training scheme?

Hi everyone. I've just passed CT1 as a non-member and was looking for a bit of advice regarding my next steps. Apologies if these questions seem rather silly.

Firstly, as I have no experience, I don't know yet which route I want to go down and I am wondering if I should start studying for CT2, or CT3 (I read somewhere CT3 after CT1 as there was a lot of cross over) while I find work.

Secondly, I'm a bit older than the average graduate, and also, I graduated five years ago so I don't think the graduate training scheme is necessarily the right way for me to go. Is or has anyone else been in a similar situation? Which route did you take?

Thanks, Laura

 

They do say the only silly question is the one you don't ask.

As far as the CT2/3 thing goes, I don't think it matters much. CT2 is an introduction to accounting, CT3 is an introduction to probability and statistics. Pick the one you know least about.

The main advantage of going down the graduate recruitment route is that it will get your CV in front of eyeballs much more quickly. There is a bit of a catch-22: employers don't look for new entrants outside the graduate entry cycle, because nobody applies outside the graduate entry cycle, because employers don't recruit outside the graduate entry cycle...

However, that said, if you get your CV in front of someone who knows a warm body is needed at the right time then you can get lucky; in order for this to work, you need to get in touch with a lot of people though! There was a post in this sub-forum a few months ago that described quite an ingenious method of finding such people from publicly available directories.

 

Lots of people come in as a career change - you aren't alone.

What you need to show is that you are certain this is what you want... the CT1 pass will help there but also keep abreadst of industry issues. Plus think what about what you have done and how skills transfer.

You won't be able to do more actuarial exams unless you join the profession so that is an extra overhead.

Talk to some recruitment agents. They may know of some temporary work that you could get. Even if its not actuarial, getting in with the company and proving yourself can be a way through. I have known people get a couple of exams and then are allowed onto the supported scheme.

So if you want it bad enough, go for it.

 

grad schemes etc

Some of the larger employers might only look for entry level actuarial students as part of an annual graduate scheme process, but there are plenty of actuarial employers who will recruite more ad-hoc, and, in general insurance at least, I would expect demand to be relatively high at the moment. So I would agree with bystander that talking to recruiters and putting together a good cv is probably the best thing you can do in the short term. Most actuarial roles outside the graduate schemes are filled through a fairly small number of actuarial recruitment agencies, so they should be useful.

I wouldn't be put off from graduate schemes by the fact you're not straight out of uni - I doubt potential employers would see this as a problem. (In fact, if you've picked up some transferable skills in the mean time, it could be an advantage. Alot of actuaries didn't start as actuaries (myself included).) As long as you can convince them that you are now committed to an actuarial career - getting one or two exam passes under your belt will really help there, as will getting any vaguely relevant work experience/temporary work and keeping informed about industry issues etc.

Btw, I don't think CT3 overlaps at all with CT1. CT3 is largely stats - if you've studied stats at uni it could be relatively straightforward, otherwise you could well find it pretty tough. The pass rates for both CT2 and CT3 are generally high though.

 

I was in this situation (Engineering background) and signed up with a recruitment consultant. Can't say explicitly which one, as it violates house rules on advertising.

They took me out for a beer and advised me on interview technique etc. Had plenty of interviews and job offers.

I'd be wary of sounding too sure about wanting to be an Actuary. I now interview graduates and this just smells like nonsense - there's no way you can be sure until you've done it. Talk more about the qualities required in a good Actuary and how you satisfy them.

 

I must admit I felt I knew from 18 and so my whole education was deliberately geared that way. Knowing the very basics of life assurance like what products there are (not in any great depth) and being able to talk about the factors we need an awareness of definitely proved my interest.

Plus I made sure I'd researched the exam path and was fully aware of the pass rates and that many will change course. But the overriding factor is that I was up for the challenge and had a stubborn streak that saw me through some pretty hard times on the way.

I too have seen recruitment from the other side and am sceptical if anyone cites £££as a high priority. I'm not saying actuaries should work for love alone but it helps having a thirst for knowledge in this great field.

And yes I am still smitten!

 

Hi Laura; having CT1 under your belt is a great start as it shows you've already made a fair degree of effort to make the change rather than just talking about it.

I would have thought a grad scheme is still your best opportunity so you should apply for everything you can. Another thought is to approach the Institute to talk to a qualified Actuary (they recommend this). If you are lucky(?), you might get something like a week of work experience out of this which shows further intent.

I can't advise on recruitment consultancies but as you've seen here, they can be another effective method. But I would say that from what I've seen there are often new "graduates" who aren't just 21/22 and are in a similar position to you (including me). If it's what you really want to get into, this shouldn't put you off at all as most students are in their twenties anyway so you will have plenty of company for when you do crack into CT2, 3 etc. etc.

Good luck!