Actuarial science at the University of East Anglia

throwaway202004

As the year and my course are drawing to an end, I thought I would give some feedback on it and tips on prospective actuarial students.
I achieved A*AB at my a levels with the A* being in maths. Needless to say I loved math so obviously I wanted to pursue it at the uni level but I wanted to study something that would give more chance of getting a good job. I heard the same things that everybody else heard : you're guaranteed to get a job, it's very well-paying, secure etc.
So, at the time, studying actuarial science seemed like the smartest possible decision I could make so I chose UEA because it was ranked highly on the league tables at the time (11th) and I could do a placement year.
Most of what I say apply mostly to UEA but it also applies to other schools.
Studying actuarial science in the U.K. means that you will be getting exemptions from the first few actuarial professional exams ( for me it is ct1-8 but it has changed and I'm not sure of the new names) and the reason you get those exemptions is because, essentially, you will be covering all the material during the three years of your course. The thing to know is that most of this is that the things you learn have little to know pertinence to modern day actuarial work, you will spends three years learning hundred of formulas that were once used to model pensions or assurance products. Needless to say, things have evolved greatly and those formulas just aren't used anymore and you're left studying the curriculum of professional exams. I don't think I've ever been so bored studying something in my life, it's tedious and repetitive. To get an idea of what you'll be doing, look at this link ( https://static1.squarespace.com/static/5551565ee4b0ff4824095cac/t/5c6d261f085229dcf73de002/1550657064932/Actuarial+Formula+Breakdown+%28v.2%29.pdf ) it essentially covers all you do. If you find it interesting lucky you but I've been having a really hard time especially given that my main interest is maths. Most of the math you'll do is equivalent to what you'll do during the first year of a maths degree. One of the most frustrating things is always hearing in math classes with maths students is " you guys will learn more about this next semester/year except for actuarial students". We're basically taught the bare minimum outside of the modules for exemptions, I find that I have no transferable skills, that I haven't gained any particular knowledge outside of the formulas and am overall really disappointed with the education I have received. If you are the way I was in high school and really like maths, I would VERY strongly advice you against coming to UEA or even to studying actuarial science at all.
Despite having a first, I didn't manage to land a placement in either an actuarial position or in anything finance-related. Same goes for internships. To this date, I have applied to somewhere north of 150 placements, internships and now jobs and all I've gotten is 1 interview and 2 assessment centers and 0 jobs. The problem essentially stems from the fact that as actuarial science graduates, all you've done is prepare for the actuarial exams which over 90% of actuaries do only when they start working. You essentially enter the work force with 0 in depth knowledge in any one subject but have the exemptions. The exemptions are not worth anything if you haven't been working along side them. What do you think is better ? Somebody who studied economics or accounting and is thus very knowledgeable in their respective field or somebody who essentially spent three years gaining exemptions for professional exams ? I originally thought that the exemptions were the best thing ever but when they're not done in concordance of working, they are essentially worthless and that is a feeling most employers have. Having gone to several IFoA seminars and networking events, I have managed to talk with recruiters who essentially said that actuarial science graduates are at a disadvantage because they don't really have anything to offer besides exemptions. I didn't originally believe it but as time went on I've started to see what they mean. Worst of all, I have seen several jobs posting for actuarial graduate schemes looking for students with a bachelor's in a numerical degree such a maths and they specifically say that they do not want actuarial science graduate because that isn't regarded as a numerical degree. This is obviously very frustrating for me, I was sold a course that was essentially a path to a good job but all I got was an extremely boring course that I regret doing, that has poor job outlook. I originally wanted to do maths but this has little to do with maths. Studying actuarial science because you like maths is like becoming a bartender because you like chemistry. It takes away all that makes math interesting and turns it into mindless memorizing.
Another interesting to consider is that actuaries are being replaced by data scientists which are more tech-inclined because they are able to do much more than a simple actuary.
For the international students, you will most likely not get a job. I am really sorry to say this but I am seeing friends having to go back to their home countries despite having really good grades and applying to hundreds of places. Companies don't sponsor visas unless the candidate is exceptional and you can't really be exceptional coming from a mediocre university like UEA and just having a bachelor's.

Basically to sum up:
- If you want to be an actuary, study maths,computing or economics. You will enjoy your course a lot more and will be way more employable. If you ever decide to do something other than actuarial science you will have a lot more transferable skills.
- If you are determined on studying actuarial science, go elsewhere. The course is very poorly structured and nothing is covered in depth. Many teachers barely speak english and their classes are impossible to follow because of this
- International students, know that you will most likely have to go back to your home country. If your goal is to stay in europe I would recommend studying in Germany which has english courses and it is a million times easier to get a graduate job if you graduated from a German university.

This may seem like the ramblings of a bitter soon to be jobless graduate and it is kind of the case but I really want to prevent people making the same mistake I did. Most of my coursemates regret their choice and it's saddening to see my international friends having to go home despite wanting to stay here.

If you have any questions at all on my experience at UEA, studying actuarial science or anything else please dont hesitate to message me. I wish I had somebody to ask these questions too three years ago

Reply 1

Rolly31

4

Hey , i was considering Actuarial science but now i’ve been discouraged, would you say data science is a better degree ?

Reply 2

throwaway202004

OP

3

If you want to be an actuary to are many ways to get there but yes, data science is probably the best way to approach it. You’d have more skills than what a course in actuarial science would offer. Plus thats the future anyway, actuaries are being replaced by data scientists

Reply 3

Rolly31

4

Original post by throwaway202004

If you want to be an actuary to are many ways to get there but yes, data science is probably the best way to approach it. You’d have more skills than what a course in actuarial science would offer. Plus thats the future anyway, actuaries are being replaced by data scientists

you mentioned how they preferred people with a numerical degree, what are examples of this numerical degree. I am still so shocked by your experience and I am so grateful that you shared. Actuarial science really looked like a glamorous profession but I was also worried about it getting boring. And I worry that data science might be too technical for me. I wanted to use maths in a social context like finance, so I am also looking at that.