Graduate Actuarial Jobs
Actuarial Sector
Predicting your future career
Is it too soon to be thinking about your retirement? Not if you become an actuary – they specialise in forecasting financial futures and tackling difficult mathematical problems. If maths and numbers are your strengths read on to hear about the life of an actuary.
When you search for an insurance quote your main priority is probably to find the cheapest one on offer. But have you ever stopped to think how premiums are calculated? Take for example life assurance: someone needs to work out how long a person is likely to live and how much that person will need to pay in – and this is where actuaries come into the equation.
Actuaries have fantastic analytical and mathematical skills which they use to forecast financial futures and solve complex problems. They work with very detailed and complicated mathematical models, and they are essential to many areas of the financial sector. A large proportion of actuaries currently work in the field of pensions. Their job is to assist companies with calculations relating to their final payment pension schemes; however, this area of work is now starting to diminish as these schemes begin to close. Growing areas of work, on the other hand, include assisting the large investment banks and management consultancies who are actively seeking advice from actuaries in relation to future investments, and ensuring that risks are managed appropriately.
So, how do you become an actuary? In terms of qualifications, most employers are looking for university graduates who have achieved at least a 2.1 and have excellent A Levels. The Actuarial Profession sets a minimum entrance requirement for the admittance of students as a grade B at A Level in maths. Historically those with maths or statistics degrees have been favoured by recruiters, but nowadays many other disciplines are welcomed, from engineering to business studies.
Training is far from easy and takes between three and six years to complete. To become an actuary you first need to join the Actuarial Profession which is governed jointly by the Faculty of Actuaries in Edinburgh and the Institute of Actuaries in London and Oxford, which lay down a code of conduct for their members to ensure that the interests of the public are protected.
The Actuarial Profession also sets exams which all new entrants must pass before becoming qualified members. Dr Trevor Watkins, head of learning at the Actuarial Profession, comments: ‘The qualification process blends concepts, principles and techniques gleaned from academic disciplines such as mathematics, statistics and economics with insight into actuarial practice and the development of business skills such as communications. There is also a need to undertake work-based skills which ensures that qualifiers have gained a range of relevant practical experience.’
According to Dr Watkins, starting a career as a trainee actuary has more going for it than many other career paths. He explains: ‘The global credit crunch is likely to result in more regulation in the financial services sector and stronger risk management skills.’ He adds: ‘The skill-set of qualified actuaries seems highly appropriate in today’s uncertain business climate and it’s a career that offers more insurance against the recession than many other financial services based options.’
When it comes to remuneration and rewards, student actuaries can expect to earn around £30,000, which then increases significantly on qualification. For more details take a look at Computer Economics Limited and Remuneration Economics’ website: (www.celre.co.uk). It publishes its Salary Survey of Actuaries and Actuarial Students annually in the autumn. In 2008 the survey revealed that every single consultancy and financial services company was looking for qualified actuaries in the 12 months to September 2008. This is great news if you are a graduate with an aptitude for numbers and logic; becoming an actuary could be your perfect profession!
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| AXA UK | With 210,000 employees and distributors worldwide and a presence i... | more |
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