Career Change, Engineer to Actuary

[Sparky1972]

Hi All,
Looking for some advise on Career Change.

I am a degree qualified Electronic Engineer having graduated in 1994. I have worked in numerous Engineering roles and Industry types since qualifying. I am 35yrs old.

At the moment I am contemplating a total career change, and for years the subject of Actuary as a career has always interested me. I personally think that I would be very suited to this type of Career and I have a very strong background in Maths both from second level and University education.

Having 100% decided to make this change, I am at the stage of gathering the options available to me to break into the career and also assesing the risk associated with the change. I have some questions which hopefully you can give me opinion/advice on.

1) The first factor to be questioned is in terms of my age (35), and making the proposed change. What is your opinion of the age and coming from a different career background, would it be be much more difficult for me in gaining a Trainee position. Feedback from the academic side I have received so far is that age and background is not an issue.

2) As I see it I have 2 options to break into career;
Option 1 is to apply to the institute and start working through the CT exams and start applying for Trainee positions after completing the first 2 exams.
Option 2 is to complete postgrad in Actuarial Science.

For me option 1 is less risky as I can continue to work while studying for CT exams.
What is your opinion on the best route for me.
If I go with studying for CT exams by myself what are my recruitment prospects for Trainee positions after being successful in the first 2 exams.

I look forward to the feedback.

 

[RachelH]

Hi Sparky, a few ideas for you:

With regards to your chances of getting a job, try calling some recruitment agencies to get their opinion on your chances given your experience etc. Darwin Rhodes are a very large actuarial recruiter.

The I'd say that the courses (usually covering all the CT's) are a quicker way to getting the passes, but they are just as expensive as buying everything yourself. An employer should pay for all of your materials, exams and give you study days, which might make things easier.

Actuarial exams are very time intensive. I'm working and studying, and even though I get study days for each exam, for a month or so before each exam session I work every evening and every weekend. If you've got a family that might not be very appealing/feasible so perhaps the uni course would be a better option in that case. But at least if you kept working and had a go at the first two you could "try before you buy", if you like!

Hope some of that helps, good luck with your decision - let us know how it goes!

 

[Sparky1972]

Many Thanks for the advice Rachel.

I am leaning at this stage towards just applying to the institute, buying the coursework through Acted and taking the first 2 exams and then start applying and doing interviews.

Taking the yearout postgrad is a very big step both financial and risk and exemption from all CT exams is not guaranted.

If I pass 2 CT's and am continuing towards the next 2 - do you think this should seem favourable to an employer versus having a postgrad.
My engineering/industry experience will be the same irrespective of the study route chosen.
I will get the opinion of the recruiters but right now I think this is the most favoured option.
Have you any thoughts.
Thanks again for feedback as it all helps in making these decisions.

 

[alskling]

Hi Sparky1972

I'm also an engineer who changed over to become a trainee actuary but I changed a lot earlier in my career than you.

I think there are positives and negatives to both of the options you've outlined.

Option 1 is a good option if you truly are good at Maths. I think you could easily do CT3, CT6 (the two stats ones) and CT1 (very basic maths) in one sitting and get them if you studied statistics courses at uni and A-level maths. It would involve a bit of work in the evenings and weekends - the amount of which would depend on your own ability. Many students invest as much time as Rachel has described but others don't need to.

I think Option 2 shows more commitment to a career change and, for this reason, if you could afford it might be the better option.

You could try Option 1, pass 2/3, apply for jobs and see how things go. If you're not getting any joy from this you could then do the postgrad and get the other 5/6 CTs - I can't see you having a problem getting a job if you had all the CTs. Employers don't care that much about age these days and many people change careers.


Good luck with whatever you decide to do

 

[AKT]

Hi Sparky,

I believe there's a huge market for Actuarial jobs.The skills needed for an Actuary are almost the same as those needed by an Engineer,i.e. analytical and the ability to use a creative and methodical mind to solve problems.

The study material is not really difficult to understand,the maths will be straight forward, even the most difficult part of CT8 with partial differential equations,etc... would be accessible to anyone who has done Engineering Maths and signal processing.The problem is to pass the Actuarial exam and for that you need exam skills and practice whatever your background.

Doing a postgrad Diploma is a tough choice, there's no time to breathe as you are expected to cover a 3-year degree course in 9 month and taking the same exams as the undergrad!!!You might end up exempted in most CT exam...It's virtually impossible to be unemployed 6 month after such a course, Actuarial trainee, Technician, Investment Banks, pension consultancies, you choose where you want to work basically...But it's quite expensive and again really intensive.There are excellent (accredited) universities running the programme.

If you choose to take the exam on your own, CT1 and CT3 should attract you first, if you've done Reliability Analysis in the past, then it might help you understand the concept of Survival models (in CT4).Once you pass 1 or 2 professional exams, the good people up there (recruitment consultants) will spot your name on the pass list and will start calling you for jobs.Some of then would take it personal and even prepare you for the interview (e.g Acumen resources).

Hope this helps,

All the best

 

[avanbuiten]

Hi Sparky, there is a misconception that passing exams will secure a first job. In my experience how many actuarial exams you have passed has very little bearing on gaining a trainee position, although it may help a little bit.

Get a professional company to write you a cv and then send it to all relevant companies who accept CVs (regardless of whether a position is advertised). Don't base your cv around exams, it won't differentiate you in any meaningful way to other applicants. By all means give your cv to recruitment agencies but don't be surprised if they just file it away and forget about you. You can't rely on them for your first position.

Beware lengthy online applications, only do them if you can be bothered. The whole aim of these systems is to identify criteria to exclude candidates, therefore it is often the case your application won't ever be read by a human.

Good luck.

 

[shaky10]

Hi Sparky,

Can you please share your experience with us about how did it go? Did you manage to secure a job?

I am looking to change my career and your experience will definitely help me and others.

Many Thanks

 

[Approximately]

Hi Sparky,

Can you please share your experience with us about how did it go? Did you manage to secure a job?

I am looking to change my career and your experience will definitely help me and others.

Many Thanks

Hi. I'm an ex-engineer who transferred a couple of years back to actuarial. I'd not actually left university (done the degree, PhD, postdoc thing) so actuarial was my first non-uni job though. Just swallowed my pride (and the pay cut) and applied directly through the usual graduate rounds. Can't say I had a perfect hit rate but a couple got in touch to invite me to interview.

Got hired at my first interview and the rest is history. Definitely recommend the switch. It's lovely to be appreciated for the work you do. As an engineer you'll probably understand that better than most!

It was in 2006 so perhaps it was good timing given the A-day panic. Solvency II is a big thing now in life so now may be a good time to try out the big life companies - they're definitley hiring.