Suggested reading for actuarial career.

So I did my CT1 as a non-member last year and passed, and I have now finished my first year on an undergrad course in a non-related degree. I've got all the time in the world, but I just wanted to know if there are many books out there that inform me about the basics of the career, or just books that help me to understand the economics (or even technical sides) of the business and our current climate a bit more. I've started reading The Actuary magazine -- I understand some of the articles -- but whenever they start getting into the technical aspects of it I am completely lost, understandably. It doesn't help when I go into a bookshop and there is barely even an actuary section!

So please could anyone help: books, magazines, articles etc would be of great help; I've got a long summer ahead!!

 

summer actuarial reading

i'm not too sure about the reading, but if you have a spare summer any want to learn more about an actuarial career i'd suggest trying to get a month or two's work in an actuarial department somewhere. Of course that will be more difficult if you're not near a financial centre such as london, but I think its worth a try.

 

Gbob1 perhaps you could try the following book:

Actuaries' Survival Guide: How to Succeed in One of the Most Desirable Professions (Author: Fred Szabo)

You can preview it online on Google Books. It’s primarily aimed at the North American market but I think it’s equally helpful to anyone looking to just find out about an actuarial career.

Try to also keep in mind the following quote from the noted (late) British actuary Frank Redington “An actuary who is only an actuary is not an actuary”.

Don’t forget to enjoy your summer, none of us have all the time in the world for anything!

Congratulations on passing CT1, by the way, that is a good achievement. Well done.

 

@Matt: Yes, I was preparing to do that this year but I have already missed any internship deadlines perhaps? Can anyone confirm this?

@Scaron: Thank you! It certainly wasn't easy having no revision courses or teacher but, luckily, it all worked out in the end .

 

You may not be able to get into paid summer actuarial work but there can be equal value in the following:
1. Contact an actuarial ambassador who'se role it is to talk to people with interest on the career and give you an 'insider view'. If you're at uni, ask if yours has a contact or the institute can tell you of a nearby one.
2. Contact/call centre - you may be able to get a role in a centre that deals with insurance product admin. Whilst your role would be just fact finding/ claim details, it would give you an idea of practical work in the insurance sector.
3. Ask for some voluntary experience in an office. Even if you get 2 weeks its better than nothing. Generally smaller companies unable to take a 'proper intern' are happy to do this and you may get some practical office Excel or other relevant system experience in even that short time.

Your pass shows you are keen so keep it up. You are on the right track

 

Wow! The book is so expensive! I might just have to read through it in Waterstones through several sittings, for free

 

Or get it out of the library...
http://www.actuaries.org.uk/research-and-resources/pages/library-services

 

Wow, that's really useful! However, I think I have to be a member and have an ARN number, which I am not and don't have. I'll double check though.

 

I spoke to my uni's career office today and the lady said that I should try out for some companies for work experience. So I'm thinking of doing some voluntary work experience for a few weeks, which would probably consist of things such as filing and work-shadowing etc, but it should hopefully prove that I'm keen and provide me with some useful connections and experience by the end of it.

I know that some companies don't accept people for work experinece, full stop. However, would it be unreasonable to still try out for top companies such as PWC and Deloitte, or should I stick to the smaller companies? If you think smaller companies would be best, what sort of companies are small and would be willing to accept someone like me?

Many thanks

 

You don't have to be a member, but if you aren't then they may ask for a desposit.

 

Don't worry, found a list of companies from the actuarial profession website -- will be e-mailing the ones that accept work experience.

 

summer actuarial reading

If you're in london i'd try any london general insurance company you can - lloyds syndicates etc. they're likely to be drowning in solvency II work right now, and if you offer to do some tedious data manipulation type stuff, and you can convince them you are good in excel, bright and keen i'm sure you'll get some interest. I'd direct emails to the cheif actuary, or head of risk management or something. (I don't think you'll get anywhere with the big consultancies like PWC though).

 

Nope, no-one seems to want to take in any people looking for work experience at this time...

 

summer

I would avoid the words "work experience" (as this tends to be someone who just sits and learns for a week or two rather than actually helping, so most companies limit or avoid this), and just ask if they would like a actuarial summer student to help out with some of their easier work. (My company was looking for that, which is why i mentioned it. I think we have someone now, but I'd be suprised if some other companies wouldn't appreciate someone to help out).