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Actuarial grad schemes 2016

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Original post by in-reveries
Out of interest, which of these areas normally have better compensation, working hours, and more interesting work (obviously this is subjective, just wondering if anyone thinks any of the business lines are particularly boring)?

Investment consulting (for pensions schemes etc.)
Pensions consulting
Risk consulting (Insurance, life and non-life)
Talent and Rewards consulting

Thanks in advance for any input! I'm currently looking into internships and I've only recently started considering actuarial consulting. I find that there isn't much on actuarial careers as compared to IB or management consulting :frown:


AFAIK pensions consultancy types work more hours than risk actuaries (40-45 hours a week, compared to 35-40 in insurance/risk) but are also better compensated
Original post by in-reveries
Out of interest, which of these areas normally have better compensation, working hours, and more interesting work (obviously this is subjective, just wondering if anyone thinks any of the business lines are particularly boring)?

Investment consulting (for pensions schemes etc.)
Pensions consulting
Risk consulting (Insurance, life and non-life)
Talent and Rewards consulting

Thanks in advance for any input! I'm currently looking into internships and I've only recently started considering actuarial consulting. I find that there isn't much on actuarial careers as compared to IB or management consulting :frown:


Is this a TW specific question? I'v only heard of Talent & Reward in the context of what TW call it. If not sorry! I know people who work in investment and pensions consulting. From what they tell me, investment is generally longer hours. But January is pretty bad for pensions. Having said that, I think one very busy month out of a year isn't too bad. I can't tell you about the pay, but I thought all the actuarial graduates started on the same salary (obviously with allowances for London/regional and any exemptions). Please correct me if I'm wrong.
Original post by orange crush
AFAIK pensions consultancy types work more hours than risk actuaries (40-45 hours a week, compared to 35-40 in insurance/risk) but are also better compensated


Thanks for replying :smile: For some reason I always thought that insurance/risk actuaries are better compensated...I think I saw some salary ranking somewhere hmm :/

Original post by strangesquark
Is this a TW specific question? I'v only heard of Talent & Reward in the context of what TW call it. If not sorry! I know people who work in investment and pensions consulting. From what they tell me, investment is generally longer hours. But January is pretty bad for pensions. Having said that, I think one very busy month out of a year isn't too bad. I can't tell you about the pay, but I thought all the actuarial graduates started on the same salary (obviously with allowances for London/regional and any exemptions). Please correct me if I'm wrong.


Thanks for replying :smile: PwC also has something like talent & rewards, but they call it executive compensation, I think, and probably a few other firms have a similar business line. But yeah, I am applying to TW :P

How is the outlook for pensions actuaries though? With more and more DB schemes being replaced by DC schemes, will there be work for pensions to do in the future? And what about pensions investments that mainly invest DB pension pots?
This is what I've been told:

1) DB pension liabilities will continue to run on for decades and decades. Just because the scheme is closed doesn't mean there wont be further work. You still need to do triennial valuations, calculations for members, yearly accounts etc until the last member of the scheme has died.

2) There's still a great demand for pensions actuaries at the moment, with all the big firms actively recruiting, and not decreasing the size of the graduate intake.

3) It's a fair dynamic industry and you never know what future changes are going to occur, and bring in more work to the industry.

4) Recent budget announcements have created a fair amount of work for some pension consultants.

5) Transferable skills. Pension actuaries do not have to be pension actuaries for life. Just the qualification itself is very valuable, and opens future doors.

I've sure there are flip sides to all of these, but that's just what I hear re. the positives. Don't shoot the messenger.
Original post by TheIrrational
As with one of the people above, I'm becoming an actuarial trainee with Mercer this September, so if anyone has questions I'm happy to answer. I did an internship with them so can answer any work related question or interview related questions.


Hi, sorry to respond 2 months later lol. :P

I'm thinking of applying to the actuarial scheme at Mercer too; I've looked on the website and there are two options: Actuarial Trainee, and International Actuarial Trainee. They've explained the differences a little bit, and it seems like the normal role involves more DB & DC consulting, while the international role more broadly covers pensions & health. I'd still like to get some insight from someone who's worked there, though.

If you can, could you please let me know the main differences between these paths in terms of day-to-day work? Also, what are the prospects like for someone who'd like to do a secondment, or work on projects in different offices or even countries?
(edited 8 years ago)
Original post by strangesquark
This is what I've been told:

1) DB pension liabilities will continue to run on for decades and decades. Just because the scheme is closed doesn't mean there wont be further work. You still need to do triennial valuations, calculations for members, yearly accounts etc until the last member of the scheme has died.

2) There's still a great demand for pensions actuaries at the moment, with all the big firms actively recruiting, and not decreasing the size of the graduate intake.

3) It's a fair dynamic industry and you never know what future changes are going to occur, and bring in more work to the industry.

4) Recent budget announcements have created a fair amount of work for some pension consultants.

5) Transferable skills. Pension actuaries do not have to be pension actuaries for life. Just the qualification itself is very valuable, and opens future doors.

I've sure there are flip sides to all of these, but that's just what I hear re. the positives. Don't shoot the messenger.


I'd definitely agree with your points here. I work for Towers Watson in the London office, doing DB pensions consulting, and while it has been at the back of my mind, my seniors reassure me that while the industry is beginning to close down, the liabilities are still very much alive! Pensions are higher on companies/trustees' agendas now more than ever given the recent state of the global economy (and the inherent risk that comes with it).
Thanks Strangesquark, TomLeigh, was very helpful of you both :smile:
is anything open yet?
Original post by goofymark13
is anything open yet?


Yeah: EY, Punter Southall, and LCP.

Most of the rest open early/mid September.

You should really make a list of who you want to apply to and then check their opening dates, so you can get in your application asap. For instance EY's schemes only opened on 3rd Aug and they've already been overwhelmed with applications, causing a backlog. Not that that wasn't to be expected; it's EY after all.
(edited 8 years ago)
Original post by ninaporter
Yeah: EY, Punter Southall, and LCP.

Most of the rest open early/mid September.

You should really make a list of who you want to apply to and then check their opening dates, so you can get in your application asap. For instance EY's schemes only opened on 3rd Aug and they've already been overwhelmed with applications, causing a backlog. Not that that wasn't to be expected; it's EY after all.




Aha. Must have missed that one. That's tomorrow sorted for me.


BTW I applied for EY on the first day, did the psychometric tests within 24 hours and my application is already on hold because too many people are ahead of me in the queue.
Original post by orange crush
Aha. Must have missed that one. That's tomorrow sorted for me.


It's not really been advertised as being open. In reality though, applications for 2016 are open, but they don't start reviewing until September. Emailed their graduate team to confirm. Figured I'd get mine out of the way! :smile:


Original post by orange crush
BTW I applied for EY on the first day, did the psychometric tests within 24 hours and my application is already on hold because too many people are ahead of me in the queue.


Sorry, guess you were more on it than I realised. Didn't even realise it was you who made this thread, lol. Me being thick. :P
(edited 8 years ago)
Original post by TomLeigh
I'd definitely agree with your points here. I work for Towers Watson in the London office, doing DB pensions consulting, and while it has been at the back of my mind, my seniors reassure me that while the industry is beginning to close down, the liabilities are still very much alive! Pensions are higher on companies/trustees' agendas now more than ever given the recent state of the global economy (and the inherent risk that comes with it).


What are your working hours like? Also do you get study days?

Original post by ninaporter
Yeah: EY, Punter Southall, and LCP.

Most of the rest open early/mid September.

You should really make a list of who you want to apply to and then check their opening dates, so you can get in your application asap. For instance EY's schemes only opened on 3rd Aug and they've already been overwhelmed with applications, causing a backlog. Not that that wasn't to be expected; it's EY after all.


EY's opened already? Are they operating on a first come first serve basis or...?
Original post by Dirtybit
EY's opened already? Are they operating on a first come first serve basis or...?


Yes, and I believe so! They haven't closed yet so you're still alright, just get the form done asap. Luckily there aren't any additional questions in their form; it's pretty much just a bog standard application form, so you can fill it in quite quickly. :smile:
(edited 8 years ago)
So, I found this page on TargetJobs about how to answer Mazars' application form questions:

1.

‘Why have you chosen to apply to Mazars?’

2.

‘Why have you chosen this specific training scheme?’

3.

‘Mazars makes a difference through our core values: integrity, responsibility, respect for individuals, cultural diversity, independence and continuity. Can you please describe a situation when you have made a difference and demonstrated two of these values?’

4.

‘Tell me about a successful group task or project you have been involved in where you have played an important role. What skills and personal qualities do you believe were valuable in making it a success and how did you demonstrate these?’

5.

‘What is your most significant achievement to date? How did you achieve it and what did you learn?’



Does anyone know if these are questions that Mazars has actually used, and whether they are still being used?
Original post by ninaporter
Yes, and I believe so! They haven't closed yet so you're still alright, just get the form done asap. Luckily there aren't any additional questions in their form; it's pretty much just a bog standard application form, so you can fill it in quite quickly. :smile:


I see, how long do they take until you get a phone interview or the next step?
Original post by Dirtybit
I see, how long do they take until you get a phone interview or the next step?


Not long at all - my telephone interview is scheduled for very soon and you know the result the next working day. Hope that helps - without giving too much away!
Original post by ninegrandstudent
Not long at all - my telephone interview is scheduled for very soon and you know the result the next working day. Hope that helps - without giving too much away!


How long after the HR call did you receive the email for booking an interview? I had a call early this morning and still haven't received the email, worried they might have forgotten.

I went on the online portal to have a look anyway and found that I could book a slot through the Telephone Interview button. Is that how you did yours? Also, do you have to click the big Submit Application button after you've booked a slot?

Original post by Dirtybit
I see, how long do they take until you get a phone interview or the next step?


Depends on if you're lucky/submitted early. Right now you might have to wait anywhere between a few hours & a days after submitting your application, just to get to the online tests stage. You'll have 3 days from the time you receive the email to complete them.

Once you're done, you could be waiting for a few days or a few weeks to get your feedback report and find out if you've passed. It's likely that you won't get both at the same time. I got told whether I got through almost 2 weeks after I completed the tests, then got the feedback like 4 days after that.

If you've passed, you'll then have to wait for a member of HR to contact you by phone to explain the interview process and how to book a slot. This could take about a week.

Apparently, you'll find out if you've been successful one working day after the interview. Don't be surprised if you have to wait a few days, though; they probably have 100s of candidates to get through. If you've passed they'll call; if you've been rejected, they'll email.

If you submit now, you're likely to have to wait longer to hear back from them after the first stages. But, you might get lucky, so fingers crossed! :smile:
(edited 8 years ago)
Cheers people!

Had no idea so many people started applying so early!
Original post by ninaporter
How long after the HR call did you receive the email for booking an interview? I had a call early this morning and still haven't received the email, worried they might have forgotten.

I went on the online portal to have a look anyway and found that I could book a slot through the Telephone Interview button. Is that how you did yours? Also, do you have to click the big Submit Application button after you've booked a slot?



Depends on if you're lucky/submitted early. Right now you might have to wait anywhere between a few hours & a days after submitting your application, just to get to the online tests stage. You'll have 3 days from the time you receive the email to complete them.

Once you're done, you could be waiting for a few days or a few weeks to get your feedback report and find out if you've passed. It's likely that you won't get both at the same time. I got told whether I got through almost 2 weeks after I completed the tests, then got the feedback like 4 days after that.

If you've passed, you'll then have to wait for a member of HR to contact you by phone to explain the interview process and how to book a slot. This could take about a week.

Apparently, you'll find out if you've been successful one working day after the interview. Don't be surprised if you have to wait a few days, though; they probably have 100s of candidates to get through. If you've passed they'll call; if you've been rejected, they'll email.

If you submit now, you're likely to have to wait longer to hear back from them after the first stages. But, you might get lucky, so fingers crossed! :smile:


My email came through as I was on the phone. All I did was click on a link which took me to the portal and went from there. I don't think I clicked the submit button but I could be wrong.

I would hazard a guess you can book directly through the portal, but maybe give HR a ring back first?
Original post by ninegrandstudent
My email came through as I was on the phone. All I did was click on a link which took me to the portal and went from there. I don't think I clicked the submit button but I could be wrong.

I would hazard a guess you can book directly through the portal, but maybe give HR a ring back first?


Thanks!

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