consultancy of the year (joint winner) and were highly commended in the DC Consultancy of the year category. We were one of the first actuarial firms accredited under the Quality Assurance Scheme (2016), awarded by the Institute and Faculty of Actuaries. No. of employees 600+ No. of qualified actuaries 164 No. of trainees 81 Opportunities available 4 GRADUATE JOBS 4 INTERNSHIPS No. of graduate jobs c. 30 No. of undergraduate opportunities 30 Disciplines recruited from All degree disciplines Offices recruited into For application deadlines, the latest jobs and events visit: 84 Actuaries Actuaries 85

47 EMPLOYER DIRECTORY Consulting opportunities in: Pensions Actuarial Investment Insurance Business Analytics and Financial Modelling TRAINEE PROFILE NAME LOCATION UNIVERSITY DEGREE ROLE Nikita Dookna London St. Andrews Mathematics Analyst Problem-solver? What made you decide on an actuarial career? I wasn t sure what an actuary was until I started looking for jobs! However, once I had looked into it, I realised that it was the perfect way to use my degree in maths. Becoming a consulting actuary meant that I could benefit from a client facing role as well as analysing problems mathematically. Why did you choose LCP? I first joined LCP as an intern and found the experience incredibly useful and enjoyable. During the internship I did a variety of work including individual member calculations and even had the opportunity to go to a client meeting. This was a great introduction to working as a consulting actuary and I gladly accepted the graduate position at the end of my internship. What do you enjoy most about your job? The thing I like most about working at LCP is the people. Everyone I work with is very supportive and always has time to answer any questions I may have about client work. LCP is an incredibly friendly firm and there is a great social committee that organises fun events throughout the year. The training I have received at LCP has been excellent. I am now approaching the end of LCP s three year graduate training programme and have learned a lot over that time. The training sessions have ranged from technical information to help me with day to day tasks to advice from partners on how to present effectively to clients. Studying to become an actuary is also a key part of my role. LCP s generous study budget to cover the costs involved and 40 study days a year has given me plenty of time and support to get ready for the actuarial exams. I think starting out can be pretty daunting but at LCP I was provided with a buddy and a study mentor so I always have someone to guide me through the qualification process. Any advice to future students? Prepare yourself for balancing work and study, as they are equally important. Time management is key here, and everyone at LCP is very helpful and understanding when it comes to doing exams as they ve been through it themselves. Also, don t be afraid to ask questions. Becoming an actuary can be a steep learning curve and you ll be surrounded by people with lots of knowledge and experience who can help you. Creative thinker? Creative, forward thinkers and innovators, we need you! Strong communicator? Are you ready for a career that challenges you, allows you to grow and work alongside some of the brightest minds in the industry? LCP is now recruiting up to 30 highly numerate graduates with strong communication skills in London and Winchester within our Pensions Actuarial, Insurance, Investment and Business Analytics and Financial Modelling teams. Want to know more? Visit our Facebook page at facebook.com/ laneclarkandpeacock for more information on events, or our website at to access our online application form. Make sure you also join our online Talent Network to stay connected and find out about our latest vacancies and opportunities. The deadline for applications is 17 Nov Actuaries

48 EMPLOYER DIRECTORY Mercer is a global consulting leader in talent, health, retirement and investments. Mercer helps clients around the world advance the health, wealth and performance of their most vital asset their people. Mercer s more than 20,500 employees are based in more than 40 countries, and we operate in more than 130 countries. Our UK footprint is significant and we work with some of the most well-known and well-respected organisations and government bodies, ensuring that we re helping to shape the future direction of the industry to respond to our client s needs. The choice is yours Mercer offers a variety of graduate and internship opportunities for students within our wealth division. Our Retirement business delivers market leading pensions solutions, tailored to both corporate and trustee clients as well as individual consumers. Our Investments business provides advice, solutions and tools to a wide range of institutional investors. During the graduate scheme you will have an opportunity to experience both. Training and development Within our business we actively encourage you to further develop your knowledge through the successful completion of professional qualifications. To help you along the way, we ll provide you with financial support and study materials as well as a generous study leave package. In addition, you ll be supported by your team and a study champion, a colleague who has completed the qualification and can give you practical guidance. The choice of what qualifications you wish to do is yours. Working at Mercer With an organisation as vast as ours and a team of people with so many different skills and specialist knowledge areas, joining Mercer means you ll be intellectually stimulated, enjoy a challenge and committed to delivering excellence. Our team work in a highly collaborative environment where our diverse and inclusive culture values welcome all perspectives, backgrounds, experiences and approaches and we make sure that everyone on our team has an equal opportunity to contribute to the firm. We are proud to offer you a work culture that understands the importance of balancing work, life and ensuring continuous career development. To find out more and to apply, visit No. of employees 20,500 No. of qualified actuaries c. 400 in the UK No. of trainees 130 Opportunities available 4 GRADUATE JOBS 4 INTERNSHIPS 4 PLACEMENTS 4 SCHOOL LEAVER SCHEMES No. of graduate jobs c. 45 No. of undergraduate opportunities c. 45 Disciplines recruited from Numerical or semi numberical degrees Offices recruited into For application deadlines, the latest jobs and events visit: HEALTH WEALTH CAREER THINK DIFFERENTLY. WE DO. After all, you ll be working with some of the world s most prestigious clients, often on projects of international importance. That takes intellect, creativity and real initiative. It also takes the confidence and courage to explore the boundaries of your own potential. Whatever your strengths, whatever your ambitions, you will have the freedom to shape a successful career in a place that delivers truly exceptional results. Graduates and Interns Nationwide In return, you will benefit from the kind of professional development and prospects you would expect from a global consulting leader in talent, health, retirement and investments. So do what you do best. Analyse the facts and draw your own conclusions by visiting: careers.uk.mercer.com 88 Actuaries

49 EMPLOYER DIRECTORY From humble roots, we ve grown to become one of the UK s largest general insurance and financial services organisations. Our ethos of trust and respect lies at the heart of everything we do, and has seen us build an enviable reputation for exceptional service. With roots dating back to 1910, we ve gained a deep understanding of the needs of those living in rural communities. Our client base today is very diverse and our services and bespoke insurance solutions extend to the wider market, including High Net Worth clients. Ambitious about the future, we re keen to find and develop great individuals who will help to lead us forward. Which is exactly where our Professional Trainee Scheme comes in. Joining the scheme, you ll be empowered to own and grow your career, with the support and opportunities you need to thrive. What is the Professional Trainee Scheme? In short, it s an investment in you and your career. Joining one of our business areas, you ll gain a rewarding balance of on-the-job learning, hands-on experience and professional qualifications through an insightful training programme. Over the length of your scheme, you ll take on a number of different placements and we ll get you involved in high profile, live business projects with senior leaders. You ll be supported at every step of your journey and we ll sponsor you to complete professional qualifications too, helping you sharpen up the skills you need to progress. We have a range of Professional Trainee Scheme paths from customer service and marketing, to regional sales and corporate business available within our different business areas, to suit your ambitions and interests. Every year, we look forward to taking on new trainees and watching them develop into integral parts of our organisation. If you d like to build a career on solid foundations, look no further. 90 Actuaries No. of employees 3,644 No. of qualified actuaries 30 No. of trainees 10+ Opportunities available 4 GRADUATE JOBS 4 SCHOOL LEAVER SCHEMES No. of graduate jobs 10+ No. of undergraduate opportunities TBC Disciplines recruited from IT, Business, Customer Service, Marketing, HR and Finance Offices recruited into For application deadlines, the latest jobs and events visit: The Complete Finance Range GRADUATE JOBS INTERNSHIPS & PLACEMENTS ADVICE

50 EMPLOYER DIRECTORY TRAINEE PROFILE About us Punter Southall was established in 1988 by Jonathan Punter and Stuart Southall to provide actuarial and investment advice to UK pension schemes. The business was originally set up to introduce a fresh, competitive presence to a largely static pension services market and primarily to put client service first. These guiding principles have not changed. Key facts about Punter Southall Group 1,200 companies and trustees of pension schemes receiving services including: actuarial, administration, investment, employee and risk benefits advice. 3,500 private clients. We administer more than 460,000 occupational pension scheme members. Punter Southall Group has 2bn assets under management and 8bn assets under advice. Our services Our trustee and employer consulting teams provide friendly, professional and jargon-free advice for all aspects of occupational pension schemes including funding, investment strategy, benefit design and reporting of pension costs in company accounts. We also have a wealth of experience in takeovers, mergers, acquisitions and management of buy-out situations. Punter Southall Transaction Services is our specialised division dedicated to mergers and acquisitions pensions consultancy. We also provide high quality pensions administration for a large number of our clients through our sister company PS Administration Limited. Our vacancies We are looking to recruit into the following office locations: Birmingham, Edinburgh, Guildford and Wokingham. Benefits Punter Southall offers employees 23 days holiday per annum (increasing with service), healthcare, income protection, contributory pension scheme, study support, life assurance, discretionary bonus scheme and other voluntary benefits. 92 Actuaries No. of employees 1,000 group wide No. of qualified actuaries 84 No. of trainees 49 Opportunities available 4 GRADUATE JOBS 4 INTERNSHIPS No. of graduate jobs 6 8 No. of undergraduate opportunities 6 8 Disciplines recruited from Any degree discipline Offices recruited into For application deadlines, the latest jobs and events visit: NAME LOCATION UNIVERSITY DEGREE ROLE How did you join Punter Southall? Punter Southall offered me a great chance to do a summer internship before my final year at university. Whilst I considered becoming an actuary to be an option available to me, it was useful to confirm this by going on the internship and experiencing first hand what was involved. After this I was offered a permanent position following the completion of my degree. What did you do when you first joined? I joined the graduate scheme in 2012 and immediately got involved with lots of numerical calculations, both using Excel and more specialist software. This was a great way to start my progression as I was able to contribute usefully straight away, yet there were many things that I could learn and pick up from the models and methods we use. The difficulty of the maths that I use on a daily basis is not too advanced but using mathematical techniques to problem solve and modelling the scenario which you require is very rewarding. How has your job changed? Over the years my role has expanded, bringing in varied challenges and added responsibilities. As Punter Southall is a consultancy firm I am mainly involved Felix Currell Guildford Warwick Master of Maths, Operational Research, Statistics and Economics Actuarial Trainee in the drafting of advice in reports and presentations, as well as reviewing the calculations of more junior members of staff. This offers a nice mix of numerical and presentational challenges. Are you able to develop particular strengths? There are many different aspects to pensions consultancy, and naturally I have developed certain areas in which I have more knowledge. My personal strengths are in accounting and the use of a particular piece of software, and I have been encouraged and helped by Punter Southall to expand my knowledge in these areas. What is it like working for Punter Southall? I work with a large number of different actuaries, lots of whom are of a similar age to me. This means that there are many others who are going through the same experiences as me, which forms a great support network, especially when going through the stresses of actuarial exams. Arguably more importantly, the dynamic of having young actuarial teams means that there are plenty of opportunities for social events; there is always something in the diary, from our work-organised summer party, to unofficial events and our casual cricket and softball teams. Actuaries 93

51 EMPLOYER DIRECTORY EMPLOYER DIRECTORY TRAINEE PROFILE RSA is a leading international general insurer operating in three core regions: UK and Ireland, Canada and Scandinavia but with the capability to write business across the globe. Founded in 1710, we are one of the world s longest standing general insurers and have been protecting customers from risk and uncertainty for more than 305 years. We have around 13,500 employees across our core businesses and, in 2015, our net written premiums were 6.8 billion. The best way to gain a place on the RSA actuarial graduate programme is to first apply for an internship with us in the summer of your penultimate undergraduate year. Top performing summer actuarial interns are most likely to gain a place on the following year s graduate programme. Actuarial graduate trainees will work in a number of areas with the aim of giving them a wide range of experience. Placements include: Pricing of general insurance products working out the price to charge customers for general insurance products. Reserving of claims claims can take many years to settle and the Group needs to hold a reserve to ensure that it can pay the claims when they fall. Capital requirements the Group needs to maintain high levels of capital to write a wide range of insurance risks. As well as offering regular pay reviews for actuarial graduate trainees, we also provide a comprehensive support package to assist trainees in passing their actuarial exams. This includes up to 42.5 days study leave per year plus payment for study materials, tutorials, assignment marking and exam entry for the first two attempts at each examination. Our mentor scheme assigns each trainee a qualified actuary with whom they can discuss their development. Trainees will have regular meetings with mentors to discuss study and training plans, providing constant support while on the scheme. What you need We are looking for individuals who have obtained or are expecting at least a 2:1 in a highly numerate degree discipline and who have excellent problem solving ability, great communication skills, and the ability to work in a team or alone without close supervision. No. of employees c. 13,500 No. of qualified actuaries 25 No. of trainees 25 Opportunities available 4 GRADUATE JOBS 4 INTERNSHIPS 4 PLACEMENTS 4 SCHOOL LEAVER SCHEMES No. of graduate jobs 4 No. of undergraduate opportunities 20 Disciplines recruited from Math or any heavily numerical degree Offices recruited into For application deadlines, the latest jobs and events visit: NAME LOCATION UNIVERSITY DEGREE ROLE Fraser Horsham King s College London BSc Physics and Philosophy Actuarial Analyst What is it like working and studying in RSA s Actuarial Development Scheme? RSA really encourages graduates to learn and experience different facets of the business. The Actuarial Development Scheme is designed to help and support graduates in their exams. It supplies everything you need for the actuarial exams, as well as providing mentoring, study days, and rotations around the business. Rotations mean you can get experience in lots of different roles before settling in longerterm, whilst also building up a broader range of skills. Apart from the Development Scheme, working at RSA means that I m tested in new ways every day. RSA s encouraging culture means that I m not afraid to try new challenges and my managers always set time aside for interesting projects which help me develop wider abilities. What does working in Reserving involve? Reserving has been an interesting first rotation as it affects and is affected by almost all areas of the business. Claims, underwriting and pricing will all have a direct impact on the data which arrives at my desk. Reserving is a quarterly process meaning that we can observe longer term trends over multiple reserving cycles, and once we spot a change it can reverberate around the whole business. This makes it a fantastic starting position for a new graduate. Apart from the technical skills that any actuarial field requires, working in reserving has also helped me improve my presentation skills as the role involves two quarterly reporting meetings in which I am required to explain changes in data developments or pose questions to other areas of the business. Do you have any advice for somebody wanting to work at RSA? To join as a graduate, looking into an internship beforehand is key. I managed to get an internship in the summer before my last year of university. Fortunately, I was asked to join the graduate scheme following that process. To get onto the internship itself I d recommend applying early, improving your excel proficiency, and really focusing on marketing your skills my degree choice is not as traditional as Maths or Actuarial Science, but it does provide skills which are crucial to this role such as critical thinking and qualitative analysis, so it was very important that I made these abilities known on my application. 94 Actuaries Actuaries 95

52 EMPLOYER DIRECTORY Who we are Standard Life is an investment company with world class ambitions. Our purpose is to invest for a better future. For our customers and clients, for our shareholders and for our people too. With over 6,300 employees around the globe, we provide a range of investment solutions to our 4.5 million customers across 45 countries. We also support 25 million more through our associate and joint venture operations in India and China. We aim to make a positive long-term impact. Whether it s by encouraging people to save for their future by investing responsibly, or by providing support and expertise to the communities around us. And we need people who are committed to excellence in everything they do. Invest in your future Our graduate programme isn t easy, but who wants easy? You ll be encouraged to push yourself forward and develop the skills and abilities that will serve you well beyond your placement programme. You ll have challenging rotational placements, across a number of specialisms. Opportunities to learn from senior leaders from the very start. And a personal development programme that complements your on-the-job learning. In return for your hard work, you ll be rewarded with a competitive salary and benefits together with the opportunity to work in a fast-paced, fun work environment. Most of these roles will be based in Edinburgh, voted one of the world s best places to live and work! Ready? To find out more about these opportunities from recent graduates and to apply go to (All figures as at 31 December 2016.) 96 Actuaries No. of employees 6,300 No. of qualified actuaries 170 No. of trainees 20 Opportunities available 4 GRADUATE JOBS 4 INTERNSHIPS 4 PLACEMENTS 4 INSIGHTS 4 SCHOOL LEAVER SCHEMES No. of graduate jobs 40 No. of undergraduate opportunities 40 Disciplines recruited from Various Offices recruited into For application deadlines, the latest jobs and events visit: There is a huge culture of investing in and developing young people in the company which I have benefited from first hand. The amount of support I receive is immense and I am hugely grateful for it. GRADUATE CAREERS

53 EMPLOYER DIRECTORY You ve nearly completed your degree, and you re ready for what s next: a job that will inspire you, make you think and put your skills to the best use. Consider a career with Willis Towers Watson and unlock your potential! What will I be doing day to day? Our business is largely project based, so no two days are likely to be the same. As an intern or new graduate, you ll work on project teams with more experienced colleagues to gain proficiency and learn our approach and methodology for client work. Whether you join us in Corporate Risk and Broking, Human Capital and Benefits, Investment, Risk and Reinsurance and Software Solutions you ll benefit from a comprehensive training and development programme. You will be in charge of your own career, working with your manager to decide what s next and how to get there. What do you offer new graduates? You ll learn on-the-job by working on a variety of complex and interesting assignments. You ll team with a broad network of colleagues often across borders and timelines to provide innovative solutions to the leading organisations that are our clients. Our clients recognise the need for, and actively seek, the best ideas from the brightest minds in business, giving our consultants challenges and opportunities that are difficult to find anywhere else. Willis Towers Watson is large enough to offer you the breadth of work to choose your own path, yet small enough to allow you to have an impact on our clients success and ours. Top four reasons to join us Fully funded study Opportunities for involvement in client work, starting on day one Collaborative working environment with recognised thought leaders A global company with a stellar reputation. Sound interesting? If this sounds exciting to you, visit our website for more information and to apply. 98 Actuaries No. of employees 40,000 No. of qualified actuaries c. 570 No. of trainees 410 Opportunities available 4 GRADUATE JOBS 4 INTERNSHIPS 4 INSIGHTS 4 SCHOOL LEAVER SCHEMES No. of graduate jobs 100+ No. of undergraduate opportunities 80+ Disciplines recruited from All degree disciplines considered Offices recruited into For application deadlines, the latest jobs and events visit: Together, we unlock potential. Willis Towers Watson is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. Our clients recognise the need for, and actively seek, the best ideas from the brightest minds in business, giving our consultants and brokers challenges and opportunities that are difficult to find anywhere else. Willis Towers Watson is large enough to offer you the breadth of work to choose your own path, yet focused so you can make an impact on our clients success and ours. Learn more at careers.willistowerswatson.com/ students-and-graduates. Connect with Willis Towers Watson willistowerswatson.com

54 EMPLOYER DIRECTORY EMPLOYER DIRECTORY TRAINEE PROFILE Xafinity is an independent, FTSE listed, UK pensions specialist. We combine expertise, insight and technology to protect and enhance the benefits of hundreds of thousands of pension scheme members. Xafinity s aim is to become the pre-eminent mid-tier pensions consulting firm the best place for people to work, and the best partner for our clients. Our objective is to become the clearly differentiated alternative to the Big Three providers. We are focused purely on pensions, operating at scale and yet nimbly to provide clients with superior service at better value than our larger rivals. Xafinity Consulting recruits graduates each year to join our actuarial training programme as it is important to our business to grow and develop this talent. With us, you will develop the analytical and communication skills that you will need in order to build a successful career in a challenging, but rewarding, field. Our graduates work alongside qualified actuaries and other actuarial students and are exposed to real client issues from the start. Actuarial study package The package is flexible to meet individual requirements and includes: Full payment towards exam fees, study materials, tutorials, mock exams and all administration costs. Paid study leave of one day per week to work towards exams. Each graduate is allocated a study mentor to offer support and guidance whenever needed. Why work for Xafinity Consulting? Xafinity Consulting is an award-winning specialist provider of pensions and employee benefits expertise. Our extensive 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. Graduates will train in a like-minded, friendly, actuarial team whose members will always be willing to provide support and advice. Our offices have a strong social scene away from work, with frequent formal and informal social events held throughout the year. 100 Actuaries No. of employees 440 No. of qualified actuaries 55 No. of trainees 55 Opportunities available 4 GRADUATE JOBS No. of graduate jobs Up to 8 No. of undergraduate opportunities Varies Disciplines recruited from Mainly maths, economics or science-based subjects but will consider others Offices recruited into For application deadlines, the latest jobs and events visit: NAME LOCATION UNIVERSITY DEGREE ROLE Amy Farrell Leeds Leeds BSc (Hons) Actuarial Mathematics Actuarial Assistant My degree Through studying Actuarial Mathematics at the University of Leeds, I gained a great insight into what the work of an actuary might include. The majority of the modules I studied were based on the actuarial exams, so this was a great stepping stone going into work as an actuarial student. The main reason I decided to pursue a career as an actuary was the mixture of analytical problem solving and effective communication to someone with little or no actuarial knowledge. Choosing Xafinity Consulting The moment I knew I really wanted to work for Xafinity was after attending the assessment centre, which was the final stage of the application process. From the challenging group tasks to the mathematical problem solving, Xafinity gave us an insight into all the different skills needed as an actuary. The dinner and games at the end of the first day was when I got to see the social side to the company which is when I knew it was the perfect fit for me. My job Within my first few days at Xafinity, myself and the other new graduates were given plenty of training about the actuarial profession and in particular the work Xafinity does. On a daily basis the tasks I complete can vary dramatically, from member calculations to accounting disclosures to drafting reports, all of which build on the fundamental skills needed to be a great actuary. I feel like I am constantly learning something new within my job and if I am ever stuck or unsure there is always a friendly face within the client team to help out. Professional development at Xafinity Consulting When beginning a new piece of work a more senior member of the team will sit down with me and explain what needs to be done, how it s done and why it s needed. I find this great as it gives me an insight into client-specific information and a greater understanding of actuarial applications. The amount of training sessions Xafinity provide is great and if you ever find something that hasn t been accounted for in a training session that you are struggling with, you can easily request a training session in that field. Life at Xafinity Consulting The people at Xafinity are what make it such a great company to work for. The socials are always a laugh and they give you a chance to build relationships with people from other departments. There s always something social going on, from end of the month drinks to lunches out to activities such as bowling and pub quizzes. Actuaries 101

55 EMPLOYER DIRECTORY 100s Jobs Looking for an exciting career? Thinking about insurance? It s a fast-paced environment, where you ll be thinking on your feet and finding ways to protect the things people love. Forget any preconceptions you have about the insurance industry and graduate programmes. A graduate role with Zurich gives you a real job, with real responsibility from day one. You ll also enjoy all the training, support and opportunities you need to put you well on your way to a successful career with us. We have a real focus on our people and culture, and a desire to make a difference to our customers and the communities in which we work. This is a diverse workplace with a number of employee network groups. It s this commitment to a supportive and approachable culture that s seen us named one of The Sunday Times Best Big Companies to Work For. No. of employees 60,000 No. of trainees 50+ Opportunities available 4 GRADUATE JOBS 4 PLACEMENTS No. of graduate jobs 40 No. of undergraduate opportunities 25 Disciplines recruited from Actuarial, Finance, Technology, Business Change & Management Offices recruited into Why Zurich Zurich was once again named in The Sunday Times 25 Best Big Companies to Work For in We are one of the world s largest insurance groups, and one of the few to operate on a truly global basis. Our mission is to help our customers understand and protect themselves from risk. With over 60,000 employees serving customers in more than 170 countries, we aspire to become the best global insurer as measured by our shareholders, customers and employees. Find your dream Actuarial role online today. For application deadlines, the latest jobs and events visit: Actuaries GRADUATE JOBS INTERNSHIPS & PLACEMENTS ADVICE

56 JOB FINDER JOB FINDER TYPES OF OPPORTUNITIES TYPES OF OPPORTUNITIES Company No. of employees No. of qualified actuaries No. of trainees Offices recruited into Graduate jobs Internships Placements Insights School leaver schemes No. of graduate jobs No. of undergraduate roles Further info (page) Company No. of employees No. of qualified actuaries No. of trainees Offices recruited into Graduate jobs Internships Placements Insights School leaver schemes No. of graduate jobs No. of undergraduate roles Further info (page) 50,000 c. 400 Nationwide London & Winchester c London & Edinburgh ,500 c. 400 in the UK 130 Nationwide c. 45 c Nationwide , Nationwide TBC 90 c. 1, Nationwide c ,000 group wide Nationwide , Nationwide c. 13, Nationwide Nationwide , Edinburgh & London ,000 Nationwide Varies Varies 77 40,000 c Nationwide in the UK London Nationwide Up to 8 Varies Nationwide , Nationwide Actuaries Actuaries 105

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60 NOTES Publisher: Cambridge Market Intelligence Ltd, Thornton House, Thornton Road, Wimbledon, SW19 4NG. T: Editorial: Sarah Olley ISBN Printed and bound in the UK by Cambrian Printers, Aberystwyth Copyright in individual articles 2017 the authors, who have asserted their right to be identified as the author under s.7 of the Copyright, Designs and Patents Act The compilation 2017 Cambridge Market Intelligence Ltd. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted, in any form or by any means electronic, mechanical, photocopying, recording or otherwise without the prior permission of the copyright owner. While every effort has been made to ensure its accuracy, no responsibility for loss occasioned to any person acting or refraining from action as a result of any material in this publication can be accepted by the publisher or authors.

61 Consulting opportunities in: Pensions Actuarial Investment Insurance Business Analytics and Financial Modelling Problem-solver? Creative thinker? Strong communicator? Are you ready for a career that challenges you, allows you to grow and work alongside some of the brightest minds in the industry? Creative, forward thinkers and innovators, we need you! LCP is now recruiting up to 30 highly numerate graduates with strong communication skills in London and Winchester within our Pensions Actuarial, Insurance, Investment and Business Analytics and Financial Modelling teams. Want to know more? Visit our Facebook page at facebook.com/ laneclarkandpeacock for more information on events, or our website at to access our online application form. Make sure you also join our online Talent Network to stay connected and find out about our latest vacancies and opportunities. The deadline for applications is 17 Nov 2017

62 Let s KICK-START your CAREER Few things are certain in life. Economic upheaval, political crises, natural disasters and plenty more besides all mean the world can be full of surprises. At Aon, we draw on the expertise of over 66,000 people to help the biggest names in business plan for every eventuality. Our size, global network and emphasis on innovation mean where we lead, the industry follows. We have apprenticeship, intern and graduate opportunities so if you re looking for a way to kick-start your career r don t leave it to chance. Visit aonearlycareers.co.uk ers.co.uk to find out more. Opportunities available in: Actuarial Consulting Pensions Actuarial Consulting General Insurance Investment Consulting Insurance, Reinsurance and Risk Management Health & Benefits Broking and Consulting Global Risk Consulting Captive Solutions Human Capital Consulting Aon UK Limited is authorised and regulated by the Financial Conduct Authority. Risk. Reinsurance. Human Resources.