PwC Pension Audit

Hi there,

I'd really appreciate any help. I've got an assessment day coming up shortly and I'm preparing a lot. I've been reading up on pensions audit what they're about, how they work etc....I'm just hoping I'm not concentrating on the wrong areas. I've realised that pension auditors and actuaries have different role. Basically, I just want your opinion on what you think a successful candidate is expected to know about pensions auditing at this stage? Obviously candidates won't know the ins and outs but are they expected to have a certain level of knowledge about P A before starting their career.

Reply 1

itsmehere

Hi,

You'll most likely be attending an assessment centre with other candidates going for jobs in standard assurance (audit) so you should have an understanding of that too.

Pensions auditors are very different from actuaries in that they audit pension schemes for companies, whereas actuaries value them.

Going back to your question - PwC will want to know that you know what the career entails. That's because they don't want you to have chosen the wrong job and quit. You're understanding of what the job entails on a day to day basis is important (i.e. where you work, who you work with etc, but not the actual ins and outs as you say).

You're understanding of the business world in general is also really important. Pay particular attention to recent news articles on pensions as there have been many. Be aware that your interviewer will be extremely knowledgeable about the business world. They don't expect you to be a business guru, but you should be able to come up with a few examples and explain them. Be prepared to be questioned and probed too - your personal opinions will be asked and don't say something you can't justify.

Hope this helps!

Reply 2

adamstartin

Are you applying specifically for a pensions audit place? I'm a pensions auditor for a Big 4, it is quite different from actuarial and regular audit work. As said before, actuaries are usually responsible for giving a pension a value i.e. some wants to retire, the actuary takes pensionable salary, an accrual rate, length of service etc. and comes up with a figure.

Pensions wise, you might want to know the difference between a defined benefit scheme and a defined contribution scheme, or you could impress them with 'Pensions A Day' knowledge. Also maybe understanding gross and net pay and what makes it up, possibly learn what EES, ERS and AVCs are.

But to be honest, everything I've stated is way above what you would be expected to know before joining the job. Just try to understand the impact of the current economic climate on pensions at the moment, which is quite high as pensions are just a pot of investments, all of which have lost a huge amount of value recently.