Obtaining a Graduate Job in the US

Hi there,

I’ll start by setting the scene, I am a British Mathematics graduate (MMath) from a well respected university in the United Kingdom (Manchester), and I’m focussed on pursuing a career in actuarial work.

It has always been a dream of mine to pursue a career in the States, particularly New York City. Unfortunately, I am all too aware that this may not be entirely feasible at graduate level, partly due to fierce competition but also because of rather stringent visa regulations. However, I am trying to assess the merits of the idea of actually going to NYC, getting all suited and booted, taking my resume along to as many relevant companies as possible, and trying to arrange informal interviews. I have heard this has been done for investment banking, could it possibly work in the actuarial arena? Of course, I would also try to arrange as many interviews as possible before leaving for NYC.

I’m hoping this would demonstrate initiative and commitment to achieving my ambitions, and that US employers would be impressed by this.

Assuming there are no, or very little, financial constraints, what do you think of this idea?

Is there anything in particular you would suggest I do, and if you have any other advice you feel might be pertinent, I would warmly welcome it.

I have actually done some summer work in the US before, and I also have distant relatives who live in New Jersey, which may alleviate any potential concerns employers may have vis-à-vis my ability to handle moving to, and living in, NYC.

Please do be as candid as possible. I really don’t care if you rubbish the idea - I want realistic advice.

I do realise you may not have any idea of the US market and I apologise for this, however, your opinions are probably going to be more informed than mine.

I would be extremely grateful for any feedback whatsoever.

Thank you

 

hi there

im sure you ll get soem good contributions form this forum, but you may also want to try.....

www.actuarialoutpost.com (as that is a US forum)

something i have sort of read on there, is that many actuarial US trainees are more likely to get employed if that have one or two of the prleiminary exams (i.e the SOA / CAS exams which is american actuarial system - i presume you would be doing this system if you were in the states - both bodies have more or less the same exams at preliminary level, but their exam structure is different at specialist).
maybe confirm this though on the board or speak to recruiter etc.

you may find this is the case and need to sit a couple of exams...before you start sitting them, you may wish to check what exemptions your maths degree can give you ( i imagine at least CT3 from the institute exam, which "might" translate into a credit on SOA/CAS).

good luck

 

Thanks for that; I do intend to post on that forum too.

I am unsure as to how to proceed. It is highly likely that I would be exempt form certain actuarial examinations from the Institute of Actuaries here in the UK, as I have taken several Statistics and Financial Mathematics modules. And as you correctly point out, these examination passes could then be converted to credits in the US system (SOA or CAS). This would obviously make me a slightly more appealing prospect to US employers, whether it would be a crucial determining factor however, I have no idea.

I’m sure everyone is well aware of this, but I’ll articulate my concerns anyway. In order to obtain these exemptions, I would need to pay some rather exorbitant membership and exemptions fees to the Institute of Actuaries. The whole process would also take several weeks. The money isn't a major, major problem, but assuming this whole US pipedream of mine didn't materialise, and I found employment in the UK instead, I would much rather have saved all that money, as any future employer in the UK would pay all relevant fees to the Institute.

I'm hoping that my very presence in NYC would demonstrate to employers that I have at least some commitment to pursuing an actuarial career and, consequently, not having these examination credits would become more of a secondary concern. Hmmmmm

 

Could be wrong, but I always got the impression US actuaries are predominantly analysts / basic number crunchers, and aren’t [by a long shot] afforded the same (deserved or otherwise) respect granted to actuaries by UK employers. Their exams are also quite a bit easier. It isn’t a clear career route into senior positions within insurers etc as it is over here. Maybe if you’re that keen on going over to the US, and money isn’t an issue, you should do an MBA over there for a year then try to get into an investments role ($$$ ;-) ) somewhere.

 

King,

I dont think it is all that clear cut whose exams are easier. On there bulletin board, they are quite clear there exams are harder.
Some of the early exams in SOA are multiple choice and you get no credit for working - unlike ours! some might say being able to guess is an advantage, others will say the lack of credit for working is a serious disadvantage!

preferences differ.

 

Yes, from the research I have undertaken so far, it does appear that the UK actuarial qualification is more respected than it's US counterpart. From what I've gathered, the UK qualification is the most respected actuarial qualification in the world. I don't know, however, if this difference between the UK and US qualification is anything significant, and warrants remaining in the UK for.

 

Hmm... I admire your courage. Have you thought about Canada? I was on holiday there and at passport control they asked what I did for a living. The response was well if you want to stay we are short of those. Now he may not really have known what I do, but generally I don't find these people overly conversationalist!!! But I digress.

Have you thought of getting yourself started in the UK with a multi-national where they do post students overseas? Again very competitive, but you've done your homework so you never know, this may be a better method. Unlikely to get a posting immediately and it may not be NY but would other destinations suit equally?

Someone mentioned the US exam system. Yes, it isn't as highly rated as the UK so be careful there.

But if you are determined enough, I hope you get your dream.

 

Thanks for your admiration. It's always nice having a well respected job like an actuary - he probably did know what one is, LOL.

No, I hadn't actually thought about Canada, but yes, it is something I would seriously consider. I'm not quite sure how respected the Canadian actuarial qualification is, though, vis-à-vis the UK or US qualification.

I have thought about obtaining work in the UK first, but after six unsuccessful assessment centres so far, this has proven to be far easier said than done. I do, however, have another assessment centre coming up with an absolutely huge insurance company, which does provide the opportunity of an international secondment. Should I get that job, it would be problem solved and my nightmare job search would be over.

And yes, I would consider other locations; though, of course, I will always have a predilection for NYC.

 

Advice for the centre: Don't major on wanting to go overseas. You can say that you are aware of their international presence and perhaps elaborate on where some offices are. However, what you need to prove is that you know about the career. Also let your personality shine through - ambitious but a good team player are often what they seek. Too dominant can be a turn off.

Hope all goes well.

 

Cheers. I have been told before not to concentrate too much on the opportunity to work overseas part. I think I did it ok in my first round interview with them, when I mentioned that aspect as one of several reasons for wanting to join. The fact they invited me back must be a good sign, hopefully!

 

Indeed correct (but once on goes to US, the USA actuarial qualification becomes the most respected..........)