Moving out of Actuarial - Other Career Options?

Hi,

I'm looking for some advice on what careers I could look to move to as a part qualified (completed CTs) actuary.

As part of a company restructure, my role is moving 250 miles away, but I'd really like to say in the area. Unfortunately there aren't any other actuarial vacancies or even employers really, so I'm considering other career options (before making any big / final decisions).

Has anyone moved out of actuarial part-qualified? What did you go into? Did you retrain in another profession or move to something completely different?

Thanks all x

 

Once upon a time I thought the Actuarial path was a win-win. Even if Actuary jobs dried up, I figured that those transferable skills they keep talking of would ensure I could walk into a similar job outside Actuary no problem.

I've found this is NOT the case. It's important that people understand some of the reasons why.

Nowadays, in a competitive job market for ALL jobs, HR policy appears to be matching CV details to the job vacancy. Basically, if you've not done that job previously then your CV goes in the bin.

But I've got a 1st class degree and so on you say. Well done. Sadly, HR don't place ANY value on those things nowadays. They don't imply any characteristics about your behaviour from your academic results. Stupid, I know, but that's HR for you.

If you've done an Actuarial job, then you've used spreadsheets, made presentations, dealt with clients etc. which the new job entails, then most likely the HR woman will throw your CV in the bin. Unfortunately for you, you don't tick the box of being familiar with some dreadfully dull piece of regulation that takes you half a day to read up on. That's their mentality. They even do that with Actuarial jobs nowadays. It's like a game of snap to them.

So if any Actuary type thinks in the usual arrogant actuary way that I'm an actuary so I can eat this other job up for breakfast no problem... well you probably can do the job with your eyes closed, but they ain't gonna give it to you! As you've been an Actuary and not this other type of analyst they want to see and play snap with. Basically they don't want to train anyone. And HR have no serious method of choosing the best employee even though they pretend they do with their nonsense psychometric or SHL tests and competency based interviews, which everyone can pass nowadays.

In fact, I know people who have deliberately removed Actuary quals from their CV and even removed the word 'actuary' and just call themselves 'financial analysts' or 'insurance calculations analyst' or something in order to not sound that different from the job they're applying for.

 

Thanks for this.

I really don't want you to think that I'm being arrogant here - I feel this is a difficult situation and one which I'm in involuntarily, but I do seriously need to consider other careers options now (and how best to get into them).

Some which I've been thinking about (looking to research this week) are - auditing, accountancy, analyst roles.

I could do with some advice on whether there are others worth considering? And the best route to take into these careers?

 

bones, am not trying to be too negative, just speaking from experience. It's grim out there.

It's so grim that the only way to get through the HR snap game, is to spin your CV to such an extreme way that it appears to match the job description.

In addition, HR will be very impressed with your spinning and cover up abilities; these are skills which HR value higher than honesty and academic achievements.

I am not recommending anyone submits a dishonest CV. I detest spin and consider it a dishonest, deceptive practice. I am an honest person but this is why my CV got chucked in the bin by HR professionals time and time again.

 

From what I've seen, speaking as someone who's had CV rejected by hundreds upon hundreds of applications outside Actuary, the best chance of a new career outside Actuary is to retrain as something else.

For example, if you spent a year on a teacher training course you'd get paid and a good chance of a job after it. Pay not great to start with though.

There are many other courses such as MSc's where a job after it would be very hard, so I'd be very careful before making such sacrifices. Even getting funding to do a PHd after an MSc is very difficult nowadays.

I know of a few accountants and actuaries who have even gone to train as a Doctor.

I know of some who've retrained in Law. However, not all of them bother to work in Law as the starting salary is quite low compared to just going back to their old line of work.

 

Are you really interested in statistics and data analysis? If so, you could retrain as a statistician. The examinations of the Royal Statistical Society can enable you to qualify. The total examination fees would be less than £1,000.

In general, actuarial profession examination passes carry little weight outside the profession, while university actuarial qualifications are more transferable. Actuarial profession examination passes may be counted for credit transfer purposes with some universities.

 

then most likely the HR woman

Nice bit of casual sexism there? I'm sure that's not helpful when looking for jobs.

 

Clearly the reason HR departments are dominated by female staff is nothing to do with sexism, such as some underlying belief that women are "better with people" or that sort of thing.

It's only sexist when men exceed 50% of the staff in any given department e.g. those sexist actuary departments.