Obtaining Relevant Experience

[Actuarial Hopeful]

This is my nightmare so far: I have been successful at seven out of ten first round interviews (yes that’s right, 7 out of 10!), but never made it past the final stage (assessment centre). In the feedback, I have been rejected for a variety of reasons, but for every criticism I have received relating to a specific area of my performance, I have managed to rectify that problem and received positive feedback in that same area, at a later assessment centre, perplexingly! On a couple of occasions, my performances were fine apparently, but the candidates offered roles had done actuarial internships.

I have decided that the only logical course of action in order to progress and avoid stagnating, is if I try and obtain some form of experience in a relevant area of actuarial work, and independently study for some of the actuarial exams. This should increase my chances in securing an actuarial job in the UK or US. I currently have my eye on CT1 and CT7. Hopefully, I should be exempt from CT3 and maybe more.

What form of relevant experience would people advise I obtain? Are agencies the way forward, though, they are notorious for only caring about their commission and not the actual roles they're putting candidates forward for.

I have been contemplating an Actuarial Technician role; though, I have no idea how difficult this may be to source. Alternatively, would practically any job with an insurance company be beneficial?

I have also been entertaining the notion of obtaining an actual actuarial trainee role, with one of the very small pensions consultancies. However, given that the general consensus seems to be that the long term future for pensions actuaries is rather bleak, Life and GI are my preferences. Do you think it would be more beneficial obtaining an actuarial graduate role in pensions and later on transferring to insurance, or would my idea above be the better option? I have heard changing areas when partly qualified can be rather arduous.

Once again, thanks for any contributions. I’d like to think giving up is not part of my vocabulary, so I will just keep going.

 

[bystander]

Yes don't give up! Your time will come.

Doing exams independently will prove commitment. A pass rather than exemptions will impress.

Some office exposure can help, so yes do consider any job in insurance but try to steer towards ones where you may get contact with the actuarial team. Marketing may be a good one, or some form of compliance work. I'd say avoid accounting as you may get stereotyped.

I think you have graduated, but if not, consider work experience.

Another idea is have you contacted a regional actuarial adviser. Even if they can only talk to you rather than offer you a brief shadowing experience, it will show commitment to do other things than simply read and surf the net for data.

Try going along to a regional actuarial society meeting though choose your topic carefully as you don't want to be out of your depth. There will be actuaries there and you may get something out of the network experience. And again, it displays commitment.

Pensions? Will you may find you love it in which case, if you excel in the field does it matter if you feel the field is declining if you are successful. All parts go thru' peaks and troughs. And I do know you can move disciplines, particularly early one when much of the work is mathematical based rather than entrenched in regulatory specifics/deep knowledge of a given field.

Hope this gives you a few new thoughts. But there is no magical solution. Just persistency.

Good luck.

 

[jeaneu]

And I do know you can move disciplines, particularly early one when much of the work is mathematical based rather than entrenched in regulatory specifics/deep knowledge of a given field.

I agree with this - I think if you've just graduated the key is to just get yourself in the industry any which way you can. Once you've been working in an actuarial role - any actuarial role - you'll suddenly find many options opening up to you... so it doesn't matter if you start in area you're not quite sure about yet - the key is to get at least a year's experience, and then moving into an area you prefer is a whole lot easier.

Personally I would recommend the actuarial trainee route - at least it'll give you a chance to see what pensions work is all about before you make the decision to work in a specific area.

 

[Actuarial Hopeful]

I think you have graduated, but if not, consider work experience.

Yep, I have graduated last summer. Since then, I have been looking for an actuarial role and doing some part time work.

Another idea is have you contacted a regional actuarial adviser. Even if they can only talk to you rather than offer you a brief shadowing experience, it will show commitment to do other things than simply read and surf the net for data.

This sounds like a great idea. I am unsure as to how to actually contact them, though. I tried looking on the Institute's website but this was to no avail.

Try going along to a regional actuarial society meeting though choose your topic carefully as you don't want to be out of your depth. There will be actuaries there and you may get something out of the network experience. And again, it displays commitment.

I will certainly look in to this; the amount of research I've done into Pensions, Insurance, and Solvency II for past interviews, should hold me in good stead.

Pensions? Will you may find you love it in which case, if you excel in the field does it matter if you feel the field is declining if you are successful. All parts go thru' peaks and troughs. And I do know you can move disciplines, particularly early one when much of the work is mathematical based rather than entrenched in regulatory specifics/deep knowledge of a given field.

Sorry, I take it you work in pensions then. Out of interest, do you work for one of those global consultancies (one of the Mercers, Watson Wyatts, Aons etc)? I've always wandered if working for a global firm would be the dream choice, or whether a more beneficial experience can be derived from one of the smaller companies. There is probably no definitive answer.

My agency has recently got in contact with me about 3 Life/GI companies with vacancies. I am in the process of becoming a member of the Institute and ordering the relevant course material from ActEd. However, a part of me thinks that maybe, if I just wait a little longer, I will have secured a role and my employer would pay all those fees instead. But, then again, I can't afford to wait any longer without making progress.

I have looked at the ActEd course products, and I'm almost overwhelmed by the sheer multitude of different ones available. I am thinking I will probably go for the Combined Materials Pack (CMP) for CT1 and CT7. What would you recommend, considering I am studying independently?

Thanks again for your help. How far through the exams are you?

 

[Actuarial Hopeful]

I agree with this - I think if you've just graduated the key is to just get yourself in the industry any which way you can. Once you've been working in an actuarial role - any actuarial role - you'll suddenly find many options opening up to you... so it doesn't matter if you start in area you're not quite sure about yet - the key is to get at least a year's experience, and then moving into an area you prefer is a whole lot easier.

Personally I would recommend the actuarial trainee route - at least it'll give you a chance to see what pensions work is all about before you make the decision to work in a specific area.

I will definitely bear this in mind. To be quite frank, I think I would jump at the first opportunity presented to me.

 

[thomasb]

I have looked at the ActEd course products, and I'm almost overwhelmed by the sheer multitude of different ones available. I am thinking I will probably go for the Combined Materials Pack (CMP) for CT1 and CT7. What would you recommend, considering I am studying independently?

I'm in a slightly different situation than you, in that for me its a (potential) career change from what I'm currently doing - and one of the things that scares me is the salary cut I'll have to take to take a trainee job.

My current employer doesn't employ actuaries directly that I know of - I can't think why they would - and in any case because of the change, I'm having to fund my self. I'm booked in to do CT1 in a couple of weeks - I've used the CMP from ActEd and I've also paid for the series X marking.

Is this going to be enough? I'll tell you when the exam results come out

Thomas

 

[CA2 student]

I have looked at the ActEd course products, and I'm almost overwhelmed by the sheer multitude of different ones available. I am thinking I will probably go for the Combined Materials Pack (CMP) for CT1 and CT7. What would you recommend, considering I am studying independently?

If I were studying independently I think I would buy CMP and ASET.

 

[Actuarial Hopeful]

I'm in a slightly different situation than you, in that for me its a (potential) career change from what I'm currently doing - and one of the things that scares me is the salary cut I'll have to take to take a trainee job.

My current employer doesn't employ actuaries directly that I know of - I can't think why they would - and in any case because of the change, I'm having to fund my self. I'm booked in to do CT1 in a couple of weeks - I've used the CMP from ActEd and I've also paid for the series X marking.

Is this going to be enough? I'll tell you when the exam results come out

Thomas

Don't worry too much - just think of the plethora of opportunities you'll have when you become qualified. Moreover, the obscene amounts of money that qualified actuaries can earn.

I've decided to invest in the CMP; it should arrive in a few days time.

Good luck by the way, hope it all goes swimmingly.

 

[bystander]

Hi... You guessed I worked in pensions - Wrong. Its life but I am one of these who have switched disciplines.

CMP is the right thing. If you get stuck, buy a marking voucher to get feedback on your attempts. I'd recommend you do that once at least as you are tredding a lonely path.

But I'm sure it'll be worth it.

By the way, ASET expands on past paper solutions. So when at that stage, if you don't like the Institute solutions, only then do I recommend ASET.

 

[Actuarial Hopeful]

Thanks for the advice. Comparatively speaking, as CT1 and CT7 aren't the most complex of modules (I hope), I won't be needing the extra resources such as ASET.

 

[MissAussie]

CT1 is fairly straightforward if you are good at maths - lots of integration, a bit of differentiation, etc.

 

[bystander]

Anyone hunting for a first job.... There's a careers evening at Staple Inn in London 11 Oct 5-7pm. All fields represented. Going all could impress if you slip it in at interviews etc and afterwards you may be able to network a little