Will anyone accept me?

[jonnyw]

Hi all, this is my first post I'm hoping for some advice.

I'm really interested in becoming an actuary, have done plenty of research into careers guides etc, and have more or less decided to "go for it".

The only issue is I contacted the profession, to see whether my existing qualifications would allow me to join, and was told they wouldn't. They suggested I could do CT1 to prove my mathematical ability, which would allow me to join.

I got an A for my maths GCSE, a D for my maths A-Level (this was around 10 years ago, and I believe is more a reflection on the effort put in, rather than my actual ability at the time). After my A-Levels I studied for a degree in Computer Science (which included a number of statistical and mathematical modules), for which I got a 2:1. More recently I studied (alongside working) towards an MSc in Advanced Computer Science, and was awarded a distinction.

Anyway the reason I've posted all the above, is because I truly believe I have the ability, for what it takes to pass the exams and become a fully qualified actuary.

On a plus note I also have a 4 years experience working in the IT industry, and so have the advantage of "real world" skills, understanding how to deal with clients, manage work loads, professionalism etc.

My plan therefore is to study, and pass CT1, to show potential employees that I am capable (and dedicated).

Do you think employees would be interested in me if I have my CT1?

My other concern is a lot of graduate schemes require 300+ UCAS points (I only have 260). Would this still be a problem even with CT1? Would perhaps smaller company take me?

Do you think if I was self studying I could apply whilst studying, or would I be better waiting until I passed CT1 first.

There's obviously a considerable investment involved to self fund through the course and the exam, so I just wanted to check that I'm being realistic before starting.

Many thanks in advance for taking the time to read this. All advice gratefully received

 

[DevonMatthews]

I am surprised the profession will not accept you? That seems a bit stupid since your basically calling and offering hundreds of dollars in membership fees (extortion). Order CT1 now, and enrol for/sit it in September as a non member, pass it, shove it up them and sit more exams in April. I’m not sure if an employer would consider a non mathematics/actuarial graduate without any exam passes, maybe someone else can answer this. Your time/money definitely will not be wasted since at the very least you will get a Certificate in Financial mathematics which you can walk away with.

 

[bystander]

There are a number of options:
a) retake the A'level - perhaps cheaper than CT1
b) try again for membership but this time send in all the syllabus, exam papers etc that relate to the mathematical/statistal content of your degree. You will also need to have got good marks in them.
c) as you say get CT1

Yes you will find it hard to get someone to take you and the chances are better with smaller cos. But the work experience is valuable and you need to emphasis how these skills transfer to an actuarial environment. So don't give up your dream just yet.

If you want, consider getting a job in financial services particularly insurance and then try and persuade you employer to consider an upgrade if you show your flair for this area of work.

Good luck

 

[jonnyw]

Many thanks for the replies.

I was briefly considering re-sitting the A-Level, but my current train of thought is that I'm going to have to pass the CT1 anyone, so I may as well get it done now.

I'd hope it'll show potential employers that I'm serious too.

Maybe I'll get a few applications in (possibly for internships) whilst studying for CT1, and then get more serious with the applications afterwards.

(BTW: it wasn't a formal application that was rejected, it was an enquiry to the Actuary.org's membership teacm - and I tried to wow them with relevant content and results but unfortunately it had no [noticeable] effect )

 

[didster]

Well, no offence meant to you, but the Profession has to maintain its standards and the vast majority of persons who can't get a decent grade in A level mathematics aren't likely to be able to pass the harder mathematical subjects like say CT8.

You seem to be an exception to the above and the Institute have given you a way around it. Bystander has provided 2 other options.

Regarding employment, you'll probably need to do it via non-standard routes or small employers. Automated application processes may disregard you because of the UCAS points, etc, even though you have something valuable to offer.

Perhaps you can consider getting an IT type role in a smaller company that might be your step in the door - in a smaller company, there may not be much a line between various roles eg someone may have both IT and actuarial functions and you could gradually attain more actuarial responsibilties as you prove yourself.

 

[DevonMatthews]

I checked the admission requirements, it's frustratingly unclear what you need exactly to gain membership..

http://www.actuaries.org.uk/students/getting_started/become_a_student/admission_regulations

 

[jonnyw]

Well, no offence meant to you, but the Profession has to maintain its standards and the vast majority of persons who can't get a decent grade in A level mathematics aren't likely to be able to pass the harder mathematical subjects like say CT8.

You seem to be an exception to the above and the Institute have given you a way around it.

No offence taken, I completely agree re. standards needing to be maintained, and I'm going to try with my way round.

I think I'm going to speak to some actuarial recruitment agencies, and see what they say. I may try calling a few "smaller" firms, and asking whether they would see CT1 + other experience as enough.

I half suspected my application process was going to be writing to individual companies, rather than applying for graduate schemes.

Thanks for the advice

 

[avanbuiten]

I didn't have very good A levels either. One very well known recruiter told me I might as well give up because no one would be interested in taking me on! Now 5 years later I'm waiting for my final exam results which could mean I qualify! Forget automatic applications and target companies that accept CV's - but it had better be good / practical and not read like your applying for a PhD!!!

If you have the money, a postgraduate diploma (9 month course) in Actuarial Science would be a very good idea. It's how a lot of mature students manage the career change.

 

[andy orodo]

did you not think of applying for actuarial analyst positions or other non actuarial positions within insurance or pensions e.g. accounting, marketing, IT positions that have an emphasis on data systems? An actuarial analyst role would be easier to get than an actuarial trainee position.

In this case you will not receive any exam support but you will get your foot in the door, get a lot of insurance/pensions experience and perhaps experience with a lot of the products. In the mean time you can begin to support yourself through the exams.

Once you begin to make some progress with the CT series you will be in a much stronger position to apply for actuarial trainee vacancies arising having had the exam progress and gaining insurance/pensions (although not actuarial) experience.

It's a tough route but it's achievable

 

[Elroy]

did you not think of applying for actuarial analyst positions or other non actuarial positions within insurance or pensions e.g. accounting, marketing, IT positions that have an emphasis on data systems? An actuarial analyst role would be easier to get than an actuarial trainee position.

In this case you will not receive any exam support but you will get your foot in the door, get a lot of insurance/pensions experience and perhaps experience with a lot of the products. In the mean time you can begin to support yourself through the exams.

Once you begin to make some progress with the CT series you will be in a much stronger position to apply for actuarial trainee vacancies arising having had the exam progress and gaining insurance/pensions (although not actuarial) experience.

It's a tough route but it's achievable

I don't think the actuarial analyst title implies a lack of study package. This is the title given to trainees in many organisations. What's your distinction between the two in terms of the work they do?

 

[Day Dreamer]

Have you tried joining other actuarial organisations besides the Faculty of Actuaries and the Institute of Actuaries? Try the Society of Actuaries (SOA), Casualty Actuarial Society (CAS) etc. They all offer internationally recognised qualifications? My point is that there are other alternative actuarial bodies out there. Dont restrict yourself to considering just the two UK bodies. I hope this helps.

 

[jonnyw]

Thanks for all the replies.

A lot of good advice to ponder!

I'm going to concentrate on getting CT1 passed for now, but will take on board all the advice when I start applying for jobs

Thanks again

 

[andy orodo]

I don't think the actuarial analyst title implies a lack of study package. This is the title given to trainees in many organisations. What's your distinction between the two in terms of the work they do?

Sorry I thought that was a standard distinction. In my place of work the analysts have no study support and are expected to get more involved in the nitty gritty e.g. upkeep of data systems and critical anlysis of marketing literature while trainees would do some of that but there would be more of an emphasis on getting involved in some of the big picture issues.

 

[bystander]

Just one last thing to bear in mind.... if you go beyond CT1 and still haven't got a 'traditional' actuarial job, best check out how to deal with the work based skills requirement as most people have a supervisor who at the very least a member of the Institute and ultimately you need someone fully qualified to sign the final form. But thats a way off.

Good luck

 

[MindFull]

In relation to the Work Based Skills, you do need in the Institute for the final sign-off, but my supervisor who is an underwriter was allowed to be my supervisor.

 

[tiger]

You can defer the work based skills requirement but "need to complete three years work based skills before you can transfer to Fellowship".

I'm following a similar path, currently not working in the field. Sat CT1 April last year, CT2&3 in Sept. Waiting nervously for CT4 & 5 results now!