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

So long as you realise that employers look at FAR more than your university.

Also, I think you need to do more research into actuarial employers.

Reply 381

r_mar

Yeah, I know university choice isn't the only factor. I just wanted to know how important a factor it was.

I've been invited to attend PwC's Insight Course and after that I'm going to chase some work experience from my local PwC and Aviva. You appear knowlegable on the sector, is there anything else I can do pre-university?

Reply 382

JohnnySPal

2

Original post by r_mar

Yeah, I know university choice isn't the only factor. I just wanted to know how important a factor it was.

I've been invited to attend PwC's Insight Course and after that I'm going to chase some work experience from my local PwC and Aviva. You appear knowlegable on the sector, is there anything else I can do pre-university?

Learn that there's more to life than WaterPriceCooperhouse?

Oh, and how to make hats from eggs :teehee:

Reply 383

Sneakydave

Original post by r_mar

All I wanted to know was if my uni choice would stop me getting into the profession. No need to be so elitist.

I got an internship at an actuarial firm about a month ago. When I was at the interview I asked about why they chose to interview me and one of the things they said was they look for is a prestigious university. I go to Bristol and I met two other people there, one went to Warwick and another to Cambridge so based on that I'd say give Bath a shot over UEA.

It does depend how much you need the money though. University is an investment and if you can afford the £13k now I'm sure it'll pay off in the future given you'll have a more prestigious degree.

On an unrelated note those seem like crazy high offers! So glad there weren't A*'s when I was at school :/ You definitely weren't being rude, that Johnny guy doesn't seem like a very nice person.. Hit me up a PM if you like and I'll let you know how the internship goes so you know what you're getting yourself into :smile:

I'm pretty impressed your this far into planning a career before your even at uni!

Reply 384

.ACS.

19

Ah god I screwed up one of my internship applications!!! :frown:

Made an application to LCP for insurance, but applied for Winchester, and then got an email back saying they don't do insurance in Winchester! So I had to reply with a modified application form and covering letter, stating I wanted Winchester but investment. Now I'm pretty sure I look like such an idiot. :s-smilie:

Thing is I really want to stay in Winchester, or locally to Southampton at least, given I'm paying for a house over the summer, but I'm just hoping I don't look really indecisive and idiotic with the mess I made.

Oh well, still waiting on RBS Insurance, LVE, and PruHealth.

Reply 385

JohnnySPal

2

Original post by .ACS.

Ah god I screwed up one of my internship applications!!! :frown:

Made an application to LCP for insurance, but applied for Winchester, and then got an email back saying they don't do insurance in Winchester! So I had to reply with a modified application form and covering letter, stating I wanted Winchester but investment. Now I'm pretty sure I look like such an idiot. :s-smilie:

Thing is I really want to stay in Winchester, or locally to Southampton at least, given I'm paying for a house over the summer, but I'm just hoping I don't look really indecisive and idiotic with the mess I made.

Oh well, still waiting on RBS Insurance, LVE, and PruHealth.

Oh no, LCP looks like an awesome place to work as well! If it was on your covering letter it might look as though you're more interested in the location than the branch you specified. Then again, these things tend to get passed from HR to one of several managers on a team, so the person reading your app mightn't even realise there was a mix-up.

Also, see my rep :yeah:

Reply 386

Jelkin

17

Original post by .ACS.

Ah god I screwed up one of my internship applications!!! :frown:

Made an application to LCP for insurance, but applied for Winchester, and then got an email back saying they don't do insurance in Winchester! So I had to reply with a modified application form and covering letter, stating I wanted Winchester but investment. Now I'm pretty sure I look like such an idiot. :s-smilie:

Thing is I really want to stay in Winchester, or locally to Southampton at least, given I'm paying for a house over the summer, but I'm just hoping I don't look really indecisive and idiotic with the mess I made.

Oh well, still waiting on RBS Insurance, LVE, and PruHealth.

LCP is lovely. However, I went to assessment centre there and their investment stuff is London-based as well I'm afraid. Not that they tell you this on the application form!

EDIT: Also, I wouldn't worry too much about the mistake. I've met HR people from Winchester and London and they're fairly chillaxed. They probably just put your form back in the pile when you resent it rather than checking what you altered.

(edited 13 years ago)

Reply 387

Rakas21

21

I know that being an Actuary requires high levels of Maths and I.T., but i was just wondering specifically what kind of Maths is involved (i hate trigonometry but love Algebra) and also whether A level I.T. is enougth (Spreadsheets and Databases)?

Probably asked earlier in the thread however i thought that some specifics may be useful.

I would also like to ask whether you would all be happy for me to approach a moderator and request that they change the thread name to the actuarial superthread.

Reply 388

JohnnySPal

2

Original post by Rakas21

I know that being an Actuary requires high levels of Maths and I.T., but i was just wondering specifically what kind of Maths is involved (i hate trigonometry but love Algebra) and also whether A level I.T. is enougth (Spreadsheets and Databases)?

Probably asked earlier in the thread however i thought that some specifics may be useful.

I would also like to ask whether you would all be happy for me to approach a moderator and request that they change the thread name to the actuarial superthread.

Given you'll be trying to predict the financial future, I doubt you'll be calculating the length of the hypotenuse on a regular basis :p:

It isn't so much about your knowledge - you sit the exams for a reason - it's more about proficiency. if you're doing/have done pretty well at A-level (the stipulation is there for a reason!) then you needn't worry too much.

Having said that, having a good grasp of statistics will help you immensely. Being absolutely dead-set comfortable with calculating probabilities, and the various common distributions (along with their general properties), will set you on your way. Especially so slightly later on when you have entirely new distributions thrown at you (e.g. Exponential, Weibull (which becomes Exponential when one of the two parameters set to 1)) which you'll be expected to use comfortably from the off.

For IT, Excel is a must. Basic VBA helps, but isn't a must (though it may be elsewhere *shrug*). I use SAS on a daily basis, and as such have learnt how to write basic programming code.

I imagine the specialist software (Emblem, Prophet etc.) will all be taught on the job, so I wouldn't worry about those.

So basically, make sure you're awesome with MS Office, and don't be afraid of statistical packages/basic programming.

I doubt the moderators iwll do anything tbh, but yeah go for it :smile:

Reply 389

lightningfist

Guys, I hope you can help me out.

I liked Maths (and did Stats 1) in A Level, but I have no particular passion for any subject (I took 3 Natural Sciences and Maths). I now believe that not taking Further Maths was not an obstacle as I will have to catch up anyway.

I chose Actuarial Science because I didn't want to do degrees that majored solely in Mathematics/Statistics/Economics. I have offers from Warwick and LSE.

How hard is it to study Actuarial Science, and pass exams, and get exemptions? I've read you need like 65% average, or like 62 marks. However, I obviously know nothing about Actuarial Science grading at university, so I don't know how difficult 65% or 62 marks are. I assume you are graded based on individual score and not relative performance, or is it a mixture?

Thank you so much.

Reply 390

JohnnySPal

2

Original post by lightningfist

Guys, I hope you can help me out.

I liked Maths (and did Stats 1) in A Level, but I have no particular passion for any subject (I took 3 Natural Sciences and Maths). I now believe that not taking Further Maths was not an obstacle as I will have to catch up anyway.

I chose Actuarial Science because I didn't want to do degrees that majored solely in Mathematics/Statistics/Economics. I have offers from Warwick and LSE.

How hard is it to study Actuarial Science, and pass exams, and get exemptions? I've read you need like 65% average, or like 62 marks. However, I obviously know nothing about Actuarial Science grading at university, so I don't know how difficult 65% or 62 marks are. I assume you are graded based on individual score and not relative performance, or is it a mixture?

Thank you so much.

I assume you mean you have an offer for MORSE at Warwick? Well done on those anyway, they're good unis and employers will like seeing them on your CV (assuming you meet your offers!)

It's a degree. It'll be graded as per a typical degree course. At Warwick (and I'm guessing at most other places) you need 70% for a first, 60% for a 2i, 50% for a 2ii and 40% for a third. I believe that you'll need to score at least a 2i on the specific exam(s) required to gain an exemption for the relevant CT subject, but I didn't apply for exemptions so I don't know for sure :dontknow:

You'll also obviously want to aim for a 2i minimum overall, to remain a viable candidate in the competitive job market.

How hard will you find it to score x% on module y? That's impossible to answer. You will largely be graded on individual performance, but lecturers will probably scale marks in some way if he didn't realise that he'd set a fiendish paper that everyone failed (or, if he's a ****, he'll just let everyone fail anyway :p:

). Degrees aren't designed to only be passable by the intellectual elite, so really there's no point in worrying about your ability to get good grades at this early stage :smile:

Why do you no longer like Maths? :redface:

Reply 391

lightningfist

It's not that I no longer like Maths, but that I don't have a super passion for it or like it immensely more than my other subjects. I was told for Actuarial Science I don't need to be super passionate about it, but I worry about my competency as well (since I didn't take Further Maths).

Thanks for info on the degree grading. Can you give me any insight into what classes/teaching for Act Sci will be like? I understand (from Warwk and LSE introductory texts) that exams will all be long, written ones.

I worry the coursemates will form the "intellectual elite" or mathematical elite, lol.

Reply 392

JohnnySPal

2

Original post by lightningfist

It's not that I no longer like Maths, but that I don't have a super passion for it or like it immensely more than my other subjects. I was told for Actuarial Science I don't need to be super passionate about it, but I worry about my competency as well (since I didn't take Further Maths).

Thanks for info on the degree grading. Can you give me any insight into what classes/teaching for Act Sci will be like? I understand (from Warwk and LSE introductory texts) that exams will all be long, written ones.

I worry the coursemates will form the "intellectual elite" or mathematical elite, lol.

You don't need to be super-passionate about it, but it helps I suppose (if you'll be using it day-to-day for life in a job). You need to be good at it more than anything.

I have no idea what the classes will be like. At Warwick it's likely to be mainly lectures with the odd seminar thrown in for the odd subject (if Maths is anything to go by). The exam structure sounds right - maths exams were almost always three hours long, in a 'pick four questions out of five' format. MORSE will likely vary though; as the maths, stats and economic departments will set their own exam formats independently of one another.

I didn't do MORSE though, so this is purely speculation.

If they do from an elite then **** 'em. You'll have a fair share of pretentious pricks near the top of the exam mark list, but there'll be some great/nice guys up there in equal measure. Unless you mean the friends you make will start to form the elite? Your ability won't be other only thing that brings you together - it won't matter.

Why are you so down on your ability? No-one really knows how good they'll be compared to their peers until well into the course. Don't downplay yourself so much - you've been offered places by not one but two ace universities, so you must be doing a lot right.

*Warwick, by the way :p:

Reply 393

Wraggy

8

Original post by lightningfist

Thanks for info on the degree grading. Can you give me any insight into what classes/teaching for Act Sci will be like? I understand (from Warwk and LSE introductory texts) that exams will all be long, written ones.
.

Original post by JohnnySPal

The exam structure sounds right - maths exams were almost always three hours long, in a 'pick four questions out of five' format. MORSE will likely vary though; as the maths, stats and economic departments will set their own exam formats independently of one another.

I didn't do MORSE though, so this is purely speculation.

The actuarial content of MORSE tends to be easier to handle than a 3hr exam you would have to sit in the real world. For example the CT1 module is 45% in 3 1hr class tests, and a 2hr exam for 55%. For CT4 it was 40% 2 1hr class tests and a 60% 2hr exam, CT2 20% class tests and 2hr exam. So overall longer, but more manageable. JohnnySPal hit the nail on the head with the format of the exam 'pick x out of y', although class tests you have to answer everything. Teaching wise, each module is for 1 term, 3 hours a week of lectures/seminars typically. You can find out more detail on the assessment methods for the modules in the MORSE handbook on the Warwick website. The stats department manage all the actuarial modules bar CT7 which is in the economics department, but most comprise of a mix of exam and class tests.

Reply 394

lightningfist

Well, which do you guys find harder? Maths or Economics or Stats (which kind of has Maths)?

Reply 395

JohnnySPal

2

Original post by Wraggy

The actuarial content of MORSE tends to be easier to handle than a 3hr exam you would have to sit in the real world. For example the CT1 module is 45% in 3 1hr class tests, and a 2hr exam for 55%. For CT4 it was 40% 2 1hr class tests and a 60% 2hr exam, CT2 20% class tests and 2hr exam. So overall longer, but more manageable. JohnnySPal hit the nail on the head with the format of the exam 'pick x out of y', although class tests you have to answer everything. Teaching wise, each module is for 1 term, 3 hours a week of lectures/seminars typically. You can find out more detail on the assessment methods for the modules in the MORSE handbook on the Warwick website. The stats department manage all the actuarial modules bar CT7 which is in the economics department, but most comprise of a mix of exam and class tests.

So wish I'd done MORSE now :p:

Yeah, you're going to want to pass some of these modules, if you wanna save yourself hours of studying hell and an IAFOA paper :puppyeyes:

Reply 396

.ACS.

19

Original post by JohnnySPal

Oh no, LCP looks like an awesome place to work as well! If it was on your covering letter it might look as though you're more interested in the location than the branch you specified. Then again, these things tend to get passed from HR to one of several managers on a team, so the person reading your app mightn't even realise there was a mix-up.

Also, see my rep :yeah:

Ah, I'm guessing you work in that place then? :tongue:

Would be awesome to go there as well, liked the idea I could get to know more about reserving and other aspects of insurance. Just playing the waiting game now though.

And yeah, I'd love to get LCP... mainly because it's consultancy which I really want to try my hand at, and also the location is ideal. I'm in Southampton over the summer and so would ideally like to be local. It's either that... or having a 4 hour commute each day. :s-smilie:

Reply 397

.ACS.

19

Original post by Jelkin

LCP is lovely. However, I went to assessment centre there and their investment stuff is London-based as well I'm afraid. Not that they tell you this on the application form!

EDIT: Also, I wouldn't worry too much about the mistake. I've met HR people from Winchester and London and they're fairly chillaxed. They probably just put your form back in the pile when you resent it rather than checking what you altered.

Ah, well, if investment is also London, then I'm screwed. :tongue:

But hopefully I should be okay. After making my application for insurance in Winchester I got an email immediately from some HR lady saying insurance wasn't available in Winchester and either I'd have to go for insurance in London or investment/pensions in Winchester.

Reply 398

JohnnySPal

2

Original post by .ACS.

Ah, I'm guessing you work in that place then? :tongue:

Would be awesome to go there as well, liked the idea I could get to know more about reserving and other aspects of insurance. Just playing the waiting game now though.

And yeah, I'd love to get LCP... mainly because it's consultancy which I really want to try my hand at, and also the location is ideal. I'm in Southampton over the summer and so would ideally like to be local. It's either that... or having a 4 hour commute each day. :s-smilie:

Out of interest, are you applying to some kind of scheme they're running? Graduate, internship or otherwise?

Can you not get temporary accomodation in London? It could be that a few of you who get offered positions could chip in together or something? Risky game I know, but hey it's the place to be!

Yeahhh I really wanna try consultancy at some point as well. I talked to a headhunter over the phone yesterday, and for the first time I felt kinda serious about the whole finding a new job thing. Weeeird. It's hard, because in soe ways I'm growing a little tired of my role, but then everything's kicking off atm and some awesome CV material will come out of the next project I'll be working on. Arghhh I don't know what to do!

EDIT: If you want any interview tips then hit me up. Also, that would be one hell of a commute

(edited 13 years ago)

Reply 399

Wraggy

8

Original post by .ACS.

Ah, well, if investment is also London, then I'm screwed. :tongue:

But hopefully I should be okay. After making my application for insurance in Winchester I got an email immediately from some HR lady saying insurance wasn't available in Winchester and either I'd have to go for insurance in London or investment/pensions in Winchester.

Think you should be ok, there seem to be 6 investment partners in winchester (here) and I seem to remember them mentioning to me that pensions and investment departments are split over both offices and they work reasonably closely together. Insurance is pretty separate, and is only in London as you know.

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

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