Can I still become an actuary?

[the-elephant]

Hi guys,

I have recently been looking into the possibility of pursuing an actuarial career but I have some doubts - because I am 24 years old. I also have no work experience except a supermarket retail role. Would I be considered for a graduate scheme or should I not even bother?

I have a 2.1 degree in a mathematical degree, and come from a well respected russell group uni, so you know, i got that going for me which is nice...

 

[morrisja]

I don't think there's any good reason there that you couldn't/shouldn't become an actuary if you're interested.

Firstly 24 isn't that old at all, some people have started at 30+ so you're a long way off too old! In theory you can make it through the exams in 3 years if you take several on at a time and don't fail any. 4-5 might be more like what to expect.

I'm not sure what the job situation is like (UK I'm presuming...). But I don't think employers have a problem with hiring people with mathematical backgrounds who are just starting the exams.

There's probably people who were in a similar situation on here.. maybe one of them can give some better guidance - but I would say there's nothing insurmountable in your way!

 

[Calum]

I started work as an actuarial student aged 30, albeit immediately after doing an Actuarial Science degree.

Most graduate programs now do not explicitly take your age or length of time since your degree into account, but do expect to be asked about it. You will need a convincing explanation for what you've been doing up to now and why you're changing direction. The truth is generally all that's required!

Actuarial recruitment is currently going through a bit of a squeeze as the Solvency II hiring spree comes to an end and lots of contractors are trying to find permanent roles. This is not so pronounced at entry level but there i no doubt some effect.

One thing that can really help is relevant work experience - if you have a large insurer or bank in your town, getting work experience with them will get your foot in a lot of doors and be valuable experience for you. Generally lower-level client servicing staff turn over quite fast so recruitment usually opens fairly often.

You might want to consider doing a Masters in Actuarial Science, which covers the earlier parts of the exams. They are a useful stepping stone to qualification and demonstrate intent to employers (but beware, the actual knowledge gained is not as highlay prized, and some individuals look down on mere university-educated types).

 

[the-elephant]

Thank you for your replies. To be honest, I really don't want to undertake an expensive and time consuming masters if the fruits of that effort are looked down upon. I also feel that I probably would be able to complete the CT/CA elements without going this route - I realise how that sounds but having looked at the past papers, I honestly think I can get my head round it with a bit of effort.

As for graduating so long ago, I really do have a genuine reason (personal family circumstances, I didn't really feel I could pursue a career which involved a significant investment in time for the exams etc). But I don't know how employers would look at this.

As for work experience at a bank etc, even the most basic roles seem to want relevant experience in financial institutions. I'm going to keep looking but it's pretty dire.

 

[Calum]

I would look quite carefully at the university route before completely dismissing it. It has a lot of advantages going for it.

If you are taking the exams yourself, my advice would be there is no value in having more than two or three - beyond that, employers look for the experience to go with it which you obviously don't have.

Re financial roles, go round the recruitment agencies in your town and tell them what you are looking for. A lot of client servicing operations recruit exclusively through agencies for entry roles - usually the bigger ones.

Regarding your reasons for not starting earlier - I don't think what you say sounds like a problem. A realistic honest explanation is fine - their question is really "did you spend your 20s farting around and you've suddenly realised you want a proper job?"

 

[bystander]

Itll take perseverence to get in. Sometimes studying and passing an exam under your own steam will impress and prove commitment. Look at what other skills you have. Eg working in retail needs excellent personal skills and diplomacy!

 

[mpyan1]

Make sure you stress how keen you are as a team-player. This will reassure them they can throw all the undesirable work your way. They like that sort of thing.

 

[didster]

This will reassure them they can throw all the undesirable work your way.

Someone has to do it. If you don't like it they will look elsewhere for someone who does.

 

[iwishiwascool]

I would look quite carefully at the university route before completely dismissing it. It has a lot of advantages going for it.

If you are taking the exams yourself, my advice would be there is no value in having more than two or three - beyond that, employers look for the experience to go with it which you obviously don't have.

Re financial roles, go round the recruitment agencies in your town and tell them what you are looking for. A lot of client servicing operations recruit exclusively through agencies for entry roles - usually the bigger ones.

Regarding your reasons for not starting earlier - I don't think what you say sounds like a problem. A realistic honest explanation is fine - their question is really "did you spend your 20s farting around and you've suddenly realised you want a proper job?"

Hi, I am in a very similar position to OP, in that I have a degree from a decent university in maths, and am reaching mid 20s. My job currently is in pensions but all I'm doing is bog standard gmp reconciliation work. Do you have any advice for me? Is it realistic for me to pursue a career as an actuary?

 

[Calum]

You're already in financial services and have a maths degree - to be honest, I don't think you have many disadvantages here! Having experience of back-office work is more useful and more highly regarded than you might think - when I was interviewing for entry level roles I was surprised how often my experience in this kind of area came up.

If your company has actuaries, I would just go to your manager and HR and say, look, my long term interest is in working as an actuary. Nobody has illusions that smart young people want to reconcile cash balances all their life and if your company has any sense they'd rather keep you than lose you.

If you get no joy there I would maybe consider doing CT1 and hawk my CV round a few prospective employers.

 

[iwishiwascool]

You're already in financial services and have a maths degree - to be honest, I don't think you have many disadvantages here! Having experience of back-office work is more useful and more highly regarded than you might think - when I was interviewing for entry level roles I was surprised how often my experience in this kind of area came up.

If your company has actuaries, I would just go to your manager and HR and say, look, my long term interest is in working as an actuary. Nobody has illusions that smart young people want to reconcile cash balances all their life and if your company has any sense they'd rather keep you than lose you.

If you get no joy there I would maybe consider doing CT1 and hawk my CV round a few prospective employers.

Thank you for this. I'm going to stay at this pensions/employee benefits firm for a few more months, then try talking to my manager about actuarial opportunities - or start applying externally.

I actually specifically took this role because I felt working within a closely related field (kind of closely related) would help my chances. I'm happy to hear you confirm this.

When you said client related work when talking to OP, what exactly did you mean?

 

[mpyan1]

Someone has to do it. If you don't like it they will look elsewhere for someone who does.

All the trendy or future-proof work will go to their blue eyed boys and girls who will end up beating you to jobs.

The 'team player' undesirable tasks and projects will go to the rest of you and you'll be paying for that down the line when prospective employers say "you don't have experience of doing "trendy task X" or working on "sexy project Y" "