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Can I get into actuarial profession with a Music degree...

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Reply 2040
Can I ask how you choose between different fields of the job? For instance, I'm having a hard time deciding on whether to follow GI or pensions route. Is there much difference in the future?
Original post by DH.
Can I ask how you choose between different fields of the job? For instance, I'm having a hard time deciding on whether to follow GI or pensions route. Is there much difference in the future?


I work in GI pricing and have no knowledge of pensions or work or have any friends working in pensions actuarial roles however, every conversation I've seen online and conversations I have with colleagues seems to reach the same conclusion: the future is bleak for pensions. It seems many in pensions would like to switch to GI. Consensus also seems to be that GI work is a lot more interesting. I've got nothing but positives to say about the work I do!

I didn't pursue roles in pensions at all as the prospect didn't excite me at all.

A Google search will bring up plenty of discussion on the topic.
(edited 9 years ago)
Original post by DH.
Can I ask how you choose between different fields of the job? For instance, I'm having a hard time deciding on whether to follow GI or pensions route. Is there much difference in the future?


I worked in Pensions before moving over to GI.

My experience of pensions was that it was a lot of learning specific fiddly rules. Over time new legislation and different employers have decided on slightly different rules for calculating the benefit payments to pensioners and other members of the pension schemes. Because these rules differ slightly between schemes you have to effectively re-learn the rules for every new client (it's not actually this bad, but not far from it).

In GI it's less about very specific rules and more about the broad picture (or at least what I've found). I prefer this as I get to do my calculations etc based on principle rather than having to triple check every little detail.

Either way, a job is a job and it is possible to move between pensions and GI. I would recommend trying to get into GI the most, but really you probably don't have all the options open to you.
Original post by DH.
Can I ask how you choose between different fields of the job? For instance, I'm having a hard time deciding on whether to follow GI or pensions route. Is there much difference in the future?


TBH I think most people just apply until they get something - it's quite competitive!

I'm in pensions and I really enjoy it, and I think most of my colleagues do too. The impression I get is that GI is more technical/mathematical, but most insurance actuaries are non-consulting roles and I love the consulting element of my job - building relationships with clients, the variety of work, etc. Besides, there are more technical roles in pensions too, e.g. quant work. I find many of the people slagging off pensions are people who have never worked in pensions ...

I do think the "bleak" side of actuarial work in pensions is overstated. New DB schemes are still opening and the rate of closure is not *that* fast. Plus, pensions consultancies are broadening their areas of expertise in preparation for the decline of DB work - my firm has a growing risk consultancy (e.g. ERM) practice, for example.

EDIT: What Shillington said about learning different rules for each client is true to an extent, but you're not likely to have so many clients that that's a big problem. Indeed, the different "story" to every client is what can make it so interesting! I have one client that is a huge outsourcing company, another that's a small struggling charity, etc. I like the nuances of how you approach and work with different clients depending on their relationship with the scheme sponsor, different priorities, kind of membership and different appetites for risk.
(edited 9 years ago)
Hi! Can I ask you actuaries what kind of hours you work?

Thanks:smile:
Original post by Taraxoxo
Hi! Can I ask you actuaries what kind of hours you work?

Thanks:smile:


They tend to last about 60 minutes in GI, not sure about pensions, life or investment. My hours can occasionally feel like entire days, but it's rare so don't worry about time dilation or any other relativistic effects!
Reply 2046
I feel that I am pretty ****ed up. I am a final year student in actuarial science and I never did a single internship before. I know that work experience is very important. The reason why I did not do an internship is because I think my communication skill is very bad and I just thought it was nearly impossible for me to get an internship. As I am an international student, it is even harder to get an internship or a job in the UK than local/EU citizens, I applied for internships in my home country by the end of June but it was too late already so I ended up wasting my time during summer holiday. This year I have applied for quite a few graduate jobs but I did not get any replies at all. I think my CV looks bad and my english + communication skills are horrible, I really feel unconfident to apply for jobs. I have good results in my 1st and 2nd year (>80) and I don't want to waste my degree. Right now I don't really know what kind of job I should look for, and I don't really know what I am really interested in......
Original post by a5a09
I feel that I am pretty ****ed up. I am a final year student in actuarial science and I never did a single internship before. I know that work experience is very important. The reason why I did not do an internship is because I think my communication skill is very bad and I just thought it was nearly impossible for me to get an internship. As I am an international student, it is even harder to get an internship or a job in the UK than local/EU citizens, I applied for internships in my home country by the end of June but it was too late already so I ended up wasting my time during summer holiday. This year I have applied for quite a few graduate jobs but I did not get any replies at all. I think my CV looks bad and my english + communication skills are horrible, I really feel unconfident to apply for jobs. I have good results in my 1st and 2nd year (>80) and I don't want to waste my degree. Right now I don't really know what kind of job I should look for, and I don't really know what I am really interested in......


You'll never qualify as an actuary if you believe your communication is that bad. Communication is one of the key aspects of the work we do. It's so important that it's one of the five categories in The Actuaries' Code.

It sounds like you simply have no confidence in yourself though. To be very honest with you, if you convey the same downbeat and wallowing attitude in your CV as you have done here, I wouldn't invite you to an interview. The job market is difficult at the best of times, but it's especially difficult for graduates applying for popular jobs. I suggest you try and not let rejection affect you so much, get on with it and try to improve with every application. Otherwise you'll get nowhere.

If you really believe you'll never improve though, why not try and register with a more local actuarial professional body that uses the same language as you? Or try and get over your weakness in a more constructive manner by attending an English course? SItting on TSR and complaining will get you nowhere.

Also, I personally managed to get a job after "wasting" my summers by not going on internships. It is possible. Focus on what you have done and the skills you have got.


My God I'm officially an old grump who rants at the youth of today. Hmph.
(edited 9 years ago)
Original post by Jelkin
Passed CT4 and 8



Good job Elkin.
Original post by Shillington
Good job Elkin.


Thanks dude. You're wrong on the CT8 front though I'm afraid - I took CT4 and CA1 so I've only had one result so far! I am desperate to pass CA1 but not feeling too confident.

How did everyone else do? Seems unfair and wrong that everyone else knows my real name and I've no idea who y'all are ...
Original post by Jelkin
Thanks dude. You're wrong on the CT8 front though I'm afraid - I took CT4 and CA1 so I've only had one result so far! I am desperate to pass CA1 but not feeling too confident.

How did everyone else do? Seems unfair and wrong that everyone else knows my real name and I've no idea who y'all are ...


Can PM names, but definitely not posting it :P

Results for ST2 soon, although failed CA2 the other day, and sat CA3 yesterday...
Original post by Jelkin
Thanks dude. You're wrong on the CT8 front though I'm afraid - I took CT4 and CA1 so I've only had one result so far! I am desperate to pass CA1 but not feeling too confident.

How did everyone else do? Seems unfair and wrong that everyone else knows my real name and I've no idea who y'all are ...


Speak for yourself - Shillington recognised me when I turned up for my CA1 resit :eek:
Original post by Slumpy
Can PM names, but definitely not posting it :P

Results for ST2 soon, although failed CA2 the other day, and sat CA3 yesterday...


Best of luck! When it comes to CA2 and CA3, people at work seem to pass one and fail the other, weirdly.

Original post by JohnnySPal
Speak for yourself - Shillington recognised me when I turned up for my CA1 resit :eek:


What! I'm impressed. Your avatar is not that instructive.

I like to think no one would recognise me from my picture in The Actuary.
Original post by Jelkin
What! I'm impressed. Your avatar is not that instructive.

I like to think no one would recognise me from my picture in The Actuary.


The stalky little swine. Goes to show just how much info you can glean from an internet presence!

My colleagues like your monthly article, by the way. They're fans of yours! Just thought you'd like to know.
Original post by Jelkin
Thanks dude. You're wrong on the CT8 front though I'm afraid - I took CT4 and CA1 so I've only had one result so far! I am desperate to pass CA1 but not feeling too confident.

How did everyone else do? Seems unfair and wrong that everyone else knows my real name and I've no idea who y'all are ...


My mistake, in the file attached I searched for your name and saw there was a 1 four columns in and then another 1 at the end which I assumed was CT8 and forgot I had a total column.

Well done anyway.
Original post by JohnnySPal
The stalky little swine. Goes to show just how much info you can glean from an internet presence!

My colleagues like your monthly article, by the way. They're fans of yours! Just thought you'd like to know.


Y'all jelly of my mad stalkin' skillz.
Original post by Shillington
My mistake, in the file attached I searched for your name and saw there was a 1 four columns in and then another 1 at the end which I assumed was CT8 and forgot I had a total column.

Well done anyway.


I remember back in the day when I gave a ****e about how other people did :daydreaming:
Original post by JohnnySPal
The stalky little swine. Goes to show just how much info you can glean from an internet presence!

My colleagues like your monthly article, by the way. They're fans of yours! Just thought you'd like to know.


Thanks! I'm never sure if many people read it. Mind you, I did get some good feedback about the November one, which I was surprised about as while I was writing it I was thinking, "What the **** am I doing?"

Original post by Shillington
My mistake, in the file attached I searched for your name and saw there was a 1 four columns in and then another 1 at the end which I assumed was CT8 and forgot I had a total column.

Well done anyway.


Cheers man!
Original post by Jelkin
x


I'm trying to research a few current issues in the pensions market. I read about the changes that the Chancellor has called out. I'm wondering, how will this affect pension consultancies exactly? I know that people no longer need to buy annuities, but pensions consultancy don't directly sell the annuities so how it would the changes go on to affect firms?
Well done SPal and Elkin. Good sweep for CA1.

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