Tips to get into actuarial consulting?

Hey everyone, I'll be starting university this year doing maths, statistics and economics. Recently, I've done some research on careers and one career that stood out was being an actuary. I've been interested in consulting for a while and actuarial consulting appeals to me.

Ideally, I want to get into actuarial consulting at a top firm like Willis Towers Watson or Mercer but I have no idea how to get there since I don't know any actuaries and don't know anyone who works in a professional job. Like do I just apply for the grad scheme in my third year or can I do stuff in my first and second years to try and get there? Also, how much do actuarial employers care about extracurricular activities? I play a sport well but that's all.

(edited 7 years ago)

Reply 1

hamzaahmad786

It's not good enough to apply for a graduate scheme. After your second year, ensure you take a placement in an actuarial role, it will prove invaluable and will differentiate you from others. I know that PwC offers such a scheme. After graduation, your best bet would be to apply to a graduate scheme and join the Institute and Faculty of Actuaries (IFoA)
.
Actuarial work is quite technical and it would be extremely useful to develop a strong understanding of statistics as well as modelling software to make yourself more employable. Research and consider learning Matlab, R, SQL, Python etc.

Extra-curricular is important however the employer is more interested in how you benefit from those activities (football =teamwork, chess =problem solving, volunteering =self-motivation).

hamza ahmad luton 786 hertfordshire hamzaahmad786

(edited 7 years ago)

Reply 2

desaf1

Original post by hamzaahmad786

Thanks so much! I will start learning R and the other languages soon. Thanks

Reply 3

7ay7ay

Hey,

I was bored and came across this thread so thought i'd give you my two cents.

Firstly, congrats on taking a quantitative degree, that's a good start. Actuary is quite competitive so try to always get high marks, at least a 2.1. Tbh, I think having a first will give you an edge, so it would be good to set your sights high! The best route would probably be insight day > internship > offer / graduate scheme.

Tips for interviews. Research the profession, what an actuary does, your consulting industry and finally the company. I think showing enthusiasm for the job, and doing your homework will set you in good stead. Each stage of the application process is a skill, and the more you do and learn from the better you'll get. Be confident in yourself, and know what the employer is looking for (competencies). Match your experience to their competencies in nice succinct anecdotes.

Extracurriculars... I think they just want to see that you've been doing something... have some hobbies and interests. It's great if you've had an active role/ captain etc but I wouldn't say it's necessary. Show that you're interesting, and that you've done some things that make you stand out. Enjoy uni and say yes to responsibilities and interesting opportunities!

I'd honestly say the stats/ maths stuff is far less important than you think. All good candidates for actuary are good at maths/stats, and for consultancy, soft skills such as presenting, communicating and interpersonal and teamwork skills are more important to show off at interview.That isn't to say don't take stats/maths/programming seriously and sell your amazingly analytical mind short , but you don't have to know programming, excel or modelling to a great level at all.

Good luck buddy. If you have any questions feel free to ask