Actuarial Studies

8/12/2019 Actuarial Studies

1/67

The official graduate career guide

Career adviceSenior profiles p . 29

Internships - what to expect p .42

Employers & jobsCompany profiles p .59

Job application information p .62

The definitive guideto a career as anactuary.

Jenny ElliottChair of the Careers Committee,The Actuarial Profession

Actuaries

PUBLISHED IN PARTNERSHIP WITH

2 0 1 1 / 1 2

For the latest jobs and more information, visitwww.insidecareers.co.uk/act
http://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/


2/67

Actuarial and Investment ConsultingFinancial Benets AdvisoryInsurance Broking

Were a professional services business - following our merger with Hewitt Associates in 2010,we are the worlds #1 provider of human capital consulting, the #1 insurance broker and the#1 provider of reinsurance. We lead the market in actuarial and investment consulting, nancialbenets advisory and insurance and reinsurance broking.

Youre numerate, analytical, client-focused and on target for a 2:1 degree youre just the personwere looking for. Join us and youll be part of a Graduate Programme designed to identify anddevelop future stars of our business.

Responsibility will come sooner than you think far sooner than with many other organisations.Were keen to see what youre capable of and we realise that, to achieve your potential, youll need

an impressive array of professional skills and rewards to match. Well give you all the training andnetworking opportunities you need to become a technical specialist in your area, as well as a highlyattractive remuneration package.

Find out more and apply at www.aon.co.uk/graduates
http://www.aon.co.uk/graduateshttp://www.aon.co.uk/graduateshttp://www.aon.co.uk/graduateshttp://www.aon.co.uk/graduateshttp://www.aon.co.uk/graduateshttp://www.aon.co.uk/graduateshttp://www.aon.co.uk/graduateshttp://www.aon.co.uk/graduateshttp://www.aon.co.uk/graduateshttp://www.aon.co.uk/graduateshttp://www.aon.co.uk/graduateshttp://www.aon.co.uk/graduateshttp://www.aon.co.uk/graduateshttp://www.aon.co.uk/graduateshttp://www.aon.co.uk/graduateshttp://www.aon.co.uk/graduateshttp://www.aon.co.uk/graduateshttp://www.aon.co.uk/graduates


3/67

CONTENTS

5

810111415

20222426

30323436

40

4244

5052

Introduction Jane Curtis

THE PROFESSIONWhat is an Actuary? Why Become an Actuary? Fields of Work Salaries and Rewards Mark CrailFrequently Asked Questions

RECENT GRADUATE SKPMG - Actuarial AnalystStandard Life - Actuarial TraineeHymans Robertson - Actuarial TraineeLegal & General - Solvency II Analyst

SENIOR PROFILESFSA - Chief Actuary for General InsuranceTowers Watson - Consulting Actuary Mercer - Senior AssociateStandard Life - Actuarial Function Holder

FINDING THE RIGHT JOBKey Skills Required by Employers

Dr Geraldine KayeInternships - What to Expect Rohan Jain Jobs on Offer - Graduate TrainingSchemes

THE ACTUARIAL PROFESSION AND QUALIFICATIONSThe UK Actuarial ProfessionActuarial Syllabus and Examinations

FURTHER STUDY

EMPLOYER A-Z

RECRUITMENTCONSULTANTS

REFERENCE TABLE


4/67


5/67

WWW.INSIDECAREERS.CO.UK/ACT

5

Jane Curtis, President of the Institute and Faculty of Actuaries, introduces theInside Careers Guide to Actuaries, and outlines the many bene ts and careerhighlights that await any graduate who chooses to work in this industry.

On behalf of the Actuarial Profession, I am pleasedto introduce this new edition of the Inside CareersGuide to Actuaries and thank you for your interest inthis exciting and rewarding career.

The Actuarial Profession represents the membersof the Institute and Faculty of Actuaries. While themajority of our members come from the UK, asigni cant number come from overseas and, if you

join us, you will be joining a truly global community.

A career as an actuary offers a wide range ofopportunities and challenges to those who wantto apply their skills in mathematics or statistics toproblems in the real world of business and nance.These skills give actuaries an unrivalled appreciationof nancial risk management, one of the mostfundamental but least understood areas of business.

Actuaries are able to analyse past events, assessthe present risks involved and model what couldhappen in the future. They may then forecastthe long-term nancial implications of businessdecisions, both in terms of likely outcomes andin the variability of those outcomes. The abilityto stress test different scenarios is invaluable to

business planning.

Traditionally, actuaries have been heavily involvedin life insurance and pension scheme work. Whileactuaries remain at the heart of those disciplines, therange of what they do has expanded dramatically.Today, you will nd actuaries in nancial productdesign, in investment management, in nancialmodelling and in helping their clients harness thepower of new nancial instruments to managetheir risks better. Outside these traditional areas,actuaries are increasing their in uence in generalinsurance, including Lloyds syndicates, corporate

nance, banking and risk management.

Risk management is a signi cant growth area foractuaries. The Actuarial Profession has its own riskmanagement quali cation, the Chartered EnterpriseRisk Actuary (CERA), and for those interested inpursuing a career in risk management, an actuarys

skill set provides the ideal base.

Indeed, the actuarial quali cation increasingly givesyoung men and women a passport to the widestpossible range of nance and risk management jobs.

Actuarial work is especially suited to those whoenjoy solving problems by analysis, mathematicsand logical reasoning. Yet the challenge does notend there communication and management skillsare vitally important if an actuary is to be effectivein what he or she does.

Many actuaries trained in the UK will spend some,or all, of their career working abroad. The UKquali cation is highly valued all over the world. Itmeans that actuarial work provides a rewardingcareer in terms of intellectual challenge, nancialrewards and status.

In this guide you will nd a wealth of information

about the profession, our education system and therange of employment opportunities. If the worksounds appealing, please take the rst step towardsan actuarial career by applying to the employerslisted at the back of this guide, or learning more byvisiting www.actuaries.org.uk.

Jane Curtis is President of the Instituteand Faculty of Actuaries.

Introduction

BACK TO CONTENTS
http://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/act


6/67BACK TO CONTENTS



THE PROFESSION

8

10

11

14

15

What is an Actuary?

Why Become an Actuary?

Fields of Work

Salaries and RewardsMark Crail

Frequently Asked Questions


8/67

THE PROFESSION

8

BACK TO CONTENTS

Actuaries analyse past and present data to solvereal business problems. A lot of actuaries workis about risk management: assessing how likelyan event may be and the costs associated with it.To make things more challenging, actuaries really

need to understand how businesses operate,they need to keep up to date with legislativechanges, long-term demographic trends and havegeneral commercial and economic awareness.

Career pathsAn actuarys early training has a split focus onpassing the professional exams and buildingpractical experience. Once quali ed manyactuaries go on to be practising specialists inone of the traditional elds, with many actuariesbecoming senior managers in rms of consultantsor insurance companies.

There are many different career paths: someactuaries specialise in technical research, whilstothers may focus more on commercial activities.The different roles require different mixesof skills, but whatever a particular actuarysstrengths, there will be a niche for them.

How do you become a quali ed actuary?Passing the professional exams is the rsthurdle to becoming an actuary, and this mustbe coupled with at least three years practicalexperience to fully qualify. It takes a lot ofhard work, so ensure you work towards youractuarial quali cations with a rm that reallysupports you, meets the costs associated withyour exams and study, provides you withstudy leave and also gives you the practicalexperience you need to make your mark.

Beyond this you will need to develop thecapacity to give expert advice. Often this will

involve dealing with non-actuaries and thegeneral public, so the ability to communicateand articulate dif cult topics to non-specialistsis of paramount importance.

And the rewards?Being an expert in such a complex area bringsgreat rewards. Actuaries pay and conditionscompare well with other leading professions.

The rewards of being an actuary are farmore than nancial. It is a stimulating job thatchallenges you to think at all times and offers youthe opportunity to make a positive impact on theorganisations and their employees.

Expert domainsThe traditional areas in which actuaries operateare: consultancy, investment, life and generalinsurance and pensions. Actuaries are alsoincreasingly moving into other areas of the

nancial sector such as risk management, bankingand capital project management, where theiranalytical skills can be employed.

ConsultancyActuarial consultancies offer a whole rangeof services to their clients on issues such asacquisitions, mergers, corporate recovery and

An actuary is more than just a number cruncher. They not only have to be goodat maths but an innovative thinker and problem solver in order to help companiesmanage their risk.

What is an Actuary?

Being an expert in such acomplex area brings greatrewards. Actuaries payand conditions comparewell with other leadingprofessions.


9/67


9

BACK TO CONTENTS


nancing capital projects. Many also offer adviceto employers and trustees who run occupationalpension schemes. In fact, such consultancies areprobably the biggest employers of actuaries inthe UK.

A successful consultant will work to develop areal partnership with their client, allowing themto gain an in-depth understanding of commercialoperations and business objectives. Actuarialconsultants also need to be able to communicateeffectively, often explaining complex technicalissues and ideas to all kinds of people, whetherthey are nance directors, CEOs, shareholdersor trustees.

InvestmentIn the area of investment, actuaries are involvedin a range of work such as: pricing nancialderivatives, working in fund management, orworking in quantitative investment research.Often investment actuaries work in eldswhere their understanding of insurance orpension liabilities helps them to manage theinvestment of the corresponding assets.

InsuranceThe work carried out by actuaries in insuranceincludes designing new insurance policies,setting premium rates, calculating a companys

nancial status (based on the policies alreadysold) and answering technical queries frompolicyholders. Insurance actuaries alsoundertake detailed investigations of differentexperiences such as how assets and expenseshave performed and the extent of different

types of claims for different types of insurance

policies (e.g. death claims for life insurance orcar theft for motor insurance).

PensionsThe work of actuaries is vital to the health of

pension schemes. Actuaries are heavily involvedin designing and advising occupational pensionschemes. This could be a formal valuation forone persons bene ts or for a whole schemewith one million members.

As actuaries gain experience, they spend lessof their time working on the strictly technicalaspects, instead applying their expertise towider business challenges. These may includeadvice on nancial strategy advising a clienton remuneration policy, consultancy arounda corporate takeover and other large scaleprojects. This demands proactive and creativethinking, as well as technical prowess and greatinterpersonal skills.

What next?If you have found this overview interesting thenread the rest of this guide, where you will ndmore information on all the areas that have been

touched on here.

Rea d pr o l es of a ct ua r i es a t w w w . i n s i d e c a r e e r s .c o .u k

F i nd out mor e
http://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/act


10/67

THE PROFESSION

10

BACK TO CONTENTS

Intellectual challengeAn actuarial career is a very stable and secureone. It is relatively recession proof: our societywill continue to demand pensions and insurancewhatever the state of the economy. The actuarial

environment also offers constant intellectualchallenge and variety, requiring the applicationof a multi-faceted skill set. To be successful youwill need to demonstrate excellent analyticalthinking and an ability to solve complicated

nancial problems. Solid commercial and economicunderstanding alongside the skills to interpret andcommunicate complex information in a clear way,is also essential.

A prestigious industryThe UKs Actuarial Profession is relatively smallcompared to other professional bodies. With over22,000 members you will become part of a high-pro le, prestigious and well respected profession.You will work towards a world-recognisedquali cation. The exam syllabus re ects the latestdevelopments within nance and industry. It is noteasy to qualify and you must be willing to workhard to get through the rigorous examinationsalongside performing well in your day job. On

average between 15 and 20 hours study at homein the evenings and weekends are required perweek. This requires great focus, determination andan ability to cope well under pressure. The training

can be undertaken at your own pace; the usualtime to quali cation is between three to six years,but could be longer.

Excellent study support and training

The help and support given by employers isgenerous, although this will vary from employer toemployer. The training company provides a greatdeal of assistance. The Actuarial Profession canreview any failed exams and give you pointers as towhat went wrong. Exam failure is a part of life: veryfew get through all papers rst time.

It is important to assess what training support andhelp is offered by the employer; how much paid(or unpaid) study leave is given; whether they payfor all the external tuition and exam costs; whattheir attitude is to any hiccups with exams; howvaried the training placements offered are; what thelonger-term opportunities are.

A wide range of opportunitiesThe range of opportunities within the professioncontinues to grow. Actuarial careers used to befound mainly in the life insurance and non-lifeinsurance industries. There are some quali ed

actuaries in the UK and over half now work inthese non-traditional areas. Quali ed and traineeactuaries are now to be found in investmentmanagement, corporate nance, liquidations,mergers and acquisitions, derivatives, fund and assetmanagement, project nance and risk assessment.

Well paidGraduate entry salaries are offered from 25,000to 35,000, newly quali ed actuaries can commandin excess of 55,000, and senior positions canattract 100,000 plus. A very satisfying and clearlyde ned career progression is there for the takingfor highly motivated and driven individuals.

If you are looking for an opportunity to apply your mathematical skills to real lifeproblems, then the actuarial profession could be for you.

Why Become an Actuary?


11/67


11

BACK TO CONTENTS

Actuaries have the skills for tackling the issuesthat nancial businesses face (particularlywhere there are signi cant nancial risks anduncertainties in running the business), in theinterest of both customers and owners.

As the skills of an actuary are increasinglyrecognised, the range of employment opportunitieswill enlarge. The profession has recently activelysought new opportunities whilst at the same timeconsolidating its presence in traditional employmentareas and seeks to expand the recognition of andemployment opportunities for actuaries. Ageingpopulations, damages, nance, genetics, healthcare,personal nance planning and risk management areall new areas in which the effective contribution ofactuaries has been recognised.

Where do actuaries work?Of the 6,874 UK Fellows of the Profession, 42%work in consultancy, 31% work within the insuranceindustry, 5% work in nance and investment and 3%work in the public sector and education, as well asother newer areas such as industry.

ConsultancyActuarial consultancies are the biggest employersof actuaries in the UK. Many offer advice toemployers and trustees who run occupationalpension schemes. The 1995 Pensions Act madeit a statutory requirement for the trustees of a

pension scheme to appoint an actuary. The adviceto clients covers a wide range of topics, fromsetting up a new scheme to assessing the levelof contribution to be paid by the members andvaluing the fund if the company is to be taken

over. Additionally, consultancies will offer a rangeof services to their clients, such as enterpriserisk management, merger and acquisition advice,corporate recovery and nancing capital projects.

The Government Actuarys Department (GAD)provides advice to the Government via RoyalCommissions, as well as giving advice to othergovernment departments and a wide range ofpublic sector bodies, including local authoritiesand the NHS. An important part of this workconcerns the occupational pensions for about fourmillion people via the operation of the NationalInsurance Fund.

Insurance industryLife insuranceLife insurance companies provide life insurance,pensions and other nancial services. Actuaries are

The business world today is becoming more complex, fraught with uncertainty

and often with con icting pressures. The need for a business both to performcompetitively, and to respect the interests of its customers and the economy inwhich it operates, poses some special problems. See how you can help tacklethese issues in the different areas of this profession.

Fields of Work

As the skills of an actuaryare increasingly recognised,the range of employmentopportunities will enlarge.


12/67

THE PROFESSION

12

BACK TO CONTENTS

involved at all stages in the product developmentand in the pricing, risk assessment and marketingof the products. In addition, actuaries ll key rolesin nancial management and the investment ofpolicyholders money by developing strategies thatensure customers get a good return. It is currentlya legislative requirement that each UK life of ceappoints one or more actuaries to perform theactuarial function, advising the rms directorson the rms ability to pay claims and how toensure that the life insurance and pensions bene tsfrom the many millions of pounds invested bypolicyholders are secure. Firms that have with-pro ts business must also appoint one or morewith-pro ts actuaries to advise the rms directors

on the use of discretion in the management ofwith-pro ts funds and in particular the additionof bonuses to policies, having regard to the fairtreatment of with-pro ts policyholders.

With recent legislation leading to more privatehealthcare provision, insurance companies areextending their range of products to include medicalinsurance, critical illness and disability insurance.

In an increasingly global business world, mergersbetween life companies are becoming morefrequent. When life of ces are bought andsold or life funds merged, actuaries tend to beretained by both sides.

General insuranceGeneral insurance is a fast-growing area foractuaries, both within insurance companies,consultancies and at Lloyds of London, wherethey have certain statutory duties. Many areemployed by consultancies who provide servicesto insurers and Lloyds syndicates. Generalinsurance actuaries are also to be found inreinsurance and broking operations. Generalinsurance includes personal insurance, such ashome and motor insurance, as well as insurancefor large commercial risks. As there are manydifferent factors that can affect the size andnumber of claims, general insurance companiesemploy actuaries to assist with their nancial

management, in particular in connection withpremium rating and reserving.

Actuarial and statistical techniques are usedextensively in the analysis of often substantialamounts of available data. Statistical modelsare thus a key part of an actuarys work. Thisanalysis is then used to rate the risks and toensure that claims reserves are adequate tomeet the eventual settlement of insurance claims.

Terrorist attacks, Caribbean windstorms andindustrial diseases like asbestosis are all examplesof insurance liabilities where actuaries have beenintegrally involved in estimating ultimate costsinto an uncertain future.


13/67


13

BACK TO CONTENTS

Finance and investmentInvestment managementActuaries have been involved in the eld ofinvestment management for decades. Indeed, itis probably true to say that more people see theword actuaries through the daily stock exchangeindices than through any other source. Actuariesare involved in buying and selling assets, investmentanalysis and portfolio management. In addition,actuarial techniques are ideal for use in measuringinvestment performance. Solving problems whilemaking correct investment decisions is a constantstimulus. Many employers recognise the skills thatthe training provides and have allowed actuaries todevelop these skills as well as others, such as the

skills of nancial economists. Actuaries are seekingto improve their tools both in the developmentof valuation models and in the re nement oftraditional methods.

Corporate nanceAlthough generally regarded as the province ofthe investment banker, actuaries can add value inthis area. An actuarys basic skills in forecastingand assessing risks are ideal for estimatingwhether a capital project (e.g. for a new hospitalor a transport infrastructure project) is nanciallyviable. Employers might include government

departments, management consultancies, orproperty companies specialising in this area.

BankingActuaries are becoming increasingly involvedin banking. For example, some of the leadinginsurance companies now have their own

established banking operations, with actuarieslling some of the senior executive positions fornance and risk. The leading retail banks are also

increasingly employing actuaries, as they recognisethat the longer term approaches advocated byactuaries can add value to their businesses. Asinsurance companies increasingly hedge theirrisks, we have seen a corresponding increase inthe demand for actuaries from the investmentbanks that provide the hedge products.

As the insurance and banking markets continue toconverge, we can expect to see the demand foractuaries within banking elds continue to grow.

Opportunities abroad

The UK quali cation is highly valued throughoutthe world. Of the quali ed members of theUK profession, 60% are UK based, with theremainder overseas. The Actuarial Professionworks with other international actuarial bodies toarrange reciprocal recognition of the professionalquali cations between the different bodies.Most overseas opportunities arise in Australia,continental Europe, India, New Zealand, Pakistanand South Africa.

Hopefully this brief overview demonstrates thevariety of opportunities available. The quali cationis an excellent base for a business career that isrecognised worldwide.

The Profession workswith other internationalactuarial bodies to arrangereciprocal recognition of the

professional quali cationsbetween the different bodies.


14/67

THE PROFESSION

14

BACK TO CONTENTS

XpertHR publish salary surveys for a numberof professions annually, the following resultscome from their ndings from Salary Survey ofActuaries and Actuarial Students October 2010.

Average earningsGood news for average earnings (basic payplus bonus). These have increased by 6.2%from Sept 08 Sept 09 compared to a 3.5%increase in 2008. More recently basic pay onlyhas increased by 3.9%.

Bonuses are also more common than previousyears with 86.1% receiving a bonus in 2010,averaging at 7,305. These are obviouslyskewed towards more senior staff and partners

but pushing yourself and doing well will meanthat you have a greater chance of progressingquicker and receiving that bonus when theseare paid out.

RecruitmentWe are pleased to reveal that from theconsultancies and companies who took partin the XpertHR survey, 90% of them wererecruiting quali ed actuaries during Sept 09

Sept 10. So, get your CV up to scratch andinvestigate your options by looking over thecompany pro les at the back of this guide.

Mark Crail is Head of Salary Surveys and HRBenchmarking at XpertHR (www.xperthr.co.uk).

ACTUARIAL SALARIES BY SENIORITYResponsibility Level Average Basic Salary

Student Actuary 31,755

Actuary 45,329

Senior Actuary/Junior consultant 56,351

Section leader/Consultant 66,038

Section manager/Senior consultant 80,113

Department manager/Managing consultant 87,902

Function head/Practice head 110,418

Senior function head/Practice director 125,736

Chief Actuary/Senior partner 227,614

Youve completed your degree, decided on what profession you want but whatare the nancial rewards? Luckily if youve chosen to become an actuary, theseare considerable. We asked Mark Crail from XpertHR to provide us with anoverview of expected earnings for this challenging and prestigious profession.

Salaries and Rewards

Source: Salary Survey of Actuaries and Actuarial Students 2010, published by XpertHR Salary Surveys, www.xperthr.co.uk.

All gures are based on a matched sample of individual employees in the same job both years.
http://www.xperthr.co.uk/http://www.xperthr.co.uk/


15/67


15

BACK TO CONTENTS

What quali cations do I need to become anactuary?In practice, the majority of employers arelooking for graduates with at least a 2.1 andexcellent A levels or equivalent. The minimum

entrance requirements for admittance as astudent of the Actuarial Profession are MathsA level at grade B, along with a second A levelor equivalent in any subject at grade C, EnglishGCSE at grade C and two other GCSEs in anysubject at grade C (or equivalent).

For holders of a second class Honours degreeor above in any subject, the Maths A levelrequirement is reduced to a grade C. Forholders of a third class Honours or above in amathematical or actuarial science degree, theMaths A level requirement is dropped.

Which degree subject should I study?Graduates from any discipline are welcomed,provided the minimum entrance requirementshave been met. However, most employers recruitnumerate graduates mathematics, statistics,

actuarial science, economics, business degrees,engineering, physics and chemistry.

Will I bene t from studying a degree inactuarial science?Several universities offer undergraduate degreesin actuarial science. Some of these degrees offerexemptions from all the Core Technical subjectexaminations. Other actuarial degrees offerexemptions from a subset of these subjects.

The advantages of studying an actuarial degree are:

An opportunity to nd out more aboutactuarial work before starting employment.

If a suf ciently high standard is achieved in theappropriate university exams, then the studentwill be recommended for exemption from thecorresponding professional exam.

A graduate from an actuarial degree should beable to qualify more quickly than a graduate

from another course with fewer exemptions.This may lead to them being more focused ontheir work and promoted more quickly.

A higher number of exam passes may meanthat the actuarial graduate may receivea higher salary (probably staggered anddependent on future exam success).

An actuarial degree gives an excellentgrounding in subjects like economics, nance,mathematics and statistics, as well as the moreactuarial subjects (making actuarial graduatessuitable for a range of careers, not justactuarial work).

Here some of your more common queries are answered by the ActuarialProfession, including Which degree subject should I study? and How many yearsdoes it take to qualify?

Frequently Asked Questions


16/67

THE PROFESSION

16

BACK TO CONTENTS

But I wont be at a disadvantage if Im notdoing an actuarial degree, will I?There are bene ts to studying alternative degrees:

Non-actuarial degrees enable students toexperience a greater range of courses andto pursue a variety of interests outsideactuarial work.

Non-actuarial degrees may lead to exemptionfrom a few of the Core Technical subjects.

Some employers are less enthusiastic thanothers about employing actuarial sciencegraduates, so you may wish to seek theviews of your favoured employers.

Experience in the of ce is at least as important

as exam passes. Actuarial graduates should notexpect that they will necessarily be paid morethan other graduates.

What about postgraduate degrees?Postgraduate degrees that offer exemption fromCore Technical subjects or Specialist Technicalsubjects are available. These have similaradvantages to the actuarial science degrees notedabove. However, students typically have to ndprivate funding for these postgraduate courses.

Where can I get work experience?Work experience can prove to be a real assetwhen job hunting and indeed is now often usedas part of the recruitment process. However,work experience can be really hard to ndas places are limited and you need to applyearly. Companies which offer work experienceplacements are listed on the ActuarialProfessions website www.actuaries.org.uk and

Inside Careers at www.insidecareers.co.uk/act.

Where can I get sponsorship?It is more usual for employers to sponsor students

through their professional examinations, asopposed to undergraduate or postgraduate study.

How many years does it take to qualify?In order to become a Fellow of the Profession,

students must pass examinations, demonstratesatisfactory completion of modules and acquirea satisfactory level of work-based skills. Averagequali cation time is currently three to six years. What exemptions from the professionalexaminations will I obtain?Exemptions are always looked at on an individualbasis as the multiplicity of, and frequent changesin, university and other courses, as well asthe wide choice of subjects often allowed,makes it impractical to give any comprehensiveand detailed list of possible exemptions.They will depend in each case on the scopeand standard of the subjects covered by theparticular examinations and on the achievementof a satisfactory level of performance by theapplicant. In general, such exemptions willnormally be limited to Core Technical SubjectsCT3 and CT7. However, some universitycourses include a number of modules in actuarial

science and offer more exemptions.

It is possible to gain exemptions from alleight of the Core Technical subjects on someundergraduate and postgraduate degrees. Otherpostgraduate degrees offer the opportunity forexemptions from Core Applications and SpecialistTechnical subjects.

What is the difference between working for

a consultancy and an insurance company?Although there are many opportunities availableto actuaries, generally actuarial trainees startworking for either an insurance company of ce

Graduates from any disciplineare welcomed, providedthe minimum entrancerequirements have been met.

F i nd out mor e a bout a ct ua r i es a t w w w . i n s i d e c a r e e r s .c o .u k

S t i l l not sur e?
http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/http://www.insidecareers.co.uk/


17/67


17

BACK TO CONTENTS

or a consultancy rm. Having decided on acareer as an actuary, you ought to compare andcontrast the opportunities offered by the life,non-life and pensions companies, as well as theconsultancy rms. These opportunities offerdifferent lifestyles and challenges.

Working in an insurance company environmentmeans that there is usually only one client; youremployer. A variety of work is available buttends to come more slowly often youll beasked to work in one area for a period of aboutone year before moving on to the next challenge,taking the experience you have gained with you.

The day to day work within consultancy rms tendsto be more varied, as in any year you are likely towork for a number of different clients (and partners)solving different types of problems. This can becomeparticularly challenging if you have a number ofprojects running in parallel and you need to ensurethat you meet and manage each of your clientsexpectations and deadlines. Some consultancyprojects can involve working at the clients premises,which may not be in the same town as your ownof ce. This can give you an excellent opportunityto work with other people and see the running ofan organisation other than your own consultancy.However, you would need to consider the impact ofbeing away from home. You may also nd yourself

working on just part of a project rather than seeingit all the way through from start to nish.

Where are actuaries based in the UK?Actuaries work in cities throughout the UK andnot just London. Full listings of actuarial employersby location are indicated in the List of ActuarialEmployers found at www.actuaries.org.uk and atthe back section of this guide.

How do I obtain a work permit to work inthe UK?Work permits are issued by the Borders andImmigration Agency, which are part of the HomeOf ce. Work permit applications can only be

made by employers based in the UK who wishto employ people from outside the Europeaneconomic area. Individuals are not allowed tomake applications on their own behalf. To ndout more information about the Borders andImmigration Agency visit their website:www.bia.homeof ce.gov.uk/workingintheuk.

Do I have to work as an actuary to qualify?Yes as well as passing the examinations,Fellowship requires the satisfactory completion ofa work-based learning log.

Will I need to continue training once I havequali ed?Members are required to maintain their competenceonce quali ed through continuing professionaldevelopment. This is mandatory for regulated roles.

How much can I expect to earn?Although qualifying as an actuary is a demanding

process, the rewards are considerable. Anactuarial career offers a challenging, wellrespected and well paid future. Graduate entrysalaries are offered between 25,000 and 35,000and senior actuaries can earn 100,000 plus.

What recommendations do you givemature entrants?There is no age limit for joining the profession,but securing employment and sponsorship for the

professional examinations may prove dif cult formature entrants as they will be competing againstrecent graduates. We recommend that they studyfor one or two examinations independently inorder to improve their chances of employment.



RECENT GRADUATES

20

22

24

26

KPMG - Actuarial AnalystWill Ellison

Standard Life - Actuarial TraineeChloe Cox

Hymans Robertson - Actuarial TraineeLaura Molloy

Legal & General - Solvency II AnalystRobert Bennett


20/67

RECENT GRADUATES

20

BACK TO CONTENTS

Id always wanted a job that would stretch meintellectually and Id focused on the actuarialprofession since the early days of my degreedue to its quantitative nature. I graduated fromImperial College with a rst class MSc degreein mathematics and having had a successfulinternship with KPMG, I joined the rm as agraduate trainee.

An actuarial quali cation is very highly regardedand for good reason the exams are tough(but doable) and give you an excellent platformfor your career. The core (CT/CA) examsgive a very broad level of knowledge in a lot ofdifferent areas, while the nal specialist (SA/ST) exams are more focused on the particulararea that you work in.

Having been here for just over a year I have

now completed the rst six CT written exams,and one of the three practical (course-based)exams. Many people receive exemptions fromsome of the early exams. Unfortunately, I wasnot one of them having focused more on puremaths in my degree. In the long term, I dontthink it makes too much difference.

What does KPMG do?KPMG is one of the worlds largest professional

services rms. Although perhaps best knownfor its audit services, it offers a very wide rangeof advisory services. The General (or Non-Life)Insurance Actuarial team is part of a broader

Risk and Compliance department within theadvisory arm of the rm. Some actuarialprojects we work on include:

Reserving we perform independentvaluations of the reserves set by insurers.This includes the specialist services that

we provide for our audit teams, as well asindependent reviews and producing theLloyds Statement of Actuarial Opinion(SAO) for various Lloyds syndicates.

Advice on mergers and acquisitions this involves valuing the liabilities ofan insurance company and reviewingthe quality of underwriting and capitalmanagement as part of the due diligenceprocess before a merger or acquisition.

Capital modelling and Solvency II wehave advised on, helped build and runcapital models for insurers. Given thecurrent regulatory environment in the

Name Will Ellison

University Imperial College

Degree MSc Mathematics

Location LondonRole Actuarial Analyst

KPMG - Actuarial Analyst

An actuarial quali cation isvery highly regarded and forgood reason the examsare tough (but doable)and give you an excellentplatform for your career.


21/67


21

BACK TO CONTENTS

insurance world (in particular, preparingfor the new Solvency II regime), this issomething with which Insurance actuarieshave been heavily involved.

What do you enjoy most about your job?There is the great variety of work that comeswith working in a consultancy business. This isespecially true in the General Insurance sector,

where the projects are often smaller than inthe Life Insurance sector. Secondly, KPMG hasalways had a great reputation as a people rm,and I de nitely feel that it lives up to it theatmosphere is very friendly and supportive.

What soft skills have you found useful?There are several myths about actuaries andtheir lack of certain social skills (google actuarial

jokes!), but I dont think there is a lot of truth inthem. Often our actuaries work as part of largerteams and so interaction amongst the differentdepartments and within their own teams is

critical. Likewise, interaction with clients iscritical to an advice-based business such as ours.I therefore believe that one of the most usefulskills is the ability to build relationships, whetherthis is internally or with clients.

In addition, communication is a key actuarialskill and one which is examined as part of thequali cation process.

What would you like to achieve in thefuture?First, I would like to nish the exams. Afterthis I would like to continue to develop myskills in the area the Actuarial Profession

places a huge amount of importance on CPDonce quali cation is achieved. Development ofsoft skills and a good general knowledge of the

nancial world are also high on my list.

Is there a work/life balance?De nitely although the extent to which thisis true will depend on how many exams youdecide to take in each sitting. One of the greatthings about the Actuarial exams is that youcan take them at your own pace. I took threeexams in each of my rst two sittings andstill had plenty of time to keep up my otherinterests Im a keen sportsman and like tostay t by running and playing tennisand Rugby Fives, in which I compete in manytournaments throughout the year.

There is the great varietyof work that comes withworking in a consultancybusiness.

Mor e pr o l es onl i ne a t w w w . i n s i d e c a r e e r s .c o .u k

Lef t w a nt i n g mor e?
http://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8dgm9cakim!opendocumenthttp://www.insidecareers.co.uk/act


22/67

RECENT GRADUATES

22

BACK TO CONTENTS

When I grow up I want to be a To be honest, I never knew how that sentenceended. As a former ballet scholar, I expected to

nd myself working in the performing arts but,this was not to be! Instead, I chose to pursuemy other secret love of maths, and a career asan actuary seemed the perfect opportunity toput this to good use.

I was fortunate enough to be successful inmy application to Standard Life as a summerintern during the penultimate year of mymaths degree, and was quick to take up a joboffer following graduation. I havent lookedback since.

If youre allergic to hard work, and nd thatmotivation and self discipline arent amongst

your greatest credentials, training as anactuary is de nitely not for you. The path toquali cation has a reputation for being hard,and for good reason.

Working and studying simultaneously can betiring, and the work/life balance equation is veryoften skewed, yet at the same time, progressionis certainly not without its rewards.

What can you gain from becoming anactuary?

Receipt of a globally recognisedquali cation permitting entry into aprestigious and well respected profession.

The opportunity to work with like-mindedindividuals.

A well paid job and rewarding job.

The decision to embark on a traineeship shouldnot be taken lightly. With anything up to 15exams standing between you and qualifying, thenecessary desire for further learning needs to

be a genuine one.

The exam syllabus is broad and includes modulesin statistics, modelling, probability and nancialmathematics as well as wider disciplines such aseconomics, with later exams specialising into keyindustry areas such as life insurance.

Life as an actuaryAs an actuarial trainee, alongside studying

for these exams youll live the role, be thiswithin a large life of ce such as Standard Lifeor perhaps a smaller consultancy rm. Eachbusiness set up has its own merits. If public

Youll develop knowledge

speci c to individualpension schemes andtherefore be well placed toanswer speci c questions.

Name Chloe Cox

University University of Edinburgh

Degree Maths

Location EdinburghRole Actuarial Trainee

Standard Life - Actuarial Trainee


23/67


23

BACK TO CONTENTS

contact is more your thing, a consultancy typerole affords far more client facing opportunities.Youll develop knowledge speci c to individualpension schemes and therefore be well placedto answer speci c questions.

In a Standard Life of ce however, youll haveaccess to a range of departments, each drawingon different actuarial skills such as basisassumption setting. As a full-time employee,youll gain rst-hand experience of how theskills and techniques youre studying at homecan be applied in practice.

Wherever youre based, each day is differentand brings fresh challenges, new opportunitiesand a constant source of stimuli. Throughyour on-the-job training youll soon developand improve a range of skills. Youll also learnto apply professional judgement, taking intoaccount your stakeholders interests and thewider environmental context.

Ensuring the integrity of the professionThe Actuarial Profession, the chartered

professional body for actuaries, offers anopportunity to further engage in this industrywhich impacts on the lives of all of us.

Actuaries make nancial sense of the futureto my mind exempli es the diversity of anactuarial career. A company like Standard Life,with 6.5 million customers worldwide, aims tohelp its customers visualise and create thisfuture, and actuaries will be at the heart ofmaking this happen.

What its like at Standard LifeAt Standard Life, there are around 60 traineeactuaries. Trainees are given a lot of internalsupport and guidance throughout their trainingprogramme. We offer a buddy scheme for newstarts and interns, and provide all trainees with amentor on joining the company, be this a recently

quali ed actuary or a more senior manager.

A competitive study package is offered andtrainees further bene t by experiencing differentdepartments through a rotation programme.

This enables a greater understanding of thecompany and broadens the experience of thetrainee. Typically you may become involved inannual reporting of reserves developing andrunning stochastic Moses models, or working withthe Experience Analysis team on basis setting.

Standard Life, like all companies operating inthe nancial sector, expects a great deal fromits actuarial people. In return, Standard Liferecognises and acts on the need to support itstrainees through all stages of quali cation andprofessional development.

Indeed, the fact that Standard Lifes exam

pass rates and average time to quali cationconsistently exceed the professions average, tome speaks for itself.

Wherever youre based,each day is different andbrings fresh challenges,new opportunities and aconstant source of stimuli.


24/67

RECENT GRADUATES

24

BACK TO CONTENTS

I made the decision to become an actuary whenI was ve years old... Ok, no, I didnt. Until acouple of years ago, like most people, I hadno idea what an actuary was. However, uponthe harsh realisation that my life as a universitystudent would soon come to an end, I beganto research the opportunities that would beavailable to me upon completion of my degree.Actuarial science immediately appealed to me asit seemed to offer the stimulation, challenge andprospects I hoped to nd in a career, but alsoallowing me to utilise the mathematical skills Ihad spent four years developing!

Joining the Actuarial teamMy rst encounter with Hymans Robertson wasat an open evening held in their Glasgow Of ce.I found the representatives to be professionaland friendly and extremely passionate about the

rm. I immediately wanted to be a part of thisteam. I applied for the position of trainee actuarialconsultant and three interviews later, I wasoverjoyed to be accepted.

When I began with the rm, myself and othertrainees from all over the UK were given a weeklong comprehensive induction course, whichprovided a general overview of the company, thepensions industry and actuarial work. Although

the training was intensive, I found it very helpfuland informative, giving me a useful insight intowhat lay ahead. I also found this to be a goodbonding session, and it was great to meet other

graduates who would be sharing my experiencesover the years to quali cation.

What I doI work within the public sector actuarialpractice, which means that I am involved in themanagement and valuation of local governmentpension schemes. A typical day can involve avariety of tasks, from data validation, calculatingindividual employer liabilities, participating inactuarial valuations, through to the winding-up ofemployers pension schemes.

I have joined the rm at a very exciting timeas a major review of public sector pensions isunderway. Hymans Robertson consultants haveplayed an integral role as advisers to Lord Huttonin the preparation of his Public Sector PensionsReview, the results of which were published inMarch 2011. The implementation of the accepted

proposals will bring new challenges to pensionsconsultants and scheme administrators acrossthe country. I am particularly looking forward tohelping my clients adapt to the necessary changes.

Hymans Robertson - Actuarial Trainee

Name Laura Molloy

University University of Glasgow

Degree BSc (Hons) Mathematics

Location GlasgowRole Actuarial Trainee

I found the representatives tobe professional and friendlyand extremely passionate

about the rm.


25/67


25

BACK TO CONTENTS

Learning about consultancyClient interaction comes at an early stagein your career. Through daily contact withpension scheme administrators, both via emailand telephone, I feel that I am building effectiveclient relationships and delivering a personalisedservice. As well as helping to develop mycon dence as a consultant, this has instilled asense of satisfaction in my work as I feel that Iam a valued member of the team.

I have presently been assigned to fourclient teams, which means that I am directlyresponsible for some of the work relating tothese clients. However, I also assist colleagues

with work for several additional clients, ensuringthat I am exposed to a large variety of work.

Coping with studyingTraining to be an actuarial consultant involvesmastering Mathematics, Finance, Economics andmore, and students are required to pass a seriesof rather dif cult professional exams in order toqualify as a Fellow of the Actuarial Profession.Sounds daunting, doesnt it?

I must admit that I did have concerns about how Iwould study for such long and tricky exams whilstsimultaneously learning in my job. Fortunately,however, a strong emphasis is placed on yourpersonal and professional development, andHymans Robertson offer rst class support as youtrain towards quali cation. The rm provides ahighly competitive study package, which includespaying for study materials, tutorials, study leave,mock exams and the guidance of your own

personal study mentor.

Social events at the rmIn the seven months I have been with the

rm, I have been go-karting, ten-pin bowling,pub quizzing, canoeing, and treasure hunting,

not to mention attending an unforgettableChristmas party. The end of month drinks arewell attended and provide a great opportunityto relax with colleagues over some good wineand banter, reinforcing the existing camaraderiewithin the rm.

A quick overview The atmosphere at Hymans Robertson isrelaxed, yet professional. The open plan of cesetting allows interaction between teams and itis particularly assuring to know I have supportnearby. Even the most senior consultants areapproachable, and there are plenty of volunteersto lend a hand when I am facing dif culties.

Those operating at a senior level, including thepartners, are committed to sharing ideas andto the ongoing development of employees.Regular cross practice meetings provide aninformal setting for the discussion of currentevents, both within the rm and in the widerpensions industry. Participation at these meetingsare welcomed and respected by all employeesregardless of experience.

There is real team spirit in the of ce whichis particularly evident when the exam periodcomes around and students are balancingstudy pressures and work demands. But, I lookforward to a challenging and prosperous careeras an actuary.

Those operating at a seniorlevel, including the partners,are committed to sharingideas and to the ongoingdevelopment of employees.


26/67

RECENT GRADUATES

26

BACK TO CONTENTS

When and why did you choose anactuarial career?The main reason I decided to become anactuary was because of the work Id beeninvolved with on my placement year. Myuniversity course offered me the chance tohave a year in industry, which was a greatopportunity. I worked for Lloyds BankingGroup in the predictive customer modellingteam, which involved building, editing andmonitoring the statistical models used topredict customer behaviour. I really enjoyed

using the statistical software and developingmy own code to optimise solutions. WhenI went back to studying accountancy I didnt

nd the content as interesting, and came to

the realisation accounting wasnt for me. I waskeen to gain another quali cation after leavinguniversity and wanted it to be in a similar eldof work to what I was doing with Lloyds. I did

some research and discovered that actuarialwork sounded quite similar and the quali cationoffered was very highly regarded. So going intomy nal year of university I started applying toactuarial roles and was offered a position byLegal & General.

Brie y explain what your work involvesI am currently based in the Saving Solvency IIteam which is responsible for preparing L&Gfor the impact of Solvency II. This involvestrying to nd solutions to the Solvency IIdirectives for when theyre implemented, andensuring L&G meet all the capital and riskrequirements that the EU directive sets out.

Which skills do you consider to beessential for your job?Good technical skills are important as there is

a lot of work using spreadsheets and models.However, more generic skills are also vital. Thisincludes being able to communicate effectively tomake sure you understand what is being asked ofyou and having the con dence to ask questions.

Having self discipline is also very important asyou need to ensure that you are able to meetboth work and study commitments throughoutthe year.

What do you like most about your job?I enjoy the variety of work that I am given asit gives me opportunities to develop different

Name Robert Bennett

University University of Bath

Degree Accounting & Finance

Location Kingswood, SurreyRole Solvency II Analyst

Legal & General - Solvency II Analyst

Having self-discipline isalso very important as youneed to ensure that you

are able to meet both workand study commitmentsthroughout the year.


27/67


27

BACK TO CONTENTS

skill sets and to gain a broad knowledge of thearea I work in. A lot of the work that is beingcarried out in my team looks at designing andimplementing completely new processes whichwill be used by the wider business in the future.

I work in the Surrey countryside so mycommute to and from work is a relaxedtrain journey, which is much nicer than theoccasions when I have to brave central Londonduring rush hour. There is a lot of green spacesurrounding the of ce so you can go for awalk or run at lunch time and even play tennis,badminton or go swimming with the facilitiesthat are available on site.

How do you achieve a work/life balance?Being an actuarial student it is more like a work/life/study balance! Ive discovered that I studymost effectively rst thing in the morning, so Itry to get into work early to ensure I can t inabout an hour and a half before work everyday.This means I can work as long as I need to andthen have the evenings completely free to relaxwithout the worry of needing to study.

It also helps if there is something to lookforward to in the evenings that you can see as areward for all the work and study youve beendoing throughout the day!

Future plans?In career terms I would like to qualify as anactuary in less than ve years, but I realise thatis easier said than done. The most importantthing is to develop myself, not only in my careerbut in other aspects of my life. On a morepersonal level I would also like to have a golfhandicap, be able to speak Spanish and have theopportunity to travel.

I work in the Surreycountryside so mycommute to and from workis a relaxed train journey.



SENIOR PROFILES

30

32

34

36

FSA - Chief Actuary for General Insurance James Orr

Towers Watson - Consulting Actuary& Of ce LeaderGareth Oxtoby

Mercer - Senior AssociateKatie Low

Standard Life - Actuarial Function HolderDavid Hare


30/67

SENIOR PROFILES

30

BACK TO CONTENTS

1989

Graduated from university witha BSc in Actuarial Mathematicsand Statistics and joined Clay &Partners

1992Moved onto Kerr & Company asa Pension Actuary

1997Became a Project Director forTSUNAMI Initiative

2005Became a Partner with LaneClark & Peacock

2008 Joined FSA as Chief Actuary for

General Insurance

JAMES ORR

FSA

After more than 20 years working in the nancial servicesindustry, I am privileged to be in a role that allows me tocombine a background in maths and the physical scienceswith an interest in business, economics and psychology.

My current roleMy job as the Chief Actuary for General Insurance atthe Financial Services Authority (FSA), is concernedwith assessing the risk pro les of General Insurancecompanies operating in the UK. I lead a team of around45 risk specialists, who are mostly quali ed actuaries,but also include actuarial students, and specialists inmodelling (Dynamic Financial Analysis (DFA)) andmodelling natural disasters.

Early ambitionsAt school I enjoyed and was good at maths and physics.My maths teacher had said that I would make a goodactuary, so I took that as career advice and studied fora BSc in Actuarial Mathematics and Statistics at HeriotWatt University.

As a child, between reading Biggles, Frederick Forsythand George Orwell, I had been intrigued by the insurancemarket and had even taken a book out from the library onLloyds of London. I must admit, though, to not quite being

able to make sense of what it described!

Learning the ropesIn spite of this initial interest, I actually began my careerafter university, as a pensions consultant, not making themove to General Insurance until after Id quali ed as aFellow of the Actuarial Profession and had been workingfor six years.

Working in consultancy was challenging, particularly inhaving to study for the exams at the same time as learningon-the-job. However, in retrospect this was good training;teaching me how to manage a broad range of projects andmaintaining good working relationships with clients.

Working as an actuary is more than working with numbers, as James Orrshows, it is also about understanding how markets uctuate due to human andnatural dramas.

FSA - Chief Actuary for General Insurance


31/67


31

BACK TO CONTENTS

Taking on new opportunitiesIn the mid-90s, there was little indication ofthe challenges to come for pension schemes. Iwas therefore looking for a new challenge andmanaged to get a job with a trade credit insurer,working in their reinsurance department.

After a couple of years I was lucky enoughto be given the opportunity to work on aninitiative, jointly funded by the government anda consortium of insurance rms, to promotescienti c research within the insurance industry.This allowed me to reconnect with my interestin the physical sciences, to learn basic projectmanagement skills and to improve my in uencing

skills. An unusual aspect of this job was beingbased at the British Antarctic Surveys HQ inCambridge, not something Id expected wouldfollow from a career as an actuary!

Feeling like I was at the centre of the industryWith the turn of the century, I decided tomove back to more mainstream actuarial work,heading up Lloyds Capital Modelling Team whichset the capital requirements for Names. Thisrole helped me make sense of the book Id readso many years before

After a few years, I was asked to set upLloyds Loss Modelling Team, with particularresponsibility for the overhaul of their RealisticDisaster Scenarios (RDSs). RDSs are used tomeasure risk exposures within syndicates andacross the market as a whole; my work in thephysical sciences helped greatly.

During my time at Lloyds, I witnessed theimpact on the market of losses arising fromthe attacks of September 11th, where theestimation of loss exposures through the RDSsplayed a key role in assessing the marketsviability after this tragic series of events.Furthermore, I was in charge of the LossModelling Team during the 2004 US HurricaneSeason, when the value of improving the RDSwas demonstrated. This work helped pave the

way for the markets response to the 2005 UKHurricane Season, which included Katrina,Rita and Wilma. However, by that time I hadmoved back to consultancy.

Moving roles to see the bigger pictureAfter a few years in consultancy, I was able toapply for and secured the role of Chief Actuaryfor General Insurance at the FSA. This was anattractive role, giving me the opportunity to leada highly technical team of specialists. This positionwas about looking into the functioning and riskpro le of so many general insurance rms withinthe UK, including some of the most specialisedand sophisticated insurers in the world.

Economics, psychology and the environmentWorking for the FSA has required me to takea much broader perspective, to understandeconomic concepts and to make sense of national

and global trends, as they affect growth and risk inthe many sectors and economies that connect tothe insurance industry. I have also learned that, inorder to best manage risks, we need to understandhow people see things, how they make decisionsand can be in uenced in their decisions.

I have also come to realise that, in managingothers, communication and in uencing skills areessential to being an effective manager. I havelittle doubt that I will need to and hopefullywill continue to learn more about the humanfactor in the years to come, particularly as theenvironmental consequences of industrial activityand population growth become clear.

I feel very fortunate to be working in the generalinsurance sector, as it is incredibly diverse in whatit has to deal with, and interacts with so muchof the real world, insuring complex and highvalue businesses, but also playing a critical role in

protecting individuals against adverse events.

What the future has to hold for actuariesI believe that the actuaries of the future will alsohave to make sense of large-scale trends in globalpolitics, economics and the environment. Theywill need to be able to advise on investment andbusiness development decisions, to manage risksand (possibly) to in uence policy at the highestlevel. Their quantitative skills can play a crucial

role in managing the risks and uncertainties thatthe future will hold, and there will be no lack ofproblems to solve!


32/67

SENIOR PROFILES

32

BACK TO CONTENTS

1990

Joined Towers Watson

1994Quali ed as an Actuary

2002Promoted to Partner

2007Took on Of ce Leader role

2010Towers Perrin and WatsonWyatt merged to becomeTowers Watson

TOWERS WATSON

GARETH OXTOBY

I joined Towers Watson directly from University in 1990.I quali ed as an actuary in 1994 and was made a partner inthe former Watson Wyatt business in 2002.

I am a pensions actuary advising a range of clients with pension

liabilities from 10 million to c. 15 billion. I am also of celeader for a team of close to 100 people, including over 30student actuaries and a similar number of quali ed actuaries.

Why did you choose a career in the industry?I did a mathematics degree at Warwick University and at thestart of my third year had no clear idea what career I wanted tofollow. I knew I wanted to do something in the nancial sector,that was more practical than much of my degree course, andthat paid reasonably well. Actuarial consultancy seemed to tickthose boxes, whilst providing a variety of challenging work anda highly-regarded professional quali cation. I have found it be toan immensely rewarding career choice.

What is a typical day like for you?I am lucky in that I can walk to the Reigate of ce from myhome, and I typically get to the of ce between 08.00 - 08.30.As a consultant my workload is very much dependant on whatmy clients ask me to do. If Im not out of the of ce at meetingswith clients, my typical day in the of ce invariably involves

juggling and reprioritising a number of different tasks and

requests each day in order to deliver to client requirements.Good time and project management is essential.

I rely on my colleagues to do much of the heavy lifting forme, such as data analysis, detailed calculations and initial

Gareth Oxtoby is a Consulting Actuary and Of ce Leader with Towers Watson,

one of the largest actuarial consultancies in the country. Having joined thecompany straight after university, he has built up his career and reputation byensuring quality in large scale strategic projects and developing the skills of histeam. Gareth discusses some of what his role entails for you here.

Towers Watson - Consulting Actuary

Actuarial consultancy seemed to tickthose boxes, whilst providing a varietyof challenging work and a highly-regarded professional quali cation.


33/67


33

BACK TO CONTENTS

drafting of client communications. However atypical days client work might involve:

Discussing with team members how we willmodel a particular client issue and reportback to them

Drafting or reviewing client communications anything from a one paragraph email to a50-slide PowerPoint presentation. Everythingwe send out goes through a rigorous do/check/review process, but all team memberstake responsibility for their own work

Planning for the future in a constantlyevolving market, I must identify which issuesare relevant to which clients in order to

address them proactively Fire ghting - you never know what clients

will ask, and invariably there is a questionor issue that comes up each day which isslightly different to anything raised by theclient before.

My management role takes up around a quarterof my time, and covers everything from allocatinga multimillion pound salary and bonus pool, tocontributing to Towers Watsons wider pensionsmarket strategy, to agreeing the budget for ourChristmas party. I like to leave the of ce by 18.30in order to see my son before his bedtime. Eachday is different and I cannot say for sure what Iwill be doing tomorrow.

What do you enjoy most about your job?I work with a great team advising some of thebiggest and most prestigious companies in theUK, and their pension scheme trustees, on their

pensions issues. Towers Watson has an enviableclient base and my team here in Reigate advisesmany of the UKs largest pension schemes. Thereis loads of variety I advise small schemes andlarge schemes, and in some cases I am advising thetrustees whilst in others I advise the sponsoringemployer. Most of all though I enjoy working withtalented colleagues and we have fun too!

What would you like to achieve in the future?

I believe that there will be clients with signi cant,challenging pensions issues for many years tocome. I aspire to continue to provide those

clients with the high levels of service they rightlyexpect. There are opportunities to work withmarket thought leaders on schemes setting thepensions agenda so there is lots of scope forpersonal development.

However, I also see myself as having responsibilityfor the career aspirations of my junior colleagues.I hope to provide an interesting, challenging,rewarding (and enjoyable) environment for junioractuaries to achieve their long term goals here atTowers Watson.

Do you have any advice for anyone wantingto get into the industry?

Most of my job is about explaining issues andproposing solutions to clients in their ownlanguage, not doing clever sums. Youll needto be suf ciently numerate to get through theexams, but you dont need a maths degree.In pensions consultancy good communicationskills are critical the mathematical know-how is taken as a given.

Choose the right role and employer for you in Reigate we take on a large number oftrainee actuaries each year, which providessomething akin to a collegiate atmosphereand a great support network. The skillsrequired to consult effectively on pensions,life insurance or investment are essentiallythe same and our people move betweendifferent of ces and between the differentdisciplines. Think about whether that is likelyto be important to you.

Think about the skills we might be lookingfor. I am looking, ultimately, for the next

generation of leaders who will maintain andexpand Towers Watsons position in the UKpensions industry. But I also need good teamplayers, as this is critical in what we do, aswell as an ability to demonstrate independentthought and empathy and the ability to buildgood interpersonal relationships.

Do your research it is an industry with highprofessional standards, so if you are goingfor an interview make sure you have been

suf ciently professional by preparing yourselfto talk reasonably knowledgeably about the job you are going for.


34/67

SENIOR PROFILES

BACK TO CONTENTS

2001

Graduated from OxfordUniversity with a degree inPhilosophy and Economics

2001 Joined Mercer as a TraineePensions Actuary

2005Became a fully quali ed Actuary

2006-2007Secondment in San Francisco

2011Promoted to Senior Associate atMercer

34KATIE LOW

MERCER

Coming from a family of actuaries, Katie was at rst reluctant to go into theprofession. She eventually realised that it provided many of the things she wantedfrom her career and so embarked on her actuarial journey.

As a philosophy student with an actuarial familybackground, it was anyones guess whether I would endup going down the actuarial path. Both my father andgrandfather were actuaries so I was always aware of it as acareer option. I enjoyed maths at school, but did not want

to go down a pure maths route. Instead, I ended up atOxford University studying Philosophy and Economics.

I joined Mercer as a Trainee Pensions Actuary in 2001,and have been with Mercer ever since. After qualifyingI spent just over a year on secondment in the SanFrancisco of ce which was an excellent opportunity,giving me experience of different ways of working and ofcourse the adventure of living in a new place.

Why did you choose a career in the industry?I did a summer placement as an actuarial intern in NewYork which I really enjoyed, but I still wasnt sure that Iwanted to follow in the family footsteps it seemed tooobvious a choice!

As a result, when I left university I didnt really knowwhat I wanted to do. I did know that I wanted to move toLondon, so ended up doing a variety of temp jobs. I wantedto work with bright, dynamic people and do somethingthat would stretch my brain and the external, clientfocused element of consultancy appealed to me, as well asthe intellectual rigour of the exams and work. This led meto the realisation that an actuarial career might actually bethe right for me, so I stopped trying to ght against it!

Mercer - Senior Associate

I now have supervisorresponsibilities and that aspect ofmy job is completely non-actuarial.The role takes up quite a lot oftime, but on the whole I enjoy it.


35/67


35

BACK TO CONTENTS

What is a typical day like for you?A typical day seems to involve very littletime sitting at my desk, which makes it hardsometimes to get things done. There aremeetings and conference calls about particularprojects that are going on, making sure thateverything is on track within the team or withany external parties that are involved. I havea portfolio of clients, some where I act as anadviser to the company and some where theadvice is to the trustees of the pension scheme.They are of different sizes, involve differentpersonalities and face different issues sodepending on which one is busy, a day can bequite varied.

I now have supervisor responsibilities and thataspect of my job is completely non-actuarial.The role takes up quite a lot of time, but onthe whole I enjoy it because I like the varietyit gives me.

I have also become involved in the ActuarialProfession as a volunteer and through that Ihave whole different set of experiences.

What do you enjoy most about your job?I enjoy the people that I work with, some ofwhom have become good friends. I think its areally important element of any job that you geton with the people around you because, letsface it, you are going to have to spend a lot ofyour life with them.

What would you like to achieve in thefuture?I admit I dont have a detailed plan or checklistof things I would like to achieve maybe Ishould! The important thing for me is to feelthat I am moving forward in my career in a waythat keeps me challenged and interested. So

far Ive always been able to nd new challengeswhen I have felt I needed them.

Do you have any advice for anyonewanting to get into the industry?Be prepared for the exams to be tough, but onceyou are through them, there are lots of differentavenues and specialisms to keep you interestedand challenged, so its important to be open-minded about the direction you might take.

Rea d mor e S eni or P r o l es a t w w w . i n s i d e c a r e e r s .c o .u k

W her e w i l l y our ca r eer t a k e y ou?
http://www.insidecareers.co.uk/acthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8h6d7cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8h6d7cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8h6d7cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8h6d7cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8h6d7cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8h6d7cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8h6d7cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8h6d7cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8h6d7cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8h6d7cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8h6d7cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8h6d7cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8h6d7cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8h6d7cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8h6d7cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8h6d7cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8h6d7cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8h6d7cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8h6d7cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8h6d7cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8h6d7cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8h6d7cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8h6d7cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8h6d7cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8h6d7cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8h6d7cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8h6d7cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8h6d7cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8h6d7cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8h6d7cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8h6d7cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8h6d7cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8h6d7cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8h6d7cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8h6d7cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8h6d7cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8h6d7cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8h6d7cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8h6d7cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8h6d7cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8h6d7cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8h6d7cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8h6d7cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8h6d7cakim!opendocumenthttp://www.insidecareers.co.uk/__802574D8004F01D1.nsf/id/8h6d7c

Documents

Actuarial Studies