JamjamjamT
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#41
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#41
(Original post by HomeworkHater)
When did you start taking your CT exams? Like were you in your first year of uni or leave it until your finished?
Also how long did it take you to qualify?
Generally how hard do the exams get and what sort of competitiveness did you face?
I would hazard a guess that most people would wait until they finished Uni because they would gain exemptions from certain CT exams. Generally most people qualify in 3-5 years and the exams are among probably the toughest professional exams.
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NeoWong
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#42
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#42
Thank you
(Original post by JamjamjamT)
Q1 - Most firms offer a starting salary of circa £30k for graduate actuaries and then add to that for any exemptions you get. No your Uni doesn't affect your salary but it may play a part in getting you invited to an interview or AC.
Q2 - Look at the IFOA website (https://www.actuaries.org.uk/) for the firms that offer actuarial grad roles.
Q3 - You go to wherever you get the job
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Vital Sign
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#43
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#43
Hi everyone,

I've just accepted an offer of a graduate actuarial role to start this coming August, and I thought I'd try and use the time until then productively by just revisiting and revising some techniques and topics which might be useful to me when starting out, just to get my maths 'chops' in shape, as it were!

Can anybody recommend material which would beneficial to look over? What am I likely to use a lot of initially?

Thanks in advance
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JamjamjamT
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#44
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#44
(Original post by Vital Sign)
Hi everyone,

I've just accepted an offer of a graduate actuarial role to start this coming August, and I thought I'd try and use the time until then productively by just revisiting and revising some techniques and topics which might be useful to me when starting out, just to get my maths 'chops' in shape, as it were!

Can anybody recommend material which would beneficial to look over? What am I likely to use a lot of initially?

Thanks in advance

Who with may I ask?
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Vital Sign
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#45
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#45
(Original post by JamjamjamT)
Who with may I ask?
Aon.
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EBris.
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#46
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#46
Will acturial jobs be taken over by computers?
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Antzlck
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#47
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#47
(Original post by EBris.)
Will acturial jobs be taken over by computers?
I'll share this paragraph from a JP Morgan research report on AI:

Overall we believe AI is more likely to supplement humans and make them more productive. In addition, while many of today's job functions will be done by machines and computers, we think many new roles as yet unknown will be created for humans. No doubt we will need to adapt our skills, education and perhaps social systems to the evolving AI-embedded world.

I'm an actuarial manager. I'm spending a lot of my time exploring machine learning with the goal to basically automate a lot of the core tasks we do. I also wok alongside data scientists. Will this make actuaries obsolete? I don't think so. It will make us more productive and give us opportunity to add even more value in more ways. We're experiencing a turning point in history for just about every industry but we have been here before. The actuarial profession are adapting to this new reality. The new syllabus for example includes learning about machine learning and building a model in R.
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alleycat393
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#48
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#48
Howie_2114 why not ask your questions here?
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Howie_2114
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#49
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#49
(Original post by alleycat393)
Howie_2114 why not ask your questions here?
Thank you!!
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Howie_2114
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#50
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#50
Hi there, I am a Second year university student who, is currently studying Mathematics. I have been looking into future careers and becoming an actuary seems very appealing. I was hoping you could help me as i'm confused about how becoming an actuary works. I've seen that companies hire graduates as trainees and you also have to sign up as a student in the IFoA and pass the exams to become a qualified actuary. What confuses me, is if you get hired as a trainee does this mean you would do the exams through that company and not have to sign on as a student else where? Or, do you have to sign on as a student complete your exams and then get hired after that's done? Or thirdly, do you do both at the same time, get hired as a trainee and get a student membership with the IFoA together?
Many thanks.
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gingerbread10000
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#51
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#51
1. What is the main structure of your day- do you speak with clients and/or business partners, or are you invlolved almost entirely in meetings?

2. Did you study a degree, and which ones are the most suitable for this career?

3. Realistically (please be honest!) are people who have done an apprenticeship regarded as equal to those who have done a degree?- Is someone with the degree more liekly to get the promotion than someone who did an apprenticeship?

4. Are there any pieces of literature or inspiring people that you look up to to mirror some of your actions?

5. What is the break-down of skills you use- maths, problem-solving, people skills, writing reports, presenting, or others?
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username1265765
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#52
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#52
(Original post by Moonp1g)
Hi everyone,

I've followed threads on this forum on and off for a few years and I've found the odd nugget of wisdom that has helped me along my chosen career path.

I thought it may be a good idea to give something back to those who are just starting out. If you have any questions relating to the actuarial industry, I'm happy to try to answer them.


As a bit of background, I graduated from a red brick university 6 years ago and was accepted onto a graduate scheme working for a large life insurer just outside of London. I qualified within 3 years and worked my way into management before venturing off to Asia (partly for work reasons, partly personal).

Let me know if there's anything I can help with.

I have recently received offers for Actuarial graduate schemes, how easy did you find it to relocate to Asia? I think I am likely to take up a GI reserving role with a UK based insurer (they don't have any international offices), did your company relocate you or did you apply for the position directly?
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JSNN
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#53
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#53
I am a 3rd year actuarial degree student but suffer from dyslexia. So far my marks have been very good but I am concerned whether my dyslexia will represent a problem with completing industrial placement assessments within the allotted time, from your experience to date, do you know any actuaries with dyslexia and which organisations I would best applying to? Thanks.
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sf73
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#54
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#54
(Original post by Vital Sign)
Aon.
Hello and congratulations on your offer!

I am an international student, and am looking for a graduate scheme job in Glasgow under Aon. I was wondering if you could give some insight on what they look for during the application process. Tips on interviews and the group assessment maybe?

Also, as I would need a tier 2 visa, does that put me at a disadvantage? Furthermore my English is not perfectly fluent.

Any reply is much appreciated! Congrats again and thanks in advance!
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JamjamjamT
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#55
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#55
(Original post by Howie_2114)
Hi there, I am a Second year university student who, is currently studying Mathematics. I have been looking into future careers and becoming an actuary seems very appealing. I was hoping you could help me as i'm confused about how becoming an actuary works. I've seen that companies hire graduates as trainees and you also have to sign up as a student in the IFoA and pass the exams to become a qualified actuary. What confuses me, is if you get hired as a trainee does this mean you would do the exams through that company and not have to sign on as a student else where? Or, do you have to sign on as a student complete your exams and then get hired after that's done? Or thirdly, do you do both at the same time, get hired as a trainee and get a student membership with the IFoA together?
Many thanks.
Finish Uni
Get Graduate role as Trainee Actuary
Become member of IFoA
Apply for any exemptions
Study for and pass exams
Become fully qualified Actuary.
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sabana
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#56
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#56
Hi, did you have any work experience when you applied? What tips would you give to a graduate to stand out in the application process?
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Moonp1g
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#57
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#57
(Original post by Howie_2114)
Hi there, I am a Second year university student who, is currently studying Mathematics. I have been looking into future careers and becoming an actuary seems very appealing. I was hoping you could help me as i'm confused about how becoming an actuary works. I've seen that companies hire graduates as trainees and you also have to sign up as a student in the IFoA and pass the exams to become a qualified actuary. What confuses me, is if you get hired as a trainee does this mean you would do the exams through that company and not have to sign on as a student else where? Or, do you have to sign on as a student complete your exams and then get hired after that's done? Or thirdly, do you do both at the same time, get hired as a trainee and get a student membership with the IFoA together?
Many thanks.
Hi Howie,

It's usually the third one. Most insurers will sponsor your student membership. You will then be provided with a set number of study days per year. They will often also sponsor your study materials and the cost of the examinations. You will therefore study whilst working (typically one study day per week). As you pass exams, your salary will increase.

You may be able to apply for exemptions from some exams, depending on your chosen degree and modules.
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sabana
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#58
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#58
Hi,

I am interested in an actuarial career however as I have graduated a few years ago I am past the stage where I can do internships/placements. I have a 2:1 in Mathematics and great A levels however I feel I would need some experience in the industry to really stand out. Is there other ways of gaining experience in the actuarial field other than through a formal internship?

Thanks in advance
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Moonp1g
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#59
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#59
(Original post by sabana)
Hi,

I am interested in an actuarial career however as I have graduated a few years ago I am past the stage where I can do internships/placements. I have a 2:1 in Mathematics and great A levels however I feel I would need some experience in the industry to really stand out. Is there other ways of gaining experience in the actuarial field other than through a formal internship?

Thanks in advance
Hi Sabana,

It's never too late to join the industry. I have a couple of ex-colleagues who have done just that. Having run a couple of graduate assessment days in the past, I have seen more mature candidates apply. If you already have working experience in other fields, this experience might set you apart from fresh graduates.

Joining the IFoA as a member and sitting a couple of the exams would certainly strengthen your profile and demonstrate to employers that you have a real interest in the profession. The IFoA also regularly publishes a magazine which you can subscribe to. Keeping abreast of the latest changes in the industry will help you to stand out at the interview stage and again shows a real passion for industry.
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Moonp1g
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#60
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#60
(Original post by gingerbread10000)
1. What is the main structure of your day- do you speak with clients and/or business partners, or are you invlolved almost entirely in meetings?

2. Did you study a degree, and which ones are the most suitable for this career?

3. Realistically (please be honest!) are people who have done an apprenticeship regarded as equal to those who have done a degree?- Is someone with the degree more liekly to get the promotion than someone who did an apprenticeship?

4. Are there any pieces of literature or inspiring people that you look up to to mirror some of your actions?

5. What is the break-down of skills you use- maths, problem-solving, people skills, writing reports, presenting, or others?
Hi,

1. This is heavily dependent on your level of seniority and the field that you choose to work in. For example, if you decide to work for a consultancy, you will quickly be exposed to clients and may split your time between client meetings, on-site secondments and time spent back at the office. Personally I have always worked in the industry with large life insurers. For a new grad at a life insurer, they are likely to spend most of their day at their desk. Depending on the nature of the role, this may include modelling work, data manipulation, writing documentation or reading training material. As you progress through your career and become more senior, you spend an increasing amount of time in meetings, focusing more on busines strategy, resourcing and managing key stakeholders. I do also spent a fair amount of time drafting Board papers and presentations. Having now worked for about 8 years, this is almost exclusively what I do - I no longer work on models or look at spreadsheets.

2. If I recall correctly (you can double check on the IFoA website), the minimum requirement is a grade B in mathematics at A-level (someone younger than me can verify if this is still true). The profession lends itself well to people with a degree in subjects such as maths, physics, economics, actuarial sciences etc. However, I personally know of someone in the profession who has an English degree, so there are clearly exceptions.

3. Let's break this down into two parts - getting a job and then once you've started working. Once you've started working, the company and your colleagues will not care whether you have a degree or have done an apprenticeship - all that will matter is your performance and the job and (for some companies) your progress through the actuarial exams. In terms of getting a job, it rather depends on what the apprenticeship was and how relevant it might be to a career in insurance. If you don't feel that it is relevant, you will need other ways to stand out during the application process. For example, you could choose to sit the first couple of actuarial exams yourself, to demonstrate an interest in the profession. You might also try to get an internship or two under your belt, to strengthen your CV.

4. I am in the fortunate position of having worked for several inspriring managers. When I come across someone with more experience and knowledge than me, or someone who has climbed the career ladder very quickly, I try to take note of the skills that have set the apart and mimic them where appropriate. For example, many of the executives that I work with are strong presenters and are able to manage their key stakeholders very effectively to get what they want. This is a skill that doesn't come naturally to me and so I often look to these people for guidance.

5. For a new grad, problem solving skills, maths, a willingness to learn new things. As you become more senior, report writing, drafting of presentations, and particularly communication skills become much more important.

I hope that helps!
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