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

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jobhunter1985

maybe your application form wasn't strong enough. remember, your degree (or where you studied) isn't everything.

to the OP no one here can really give you a definitive yes or no answer. you're better off calling up the firms you want to work for, explaining your situation and taking it from there.

I was waiting for someone to fall into the trap!

I actually pride myself on my ECs, I worked for a charity, was a vice-president for a uni society, I was doing the duke of Edinburgh gold award, was a scout leader for 2 years, keen member of sports clubs etc..

Basically I filled in the application form and then got a phone call saying I had to do the online tests. I did the tests which went fine, pretty easy stuff with a maths degree really, just time pressured. And then I never heard back from them. I made a number of email inquires, but nothing.

It was for the internship btw, so it may have been a lot harder to get the place!

Funny thing was something very similar happened to me again later that summer. I did a deloitte summer vacation scheme during which I had an e-tray and partner interview to secure the job. At the end of it they offered me a place, but then they never ever sent me a contract or anything through the post. A year later, still nothing even though one of the partners came down to congratulate me on getting the job at the end of the scheme!

Obviously I would have phoned, but by then I had already accepted a job from another big 4 firm. In audit I might add as I was disillusioned with an actuarial career at the time!

Reply 21

Flying Scotsman

Mr.E

Really?

Afraid so, although I put it down to the fact that they were probably swamped with applications because of the credit crunch! And it was for the internship scheme, so maybe less places available. I still felt my initial application was quite strong though!

I'm more pissed off with the fact that they never bothered to respond to be honest..

Reply 22

stosie

GilbertLam

I'm currently on my gap year at the moment and I have thoughts of becoming an actuary when I finish my music degree at KCL. However I'm worried that most employers won't even look at me because I won't have a degree that's vaguely...mathsy. You may be thinking 'then why on earth are you doing a music degree' but my reason is just that I would like to study music at uni more than maths. However it doesn't mean that I don't enjoy maths. If it helps at all, I got an A* in GCSE maths and an A at A-level. Surely my music degree would be of some use because I would have gained experience in essay writing for writing reports etc. But will this be enough to prevent them from overlooking my CV do you think? Do you know of any people with an arts degree that have gone into the financial sector?

Thank you.

You probably won't be able to get into most firms without doing something more mathsy like an MSc in finance or actuarial science. Most firms ask for a numerical degree and almost everyone in my department did maths or actuarial science at uni. (The ones who didn't did chemistry)

It will be hard for you but there's no harm in trying and if you're passionate and determined you may be able to get a graduate position.

Your A Levels are fine.

You may be better off with something that doesn't specify a degree like accountancy or other general finance roles

Reply 23

Mr.E

stosie

What about economics :frown:

Reply 24

Inflation

Hey, how many actuaries does London office take for Summer, and as graduate?

Reply 25

JohnnySPal

As someone who is studying for actuarial exams as part of a large general insurer, I think you'd have every chance of getting a job where you could get a study contract. Try recruitment agencies (REED Actuarial and Emerald are both very good) and see what they have to offer you. Admittedly it'd be unconventional and you're bound to get questioned about your choice of degree in an interview, but don't let it deter you, at all!

If that doesn't work out, and you're dead set on becoming an actuary, why not try doing an MSc in Actuarial Science? There are MSc courses out there that would make you far more attractive to employers, and will give you exemptions from exams...

http://www.actuaries.org.uk/students/tuition/courses

The universities on teh above page are the ones that run accredited courses. Leicester definitely run an MSc that leads to exemptions in CT1-CT8. IIRC it's only a one year course as well.

Reply 26

JohnnySPal

Jelkin

Try to get some work experience whilst at university (if possible - I don't know if it is) and perhaps do some extra maths-related study. I read somewhere that it's a good idea to try to take one of the actuary exams before you start applying to places so that they know you're a) serious and b) good enough, as the exams are hard to pass. However, the actuary textbooks seemed pretty expensive when I looked into this. Ebay might have some though

The good news here is tha you can now sit CT1 (FInancial Mathematics) as a non member. It's designed for people like the ones described by Jelkin here. As a holder of a shiny Certificate if Financial Mathematics (what you get for passing CT1 as a non member) I can tell you it's bloody tough, but far from impossible. Having said that though I had a full time 9-5 job and had to study at the weekends.

More details here: http://www.actuaries.org.uk/students/exam_subjects/certificate_financial_mathematics

If you want to pursue this route you'll need to do the following:

- Get onto ActEd.co.uk and order a Combined Materials Pack for CT1. These will be your course notes.
- Get onto the (UK) actuaries website and order yourself a copy of the (orange) actuarial tables
- Look on the list of permitted calculators, and if you don't have one from the list (there are only six so it's unlikely!) get yourself a new calculator

The above will set you back about £150, maybe? I think I paid £130 for my CMP. Assuming you don't lose the will to live when you're getting towards the end of the course notes in the CMP...

- Then you'll need to register for the CT1 exam before the deadline (the April 2010 deadline will be a couple of months off yet don't worry), registering to sit the exam at the nearest centre

The exam entry fee I paid was £220. That's £50 more than youd' pay as a member, but you're still quids in because the annual subscription fee is far more than that!

Passing CT1 would look great to potential employers and a route I would definitely consider. Not only will you keep yourself occupied (I'm assumeing you're unemployed), you'll also be able to find out whether you still wantg to sit the exams, find out if you're good enough to sit them, and you'll give employers something to think about.

Reply 27

JohnnySPal

GilbertLam

I actually have 2 jobs at the moment at WHSmith's and Debenhams. But I'm hoping to leave Smith's soon at the end of Xmas so hopefully I'll have more time. How many months did you take to study for the exams? Did you do all the studying by yourself or did you attend any sort of class? Also when did you do CT1...had you finished your degree etc? I've only finished A-level Maths, will this be at an alright standard?

I studied over 3-4 months. Certainly if you want to pursue this option I'd have the study materials ordered from ActEd either before Christmas or soon after.

It was entirely sel study in my case. I didn't turn up to any class, nor did I buy any extra materials. Just the CMP and a brain did it for me!

I've been in a graduate role for nearly a year now. Yeah, I'd graduated and was in an insurancey role when I started studying for CT1.

To become a member of the institute you only need a B in A-level maths. I'm pretty sure that's the only stipulation they have.

GilbertLam

Is there a cheaper alternative...llike Ebay for the books as suggested above? Or is that not recommended?

Thank you!

I'm not sure how much cheaper you'd get the tables and a calculator for really (I got mine for £20-£25 combined I think). I would definitely buy a new copy of the CMP from ActEd rather than try to get away with spending less money, which will be about 90% of the total initial cost. You can by the core reading for about £50 but they'll probably leave you woefully underprepared for an exam.

If you're taking this seriously you'll be planning to be doing exams for the next five years anyways. I'd make the investment and buy new.

Reply 28

JohnnySPal

GilbertLam

What degree did you do again? You might have mentioned it already somewhere on here. Do you think that having done a degree you were better prepared at passing CT1 in any way? My sister has suggested taking CT1 after my degree but I sort of want to do it now and get it over with. And then I can carry on with the other exams after my degree. Or just drop out completely and apply for actuarial science if I come to hate my music course at King's.

Would the mathematical side of CT1 be manageable for a student who achieved an A at A-level do you think?

I did Maths at Warwick.

CT1 isn't that difficult at all. I take it you're 18 and about to go to uni? You could pass it now quite easily.

Like I say, you only need B at A-level to be able to become a member of the institute. That's the stipulation for a reason cocker :wink:

but yeah, having a A at A-level will easily be enough to do CT1.

Reply 29

Clear_water231

JohnnySPal

but yeah, having a A at A-level will easily be enough to do CT1.

Oh right ok I'm starting to feel more hopeful now. It's just yesterday you said that CT1 was 'bloody tough' so that gave me the impression that it was, well... bloody damn difficult. Obviously I know it's not going to be easy but at least I have a chance.

Can't believe I'm saying this but...I'm going to order the books pretty soon (with my own money :rolleyes:

)! And I only just decided to be an actuary like last week lol! Talk about impulsive!...

Reply 30

JohnnySPal

GilbertLam

)! And I only just decided to be an actuary like last week lol! Talk about impulsive!...

I didn't say that. I said that it's bloody tough if you're trying to do it while holding a full time job down. While the material is probably A-level-to-first-year-undergrad standard (i.e. Moderately difficult but perfectly doable with a bit of work), you need a hell of a lot of discipline to do the studying. The website recommends that you study the module for 125-150 hours in total, which is a long time when you think about it.

The CMP itself isn't a book, by the way. It's two big ringbinders full of study material and question banks.

What's your education status anyway? Are you in your first year of uni or something?

Reply 31

beatleboar

JohnnySPal

but yeah, having a A at A-level will easily be enough to do CT1.

Hello.
You seem to know quite a lot about this kind of thing.
I am dead interested in becoming an actuary.
I just want to know if I am heading the right way and if there is any tips you could give me?

i) I am hoping to get an A* in Maths and an A in further maths as level. With Geography, Business and Economics, Law and General Studies. Hoping all to be A or maybe A*. They may consider some subjects to be weak though however?
ii) Economics as a degree, how suitable is it? Also the university I attend will this play a big part? Eg. York, Durham, Nottingham, Bristol and Warwick.
Aim for a firs, more likely going to end up with a 2.1.

Then I don't know really what else to do.
Your help, would be incredibly appreciated.
Thanks.

Reply 32

beatleboar

JohnnySPal

Can I have some help ? please?

Reply 33

JohnnySPal

GilbertLam

Oh I must have misunderstood you. No I'm on my gap year at the moment so I have a lot of time to do anything. Finished A-levels last summer.

To be honest it seems kinda pointless doing it now. You'll only forget the mmaterial even if you pass. Why not study over one summer holiday period from uni? You should get a good 2-3 months off to study all the material thoroughly.

Feels to me like you're making a rash decision. To say it's been your dream for all of a week anyway. Don't let that stop you but why do you need to do CT1 now, at least three years before you'll even be contemplating the job market? If I were you I'd sit down and have a good think over the next few months.

Also, to the other guy asking me questions, to say you're "dead interested" you don't seem to have done much research. A simple search on the institute's website will answer all your questions :rolleyes:

Reply 34

Clear_water231

JohnnySPal

- Get onto ActEd.co.uk and order a Combined Materials Pack for CT1. These will be your course notes.
- Get onto the (UK) actuaries website and order yourself a copy of the (orange) actuarial tables
- Look on the list of permitted calculators, and if you don't have one from the list (there are only six so it's unlikely!) get yourself a new calculator

Ok I'm going to order the pack in a few days time. So just to clarify: all I need to study for CT1 is the Combined Materials Pack, the actuarial tables and a suitable calculator? Is there anything else that's really obvious that I'm missing out? Do I need any of the stuff on that website such as core reading etc...or is everything included in the pack? Is this the correct actuarial table http://www.actuaries.org.uk/members/transactions/publications_shop - the one under formulae and tables?

I just checked the ActEd website and the Combined Materials Pack is $114 (I don't have a pound sign), does this look right to you?

Also where can I find the exam deadline for April 2010?

Thank you so much for you help!

Reply 35

JohnnySPal

GilbertLam

Ok I'm going to order the pack in a few days time. So just to clarify: all I need to study for CT1 is the Combined Materials Pack, the actuarial tables and a suitable calculator? Is there anything else that's really obvious that I'm missing out? Do I need any of the stuff on that website such as core reading etc...or is everything included in the pack? Is this the correct actuarial table http://www.actuaries.org.uk/members/transactions/publications_shop

I just checked the ActEd website and the Combined Materials Pack is $114 (I don't have a pound sign), does this look right to you?

Also where can I find the exam deadline for April 2010?

Thank you so much for you help!

£114 is correct, yeah. You can buy the tables by opening that link and clicking on Formulae & Tables on the side bar.

The exam deadline will be on the institute's website (http://www.actuaries.org.uk/students/important_dates#2010)

Reply 36

JohnnySPal

GilbertLam

Only the actuarial tables have arrived at the moment, and looking through it, all the mathematical formulae do look quite intimidating I have to be honest lol! Are you sure A-level Maths is sufficient?

My sister is an accountant so she is able to explain some of the stuff to me, but in case I get stuck are there any group tutorials I can go to? Especially any free ones?...or any crammer courses? My sister trained with BPP and they had tutorials for her exams so I'm wondering if it's the same for actuarial exams.

Cheers.

Don't worry about the formulae. They're provided for a reason - so you don't have to remember them. Because you'll have them questions will usually (presumably) break down into a routine "throw the numbers in and get an output"-type thing. You'll only use about two of those formulae for the entirety of CT1! You'll mainly need the tables for the interest rate tables, and the normal distribution table lookups near the back.

Really, A-level maths will be fine. You'll need to be pretty good at it (you're on for an A right?) but it will definitely suffice. When you get your CT1 notes you'll stop worrying I'm sure. CT3 will be the module that's heaviest on the maths so if you fancy learning a second module I'd recommend that next, to feel content with the maths in future modules you take.

I dunno about extra classes. I'm pretty sure you can book one/two/three day block tutorials through ActEd but I definitely didn't need it for CT1 so I dunno how useful they'd be...

Reply 37

stosie

GilbertLam

Don't worry too much about the tables most of it isn't relevant for CT1, the tables are the same for all the exams so you won't need to use most of it.

There are tutorials from ActEd, which is owned be BPP. They do revision days and regular or block tutorials. I think they work out at £120-150 a day but I don't know whether that includes VAT as my company pays for mine.

I have had my first CT1 tutorial and found it really useful, I do have a lot less time to work it out in my own time though as I am doing 3 CT subjects with only 20 study days.

You may find a revision day useful or something called ASET (acted solutions with exam technique) or getting a mock exam with marking. One of these would at least let you know if you are answering questions in the right way.

Make sure you do the assignments in exam conditions even if you're not getting them marked as this will let you know what the time pressure is like.

Reply 38

JohnnySPal

GilbertLam

Yeah I got an A at A-level Maths. All my modules were A's except Mechanics for which I got an E lol. I hate Physics with a passion! I actually got my CT1 notes today too! I don't really know what I paid 114 pounds for though lol...

I think as a non-member I can only do CT1. Do I have to be taken in by a company to be a member?

Have you actually done any proper research into this? :facepalm2:

Anyone can become a member of the institute. Thing is, CT1 is the only exam you can take where you don't have to be a member. Thing is, being a member costs you a lot of pennies each year. By doing CT1 you can test the examination waters without splashing out something like £250 (additional) pounds on being a member in the process.

You paid £114 for everything that came through. Do you not think there's enough or something? I **** myself with intimidation when I got my pack through :confused: