Can I do this?

[AllanB]

I'm really eager to make a switch to the actuarial profession (preferably in the investments sector). I've looked through some text books, talked to some actuaries & I really love the work involved. It all looks very stimulating and quite rewarding.

The good (possibly):

MSc in Finance (1st class pass - Uni. of Strathclyde)
ACCA Qualification (4 fails out of 14 attempts)
Bachelor of Commerce in Statistics (3rd class pass - University of Cape Town)


The bad:

1. No work experience (nothing. zilch. )
2. I'm a recent international graduate student so I'd need a Work Permit
3. I'm not eligible for any exemptions (apart from ST0) and I'm still studying for my 1st sitting (CT1,2 & 3)
4. 26yrs old...still young but not exactly that 'fresh'.


So can I do it? What really concerns me is my inconsistent academic record & the fact that I'm a foreigner.

Thanks for reading

 

[Meldemon]

I'm really eager to make a switch to the actuarial profession (preferably in the investments sector). I've looked through some text books, talked to some actuaries & I really love the work involved. It all looks very stimulating and quite rewarding.

Good move gathering information before making the decision to go into actuarial - starting from scratch you're probably looking at 4-6 years to complete the exams (barring any major hitches). The work only really becomes rewarding towards the end of the exams / after you've qualified, with the first 3 years spent running models etc.

I don't think the investment sector is hiring at the moment - I spoke to a recruitment agent a week ago who had mostly insurance financial reporting type rolls on the books. Sign of the times and loads of jobless investment bankers to compete against! The consultancies are also very quiet at the moment as they generally struggle to get sign off to take on new hires.

The good (possibly):
MSc in Finance (1st class pass - Uni. of Strathclyde)
ACCA Qualification (4 fails out of 14 attempts)
Bachelor of Commerce in Statistics (3rd class pass - University of Cape Town)

Finance degree and ACCA should be useful for the non-math subjects, similarly the Statistics for the more math related ones. 3rd class pass may raise questions about your mathematical ability (as you'll be up against 1st / 2:1 graduates) when job searching in the UK.

The bad:
1. No work experience (nothing. zilch. )
2. I'm a recent international graduate student so I'd need a Work Permit
3. I'm not eligible for any exemptions (apart from ST0) and I'm still studying for my 1st sitting (CT1,2 & 3)
4. 26yrs old...still young but not exactly that 'fresh'.

Not sure where you are based at the moment (SA?) but if you're planning to move to the UK and need a visa to do so you'll need either:
- Masters degree (Tier 1 & 2 visa without employer sponsorship) - this is a recent change to the requirements;
- UK employer to sponsor you for a Tier 2 visa - in the current economic climate & with no work experience you will struggle to find one.

Age discrimination is against the law in the UK and employers will give the same consideration to a graduate aged 40 vs one aged 20, but you will be offered a graduate salary regardless of age. Relevant past experience may tip the scales in your favour (if you have / can get any).

So can I do it? What really concerns me is my inconsistent academic record & the fact that I'm a foreigner.

Suggest you get 1-2 years experience in your current location and pass a few exams first, then start looking for a UK company to sponsor you on a tier 2 visa. Have a look at the UK Home Office website for details on the visa requirements.

 

[examstudent]

To teh original poster
with regards mathematical ability


- The maths is not the hardest part of actuarial qualification. The hardest are the later exams CA/ST/SA. The maths is not much more than A-level & degree, and is not rocket science PhD - the hardest part in the maths exams is that you have to solve simple equations quickly. So getting up to speed for teh maths will not be difficult

 

[Meldemon]

To teh original poster
with regards mathematical ability

- The maths is not the hardest part of actuarial qualification. The hardest are the later exams CA/ST/SA. The maths is not much more than A-level & degree, and is not rocket science PhD - the hardest part in the maths exams is that you have to solve simple equations quickly. So getting up to speed for teh maths will not be difficult

Agree - just makes it difficult to compete for jobs without exemptions / exam passes to back it up.

 

[AllanB]

Not sure where you are based at the moment (SA?) but if you're planning to move to the UK and need a visa to do so you'll need either:
- Masters degree (Tier 1 & 2 visa without employer sponsorship) - this is a recent change to the requirements;

Thanks Meledemon. Yes I'm in SA. Got the Master's from the University of Strathclyde in Scotland. I applied for the tier 1 post-study visa. I met all the technical requirements so I'm hoping I'll get it.

Suggest you get 1-2 years experience in your current location and pass a few exams first, then start looking for a UK company to sponsor you on a tier 2 visa.

Yes I think I need more experience and exams. Assuming I get the visa, what do you think my chances of finding any non-actuarial employment in the UK are (£20,000 p.a. min)? I'd prefer UK job experience but I hear the job market's quite tough now and that my Master's degree + ACCA won't count for squat.

The hardest are the later exams CA/ST/SA

Yep. I've studied the course outline for these and some of it really does look outright diabolical (but still very interesting ).

 

[Meldemon]

Yes I think I need more experience and exams. Assuming I get the visa, what do you think my chances of finding any non-actuarial employment in the UK are (£20,000 p.a. min)? I'd prefer UK job experience but I hear the job market's quite tough now and that my Master's degree + ACCA won't count for squat.

Not quite sure - have you tried any non-actuarial recruitment agents in the UK - they will have a better idea. Perhaps try the accounting route?

Alternatively try applying for a few actuarial positions in SA - most companies support actuarial studies through the UK system and will give you the experience you need. You can also try contract work - again the agents will be most up to date on the current job market.

A couple of expensive phone calls but may save you an expensive trip at the wrong time!

 

[AllanB]

Not quite sure - have you tried any non-actuarial recruitment agents in the UK - they will have a better idea. Perhaps try the accounting route?

Alternatively try applying for a few actuarial positions in SA - most companies support actuarial studies through the UK system and will give you the experience you need. You can also try contract work - again the agents will be most up to date on the current job market.

A couple of expensive phone calls but may save you an expensive trip at the wrong time!

Thanks.