Another mid life career change thread

Hi, I currently worl for one of the big 4 UK banks on the investment advice / sales side of the business dealing with pensions, portfolio management, life assurance etc. I'm a bit sick of sales and enjoy the analysis / technical side of the role much more, but it's only about 20% of the job. I earn pretty good money, but I going to bed and waking up thinking about how much I dislike my job which isn't healthy. I'm torn between pursuing an actuarial career or a more specific analysts role.

From what research I've done so far (and from exams I've already taken), the analyst exams are easier, but securing a position is more difficult in the North West. The actuarial exams seem to be more difficult, but there are more opportunities.

My degree is in Business Studies, (a levels economics, chemistry, no maths) and as I'm 37 almost seems irrelevant to me now as it was sooooo long ago, so if I go down the actuarial route I'd want to sit a level maths or something similar to give me a grounding / refresher. This means I'd be 38 before I even start the actuarial exams, maybe 39 before I've got 2 - 3 under my belt.

I'd be grateful for any honest advce as to whether I'd have any hope for securing a position, I've called a couple of agencies but they've just tried to talk me into taking a similar role to what I have now.

Thanks

 

If you really want to do it, then why not give it a try? Though it might be tricky to get a trainee job at your age as most companies recruit graduates, you have to convince them that you really want to be an actuary.

Also be prepared that there are 15 or so exams to take if you want to qualify as an actuary, and you have to learn about pensions, life insurance, general insurance as well as investments. Honestly, the exams are very boring, and I rarely use the stuff I learnt from the course notes in my daily work - sometimes I wonder why am I doing the exams ...

 

hmmmmm.... is it not possible to move within the bank itself?

that would save the whole recruitment thing....

 

Possibly, but it's difficult to sound people out without an inquest taking place !

 

I joined a consultancy as an actuarial graduate trainee when I just turned 30. I had previously worked in banking and financial advice.

Consultancies will value your life experience a lot more than the company market as they can wheel you in front of clients sooner.

The pay cut is a killer but a few years of hard study and you should get to where you want and have a less stressful, more interesting job than you previously had.

Don't underestimate the exams - I was sure I'd get through them in 3 years but it's 4 years and counting now, even with a Maths degree.....

 

Thanks for the advice, I've decided to do CT7 as it looks the most straight forward (for me anyway) based on my current knowledge.

 

raman from india

hi
i am raman newly join as student actuaries from actuarial society of india and even i am new in the maths but i really want to be an actuary but for that i need some help especially in choosing my subject can you elp me and tell me how should i prepare and which subject i should go first
thanking you
RAMAN KUMAR ANGOTRA

 

Hi Raman

Some of the subject assume knowledge gained from one of the related exams ie CT2 assumes you've done CT1. This link should help

http://www.actuaries.org.uk/students/exams/preparing/route_through_exams

I went for CT7 because it doesn't assume knowledge of any of the other subjects and because Economics is my strong point.

 

Hi Colinth

I think you should start preparing for the exam right away. With level of interest that you have, I'm sure you will able to clear very quickly. There are many stories of people clearing all papers in 3/half yrs only. It's the level of interest and seriousness in the course that matters.