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Actuarial internship app form questions watch

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    So basically I'm trying to currently fill out some application form online for an actuarial firm. I'm on the last bit and kinda stuck so was wondering if you could kindly help me out PLEASE? They're asking me to select which department/s I want to undertake my internship in and explain myself.


    Preferred departments
    Pensions
    Investment
    Insurance
    Business Analytics and Financial Modelling
    No preference

    Please explain why you have applied for your chosen department


    The problem is I have absolutely no idea whatsoever on how to answer this :confused:. Was thinking of choosing no preference so I can "taste" all areas and decide which I like most, but then it may make me look dumb as if I haven't done any research on each area/am disorganised. So I was hoping if you could me an overview of each PLEASE, I beg you . Also, which involves least communication skills like client facing and more paperwork/Maths? Which has best work-life balance? Which pays best?



    Thank you very much,

    Krishna
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    may I ask which firm it is you are applying in?
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    (Original post by Tizzydag)
    may I ask which firm it is you are applying in?
    LCP
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    (Original post by krisshP)
    LCP
    This is what their website says. I think it really depends on personal preference, what do you like most about Actuarial work? If I were the one choosing, I would pick the 'Insurance' section since i enjoy the risk management aspect, unfortunately i'm not old enough to apply yet . Are you a university student?
    • Pensions - advises companies and trustees on their pension arrangements, including: valuing and managing accumulated pension commitments, advising on risk mitigation options, carrying out calculations for individual members, and advising on the impact of new legislation.
    • Investment - helps companies and trustees to manage risk and decide on the best way to manage the assets of their pension funds.
    • Insurance (London office only) - involves giving advice to insurance companies on reserving and financial risk management.
    • Business Analytics and Financial Modelling - specialises in developing models to help clients understand and develop solutions to complex problems in a range of business scenarios.
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    (Original post by Tizzydag)
    This is what their website says. I think it really depends on personal preference, what do you like most about Actuarial work? If I were the one choosing, I would pick the 'Insurance' section since i enjoy the risk management aspect, unfortunately i'm not old enough to apply yet . Are you a university student?
    • Pensions - advises companies and trustees on their pension arrangements, including: valuing and managing accumulated pension commitments, advising on risk mitigation options, carrying out calculations for individual members, and advising on the impact of new legislation.
    • Investment - helps companies and trustees to manage risk and decide on the best way to manage the assets of their pension funds.
    • Insurance (London office only) - involves giving advice to insurance companies on reserving and financial risk management.
    • Business Analytics and Financial Modelling - specialises in developing models to help clients understand and develop solutions to complex problems in a range of business scenarios.
    Yep, I'm a uni student in year 2, doing Maths degree @ King's, so am in application process. I'm the kind of guy who prefers more Maths/paperwork than client facing, so which you think is best? I reckon all involve some aspect of client facing, I am willing to do a bit, but I want to choose among those areas the one demanding less client facing. Please help me.

    Thanks,
    Krishna
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    (Original post by krisshP)
    Yep, I'm a uni student in year 2, doing Maths degree @ King's, so am in application process. I'm the kind of guy who prefers more Maths/paperwork than client facing, so which you think is best? I reckon all involve some aspect of client facing, I am willing to do a bit, but I want to choose among those areas the one demanding less client facing. Please help me.

    Thanks,
    Krishna

    If you want to be doing maths work then you're better off applying to a life office than a consultancy.


    Hope this helps
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    (Original post by orange crush)
    If you want to be doing maths work then you're better off applying to a life office than a consultancy.


    Hope this helps
    OK thanks, but which of them given 4 options is most Mathsy? I understand they understand at least some client work, all of them, I'm OKish, but just wanna know which of them 4 given options involve most Mathsy.

    Also, what firms in your mind would be appropriate for me as per your perspective?

    Thanks,
    Krishna
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    It would seem to me like the financial modelling is the most mathematical and probably rewuires the least client interaction.
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    (Original post by Tizzydag)
    It would seem to me like the financial modelling is the most mathematical and probably rewuires the least client interaction.
    OK thanks.

    Also, I want to ask, is it true that pensions area is boring? Repetitive work eh? Is it Mathsy? If so, I think I may still like it, so long as Maths is there and less client interaction.

    Thanks,
    Krishna
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    Well, do you find old people boring? If yes then pensions probably will be boring too! Just kidding !!!
    Surely most actuarial work is repetitive( it certainly was where i did my work experienceast summer). As an actuary you wont need to speak first hand to the people who you are providing the pension too, its mainly peers and salesman so they know why you have priced 'x' £100 cheaper than "z".
    I"d assume that most of the work in the pensions dept. Will be mathematical modelling too! Just related to a special " topic" if you see what i mean.
    I hope this helps and im giving you accurate info, im still in year 13 hoping to do actuarial sci. At uni.
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    (Original post by Tizzydag)
    Well, do you find old people boring? If yes then pensions probably will be boring too! Just kidding !!!
    Surely most actuarial work is repetitive( it certainly was where i did my work experienceast summer). As an actuary you wont need to speak first hand to the people who you are providing the pension too, its mainly peers and salesman so they know why you have priced 'x' £100 cheaper than "z".
    I"d assume that most of the work in the pensions dept. Will be mathematical modelling too! Just related to a special " topic" if you see what i mean.
    I hope this helps and im giving you accurate info, im still in year 13 hoping to do actuarial sci. At uni.
    Nce, thanks. What's the name of the firm you did your work exp for actuarial work in? SO lucky!
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    Nhbc. Gor it through a friend luckily since its a pain getting relevant experience if you dont know anybody
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    (Original post by Tizzydag)
    This is what their website says. I think it really depends on personal preference, what do you like most about Actuarial work? If I were the one choosing, I would pick the 'Insurance' section since i enjoy the risk management aspect, unfortunately i'm not old enough to apply yet . Are you a university student?
    • Pensions - advises companies and trustees on their pension arrangements, including: valuing and managing accumulated pension commitments, advising on risk mitigation options, carrying out calculations for individual members, and advising on the impact of new legislation.
    • Investment - helps companies and trustees to manage risk and decide on the best way to manage the assets of their pension funds.
    • Insurance (London office only) - involves giving advice to insurance companies on reserving and financial risk management.
    • Business Analytics and Financial Modelling - specialises in developing models to help clients understand and develop solutions to complex problems in a range of business scenarios.
    (Original post by Tizzydag)
    It would seem to me like the financial modelling is the most mathematical and probably rewuires the least client interaction.
    (Original post by Tizzydag)
    Well, do you find old people boring? If yes then pensions probably will be boring too! Just kidding !!!
    Surely most actuarial work is repetitive( it certainly was where i did my work experienceast summer). As an actuary you wont need to speak first hand to the people who you are providing the pension too, its mainly peers and salesman so they know why you have priced 'x' £100 cheaper than "z".
    I"d assume that most of the work in the pensions dept. Will be mathematical modelling too! Just related to a special " topic" if you see what i mean.
    I hope this helps and im giving you accurate info, im still in year 13 hoping to do actuarial sci. At uni.
    THANKS for ^!

    Out of interest, the investment work area they mentioned, how's that? Doesn't that involve Maths and less client facing? How are the working hours like?

    Any ideas for when they ask why such preference? Like:

    Please explain why you have applied for your chosen department

    I doubt I can just directly say that I chose Business Analytics and Financial Modelling department as it involves most Maths (and least client facing). 200 words is the recommended limit and I'm so clueless :confused:. Need the motivation/idea on how to start it off if you see what I mean . Need a kick in the right direction I guess.

    Also, there's a 5th option called No preference regarding the section which asks me my preferred departments to work in. Say if you kinda just want a taste of all of the 4 work of the departments, is it OK to just choose the No preference option? Only problem really is that the box MUST be filled in for answering "Please explain why you have applied for your chosen department". They may just think I'm dumb as I've got no clue as for the path I'm interested in. But I personally think it's cool though - get a taste of all 4 departments, THEN choose which you find best , no regrets then!


    Thanks,
    Krishna
 
 
 
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