Actuaries 201213

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In-depth career advice

Graduate & senior profiles
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WHATS INSIDE
Live jobs at www.insidecareers.co.uk/act
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The definitive guide to a career as an actuary.
Jenny Elliott, Chair of the Career Committee,
The Actuarial Profession

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ACTUARIES
THE ONLY GRADUATE CAREER GUIDE TO
2012/13
IN PARTNERSHIP WITH
your
actuarial career
starts here
FURTHER STUDY
REFERENCE TABLE
RECRUITMENT CONSULTANTS
EMPLOYER DIRECTORY
54
56
THE INSTITUTE & QUALIFICATIONS
Actuarial syllabus and exams
The UK Actuarial Profession
PwC - Associate 28
Aon - Trainee Pensions Actuary 26
Hymans Robertson - Actuarial Trainee 24
Guy Carpenter - Actuarial Analyst 22
GRADUATE PROFILES
HSBC - Head of Insurance Pricing 38
Prudential - Senior Qualifed Actuary 36
Friends Life - MCEV Reviewing Actuary
34
Mercer - Senior Consultant 32
SENIOR PROFILES
Jobs on offer: graduate training schemes 46
Internships: what to expect 44
Education required 42
FINDING THE RIGHT JOB
Fields of work 12
Salaries and benefts 11
Why become an actuary? 10
What is an actuary? 08
THE PROFESSION
CONTENTS
05 Introduction
The future of the pensions sector 16
FAQs 18
Key skills required by employers 50
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Acknowledgments
We are indebted to the Actuarial
Profession for their support, in particular
to Jenni Hughes, Alison Jiggins and Barbara
Beebee for their help throughout the
preparation of the guide and for reviewing
the text for balance and accuracy.
ISBN 978-1-86213-169-9
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Copyright in individual articles 2012 the
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05
Philip Scott, President of the Institute and Faculty of Actuaries, introduces
the Inside Careers Guide to Actuaries, and outlines the many benefts and career
highlights that await graduates who choose to work in this industry.
INTRODUCTION
On behalf of the Institute and Faculty of
Actuaries, I am pleased to introduce the latest
edition of the Inside Careers Guide to Actuaries and
thank you for your interest in this exciting and
rewarding career.
In this guide you will fnd a wealth of information
about the Profession, our education system and
the range of employment opportunities. If the
work sounds appealing, please take the frst step
towards an actuarial career by applying to the
employers listed at the back of the guide, or
learning more by visiting www.actuaries.org.uk.
The Actuarial Profession represents the members
of the Institute and Faculty of Actuaries. While
the majority of our members come from the UK,
a signifcant number (41%) live and work overseas
and, if you join us, you will be joining a truly
global community.
If you are like me, deciding the direction in which
to take your career is both exciting and daunting.
With so many choices, it can sometimes be
diffcult to pin down exactly what will be the right
career path for you. No doubt you will want to
make sure that it all pays off.
A career as an actuary offers a wide range of
opportunities and challenges to those who want
to apply their skills in mathematics or statistics to
problems in the real world of business and fnance.
These skills give actuaries an unrivalled appreciation
of fnancial risk management, one of the most
fundamental but least understood areas of business.
Actuaries are able to analyse past events, assess
the present risks involved and model what could
happen in the future. They may then forecast
the long-term fnancial implications of business
decisions. The ability to stress test different
scenarios is invaluable to business planning.
Traditionally, actuaries have been heavily involved
in life insurance and pension scheme work. While
actuaries remain at the heart of those disciplines, the
range of what actuaries do is expanding dramatically.
Today, you will fnd actuaries in fnancial product
design, in investment management, in fnancial
modelling and in helping their clients harness the
power of new fnancial instruments to manage their
risks better. Outside these traditional areas, actuaries
are increasing their infuence in general insurance,
corporate fnance, banking and risk management.
Risk management is a signifcant growth area for
actuaries. The Actuarial Profession has its own
risk management qualifcation, the Chartered
Enterprise Risk Actuary (CERA), and for those
interested in pursuing a career in risk management,
an actuarys skill set provides the ideal base.
Actuarial work is especially suited to those who
enjoy solving problems by analysis, mathematics
and logical reasoning. Yet the challenge does not
end there communication and management
skills are vitally important if an actuary is to be
effective in what he or she does.
Many actuaries trained in the UK will spend some,
or all, of their career working abroad and the UK
qualifcation is highly valued all over the world.
Actuarial work provides a rewarding career in terms
of intellectual challenge, fnancial rewards and status.
There is no doubt in my mind that a career as an
actuary is exceptionally fulflling and the profession
continues to attract fresh new talent.
Introduction
For actuaries jobs & more info, visit www.insidecareers.co.uk/act
Philip Scott is President of the
Institute and Faculty of Actuaries.
THE PROFESSION
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11
10
08
Mark Crail
12
FIELDS OF WORK
SALARIES AND BENEFITS
WHY BECOME AN ACTUARY?
WHAT IS AN ACTUARY?
Alex Jefferson
16
THE FUTURE OF THE PENSIONS SECTOR
18 FAQS
08
THE PROFESSION
BACK TO CONTENTS
An actuary is more than just a number cruncher. They not only have to be
good at maths but an innovative thinker and problem solver in order to help
companies manage their risk.
Actuaries analyse past and present data to solve
real business problems. A lot of actuaries work
is about risk management: assessing how likely
an 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 legislative
changes, long-term demographic trends and have
general commercial and economic awareness.
Career paths
An actuarys early training has a split focus on
passing the professional exams and building
practical experience. Once qualifed many
actuaries go on to be practising specialists in
one of the traditional felds, with many actuaries
becoming senior managers in frms of consultants
or insurance companies.
There are many different career paths: some
actuaries specialise in technical research, whilst
others may focus more on commercial activities.
The different roles require different mixes
of skills, but whatever a particular actuarys
strengths, there will be a niche for them.
How do you become a qualifed actuary?
Passing the professional exams is the frst
hurdle to becoming an actuary, and this must
be coupled with at least three years practical
experience to fully qualify. It takes a lot of
hard work, so ensure you work towards your
actuarial qualifcations with a frm that really
supports you, meets the costs associated with
your exams and study, provides you with
study leave and also gives you the practical
experience you need to make your mark.
Beyond this you will need to develop the capacity
to give expert advice. Often this will involve dealing
with non-actuaries and the general public, so the
ability to communicate and articulate diffcult topics
to non-specialists is of paramount importance.
And the rewards?
Being an expert in such a complex area brings
great rewards. Actuaries pay and conditions
compare well with other leading professions.
The rewards of being an actuary are far
more than fnancial. It is a stimulating job that
challenges you to think at all times and offers you
the opportunity to make a positive impact on the
organisations and their employees.
Expert domains
The traditional areas in which actuaries operate
are: consultancy, investment, life and general
insurance and pensions. Actuaries are also
increasingly moving into other areas of the
fnancial sector such as risk management, banking
and capital project management, where their
analytical skills can be employed.
Consultancy
Actuarial consultancies offer a whole range
of services to their clients on issues such as
What is an actuary?
The different roles
require different mixes
of skills, but whatever
a particular actuarys
strengths, there will be a
niche for them.
09
WHAT IS AN ACTUARY
acquisitions, mergers, corporate recovery
and fnancing capital projects. Many also
offer advice to employers and trustees who
run occupational pension schemes. In fact,
such consultancies are probably the biggest
employers of actuaries in the UK.
A successful consultant will work to develop
a real partnership with their client, allowing
them to gain an in-depth understanding of
commercial operations and business objectives.
Actuarial consultants also need to be able
to communicate effectively, often explaining
complex technical issues and ideas to all kinds
of people, whether they are fnance directors,
CEOs, shareholders or trustees.
Investment
In the area of investment, actuaries are involved
in a range of work such as: pricing fnancial
derivatives, working in fund management, or
working in quantitative investment research.
Often investment actuaries work in felds
where their understanding of insurance or
pension liabilities helps them to manage the
investment of the corresponding assets.
Insurance
The work carried out by actuaries in insurance
includes designing new insurance policies,
setting premium rates, calculating a companys
fnancial status (based on the policies already
sold) and answering technical queries from
policyholders. Insurance actuaries also
undertake detailed investigations of different
experiences such as how assets and expenses
have performed and the extent of different
types of claims for different types of insurance
policies (e.g. death claims for life insurance or
car theft for motor insurance).
Pensions
The work of actuaries is vital to the health
of pension schemes. Actuaries are heavily
involved in designing and advising occupational
pension schemes. This could be a formal
valuation for one persons benefits or for a
whole scheme with one million members.
As actuaries gain experience, they spend less
of their time working on the strictly technical
aspects, instead applying their expertise to
wider business challenges. These may include
advice on financial strategy advising a client
on remuneration policy, consultancy around
a corporate takeover and other large scale
projects. This demands proactive and creative
thinking, as well as technical prowess and
great interpersonal skills.
What next?
If you have found this overview interesting then
read the rest of this guide, where you will fnd
more information on all the areas that have been
touched on here.
As actuaries gain
experience, they spend
less of their time working
on the strictly technical
aspects, instead applying
their expertise to wider
business challenges.
BACK TO CONTENTS
10
THE PROFESSION
Intellectual challenge
An actuarial career is a very stable and secure
one, as our society will continue to demand
pensions and insurance whatever the state
of the economy. The actuarial environment
also offers constant intellectual challenge and
variety, requiring the application of a multi-
faceted skill set. To be successful you will need
to demonstrate excellent analytical thinking
and an ability to solve complicated fnancial
problems. Solid commercial and economic
understanding alongside the skills to interpret
and communicate complex information in a
clear way is also essential.
A prestigious industry
The Actuarial Profession in the UK is relatively
small compared to other professional bodies.
With over 23,000 members, you will become
part of a high-profle, prestigious and well
respected profession. You will work towards
a world-recognised qualifcation. The exam
syllabus refects the latest developments within
fnance and industry. It is not easy to qualify
and you must be willing to work hard to get
through the rigorous examinations alongside
performing well in your day job. On average
between 15-20 hours study at home in the
evenings and weekends are required per week.
This requires great focus, determination and an
ability to cope well under pressure. The training
can be undertaken at your own pace; the usual
time to qualifcation is between three to six
years, but could be longer.
Excellent study support and training
The help and support given by employers is
generous, although this will vary from employer
to employer. The training company provides a
great deal of assistance. The Actuarial Profession
can review any failed exams and give you pointers
as to what went wrong. Exam failure is a part of
life: very few get through all papers frst time.
It is important to assess what training support
and help is offered by the employer: how
much paid (or unpaid) study leave is given,
whether they pay for all the external tuition
and exam costs, what their attitude is to any
hiccups with exams, how varied the training
placements offered are and what the longer-
term opportunities are.
A wide range of opportunities
The range of opportunities within the
profession continues to grow. Actuarial
careers used to be found mainly in the life
insurance and non-life insurance industries.
Over half of our qualifed actuaries in the UK
now work in non-traditional areas. There are
some qualifed actuaries in the UK and over
half now work in these non-traditional areas.
Qualifed and trainee actuaries are now to be
found in investment management, corporate
fnance, liquidations, mergers and acquisitions,
derivatives, fund and asset management, project
fnance and risk assessment.
Well paid
Graduate entry salaries are offered from
25,000 to 35,000, newly qualifed actuaries
can command in excess of 55,000, and senior
positions can attract 100,000 plus. A very
satisfying and clearly defned career progression
is there for the taking for highly motivated and
driven individuals.
If youre looking for an opportunity to apply your mathematical skills to real life
problems, then an actuarial career could be for you.
Why become an actuary?
11
SALARIES AND BENEFITS
What are the fnancial rewards for being an actuary? We ask Mark Crail from
XpertHR to provide us with an overview of expected earnings for this challenging
and prestigious profession.
Salaries and benefits
What can I earn?
XpertHR publish salary surveys for a number
of professions annually; the following results
come from their fndings from Salary Survey of
Actuaries and Actuarial Students October 2011.
Average earnings
Despite the economic gloom elsewhere, this
has been a good year to be an actuary. Basic
salaries increased by 5.5% in 2011, while average
earnings (which includes both basic pay and
earnings) went up by 10.3%.
Actuaries at all levels of the profession commonly
receive an annual bonus, with 86.6% receiving
a bonus in 2011, averaging 11,327. These are
obviously skewed towards more senior staff and
partners, but if you push yourself and perform
well you can progress quickly, getting your hands
on that bonus in the longer term.
Recruitment
We are pleased to reveal that of the consultancies
and companies who took part in the XpertHR
survey, 95% were recruiting qualifed actuaries
during Sept 10 Sept 11. So, get your CV up to
scratch and investigate your options by looking
over the Employer Directory.
Mark Crail is Head of Salary Surveys and HR
Benchmarking at Xpert HR. (www.xperthr.co.uk).
ACTUARIAL SALARIES BY SENIORITY
Responsibility level Average basic salary
Student Actuary 32,842
Actuary 46,515
Senior Actuary/Junior Consultant 59,836
Section Leader/Consultant 67,298
Section Manager/Senior Consultant 81,239
Department Manager/Managing Consultant 87,557
Function Head/Practice Head 110,747
Senior Function Head/Practice Director 134,343
Chief Actuary/Senior Partner 221,250
Source: Salary Survey of Actuaries and Actuarial Students - 2011-12, published by XpertHR Salary Surveys,
www.xperthr.co.uk.
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12
THE PROFESSION
The business world today is becoming more complex, fraught with uncertainty
and often with conficting pressures. The need for a business both to perform
competitively, and to respect the interests of its customers and the economy in
which it operates, poses some particular problems. See how you can help tackle
these issues in the different areas of this profession.
Actuaries have the skills for tackling the risks and
uncertainties that fnancial businesses face in the
interest of both customers and owners.
As the skills of an actuary are increasingly
recognised, the range of employment
opportunities will increase. Traditionally
actuaries have worked in pensions, insurance
and investment. However, actuaries,
alongside the Profession, have sought new
opportunities to move into other areas of
business whilst at the same time maintaining
their presence in traditional employment
areas. Ageing populations, damages, finance,
genetics, healthcare, personal finance planning
and risk management are all new areas in
which the effective contribution of actuaries
has been recognised.
Where do actuaries work?
Of the 10,498 Fellows of the Profession, 72%
are based in the UK, 8% in the rest of Europe
and 20% in the rest of the world. 35% of
those Fellows work in Insurance, 37% work in
consultancy, 7% work in fnance and investment
and 4% work in the public sector and education,
as well as other newer areas such as industry.
Consultancy
Actuarial consultancies are the biggest employers
of actuaries in the UK. Many offer advice to
employers and trustees who run occupational
pension schemes. The 1995 Pensions Act made
it a statutory requirement for the trustees of
a pension scheme to appoint an actuary. The
advice given to clients covers a wide range
of topics, from setting up a new scheme, to
assessing the level of contribution to be paid by
the members and valuing the fund if the company
is to be taken over. Additionally, consultancies
will offer a range of services to their clients,
such as enterprise risk management, merger
and acquisition advice, corporate recovery and
fnancing capital projects.
The Government Actuarys Department (GAD)
provides advice to the Government via Royal
Commissions, as well as giving advice to other
government departments and a wide range of
public sector bodies, including local authorities
and the NHS. An important part of this work
concerns the occupational pensions for about
four million people via the operation of the
National Insurance Fund.
Fields of work
13
FIELDS OF WORK
Insurance industry
Life insurance
Life insurance companies provide life insurance,
pensions and other fnancial services. Actuaries
are involved at all stages in the product
development and in the pricing, risk assessment
and marketing of the products. In addition,
actuaries fll key roles in fnancial management
and the investment of policyholders money by
developing strategies that ensure customers get
a good return.
It is currently a legislative requirement that each
UK life offce appoints one or more actuaries
to perform the actuarial function, advising
the frms directors on the frms ability to pay
claims and how to ensure that the life insurance
and pensions benefts from the many millions
of pounds invested by policyholders are secure.
Firms that have with-profts business must also
appoint one or more with-profts actuaries
to advise the frms directors on the use of
discretion in the management of with-profts
funds: in particular, the addition of bonuses to
policies, having regard to the fair treatment of
with-profts policyholders.
With recent legislation leading to more
private healthcare provision, insurance
companies are extending their range of
products to include medical insurance, critical
illness and disability insurance.
In an increasingly global business world, mergers
between life companies are becoming more
frequent. When life offces are bought and
sold or life funds merged, actuaries tend to be
retained by both sides.
General insurance
General insurance is a fast-growing area for
actuaries, both within insurance companies,
consultancies and at Lloyds of London, where
they have certain statutory duties. Many are
employed by consultancies which provide
services to insurers and Lloyds syndicates.
General insurance actuaries are also to be found
in reinsurance and broking operations. General
insurance includes personal insurance, such as
home and motor insurance, as well as insurance
for large commercial risks. As there are many
different factors that can affect the size and
number of claims, general insurance companies
employ actuaries to assist with their fnancial
management, in particular in connection with
premium rating and reserving.
Actuarial and statistical techniques are used
extensively in the analysis of often substantial
amounts of available data. Statistical models
are thus a key part of an actuarys work. This
analysis is then used to rate the risks and to
ensure that claims reserves are adequate to
meet the eventual settlement of insurance claims.
Terrorist attacks, Caribbean windstorms and
industrial diseases like asbestosis are all examples
of insurance liabilities where actuaries have been
integrally involved in estimating ultimate costs
into an uncertain future.
Finance and investment
Investment management
Actuaries have been involved in the feld of
investment management for decades. Indeed,
it is probably true to say that more people
see the word actuaries through the daily
stock exchange indices than through any other
Terrorist attacks,
Caribbean windstorms
and industrial diseases
are all examples of
insurance liabilities where
actuaries have been
integrally involved
BACK TO CONTENTS
14
THE PROFESSION
source. Actuaries are involved in buying and
selling assets, investment analysis and portfolio
management. In addition, actuarial techniques
are ideal for use in measuring investment
performance. Solving problems while making
correct investment decisions is a constant
stimulus. Many employers recognise the skills
that the training provides and have allowed
actuaries to develop these skills as well as
others, such as the skills of fnancial economists.
Actuaries are seeking to improve their tools
both in the development of valuation models and
in the refnement of traditional methods.
Corporate fnance
Although generally regarded as the province
of the investment banker, actuaries can add
value in this area. An actuarys basic skills in
forecasting and assessing risks are ideal for
estimating whether a capital project (e.g. for
a new hospital or a transport infrastructure
project) is fnancially viable. Employers might
include government departments, management
consultancies, or property companies
specialising in this area.
Banking
Actuaries are becoming increasingly involved
in banking. For example, some of the leading
insurance companies now have their own
established banking operations, with actuaries
flling some of the senior executive positions
for fnance and risk. The leading retail banks
are also increasingly employing actuaries, as
they recognise that the longer term approaches
advocated by actuaries can add value to
their businesses. As insurance companies
increasingly hedge their risks, we have seen
a corresponding increase in the demand for
actuaries from the investment banks that
provide the hedge products.
As the insurance and banking markets continue to
converge, we can expect to see the demand for
actuaries within banking felds continue to grow.
International opportunities
The UK qualifcation is highly valued throughout
the world. Of the qualifed members of the UK
profession, 41% are working internationally.
The Actuarial Profession works with other
international actuarial bodies to arrange
reciprocal recognition of the professional
qualifcations between the different bodies.
Most overseas opportunities arise in Australia,
continental Europe, India, New Zealand, Pakistan
and South Africa.
Hopefully this brief overview demonstrates the
variety of opportunities available. An actuarial
qualifcation is an excellent base for a business
career that is recognised worldwide.
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16
THE PROFESSION
The pensions industry is no longer the slow moving, tried and tested one of years
ago. The actuaries of today (and tomorrow) will need to be sharper and more
innovative than ever if they are to fnd the solutions to ever more challenging
yet fascinating problems.
This article highlights the opportunities and
challenges that exist in the pensions sector
and what this could mean for the graduates and
actuarial careers of the future.
Changes in the sector
Actuarial techniques are continually evolving and
being applied in more and more sophisticated
ways. The ability to match up projects,
appropriate actuarial techniques and the needs of
your client requires an in-depth understanding of
both your specialism and your client.
The range of work has widened and the need to
communicate issues and solutions is a genuine
challenge. The world is taking more and more
notice of the need and diffculty of saving
for retirement. A key role for the pensions
actuaries of the future will lie in leading the way
to identifying, communicating and presenting
solutions to both clients, governments and to
the wider public.
Education and learning
The pensions industry is a complex area which
is constantly evolving. New graduates need
to gain a thorough grounding in the pensions
world and why it exists as it is. The early years
of your career are vital in building up this
knowledge and understanding.
The exams for actuarial qualifications help
to bed down the key concepts and the best
graduates use the exams as a springboard
to apply and extend their knowledge. Some
students now study part of the actuarial
exams through a part-time university-based
course and many find this helps to put
actuarial work into a business context as well
as enabling them to build up a strong network
within the industry.
The current environment: challenges
and opportunities
The pensions sector is not without challenges
(or opportunities, depending on how you view
these things):
The economic environment is tough, but
many of our clients see the value that
pensions actuaries add particularly in
helping them to manage the fnancial risks
associated with their pension funds.
The bread and butter work of years gone by
will inevitably start to reduce as many fnal
salary schemes have closed or are closing
to new members. The opportunity exists to
broaden the range of work we can provide to
clients and also shape the future of pension
provision (and indeed beneft provision)
more widely. Graduates who are fexible and
embrace the changing face of the sector still
have the chance to make a big impact.
The future of the pensions sector
Graduates who are
fexible and embrace
the changing face of
the sector still have the
chance to make a big
impact.
17
The impact on the graduate job market
The graduate job market is tough and as
things stand, the number of graduates being
recruited and trained as pensions actuaries in
the UK will fall in the coming years. At first
glance, this may sound a daunting prospect,
as it will inevitably be a more competitive
recruitment environment. However, graduates
who demonstrate the aptitude, the attitude
and the drive to become a pensions actuary
will increasingly be expected to progress their
career quickly and develop consulting skills
earlier in their careers than those who have
gone before.
For example, an increasingly common business
model is for the employers of pensions
actuaries to move the tried and tested mainly
calculation-based pensions work to offshore
locations. This leaves the onshore team to
focus on delivering bespoke work and projects.
Career prospects
A grounding in pensions actuarial work provides
a good base from which to expand your career.
The people in the industry who are making the
most from their careers are those who embrace
change, are open to new opportunities and push
themselves out of their comfort zone.
Actuaries can go down a variety of career
paths such as:
Specialising their actuarial/consulting skills
to advise either companies, trustees or
public sector clients.
Joining specialist teams, for example driving
thinking and techniques used in the area
of consulting on the issues of increased
longevity, or focusing on the lively space of
corporate transactions.
Developing strong careers in less technical
(but key business) areas of sales, people
management, project management and
communication.
Quite often people combine all of the above
mixing a specialism with business management
responsibility. There are many combinations of
things in which you can get involved if you are
proactive and willing to put yourself forward.
Traditional skills, new approaches
Some things do not change. The pensions
actuaries of today need to be every bit as
numerate and capable of learning the technical
skills that underpin being a good actuary as
has always been the case. In addition though,
the pensions actuary of the future needs to
be willing and able to evolve and to apply
their skills in a changing market-place. Its a
challenge that the best graduates will relish.
THE FUTURE OF THE PENSIONS SECTOR
Alex Jefferson qualifed as an
actuary in 2009 with Aon Hewitt and
now works on a variety management
projects in addition to his actuarial
consulting work.
Get actuarial news online
BACK TO CONTENTS
18
THE PROFESSION
In this section, some of your more common queries are answered by the
Actuarial Profession, including where can I get work experience? and how many
years does it take to qualify?
Where can I get work experience?
Work experience can prove to be a real
asset when job hunting and indeed is now
often used as part of the recruitment process.
However, work experience can be hard to fnd
as places are limited and you need to apply
early. Companies which offer work experience
placements are listed on the Inside Careers
website: www.insidecareers.co.uk and the
Actuarial Professions at: www.actuaries.org.uk.
Where can I get sponsorship for studying?
Employers will usually sponsor you through
the whole of your qualifcation route, however,
The Worshipful Company of Actuaries do offer
funding through a charitable trust. Their website
details are: www.companyofactuaries.co.uk. Also,
the Staple Inn Actuarial Society (SIAS) offers
funding at university level. Find more details at
www.sias.org.uk/aboutsias/UniversityStudents.
What recommendations do you give to
mature entrants?
There is no age limit for joining the profession,
but securing employment and sponsorship for
the professional examinations may prove diffcult
for mature entrants as you will be competing
against recent graduates. We recommend
that you study for one or two examinations
independently in order to improve your chances
of employment and to show you are committed.
What is the difference between working for
a consultancy and an insurance company?
Although there are many opportunities available
for actuaries, generally actuarial trainees start
working for either an insurance company offce
or a consultancy frm. These opportunities offer
different lifestyles and challenges.
Working in an insurance company
environment means that there is usually only
one client; your employer. A variety of work
is available, but tends to come more slowly
often youll be asked to work in one area for
a period of about one year before moving on
to the next challenge, taking the experience
you have gained with you.
The day to day work within consultancy frms
tends to be more varied, as in any year you
are likely to work for a number of different
clients (and partners) solving different types
of problems. This can become particularly
challenging if you have a number of projects
running in parallel and you need to ensure that
you meet and manage each of your clients
expectations and deadlines. Some consultancy
Frequently Asked Questions
19
FAQS
projects can involve working at the clients
premises, which may not be in the same
town as your own offce. This can give you
an excellent opportunity to work with other
people and see the running of an organisation
other than your own consultancy. However,
you would need to consider the impact of
being away from home. You may also fnd
yourself working on just part of a project
rather than seeing it all the way through from
start to fnish.
How many years does it take to qualify?
In order to become a Fellow of the Institute
and Faculty of Actuaries, students must
pass examinations, demonstrate satisfactory
completion of modules and acquire a
satisfactory level of work-based skills.
Average qualification time is currently three
to six years.

What exemptions from the professional
examinations could I obtain?
This will depend on the scope and standard
of the subjects covered by the university
examinations you have taken and on the
performance you have achieved.
It is possible to gain exemptions from all
eight of the core technical subjects on some
undergraduate and postgraduate degrees. Some
postgraduate degrees offer the opportunity
for exemptions from core applications and
specialist technical subjects.
Details of the universities and courses we have
agreements with are available on the Actuarial
Profession website, along with information
on how to apply. If you have taken a different
university course, you may still be eligible for
exemption from some of our exams, but will
need to apply to us for confrmation. You must
be a member of the Profession before you can
gain any of the exemptions.
How do I obtain a work permit to work
in the UK?
Work permits are issued by the Borders and
Immigration Agency, which are part of the Home
Offce. Work permit applications can only be
made by employers based in the UK who wish
to employ people from outside the European
economic area. Individuals are not allowed to
make applications on their own behalf. To fnd
out more information about the Borders and
Immigration Agency visit their website:
www.bia.homeoffce.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
of a work-based learning log.
Will I need to continue training once I
have qualifed?
Members are required to maintain their
competence once qualifed through continuing
professional development. This is mandatory
for regulated roles.
GRADUATE PROFILES
BACK TO CONTENTS
Associate - Advait
PWC
Actuarial Trainee - Claire Singer
HYMANS ROBERTSON
Actuarial Analyst - Chris Apps
GUY CARPENTER
Trainee Pensions Actuary - Emma Cruddas
AON
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26
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BACK TO CONTENTS
I graduated from Oxford University with a
Masters degree in Physics in July 2011. Guy
Carpenter kick-started my actuarial career with
an analyst position in September. I am currently
studying for the actuarial exams and sat my frst
modules in April.
What does Guy Carpenter do?
Guy Carpenter is a reinsurance and risk
intermediary. Reinsurance is basically insurance
for insurers. Our primary task is helping our
clients place their reinsurance with Lloyds of
London or other reinsurance companies. If
effectively placed, it helps clients cope with
large claims they wouldnt otherwise be able
to survive similarly to how primary insurance
protects the public. It also spreads the risk of
losses over larger populations than insurance
companies can effectively manage; preventing
insurers from losing out if a big loss affects an
entire region, or an entire population subgroup,
where they make business.
How did you get your job at Guy Carpenter?
I was contacted by a recruitment consultant
in the summer following graduation, who
suggested the actuarial profession would suit
someone of my background. I interviewed
for several actuarial positions in the following
month and following many challenging, and
many more unsuccessful interviews received
several offers. I started working at Guy
Carpenter in September.
What is a typical day like for you?
The reinsurance workplace tends to
be closer to consulting than traditional
insurance. I frequently work with many clients
simultaneously, which can get very intense.
The tasks I perform vary in both diffculty and
length; from cleaning up spreadsheets just
received from clients, so we can input data into
our models; to building complex reinsurance
structures, and their respective models,
completely from scratch. As an intermediary,
Guy Carpenter is completely focused on serving
its clients in the best way possible. My actuarial
training has equipped me with strong technical
expertise to allow me to achieve this.
What do you enjoy most about your job?
There are many things to enjoy about working
at Guy Carpenter, as there is with many
actuarial frms. The pay is good, the work is
interesting, and Im actively improving my skills
in a way which many careers do not offer so
early on. Most of all, I enjoy working with a
team of like-minded individuals on a common
objective we all believe in.
Name Chris Apps
University University of Oxford
Degree Physics MSc
Location London
Role Actuarial Analyst
Guy Carpenter
GRADUATE PROFILES
The reinsurance
workplace is closer to
consulting than traditional
insurance. I work with
many clients simultaneously,
which can get very
intense.
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What are the most stressful parts of the job?
I rarely get stressed at work. Better
overworked than underworked! Fitting
in study and adequate exam preparation,
however, is not easy. If an exam is a week
away theres a lot less time remaining than at
university as Id most likely be in office for
five days out of the available seven. Rigorous
time management is critical. Fortunately
Ive learned to manage data well, with
spreadsheets, as part of my training. A few
thousand hours is nothing compared to a few
million insurance claims!
What was the interview process like?
The interviews were hard, but its
understandable why it was necessary. Thinking
and communicating on the spot, in unfamiliar
territory to unfamiliar audiences, is an important
part of my role. My interviews at Guy Carpenter
were fairly standard for graduate positions
questions about me and my experiences mixed
in with technical critical thinking style problems.
The key in both types of question is how you
communicate your answers as opposed to what
you say. Practice was very important.
Any advice for the interview process?
Be prepared to do a lot of them. Its not
uncommon for an interview to go perfectly
well and yet not be offered a position. This can
happen for a variety of reasons; the competition
for the role could be very ferce, and an
employer needs to be completely certain youll
ft in with existing employees. In either case
its never personal. If a recruitment consultant
is getting you plenty of interviews, its mostly a
numbers game before you get a position. Just
ditch the recruiter if they arent (theres plenty
out there!), and make sure you really want the
jobs youre applying for. Interviewers can sniff
out lack of motivation instantly.
Is there a work/life balance?
Yes, although I dont agree with the term
balance as it implies the two are separate. If my
home life is good I rock up at work with a smile
on my face, bursting with energy, and perform
well; if not my work suffers. Its also important
for work to provide a continuous, but not
overwhelming, challenge otherwise it affects my
home life in a negative way.
What soft skills have you found useful?
Managing time well has been paramount.
Its important to manage both long-term
important, but not urgent, tasks along with
those that are urgent, but less important. An
ability to work well in any team is important,
but this is something interviewers try to
assess before employing you. Staying proactive
and on the ball in fast-paced environments is
also important not just so you can do your
job well, but so you enjoy doing it!
ACTUARIAL ANALYST
24
GRADUATE PROFILES
BACK TO CONTENTS
Were the professionals...
So youre considering a career as an actuarial
consultant...
When you frst came across it you may have
screamed with delight simply at the fact that
there exists a career that actually rewards you
for your mathematic genius! But Ive learned that
theres so much more it can offer you.
Learning to become an actuarial consultant is
something that shouldnt be taken lightly. The
exam process is tough; tenacity is undoubtedly
the most important quality you should possess,
and you have to ensure that you can balance the
technicalities with common sense.
Choosing an actuarial career
Pursuing an actuarial career for me was
a natural step from my university degree,
but so too was the choice to enter into
the consulting world. Although I really
enjoyed the mathematical and technical
aspects of my course, I also loved working
with people, especially communicating the
technical aspects and breaking them down in
a straightforward way.
Joining the working world
I joined Hymans Robertson in August
2010 as an actuarial student in the new
Edinburgh office. We are an employee
benefits consultancy providing a wide range
of services including actuarial, investment,
benefit consulting, third party administration,
longevity risk consulting and enterprise risk
management. We are a forward looking,
innovative company, and specialise in tailored
solutions to meet our clients needs.
The sorts of things I do
Even in the short time that Ive been here,
the opportunities and experiences Ive had
really has reflected Hymans Robertsons wide
range of services. For example, my work has
varied from the more traditional work of
calculating transfer values (the value in todays
money of pension payments that will be made
in the future), to more modern risk analysis
work, using our internal models to carry out
scenario testing on a pension scheme for
quantifying future uncertainties.
A lot of my work also involves drafting reports
and emails to clients who dont necessarily
have an actuarial background, which requires
a different skill set. Having a more numerical
mindset, I fnd this really pushes me to become a
more well-rounded person.
Name Claire Singer
University Heriot Watt University
Degree BSc (Hons) Actuarial Science
Location Edinburgh
Role Actuarial Trainee
Hymans Robertson
Although I really enjoyed
the mathematical and
technical aspects of my
course, I also loved
working with people.
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The studying...
Theres no getting away from the exams! The
work/life balance may sometimes tip too far
in the direction of study, but most employers
will give you study days to lighten the burden
and the work you put in will definitely pay
off in the end. Working alongside studying
can be rewarding in itself, as you can see the
concepts youre learning from the textbooks
being applied in real life.
I love my role!
What I really enjoy about working in a
consultancy is seeing the process of how
a real life practical problem can be solved,
communicated and implemented to the benefit
of everyone involved. Its through this process
that Ive realised what being a professional
really is all about and why an actuarial
consultant is so well respected. To be able to
balance both an understanding of complex real
life problems, often involving long-term
outlooks with many uncertainties, and apply
professional judgement to the situation at
hand takes a certain type of individual. Its for
this reason that the examination process to
become a qualified actuary is so demanding,
but the rewards are endless.
ACTUARIAL TRAINEE
What I enjoy
about working in a
consultancy is seeing how
a real life problem can be
solved, communicated and
implemented to the beneft
of everyone involved.
26
GRADUATE PROFILES
BACK TO CONTENTS
As a typical student, I wanted to put off having
to enter the terrifying world of work for as
long as possible, but inevitably, the time came
to choose a career.
I completed a Masters in Mathematics,
Operational Research, Statistics and
Economics (MORSE) at the University of
Warwick. This is one of only a few courses
in the country that helps prepare you for an
actuarial career, offering exemptions for up to
seven of the 15 exams.
Actuarial work offered a good combination
of being able to use my degree, a reasonable
work/life balance and pretty good starting pay
compared to my other graduate friends.
How did you get your job at Aon?
I applied for an internship in the summer
before my final year at university. This gave
me great insight into what the day to day
work would be like. You are treated as a
normal member of the team and have the
opportunity to get involved in small projects.
Without any formal training I did feel slightly
out of my depth at times but everyone was
really approachable and helpful if I didnt
understand something.
I was lucky enough to be offered a graduate
position at the end of the ten weeks, which
meant that I could spend my final year focused
on studying and not having to worry about job
applications and interviews.
What is a typical day like?
I work in the Leeds offce in the Pensions and
Actuarial Services team, providing support for
consultants who advise companies and trustees
of pension schemes (mostly fnal salary). I work
on around 11 client teams, with the schemes
varying in size from less than ten members up to
tens of thousands of members.
As a more senior member of the team, part of
my job is to liaise with the consultants to fnd
out what work our clients need doing and to
distribute the work amongst the client team.
Trustee work mainly involves statutory work,
such as a valuation of the scheme. This must
be carried out every three years and is a 12-15
month long project.
Work for companies is focused towards
managing their costs. Over the last few years
many companies have been looking to cut
their costs and running a pension scheme can
be a significant part of this. We recommend
ways of cutting costs and help to implement
these ideas.
Most of the day tends to involve performing
complex calculations, sometimes by hand but
usually using Excel models. For example, to value
future pension promises in todays money you
need to take individual member data, perform
checks on the data, set and apply assumptions
about the future (such as how long will people
live for) and test the sensitivity of the result by
looking at the effect of changing each assumption.
Name Emma Cruddas
University University of Warwick
Degree MSc MORSE
Location Leeds
Role Trainee Pensions Actuary
Aon
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An important part of the job is being able to
draw conclusions from the calculations and
communicate these effectively to the client
through a report, email or presentation. The
calculations can be quite complex so you need
to be able to avoid jargon and put things in a way
that can be easily understood so that the client
has enough information to make decisions. Good
communication skills, both written and verbal,
are therefore very important.
On average, one day a week is set aside for
study, which involves reading course notes,
completing assignments, revision and practicing
past exam papers. You need to have good self
motivation to make the most of study days
(resist the temptation to have a lie in and watch
daytime TV!). You also need to set aside time
in the evenings and at weekends as study days
alone are not enough to be thoroughly prepared.
What are the most stressful parts of
your job?
As a student it can be diffcult to juggle the
demands on your time of work, study and having
a social life. Client work can involve demanding
deadlines and the odd late night is necessary,
however normal hours are roughly 9-5.
The bi-annual exam period can be tough.
Although study days are weighted more
towards the exam period it is not like
university where you could just coast through
the term and spend a week cramming, you
really need to work throughout the year as
you still need to be in the office most days.
The feeling of satisfaction at passing, not to
mention the celebratory night out and pay rise
make it worthwhile!
What would you like to achieve in the future?
After three and a half years of studying I now
have just one exam left to sit. Once I qualify I
hope to become a consultant and continue to
expand my knowledge of the feld of pensions.
Actuarial skills are quite transferrable so it is
possible that I could move into another feld
such as risk management or insurance.
Do you have any advice for anyone
wanting to get into the industry?
1. Get some work experience. This is highly
valued by employers and will help you
decide if this is really the right career
for you.
2. Practice your interview technique. Your
careers department should have courses
you can attend and may be able to offer
you a mock interview that will highlight
areas you need to work on.
3. Do your research. Spend some time
looking at the website of the company
you want to work for and keep an eye
out for relevant actuarial stories in the
news. This will give you an opportunity to
show the interviewer that you are already
taking an interest.
4. Get as many exemptions as you can from
your university course. This will give you
a head start on other graduates and mean
less time spent balancing work and study in
the long run.
TRAINEE PENSIONS ACTUARY
28
GRADUATE PROFILES
BACK TO CONTENTS
PwC
Name Advait
University Imperial College London
Degree MSci (Hons) Physics
Location Birmingham
Role Associate
Introduction
I cant honestly say that I wanted to be an
actuary ever since I was a child. In fact for a
long time, I didnt really know what an actuary
actually did. However, studying for a degree in
physics, I quickly realised that I wanted a job
that would allow me to use the numerical and
analytical skills I was developing and apply them
to real life business situations. It was only after
completing an internship in the pensions team
at PwC that I realised this was a career I wanted
to pursue. After graduating, I joined PwC on a
full-time basis.
What do PwC do?
The Actuarial practice at PwC is split between
two key areas Human Resource Consulting
(HRC) and Actuarial & Insurance Management
Solutions (AIMS). Within HRC, the primary focus
is on providing corporate advice to companies
with occupational pension schemes on a range of
issues, such as:
Funding of schemes.
Strategies for managing pension scheme
liabilities in various ways, including member
incentive exercises.
Managing pension scheme and investment
risks, including transactions which aim to
reduce or transfer risks.
Pensions aspects of mergers and acquisitions.
Accounting disclosures for pensions schemes
and stock option disclosures.
Working in a consultancy means that you get
to work on a large variety of projects, making
the work both interesting and challenging. No
two clients are the same which requires us to
come up with new and innovative solutions to
the multitude of problems theyre looking to
solve. Its also really satisfying to work with a
range of clients both big and small, including
some highly prestigious companies which are
household names.
The most enjoyable aspect of my work though
would have to be the team I work with. Not
only is the atmosphere fun and supportive,
I get to work with some highly talented
individuals who are keen to pass on their
knowledge and experience.
What challenges have you come across
and how did you overcome these?
By far the most challenging aspect is
working full-time whilst studying for a tough
qualification. It does take a lot of time
management and discipline, but it doesnt get
in the way of a normal work/life balance.
I wanted a job that would
allow me to use the
numerical and analytical
skills I was developing and
apply them to real life
business situations.
29
The support, both fnancial and in terms
of time off to study, is second to none at
PwC. Not only that, theres a strong focus
on ensuring we develop our careers as well
as passing our exams. The team take a keen
interest in making sure were able to manage
our workloads particularly during the busy
exam seasons.
What would you like to achieve?
My immediate goal is to pass my exams and
become a fully qualified actuary. I would like
to continue gaining a range of experiences
and one day bring in new clients of my own.
I also hope to be able to travel and work in
different PwC locations to get a flavour of
working internationally.
What soft skills have you found useful?
Despite actuaries having a reputation for being
back-room number crunchers lacking social
skills, the truth is quite the opposite. Apart
from being actuaries, were also consultants
and as result communication and team work
are at the heart of what we do. From trying to
win new clients, to working with other lines
of service, to presenting our results in a way
thats easy to understand for clients were
always required to be able to communicate
effectively. In fact theres even a whole course
and exam on communication. We also need
to be able to manage our time, be fexible and
work well under pressure.
ASSOCIATE
Apart from being
actuaries, were also
consultants and as a result
communication is at the
heart of what we do.
SENIOR PROFILES
BACK TO CONTENTS
Head of Insurance Pricing - Nick Reilly
HSBC
Senior Qualifed Actuary - Laura Goodwin
PRUDENTIAL
MCEV Reviewing Actuary - Chris Darby
FRIENDS LIFE
Senior Consultant - Bhavna Kumar
MERCER
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36
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SENIOR PROFILES
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BACK TO CONTENTS
1998
1999
2005
Completed a summer placement
at Aon Hewitt (Then Aon) as
a student.
Moved to Mercer as a
Consultant, later being promoted
to Senior Consultant.
Bhavna wanted to become an actuary ever since she heard of its promise of
intellectual fullflment and rewards whilst still at school. After gaining a degree in
maths, she fulflled her early ambition and joined Aons graduate scheme in 1999.
13 years on, she tells us what its like to work as a Senior Consultant in pensions.
I always liked maths, but didnt want to be an accountant; I
had heard rumours it was quite boring! When I learned at
a school careers evening that becoming an actuary would
give me the opportunity to become a technical expert in
my feld as well as the chance to learn how to communicate
that knowledge to other people, I decided that becoming an
actuary was the plan for me.
I kept my options open by studying for a maths, rather than an
actuarial degree, but once I had completed a summer placement
prior to my fnal year I decided to make the commitment to
a career in actuarial work. I started my training in pensions
actuarial work in 1999.
I love the fact that every day and every piece of work is
different. Even if the piece of work seems to be the same on the
face of it, because every client, every member and every pension
scheme is different, the advice required will differ for each case.
This means Im learning all the time and each day fies by.
The overarching satisfaction comes from helping clients make
the decisions they need to by simplifying the complexities and
making the process as painless as possible.
My days involve working with trustees of defned beneft
pension schemes and employers who sponsor those schemes.
My clients need assistance and advice in relation to securing the
promised benefts, operating their scheme on a day to day basis
and their statutory duties. This includes:
Meeting days
After a frenzied couple of weeks preparing agendas and
papers, making sure all the items that require decisions are
covered, meeting days are a satisfying culmination of all my
hard work. They usually involve an early start to reach the
client with time to spare and a bit of last minute panicking
on the journey but once youre there, its great to be able
to share your knowledge and steer your clients through the
diffcult arena within which they need to operate.
Mercer
BHAVNA KUMAR
Began training as an actuarial
student at Aon Hewitt, going on
to become a consultant.
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Non-routine work
Sometimes I have to fgure out a query that
has been raised not always as straightforward
as it seems. We need to make sure that we
answer the question the client needs to know
the answer to, which isnt necessarily the same
as the question theyve asked. This work is
delegated to a doer, followed by a checker and
will come back to me for sign-off.
I will also need to arrange a peer review to
ensure the advice provided is appropriate,
hasnt missed any possible angles and is easy
to follow. A fair proportion of my time is also
spent peer reviewing.
Sign-off or peer review routine work
This usually involves using prior knowledge to
review work completed by the team or colleagues.
Responding to emails
This might involve doing some quick sums to
provide costings, checking legislation for fner
points of detail or clarifying the detail of a case.
What would you like to achieve in
the future?
I hope to continue to learn new skills and
expertise on a daily basis and thereby step up
to the next level in the profession to have a
portfolio of clients for which I am responsible
from both an actuarial and a business perspective.
Consider carefully the area of actuarial work
in which you would like to work. Even the
traditional specialisms of pensions, investments,
life insurance and general insurance are very
different and it is not necessarily as easy as you
might think to transfer between them once you
have some experience under your belt.
Also, complete some work experience to ensure
it is what you think it will be!
Finally, be prepared for hard work. Its not easy
working and doing exams (and having a life
outside of work) all at the same time.
SENIOR CONSULTANT
Its great to be able to
share your knowledge
and steer your clients
through the diffcult arena
within which they need to
operate.
SENIOR PROFILES
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BACK TO CONTENTS
2011
2006
Moved to Aon Hewitt to become
an actuarial consultant.
Works as an MCEV Reviewing
Actuary for Friends Life.
Having worked in a wide variety of actuarial roles I have
obtained experience of the rich and rewarding career paths
within the actuarial profession. My own career path has involved
time spent in the following practice areas:
Private sector pensions consulting
Actuarial software development
Public sector pensions consulting
Life insurance.
When I graduated from Southampton University with a degree
in Mathematics in 1999 I had no frm idea as to what I wanted
to do next. I started to do some research into various careers
and found myself drawn to the actuarial profession as it was
mathematically based and offered a variety of career paths. I was
fortunate enough to become an actuarial trainee shortly after.
Working history:
Private sector pensions consulting
I spent my early years working in a small department within a
private sector pension consultancy, whilst also making progress
with the actuarial exams which you are required to pass to
qualify as an actuary.
In this role I developed basic technical skills and enjoyed the
team atmosphere and variety of work. Being a smaller actuarial
department, it also enabled me to pursue my interest in
software development, and I spent time developing software
to perform various pension related calculations for use within
the companys actuarial and administration departments. The
experience I gained enabled me to move to a specialist actuarial
software development company.
Actuarial software developer
As an actuarial software developer I worked for a small
niche employer where I specified, wrote and optimised
internet based software products. This was a less traditional
actuarial role, but one which I found used my technical
actuarial skills, as we were developing actuarial based
solutions. As the software was innovative and there was no
set template to follow, it offered the opportunity for some
Chris started off in a more unusual end of the profession, developing actuarial
software. Since, he has become an MCEV reviewing actuary, reporting on the value
of a companys assets and projecting future proftability for shareholders.
He refects on the wealth of different opportunities within the actuarial profession.
Friends Life
CHRIS DARBY
2004
Worked as an actuarial software
developer for Pensions and
Actuarial Software (PAS).
2001
Joined Heath Lambert as an
actuarial trainee.
2000
Worked as a pensions review loss
assessor for HSBC.
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creativity: both over how the calculation code
should work, as well as the look and feel of
the software.
Public sector pensions consultant
My next move was to become a consultant
within the niche area of public sector pensions
consulting within a large multinational
consultancy frm. This involved providing
advice connected to several different public
sector pension schemes and various sub funds
within those schemes. This included large local
government pension scheme funds with pension
fund assets of over one billion pounds.
Public sector pensions consulting has its own
unique characteristics and I found myself adapting
my thought process accordingly. It was during
this time that I qualifed as an actuary, which was
a highly rewarding experience. Before long this
led to me taking more control and responsibility
for client work, including fnal scrutiny and sign
off of written advice to clients and presenting the
results of our analysis in client meetings. I also
enjoyed training more junior members of the
team, managing others and taking ownership of
some key projects.
MCEV reporting actuary
In my current role I work within the fnancial
reporting team in a large life insurance company.
There are many different areas within the
company in which actuaries may choose to
specialise and rotate. I currently work on Market
Consistent Embedded Value (MCEV) reporting.
This involves placing a value on the companys
current assets and future proftability from the
perspective of its shareholders.
This helps shareholders to monitor the
performance of the company. The primary role
involves analysing how the overall embedded
value changes from one reporting period to the
next. This requires an understanding of what
drives proftability within the business. Life
insurance company products are rich and varied
and different products respond differently to
changes in underlying conditions. This makes
the work both challenging and interesting.
In addition, the role requires liaising with
various other departments within the business,
managing the work to tight timescales and
explaining the results to others who are not so
close to the calculations.
Variety
One of the things I like about the profession is that
there are different roles and companies to suit to
different people. There is no such thing as a typical
actuary, and this is encouraged by the profession
whilst ensuring a high level of technical expertise
and professionalism which is common to all.
Whilst there is a mathematical grounding
required to complete the actuarial exams, a
career within the actuarial profession can develop
a wide range of skills from the more technical:
Actuarial analytical skills
Interpreting regulations and professional
guidance
Software programming and development
Spreadsheet development
Project management.
To softer skills such as:
Training and development of others
Managing people
Producing marketing literature
Presenting complex issues to a non-
actuarial audience
Drafting documentation for internal and
external use.
On top of this there is a wide range of specialist
areas within the profession of which I have
sampled only a few. This means that there is
likely to be a role to suit most people interested
in working in the actuarial industry.
Looking forward
The ever changing world, including technical
and regulatory development and fluctuating
economic conditions, continuously impacts
on actuarial work. This means the profession
is always evolving and there is always
something new or unexpected around the
corner. However, actuaries are always ready
to embrace and face new challenges. Every
change presents a new opportunity, and with
a strong actuarial grounding challenges can be
overcome. I look forward to my years ahead
in my chosen profession.
MCEV REVIEWING ACTUARY
SENIOR PROFILES
36
BACK TO CONTENTS
Prudential
2007
2008
Why did you choose a career in the industry?
From a young age I had always wanted to be a teacher, and as
I really enjoyed maths at school it was my intention to become
a maths teacher. I therefore chose to go to Stirling University
where it was possible to complete teacher training at the same
time as my degree.
Whilst I enjoyed the teaching, I also felt a bit too young to go
straight into a teaching career. The bulk of my fellow trainee
teachers were mature students and I had joined university a
year earlier than most of my peers. I therefore decided to look
into other possible career opportunities.
I did a bit of research and went along to careers fairs, where
I spoke to representatives from a wide variety of professions.
Becoming an actuary seemed to be an ideal career for me. It
made use of my mathematical, analytical and communication
skills, provided a challenging career and had the added bonus
of paying reasonably well!
I joined Prudential (formerly Scottish Amicable) in 1999 after
graduating and have been here ever since.
Ive worked in a number of different areas in my time here, and
since qualifying in 2007 have been in Financial Reporting where
I am now in charge of a team responsible for reporting results
for a number of fnancial metrics. The team is made up of a wide
range of people and includes sandwich students who have taken
a year out of university, staff who are not actuaries or sitting
exams, trainee actuaries and other qualifed actuaries.
No two days are the same, but a typical day would involve
getting up around 06.30 and getting both myself and my toddler
son dressed, fed and watered. I drop him off at nursery for
08.00 and head into the offce where my frst job is checking and
replying to emails (both from within the actuarial department
and wider afeld). Being in charge of a team of people, I need
to be on top of all the deadlines for the work required that
day, week or in the longer term and ensure the work is being
progressed as needed to meet those deadlines. I need to make
1999
Trained as a graduate trainee
actuary with Prudential after
graduating.
Qualifed as an actuary whilst
at Prudential in the Financial
Reporting team.
Promoted to senior qualifed
actuary at Prudential with the role
of Team Leader.
Balancing a family life and a demanding job with high responsiblity can be
extremely diffcult to achieve; Laura explains how she does it and why she loves
life as an actuary.
LAURA GOODWIN
37
SENIOR QUALIFIED ACTUARY
sure that everyone in the team is coping with
their workload and on track to achieve our
targets. Generally a chunk of my day will be taken
up answering queries, supporting team members
and providing on-the-job training. I will also be
attending meetings, which can be on anything
to do with future projects, reporting metrices,
reporting deadlines, people management or a
number of other topics. Finally I also need some
time to review the numbers prepared in the team.
I try to keep work to work time, however it
is not always possible, particularly around the
main reporting times for year-end, mid-year
and forecasting. As a result I sometimes need
to work long hours. My son always comes
frst though, so where I can I leave work at a
reasonable time to pick him up from nursery,
and spend a couple of hours with him before
logging back on when he goes to sleep.
Outside of the main reporting periods I avoid
this, as a work/life balance is very important to
me, and I like to fnd me time as well as family
time outside of work.
There is a real sense of achievement in preparing
and understanding all the results we provide in
such tight timescales. I enjoy being in charge of
a hard working fnancial reporting team. I have a
good set of colleagues within the offce and we
get on both at work and socially.
The location of the offce is also great, as I live
only ten minutes away. This helps me to manage
my work/life balance, as I dont lose a large
portion of my day to travel.
What would you like to achieve in the future?
I dont have any specific goals for the future
at the moment, although perhaps I should! As
long as I continue to be happy and challenged
within my role then I am content. With all
the changes happening in the industry at the
moment there is plenty of opportunity for
personal development.
Be prepared for interviews. Think about
the skills that we might be looking for in
you, which will include being a team player,
motivated and professional as well as
having numerical skills. Be prepared to give
some practical examples where you have
demonstrated these skills. Also do your
research and be prepared to talk about the
company you are applying to with some
understanding of their business.
Getting a job as an actuarial trainee is only the
start, you need to be prepared to work hard in
the offce and study hard outside of the offce
in order to progress in your career and pass
the exams.
With all the changes
happening in the industry
at the moment, there is
plenty of opportunity for
personal development.
SENIOR PROFILES
38
BACK TO CONTENTS
2009
Moved to Swiss Re.
Qualifed and was promoted to
product actuary with Swiss Re.
Moved to SCOR Global Life as a
pricing actuary.
Moved to HSBC, becoming Head
of Insurance pricing in 2010.
My dad once said to me that I was not a typical actuary. I took
this as a compliment.
Ignoring all of the (unfunny) jokes about staring at shoes and
so on, in the current world, actuaries must be more than
just number crunchers. We need to understand why we are
doing what we are doing, challenge where needed, and, equally
importantly, develop relationships and a rapport with those
individuals we deal with.
I hope thats what made me different, but I hope future
generations make me look like a typical new actuary.
What made you choose to become an actuary?
Being honest, I dont think I really planned on having a career as
an actuary. It was a friend of mine who suggested I look into it,
and a role was available near to where I lived after graduating,
so I took it.
I had been told the exams were hard, but I had never had a
problem with exams before, so my frst exam results session
was a real shock, as I had managed to fail all of them. Instead of
putting me off, it ensured that I never went into an exam under
prepared, and I ensured I understood the notes, rather than just
rote learning them.
After two years I took a year off to go round the world, to give
me time to decide if I really wanted to qualify. As you can guess, I
decided to start studying again, and within a few years had qualifed.
... and would you do it again?
Possibly not, after all, at the time the fnancial services market
was buoyant, opportunities were everywhere, and the time
spent studying could have been used working the crazy hours
needed to earn the telephone number salaries prevalent in
other areas of fnancial services.
However, am I now glad I did it? Defnitely, as I now have one
of, if not the, hardest and most respected qualifcations in
fnancial services. This means I can command a high salary, have
a range of employment opportunities and can expect to take
Nick qualifed as an actuary when the fnancial services market was booming and
opportunities were everywhere. Now, he fnds that his actuarial qualifcations
have ensured respect and stability, something thats sought after in todays
economy. He gives us an insight into what he looks for when hiring new
actuarial candidates.
HSBC
NICK REILLY
2007
2006
2001
Joined Winterthur Life as an
actuarial student.
1997
39
on more responsibility. Becoming an actuary
also gives the fnancial stability needed with a
mortgage and children.
So, overall, would I do it again? On balance yes,
as the security and stability, as well as future
opportunities outweigh the short term benefts
if I hadnt done the exams. After all, Im relatively
risk averse!
What is the best part of your role?
Seeing others learn and develop. I was fortunate
to work for a range of actuaries who gave me
guidance and support, as well as teaching me
the technical aspects of the job. This meant I
could think for myself, self-check my work, and
actively learn.
I now feel it is my responsibility to pass this on.
There is nothing better than seeing individuals
who work with, or for, you take on board what
you have said and then use it to improve their
future output.
I also feel that student mentoring is essential for
the future of our profession, so that we can pass
on the lessons we have learned the hard way.
What do you look for in graduates?
The obvious answer of an actuarial science
degree is not going to be my answer. While this
can be useful, it doesnt put a candidate ahead of
any other candidate. My main requirements are
that a candidate is:
Intelligent so possessing a good degree,
although not necessarily a numerical one
with maths A level.
Personable and reasonably confdent.
Interesting, with other hobbies and skills
they have acquired.
Driven, with a desire to do well for
themselves (and ideally others).
Possessing of an understanding of
fnancial services.
An ideal frst impression is someone who can
hold a conversation on the topics of the day
(PPI for example, or the continued woes of
the eurozone) and who adds their views but
also listens actively. They need to have belief in
themselves, and will ideally demonstrate some
degree of passion over their choice of career or
the company they are applying to.
In short, I look for people I think will ft into my
team and add to it, as well as having the potential
to become future decision makers.
I once had someone come up to me at a careers
fair and ask what can you do for me?. This was
more than just confdence; it was bordering on
arrogance. In this current environment, there
is no right to a job, so please think of your
approaches, as frst impressions do count.
In case you are wondering, he didnt get an interview
with us in fact, I didnt even look at his CV.
Where do you see your future?
In my own career, I see myself moving further into
management, and so further from the traditional
actuarial roles. Ideally, I see myself having
ownership of my own Proft & Loss account, and
being able to drive and shape that business.
During my future in the industry, I hope to
really make a difference. After all, we sell
promises (whatever area of fnancial services
that is), so we need to ensure that they are
kept. Im passionate about developing clear
and simple products that ft the needs of our
customers, and I see myself continuing to add
my input wherever possible in this area. My
own test is: is that right for my mum? If its
not, dont do it, its that simple.
HEAD OF INSURANCE PRICING
In the future, I hope to
really make a difference.
After all, we sell promises,
so we need to ensure that
they are kept.
BACK TO CONTENTS
JOBS ON OFFER:
GRADUATE TRAINING SCHEMES
Rohan Jain
INTERNSHIPS: WHAT TO EXPECT
EDUCATION REQUIRED
46
44
42
KEY SKILLS REQUIRED
50
Dr Geraldine Kaye
42
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Do you have what it takes to become an actuary? Are you worried you dont
have the right grades? This article tells you all you need to know about what
you need to join the prestigious Actuarial Profession, as well as what to do if
you dont meet the requirements.
The actuarial profession is one that demands
a high level of academic attainment. Generally,
employers will demand a minimum of a 2.1
at degree level and excellent A levels from
potential candidates.
Alternative routes are available: some companies
ask for these requirements, but also offer an
alternative route for those who can demonstrate,
through extracurricular activities, that they have
the skills and characteristics they are seeking.
The minimum entrance requirements for
admittance as a student of the Actuarial
Profession are:
Grade B or above at Maths A level
(or equivalent).
An additional grade C or above at A level
in any subject.
Grade C or above at English GCSE.
Grade C or above in two further GCSEs in
any subject.
For holders of a second class honours degree
or above in any subject, the maths A level
requirement is reduced to a grade C.
For holders of a third class honours or above in
a mathematical science degree, the maths A level
requirement is dropped.
What if I dont meet the requirements?
There is the option to take the CT1, Certifcate
in Financial Mathematics. It will give you the
option to see whether you have the capability
to take the Actuarial Professions exams, if
you do wish to carry on the process and will
give you an idea of the exam structure. If you
do take and pass the exam, then you will be
eligible to become a member of the Profession.
Find out more at the Actuarial Professions
website: www.actuaries.org.uk/students/pages/
certifcate-fnancial-mathematics.
It is advisable that you speak directly to
employers if you do not meet their entry
requirements; you could enquire as to whether
you could join them any other way, whether by
taking a couple of exams you would be exempt
from any entry requirements, and fnally what
requirements are unavoidable.
What degree subject should I study?
Graduates from any discipline are welcome,
provided the minimum entrance requirements
have been met. However, most employers
recruit numerate graduates those with degrees
in mathematics, statistics, actuarial science,
economics, business degrees, engineering,
physics and chemistry.
The pros and cons of a degree in
actuarial science
Several universities offer undergraduate degrees
in actuarial science. Some of these degrees offer
exemptions from all the Core Technical subject
examinations. Other actuarial degrees offer
exemptions from a subset of these subjects.
The advantages of studying an
actuarial degree:
Finding out more about actuarial work
before starting employment.
Exemption from some professional exams,
if a high enough standard is reached in the
corresponding university course.
Quicker qualification as an actuary
Education required
43
in comparison to graduates from
other courses. This could lead to
quicker promotion.
A higher number of exam passes may mean
that the actuarial graduate may receive
a higher salary (probably staggered and
dependent on future exam success).
An actuarial degree gives an excellent
grounding in subjects like economics,
fnance, mathematics and statistics, as well
as the more actuarial subjects (making
actuarial graduates suitable for a range of
careers, not just actuarial work).
The benefts to studying alternative degrees:
Non-actuarial degrees enable students to
experience a greater range of courses and
to pursue a variety of interests outside
actuarial work.
Non-actuarial degrees may still lead
to exemption from a few of the Core
Technical subjects.
Some employers are less enthusiastic than
others about employing actuarial science
graduates, so you may wish to seek the
views of your favoured employers.
Experience in the offce is at least as
important as exam passes. Actuarial
graduates should not expect that they
will necessarily be paid more than
other graduates.
What about postgraduate degrees?
Postgraduate degrees that offer exemption
from Core Technical subjects or Specialist
Technical subjects are available. These have
similar advantages to the actuarial science
degrees noted above. However, students
typically have to find private funding for these
postgraduate courses.
Of course, your formal qualifications arent
the only important requirements. Take a
look at our article on key skills to see what
personal qualities you will need to become a
successful actuary.
EDUCATION REQUIRED
Universities in the UK accredited by the Actuarial Profession:

Go to: www.actuaries.org.uk/students/pages/university-courses-and-exemptions for further details.
Bristol University
Cass Business School
City University London
Heriot-Watt University
Imperial College Business School
Imperial College London
Lancaster University
London School of Economics
Newcastle University
Queens University Belfast
Said Business School
Swansea University
University of Birmingham
University of Cambridge
University of East Anglia
University of Kent
University of Leeds
University of Leicester
University of Manchester
University of Nottingham
University of Oxford
University of Southampton
University of Stirling
University of Warwick
44
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Internships: what to expect
If youre still a student, but are keen to get a taste of a business sector before
youve completed your studies, then an internship is for you. Not only will you
gain invaluable hands-on experience, you could earn yourself a place on the
companys graduate scheme.
Im an actuary, not an actuarist!
The actuarial profession is growing rapidly, as is
the publics knowledge of what actuaries do. The
Actuarial Profession describes actuarial work
as using mathematical skills to help measure
the probability and risk of future events.
This information is useful to many industries,
including healthcare, pensions, insurance, banking
and investments, where a single decision can
have a major fnancial impact.
This article outlines what to expect from an
actuarial internship.
What kind of academic background do
most actuaries have?
In order to enter the profession, most
actuaries will have achieved an A level
or a Higher in maths or an equivalent
qualification, and a numerical degree
(normally 2.1 or higher).
What does an intern do?
Interns are typically involved in the same
projects and roles as graduates highlighting
to interns the challenges they might face as a
full-time actuary. By doing this, opportunities
are provided to work on projects from the
clients or firms offices around the country.
Routine tasks
Day to day tasks such as managing emails
and attending meetings with project teams.
Speaking to colleagues and ingratiating
yourself with the firms culture.
Scanning documents, formatting
presentations and documentation.
Extracting and manipulating data from systems
e.g. to produce triangles of claims data.
Reading slides from past training sessions
or online documents from regulators.
(These tasks are occasionally given when
colleagues are extremely busy or there
isnt enough work suitable for an intern.)
Challenges
There are a range of challenges that actuarial
interns will face. These include:
Understanding the technical side of
what is being discussed whilst taking
meeting minutes, not being afraid to ask
questions and being proactive afterwards
to cement any new knowledge.
Building new and using existing
spreadsheets and models.
Presenting and justifying work to a manager,
team or senior member of the department
Understanding and using technical methods.
Interesting opportunities and unexpected
responsibilities
As an intern you will be involved in the same
projects as other junior staff. Responsibilities may
include researching information about clients and
45
the current issues affecting them, or an analysis
of some part of the frms business (for example
methods used to model unusual contracts) to
identify trends. In addition to attending training
sessions and workshops (for example about
Solvency II, reserving, calculating pensions liabilities)
you will attend meetings with clients and organise
the departments exam result celebrations.
Through these opportunities you will gain the
same respect given to full-time junior staff and vital
experience of working in an offce environment.
Old skills developed:
Use of Microsoft Word, Excel and PowerPoint.
Research using the internet and frms own
internal databases.
Time management to meet deadlines and
the relative amounts of work required to
meet them.
Interpersonal skills.
New skills learnt:
Actuarial techniques specifc to the role.
Justifying and explaining work to others.
A mix of on-the-job training and potentially
a structured scheme provides the
opportunity to develop a range of technical
skills specifc to the industry in which the
team specialises and softer skills e.g. writing
and delivering presentations.
Other training is focused on topics
such as money laundering or health and
safety, awareness of which is required in
any occupation.
After the internship
If you perform well during the internship, you
may be offered a graduate job but if this doesnt
happen you will still have gained invaluable
training and skills that can be used at university,
in other jobs and in the future. In the worst-case
scenario, it is another line for the CV, some
pocket money, the beginnings of a network and a
taste of what being an actuary involves.
INTERNSHIPS
Case study: Mercer
My internship at Mercer Ltd gave me an excellent
insight into pension scheme designs, their specifc
funding arrangements, and the factors affecting the
worth of a pension. I developed my interpersonal
skills and became more confdent in my ability to
learn new information quickly.
How did you get your placement at Mercer?
I applied in September to several internships for the
following summer. The application process involved:
Online forms: covering my academic history,
career motivation and asking knowledge and
competency based questions.
A phone interview: an extension of the online form.
An assessment day: with a group task, numerical test,
verbal reasoning, a presentation and interviews.
ADVICE: Apply early as most internships
operate on a rolling basis. Think about which
skills an actuary needs and then think about
experiences in which you developed these skills.
What do you like about Mercer?
Its supportive atmosphere and the buddy system.
The varied and interesting work.
The excellent training opportunities.
The team structure and approachable colleagues.
ADVICE: Apply for several frms to consider the
differences and which would best suit you.
What type of work did you do on your
internship?
Calculating transfer values for pension
scheme members.
Compiling presentation slides summarising
actuarial valuations.
Submitting scheme returns on The Pensions
Regulator.
Updating the client database with regards to
auto-enrolment.
I worked with three other interns to prepare a
presentation for the fnal day of the internship
on the future of the pensions industry.
ADVICE: Ask different team members if you can
help them with anything they are doing to gain
a broader insight. On my team were colleagues
with very different levels of experience and client
responsibilities that I could learn from.
Abbie Phillips, Actuarial Trainee (Retirement, Risk
and Finance), Mercer
Rohan Jain is a student actuary
working in General Insurance and
Banking at PwC.
46
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If you have started to think about jobs after graduating, you have probably come
across employers offering graduate training schemes. But what are they and why
should you apply to them?
These schemes are predominantly found within
the fnance, management and engineering
industries, including actuaries. They offer tailor
made routes into the profession for capable
graduates. They are designed to give you a fuller
understanding of the profession and company
and will help you develop your technical skills,
support you during studying for professional
qualifcations, build your commercial knowledge
and soft skills as well as giving you opportunities
to develop your professional network.
However, have no illusions, they are hard work.
Competition can be ferce to get onto them and
a lot will be expected of you during the scheme,
you will also be expected to balance working
full-time and studying. But these schemes are
well respected and the benefts are manifold.
What are the benefts?
Actuarial frms that use graduate training
schemes usually have one intake a year (often
two, autumn and spring), with a September
start date. At this time there can be from 20 to
as many as 550 graduates starting (this depends
greatly on the size of the company). This can
produce an almost university style atmosphere
and a good way to start building those vital
professional relationships.
This structured programme can often mean it
is easier to settle into departments as you may
have met some of your colleagues already. It is
also common to have a buddy scheme in place
where graduates have access to recent trainees
to ask their advice. In addition to a mentor,
which is a more senior member of staff who
can help with more career related queries.
Study support is often built into these
programmes, with staff available to give advice on
exams and studying as well as days off to ensure
that you pass your professional qualifcations
such as the Diploma in Actuarial Techniques
from the Actuarial Profession.
Other support which may be offered is
fnancial. Companies may cover the cost of
course materials and fees for exams, tutorials,
and institutes. This may be in addition to a
competitive salary and benefts package.
Jobs on offer: graduate training schemes
Have no illusions, graduate
training schemes are hard
work. Competition can be
ferce to get onto them and
a lot will be expected of you
during the scheme.
Comprehensive training
Buddy scheme
Mentoring
Study support to gain
professional qualifcations
Financial support
Experience of different areas of
the company
Networking opportunities.
47
What to expect
Actuarial graduate training schemes can last
between one to two years and often involve
a number of placements within different
departments during this time. This can be
useful because it can help you decide where
you would like to end up but also provide an
overview of how the different departments
function together. These placements can be
across the UK and sometimes abroad.
The programme will usually start with
an induction period where you will be
introduced to the company, the type of
customer or clients they deal with and the
type of projects they are involved in. You
will then embark on a number of placements
which will have training opportunities
integrated into them, these can be for both
technical and soft skills. You will be given
time to study but also a fairly large amount
of responsibility early on, which may be
quite daunting.
A work/life balance can be diffcult but
possible, especially if you communicate any
problems with your line manager. However,
during periods where the assignments and
exams are coming up you may be expected
to spend around 20 hours per week on
your studies.
Social events are common especially amongst
graduates from the same intake but you will
be given opportunities to interact with more
senior staff as well. Many companies value
these events because they give you a chance
to build your work relationships across
different departments and levels of seniority.
GRADUATE TRAINING SCHEMES
Case Study: Aon
Aon recruits summer interns and actuarial graduates
into three business streams: General Insurance,
Retirement and Investment Consulting.
As you build a successful career with us, youll be
moulded for a client-facing role, become a technical
specialist and advise clients on our market-leading
products. On our graduate programme you will develop:
Business knowledge
You will gain business acumen and comprehensive
knowledge of our business solutions, including:
Industry qualifcations
Knowledge sessions
Hands-on learning.
Professional skills
Through our Development Programme you will gain
vital communication skills, including the ability to
make professional presentations. You will also learn
project management skills and build your team-working
capabilities through practical, real life experiences.
Relationships
We help you to build relationships with people with the
experience, knowledge and skills that you need, through:
Your graduate network
A mentor
Business seniors senior people within Aon
will take an active interest in your progress.
HR, Learning and Development and the
Graduate Programme Management always
there with help and advice.
Professional Study
Well fully support your study towards professional
qualifcation as a Fellow of the Institute of Actuaries.
Aon works with Imperial College to provide a
leading-edge alternative to achieving actuarial
qualifcations through self-study. You will receive day
release to study at Imperial College Business School
whilst achieving an MSc in Actuarial Finance.
We can put you in contact with experts to help you
with specifc exam topics, and organise tutorials to
give you practical advice. Regular reviews will highlight
your achievements and help you stay on track
towards attaining your aspirations.
Visit www.aon.co.uk/graduates to fnd out more.
1-2 years long
Placements across the UK
and overseas
Induction period
Responsibility early on
Study and career
development support.
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Minimum requirements and the
application process
The application process for these schemes can
be quite tricky.
The application process may entail an online
application initially, followed by interviews,
assessment centre sessions and possibly
psychometric testing. During these occasions
you need to demonstrate your communication
skills and behave professionally with other
potential applicants and the company staff at
the event.
Remember that this process is as much about
you deciding whether a company is right for
you as it is the company deciding whether or
not you are right for them.
Most companies will have one intake period,
usually during the autumn (OctoberDecember)
for graduates to start the following September.
Some companies may have two intake periods
or have on-going recruitment. But it is still worth
applying early for these positions as they will fll
them up as and when good applicants come along.
How to fnd them
Careers fairs
Company presentations
University careers centres
Graduate recruitment sites such as
Inside Careers.
Many of the employers who recruit graduates
into these schemes can be found on campus.
They will usually attend careers fairs but will also
host their own presentations and meet & greets.
If they are not visiting your university they can
also be found at the larger regional fairs, open to
anyone looking for graduate opportunities.
Further information can also be found at your
university careers centre, where the trained
staff should be able to help you fnd a scheme
and provide advice on your CV and the
recruitment process.
Many of the graduate training scheme
positions can be found on the Inside Careers
website, www.insidecareers.co.uk. Find out
more by visiting the site.
Many employers can
be found on campus. They
usually attend careers fairs,
but will also host their own
presentations.
More articles to help you
decide online
To get the latest actuarial
updates direct to your inbox
Latest jobs
Upcoming deadlines
enewsletters
Exclusive features for
account holders
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What are the skills you need to impress future employers? With the actuaries
profession, numerical aptitude is a given, but you also need softer skills in order
to analyse and communicate complex situations. Dr Geraldine Kaye describes her
own experiences to shed some light on the skills needed.
Maths was always my favourite subject. I lived,
ate and slept maths. But it was not until a friend
mentioned actuaries that I frst thought about a
career as an actuary.
She told me that actuaries not only used maths
and economics every day of their working lives,
but they required good interpersonal skills,
as they are in regular contact with clients,
senior colleagues and the staff they manage.
This certainly appealed to me. But my eyes
really sparkled when I heard of the salaries that
actuaries could command at that time. And they
still sparkle over some of todays levels!
Ideally, you should be studying for a degree
with signifcant mathematical content; statistics,
maths, engineering, science and economics are
all ideal subjects. The advice that I was given as a
student, and that I still give, is to study a subject
that you enjoy. You are better with a good
class of degree than a poor degree and some
exemptions and you are more likely to do well
at something you enjoy.
Tenacity is essential, as the actuarial exams
are demanding. To be accepted as an actuarial
student usually demonstrates that you have
the ability to qualify. The two reasons for not
qualifying are that a) the student learns well how
to fail and gives up, or b) gives up, albeit for
some wholly justifable reasons (such people are
often referred to as unqualifed successes).
Actuaries need good communication skills. It
used to be said that you know you are talking
to an extrovert actuary because they look at
your shoes rather than their own when they
speak. This is no longer true. As an actuary you
will often need to explain complex technical
information to non-technical audiences.
Key skills required by employers
51
Actuaries work across diverse industries, from
insurance, pensions and benefts, investment
and asset management through to banking,
healthcare, capital projects and risk. Working
individually or as part of a team, you could fnd
yourself being a consultant, analyst, trouble-
shooter and risk assessor all in the same day;
so because your own future will be wide open,
you will also be the kind of person whos ready
for anything. You need to be able to distinguish
between the essential and the inessential, and
once qualifed, to have a long-term perspective.
I often describe the actuarial qualifcation as a
qualifcation in applied common sense.
In theory, exemptions make it easier to
qualify, but you need practical experience in
an office in order to integrate the theoretical
knowledge and to learn the jargon. Take
advantage of the long summer holidays before
you graduate to gain as broad a range of
experience as possible. While at university I
chose something different each year.
First, it was the City head offce of a large life
assurer, The Northern (before it was taken over
by what is now Aviva). The second summer,
I chose Dominion Lincoln, a minnow of a life
offce based in Londons West End. Then, in the
fnal year, I tried my hand at consulting, at Lane
Clark & Peacock. On leaving university, I started
my full-time career, as an actuarial student and
trainee analyst in the investment department of
Sun Alliance (now RSA).
Born with an inquisitive and acquisitive mind, I
have never been slow in asking questions and
I certainly asked plenty during my days as an
actuarial trainee. If I have any one message for
todays graduate entrants to our profession, it is
never be afraid to ask questions. It is a superb
way of building up knowledge.
It is important to remember that different
employers are looking for different things;
actuaries are a diverse bunch and one size
does not ft all. Before you apply, research the
different companies, read their websites and
speak to their representatives at careers fairs.
Get a feel for the companies so that you can
apply to the employer that is right for you.
Skills in brief:
Excellent academics
Excellent communication skills
Strong numeric and logic skills
Be able to distinguish between the
important and the unimportant
Never be afraid to ask questions.
NB: it may be possible to demonstrate these
other than just by examination results.
Dr Geraldine Kaye is Managing Director of
GAAPS Actuarial.
KEY SKILLS REQUIRED
If I have any one
message for todays
graduate entrants to our
profession, it is never be
afraid to ask questions.
BACK TO CONTENTS
ACTUARIAL SYLLABUS AND EXAMS
THE UK ACTUARIAL PROFESSION
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What do we do?
The aim of the Actuarial Profession is to
support actuaries throughout their careers so
they have the skills, attributes and knowledge
appropriate for the evolving needs of the UK
fnancial sector, primarily as risk professionals.
In addition, it has the twin roles of regulating
and representing members to the outside
world. It achieves this through:
Education of new entrants who wish to
become actuaries and the continuing
professional development of existing actuaries.
Cooperation with government, business,
regulators and other professions.
Innovation through research and debate, to
expand the horizons of actuarial knowledge.
Promotion of the work of actuaries in
general (but not of individuals or frms).
Regulation of members by enforcing
adherence with the ethical standards and
the technical standards produced by the
Board for Actuarial Standards (BAS), an
independent body under the Financial
Reporting Council (FRC).
The Actuarial Profession has a strong
tradition of encouraging community
and companionship among its members,
locally and internationally. There is close
cooperation between actuarial societies
around the world through mutual recognition
agreements with the organisation, enabling
qualified actuaries to obtain full membership
status in another country. The Actuarial
Profession is governed by a council elected
by the membership helping to set its
strategic direction.
Members are encouraged to sign up for practice
areas and member interest groups, and to
volunteer to help with other working parties or
committees. It is through this work that they
seek to infuence government, regulators and
thinking in the actuarial profession.
Professional qualifcations
There are a number of different membership
classes. The current classes of membership are:
Affliate
Student
Associate
Fellow
Honorary Fellow.
In order to qualify as either an Associate or
Fellow, students have to pass examinations,
demonstrate satisfactory completion of certain
modules and acquire a satisfactory level of work
related experience.
The Actuarial Profession is the professional body for UK actuaries. Through
membership, education and research they set the high standards which
professionals must adhere to. This ensures the quality of consultancy that
actuaries provide. Read more about the Actuarial Profession and how they
could help with your career.
The UK Actuarial Profession
The Profession has
a strong tradition of
encouraging community
and companionship
among its members,
locally and internationally.
55
Chartered Enterprise Risk Actuary
Qualifcation (CERA)
With the increasingly complex and changing
business environment, organisations
are seeking enterprise risk management
professionals to join their teams. A new and
exciting global risk management qualifcation
(CERA) was launched to develop the skills of
those professionals. In order to obtain the
CERA qualifcation students need to pass a
subset of the actuarial examinations including
a specialist technical subject Enterprise Risk
Management (ST9).
Continuing Professional Development
All Fellow and Associates who are in work
and are fully regulated by the Actuarial
Profession are required to demonstrate
that they have undertaken appropriate
and suffcient Continuing Professional
Development (CPD).
The CPD Scheme demonstrates commitment
to the protection of the public interest
through the provision of sound and
appropriate actuarial advice delivered in
a professional fashion. It is important for
actuaries to be seen to clearly demonstrate
that they have maintained their skills through
relevant development. It is clear that the
development of professionalism is every bit as
important as technical skills.
THE UK ACTUARIAL PROFESSION
It is clear that the
development of
professionalism is every
bit as important as
technical skills.
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The Actuarial Profession is committed to helping students meet their goal of
becoming an actuary. This goal has formed a total education strategy, which
has been outlined for you here.
Qualifcations
The syllabus and examinations described
below cover the full range of study required
up to Fellowship.
Syllabus
Considerable time has been spent to review
what should be included and what excluded in
the training of actuaries. A major review has
taken place in recent years looking at the shape
of actuarial education, which is described below.
The syllabus is reviewed and updated each
year. In addition, the Actuarial Profession has
prepared an extended version of the syllabus
termed Core Reading., which is also reviewed
annually. Examinations are based on the
extended syllabus.
Core Technical Stage
The Core Technical Stage is designed to give
students a solid grounding in the key actuarial
techniques. These are examined by a three-hour
examination containing short answer questions
and longer problem solving questions.
In addition, a Business Awareness module
(CT9) is taken about a year after joining the
Profession. This includes attendance at a
two-day introductory course, online study
and examination.
Core Applications Stage
The aim of the Core Applications Stage is to
teach actuarial concepts across a range of
application areas. The aim is to encourage
thought about how these concepts can be
applied, in both familiar and unfamiliar situations.
The main Core Applications subject is CA1 Core
Applications Concepts. This subject enables
candidates to understand strategic concepts in
the management of the business activities of
fnancial institutions and programmes, including
Actuarial syllabus and exams
57
ACTUARIAL SYLLABUS AND EXAMS
the processes for management of the various
types of risk faced and to be able to analyse the
issues and formulate, justify and present plausible
and appropriate solutions to business problems.
In addition, there is a Core Applications,
Model Documentation, Analysis and Reporting
(CA2) module, with the aim of ensuring that
a candidate has data analysis skills and can
communicate the results to a technical audience.
It involves the use of spreadsheets for producing
models from given data sets. Students are
assessed at the end of a two-day event, which is
held at a limited number of locations.
The third part of the assessment at this stage
is an examination on communication (CA3). A
two-day event was introduced in 2009 which
involves a presentation skills exam along with
a written communications exam. The aim of
the communications paper is to ensure that
a candidate can communicate with a non-
technical audience.
Specialist Technical Stage
This stage builds on the Core Applications
Stage, but in individual specialisms with choice
introduced at this stage. The student chooses
two subjects from the list shown on the
following page.
Each Specialist Technical subject, which is
non-country specific, is assessed by one three-
hour examination.
Specialist Applications Stage
The fnal stage of the examinations is one
specialist subject chosen from the list on the
following page.
Each subject is offered within a UK context.
There is only one compulsory (three-hour)
paper at this stage. There is no requirement
to have passed the corresponding Specialist
Technical subject, however, the Specialist
Applications subjects will typically assume
knowledge of the corresponding Specialist
Technical subject. In addition the students have
to pass a short test of UK practice, regulation,
guidance and taxation if they wish to work in a
regulatory role in the UK.
Work based skills
Students will be required to maintain a
logbook of work undertaken, of courses
attended and other learning activities
undertaken as part of the development of
their work-based skills. This includes some
technical actuarial skills as well as more
general business and management skills.
Exemptions and exams
University exemptions for students reaching
the agreed standard are available for all stages
except the Specialist Applications Stage.
Candidates may also gain an exemption from
one Specialist Technical paper if they have a
relevant professional qualification recognised
by the Actuarial Profession.
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All examinations for all subjects, except Business
Awareness (CT9), Model Documentation
Analysis and Reporting (CA2) and
Communications (CA3), are held twice yearly.
With two opportunities each year, students, in
consultation with their employer, determine the
optimal pace of study through the subjects.
Tuition opportunities
The syllabus and Core Reading provide a guide
to tutors preparing tuition material for students
working for the examinations. Examinations
are based on the syllabus and Core Reading
so students can prepare for them in any way
they choose. As the key route, the Actuarial
Profession has an agreement with a tuition
provider, The Actuarial Education Company
(ActEd), for a series of distance-learning texts
which cover the syllabus.
These texts are written with a key emphasis on
making this material user-friendly and student-
orientated to help students prepare for the
examinations in an effective and effcient way. A
series of units have been written for each subject
covering the core learning and the objectives
of the syllabus and containing a number of self-
assessment questions and solutions. The material
is presented in loose-leaf form and is updated
year on year where necessary. Assignments are
included which can be used independently or in
conjunction with a marking service.
SPECIALIST TECHNICAL
STAGE
ST1
ST2
ST4
ST5
ST6
ST7
ST8
ST9
Health and Care
Life Insurance
Pensions and Other Benefts
Finance and Investment (A)
Finance and Investment (B)
General Insurance Reserving and
Capital Modelling
General Insurance Pricing
Enterprise Risk Management
SPECIALIST APPLICATIONS
STAGE
SA1
SA2
SA3
SA4
SA5
SA6
Health and Care
Life Insurance
General Insurance
Pensions and Other Benefts
Finance
Investment
CORE TECHNICAL STAGE
CT1
CT2
CT3
CT4
CT5
CT6
CT7
CT8
CT9
Financial Mathematics
Finance and Financial Reporting
Probability and Mathematical Statistics
Models
Contingencies
Statistical Models
Business Economics
Financial Economics
Business Awareness
CORE APPLICATION STAGE
CA1
CA2
CA3
Actuarial risk managements
Model documentation, analysis
& reporting
Communications
profession
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UNIVERSITY OF KENT
IMPERIAL COLLEGE BUSINESS SCHOOL
HERIOT-WATT UNIVERSITY
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There have always been plenty of excellent
reasons to study actuarial science at
Heriot-Watt. After all, we pioneered
degrees in the eld. Today, we enjoy a
worldwide reputation for the quality of our
teaching and research. We offer a range
of accredited courses from BSc to MSc/
Diploma.
The reasons for starting your professional
journey with us are much more than
academic. Were certain your experience
at Heriot-Watt, both at study and at play,
will be unforgettable. The Times newspaper
agrees. Thats why theyve named us
Scottish University of the Year. Based in
beautiful west Edinburgh parkland, were
within easy reach of the bustling city centre.
Which means youll have world-renowned
attractions and stimulating culture on your
doorstep. Whats more, youll be close to
the heart of Scotlands largest nancial
hub, where companies such as RBS, Lloyds
Banking, Standard Life, Aegon, Mercer and
Scottish Widows have a presence. We have
graduates in all of them. Perfect.
Our courses are accredited by the actuarial
profession, and carry exemptions from
professional examinations. Actuarial Science
courses correspond to CT1 - CT8, while our
MSc/Diploma in Actuarial Management
offers CA1, CA3 and a choice of up to three
Specialist Technical (ST) subjects. Theres the
chance for work placements and overseas
study, too.
BA (Hons) Actuarial Science
BA (Hons) Financial Mathematics
MSc/Diploma Actuarial Science
MSc/Diploma Actuarial Management
MSc/Diploma Financial Mathematics
MSc/Diploma Quantitative Financial
Risk Management
All of our courses are designed to get you
ready for life in the nancial world.
To discover more, visit our website, email
enquiries@macs.hw.ac.uk or call 0131 451 8337.
www.macs.hw.ac.uk
Distinctly Ambitious
www.hw.ac.uk
There have always been plenty of excellent
reasons to study actuarial science at
Heriot-Watt. After all, we pioneered
degrees in the eld. Today, we enjoy a
worldwide reputation for the quality of our
teaching and research. We offer a range
of accredited courses from BSc to MSc/
Diploma.
The reasons for starting your professional
journey with us are much more than
academic. Were certain your experience
at Heriot-Watt, both at study and at play,
will be unforgettable. The Times newspaper
agrees. Thats why theyve named us
Scottish University of the Year. Based in
beautiful west Edinburgh parkland, were
within easy reach of the bustling city centre.
Which means youll have world-renowned
attractions and stimulating culture on your
doorstep. Whats more, youll be close to
the heart of Scotlands largest nancial
hub, where companies such as RBS, Lloyds
Banking, Standard Life, Aegon, Mercer and
Scottish Widows have a presence. We have
graduates in all of them. Perfect.
Our courses are accredited by the actuarial
profession, and carry exemptions from
professional examinations. Actuarial Science
courses correspond to CT1 - CT8, while our
MSc/Diploma in Actuarial Management
offers CA1, CA3 and a choice of up to three
Specialist Technical (ST) subjects. Theres the
chance for work placements and overseas
study, too.
BA (Hons) Actuarial Science
BA (Hons) Financial Mathematics
MSc/Diploma Actuarial Science
MSc/Diploma Actuarial Management
MSc/Diploma Financial Mathematics
MSc/Diploma Quantitative Financial
Risk Management
All of our courses are designed to get you
ready for life in the nancial world.
To discover more, visit our website, email
enquiries@macs.hw.ac.uk or call 0131 451 8337.
www.macs.hw.ac.uk
Distinctly Ambitious
www.hw.ac.uk
FURTHER STUDY
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Crystal Grant
Recruitment and Development Executive
Imperial College Business School
msc.actuarial@imperial.ac.uk
www.imperial.ac.uk/business-school/
msc-actuarial-fnance
T: 020 7594 9553
Scan for more
information
The Imperial route to becoming an actuary
Imperial College is truly world-class and is
consistently ranked as a top ten global university.
This reputation for excellence is refected in the
MSc Actuarial Finance which was developed in
partnership with the Actuarial Profession and
leading employers of actuarial trainees.
The programme allows actuarial trainees in
full-time employment to combine on-the-job
training with day release access to Imperials
unique mix of knowledge and research.
Along with the high quality of education offered
by Imperial, world-class academics and a 94%
ActEd exam exemption rate, the programme
enables students to gain a triple qualifcation:
The Imperial MSc Actuarial Finance
(which includes a block exemption for the
majority of actuarial exams).
CERA the global Chartered Enterprise
Risk Actuary qualifcation.
Fellowship of the Institute and Faculty of
Actuaries (on passing the Professions fnal
Fellowship exam).

The programme is practical, with students
applying what they learn to group discussions
and project work, building problem-solving skills
and confdence. This combination of academic
rigour and practical application is what makes
our MSc graduates so valuable to employers.
Graduates also beneft from life-long access to
one of the most infuential alumni networks in
the world.
BACK TO CONTENTS
MSc ACTUARIAL FINANCE
To learn more, visit www.imperial.ac.uk/business-school/
programmes/msc-actuarial-fnance
I was attracted to
the Imperial College
programme specifcally
because of the high regard
in which the Business
School is held. Youre
taught by people with
practical experience
in fnance who can tell
you how the topics you
are learning relate to
the real world, rather
than just remaining as
concepts in a book.
Daryl Boxall
MSc Actuarial Finance 2011
Financial Strategy Group, Mercer
IMP_2027 Finance Advert 148x210mm v2.indd 1 27/07/2012 15:17
FURTHER STUDY
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Actuarial Science and Financial
Mathematics courses
MSc in Applied Actuarial Science
Postgraduate Diploma in Actuarial Science
International Masters in Applied
Actuarial Science
BSc (Hons) in Actuarial Science (with an
optional year in industry)
BSc (Hons) in Financial Mathematics.
All our actuarial science courses are accredited
by the UK Actuarial Profession.
MSc in Applied Actuarial Science
Designed for students who already have knowledge
of the fundamentals of Actuarial Science, this
12-month, full-time taught course provides the
opportunity to gain exemptions from subjects CA1,
CA3, ST2, ST4, ST5, ST6, ST7, ST8 and ST9 within
the Core Applications and Specialist Technical stages
of the examinations of the UK Actuarial Profession.
Students can also choose an optional Modelling
module which prepares them for CA2.
A two-year, part-time version of this course is
also available.
Postgraduate Diploma in Actuarial Science
This nine-month, full-time taught course
enables graduate students to acquire the core
skills and knowledge required by all actuaries. It
offers the opportunity to gain exemptions from
eight subjects (CT1CT8) within the Core
Technical stage of the examinations of the UK
Actuarial Profession.
International Masters in Applied
Actuarial Science
This two-year course for international students
is equivalent to a Pre-Masters Graduate Diploma,
covering the subjects taught within the Postgraduate
Diploma, followed by the MSc in Applied Actuarial
Science and offers the opportunity to gain
exemptions from subjects in the Core Technical,
Core Applications and Specialist Technical stages.
BSc (Hons) in Actuarial Science
(with an optional year in industry)
This three-year full-time taught course offers the
opportunity to gain exemptions from eight subjects
(CT1CT8), as well as giving a frm foundation for
some Specialist Technical stage subjects.
BSc (Hons) in Financial Mathematics
This is a three-year, full-time taught course
which offers the opportunity to gain exemptions
from seven subjects (CT1, CT2, CT3, CT5,
CT6, CT7 and CT8).
Introduction to PROPHET
The University of Kent has entered into an
arrangement with SunGard, who market the
industrys leading actuarial software package
PROPHET. As a result, students on all of our
Actuarial Science courses have the opportunity
to get practical experience of using PROPHET,
which is used by commercial companies
worldwide for proft testing, valuation and model
offce work. In addition, the PROPHET module
marks also count towards the degree award.
Centre for Actuarial Science, Risk
and Investment
The Centre for Actuarial Science, Risk and
Investment is part of the School of Mathematics,
Statistics and Actuarial Science at the University of
Kent, where actuarial science has been taught for
over 25 years. The centre includes 13 professionally
qualifed actuaries with many years practical
experience in insurance and pensions and maintains
excellent links with the actuarial profession.
T: 01227 827 181
imsadmin@kent.ac.uk
www.kent.ac.uk/casri
Scan for more
information
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ACTUARIAL
SCIENCE/THE
UNIVERSITY
OF KENT
Kent offers academic excellence, inspirational
teaching and a superb student experience.
We are located at Canterbury, just over an hour from London
by train. The University occupies a large and very attractive
campus overlooking the cathedral city of Canterbury. It provides
excellent accommodation for a large proportion of its students,
much of it connected to the PC network, allowing internet access.
For more information, please visit the department's website at:
www.kent.ac.uk/casri
For undergraduate and postgraduate enquiries:
E: imsadmin@kent.ac.uk T: 0044 1227 827 181
To apply for the undergraduate or postgraduate programmes:
E: recruitment@kent.ac.uk
To apply online for the postgraduate programmes, please visit:
www.kent.ac.uk/studying/postgrad/gradapply.html
Kent was ranked 1st in
the UK for mathematics
graduate employment
prospects in The Complete
University Guide 2011
and The Times Good
University Guide 2011.
AD_113443_Kent_Act_Sci_Layout 1 23/07/2012 15:55 Page 1
EMPLOYER DIRECTORY
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92 70
94 72
MERCER AON
MILLIMAN APR
95
MUNICH RE
74
BARNETT WADDINGHAM
96 PHOENIX GROUP
76
BUCK CONSULTANTS
77
78
PWC CANADA LIFE
PUNTER SOUTHALL CAPITA
ROYAL LONDON GROUP
79
DIRECT LINE GROUP
STANDARD LIFE
80
GAD
82
SUNGARD HYMANS ROBERTSON
97
102
105
98
104
86
90
LCP
LEGAL & GENERAL
TOWERS WATSON 106
110
XAFINITY CONSULTING
BACK TO CONTENTS
EMPLOYER DIRECTORY
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SHow to apply
Apply online at
www.aon.co.uk/graduates
Contact information
T: 0845 026 4587
graduates@aon.co.uk
Application deadline
Check website
Scan for Aons
live jobs
Type of work experience offered
Internships
No. of work experience vacancies
40
No. of graduate vacancies
50
Disciplines recruited from
All degrees considered, although
numerate subjects are required for
some streams
Min. degree required
2.1
Starting salary
Competitive
Benefts
Life assurance and pension scheme
No. of employees
61,000
No. of qualifed actuaries
120
Locations
Opportunities nationwide, depending
on your chosen stream
No
Few things are certain in life. Economic upheaval,
political crises, natural disasters and plenty more
besides all mean the world can be full of surprises. At
Aon, we draw on the expertise of 61,000 people to help
the biggest names in business plan for every eventuality.
Our size, global network and emphasis on innovation
mean where we lead, the industry follows.
Weve recently moved our global headquarters to the
UK. Here we rely on 6,500 employees across 30 offces
to uphold our reputation for excellence, insight and
outstanding service delivery. Its the skills, knowledge
and attitude of these people that help us do what we
do best. So, if youre looking for a sure-fre way to start
your career and have a 2.1 degree or higher, wed like
you to join them.
We recruit summer interns and graduates into fve
streams: pensions, general insurance, insurance
reinsurance and risk management, investment consulting,
and health & benefts broking and consulting.
Depending on the area you join, youll be using your
numeracy, analytical abilities and strong customer
service skills to help clients address key questions
that affect the running and growth of their businesses.
How can risk be predicted and spread to minimise the
impact of natural or man-made catastrophes? How can
fnancial markets effectively manage their risks? Where
can employers invest to improve the value of their
pension schemes? Will a company be able to meet its
pension obligations decades down the line? How can it
provide a benefts programme that rewards employees
and represents a shrewd business investment for the
employer? Whatever the question, its our business to
provide the answer.
BACK TO CONTENTS
67% chance of buying your rst house before turning 30.
33% chance of keeping in touch with your rst-year friends.
2% chance of leaving uni debt free.
0.01% chance of making a tutorial after a big night out.
100% chance of moving onwards and upwards.
Actuarial Consulting Pensions | Actuarial Consulting General Insurance
Insurance, Reinsurance and Risk Management | Investment Consulting
Health & Benets Broking and Consulting
There are few things that are certain in life. Economic upheaval, political crises, natural
disasters and more all mean the world can be full of surprises. At Aon, we draw on the
expertise of 61,000 people to help the biggest names in business plan for every eventuality
be it in pensions, general insurance, insurance, reinsurance and risk management,
investment consulting or health & benets broking and consulting. Our size, global
network and emphasis on innovation mean where we lead, the industry follows.
So if youre looking for a sure-re way to start your career and have a 2:1 degree or
higher dont leave your future to chance, visit aon.co.uk/graduates to nd out more.
FIND OUT MORE
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CV & covering letter via email or post
Contact information
lindsay.jeffs@aprllp.com
APR, 6 Barwell, Wantage
Oxfordshire, OX12 9AZ
Check website
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APRs live
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3
All degrees considered
2.1
Min. UCAS points
340
Starting salary
30,000
Benefts
22.5 days holiday, life assurance,
performance bonus and study support
No. of qualifed actuaries and
trainees
17
Locations
Central London and Edinburgh
No
Who are we?
APR is an expanding actuarial services company with
a growing reputation for providing high quality interim
solutions and niche consultancy services to assist our
clients, characteristically large UK fnancial institutions such
as insurance companies. We are looking for exceptional
graduates to join us in providing these services.
Why you should consider joining us
We see the following as the key advantages of starting a
career with APR:
Variety of work: typically each client project lasts
3-12 months so youre likely to see a wider range
of work, across a number of clients, than you
would in a more traditional actuarial role.
Training and development: our genuine
commitment to ensuring our actuarial students gain
technical skills and knowledge that many of their
peers dont is aligned with your interests because
without this our services would not be in such
high demand. Youll see this from your frst day of
employment when your intensive initial training starts.
Financial rewards: we offer one of the highest
starting salaries in the actuarial sector and ensure
this is maintained throughout your employment via
guaranteed salary increases, and generous bonus
and proft share terms.
Culture: our staff retention rate is testimony to
the informal and enjoyable work environment we
seek to create.
What we are looking for
The key qualities we seek in individuals are intelligence
and confdence. We believe that most other
characteristics we look for fow from these two qualities.
Because we place emphasis on rounded knowledge and
intelligence, we accept applications from candidates with a
degree in any discipline (minimum 2.1). However, the high
mathematical content of the actuarial exams means candidates
need a minimum grade A in Mathematics A level. A minimum
grade A in English Language GCSE is also required.
Successful candidates can be based in APRs central
London or Edinburgh offces but must be prepared to
work on client projects throughout the UK.
BACK TO CONTENTS
Actuaries cant predict the future ...
but we can predict its impact
Actuaries can calculate the probability of future events occurring and quantify
those risks to a business.
They are problem solvers and strategic thinkers with a deep understanding
of financial systems. They work in a variety of exciting roles internationally.
An actuarial career is one of the most diverse and rewarding in the world.
www.actuaries.org.uk
Where could you work?
Every area of business is subject to risks so an actuarial career offers
many options. A typical business problem might involve analysing future
financial events, especially when the amount or timing of a payment is
uncertain. It could also involve assessing when and where devastating
storms may hit to help predict risks, and their associated costs, for
investments or insurance.
Salaries for graduate trainee actuaries are around 25,000-30,000 and
as you become more senior this can rise to well over 150,000. So the
rewards are substantial.
How do I find out more?
To find out how to become an actuary, the benefits of studying towards an
actuarial qualification and areas that actuaries work in, then look at the
following web link www.actuaries.org.uk/becoming-actuary/pages/how-
become-actuary or contact our careers team.
Email: careers@actuaries.org.uk
Telephone: 01865 268 228
making financial sense of the future
A5 Advert:Layout 1 06/08/2012 10:20 Page 1
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EMPLOYER DIRECTORY
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Background
Founded in 1989, Barnett Waddingham has
grown to become the UKs leading independent
provider of actuarial and consultancy services
with over 50 partners, over 500 employees and
seven offces throughout the UK. Our business
has grown predominantly through referrals
from our clients and professional contacts.
The business is based on a culture which aims
to provide all of our clients with an excellent
professional service through strong personal
relationships and tailored solutions whilst
remaining competitive on fees. Our values can
best be summarised as Doing it the Right Way
and we take the long term view to all of our
services and relationships.
Barnett Waddingham strives to recruit
graduates who share our values, and can bring
special skills which will enhance the service we
provide to our clients. We look for graduates
with good, relevant degrees, and who are eager
to join a frm where they can make a difference.
Graduates are very much the focus of our
actuarial recruitment and we look for those who
are ambitious, and who value the chance to join
the partnership in due course.
All our partners understand the importance
in looking after all their employees, and see
employee engagement as fundamental to
continuing success. This was refected by the
Firm being awarded a One Star Best Companies
Accreditation in our frst year of participation
in the Best Companies to Work For award
scheme. Barnett Waddingham is a rewarding,
enjoyable and satisfying place to work.
How we work
From day one you will be an integral part of the
business, working in our actuarial teams who
advise various bodies and organisations including
pension plan trustees, insurers and employers.
The work you carry out could relate to anything
from the broad spectrum of areas on which we
advise examples include analysing longevity
trends, providing strategic investment advice and
advising on acquisitions.
Each client is the responsibility of a partner who
builds a team dedicated to meeting that clients
particular needs. The partner maintains a close
personal involvement at all levels of work. You
will be given genuine opportunities to contribute
to our success, both working as part of a client
team and in assuming responsibility at an early
stage of your career. We believe that it is
important to nurture talent and enthusiasm.
As a new recruit you will have the opportunity
to work closely with the partners and
other experienced employees offering you
excellent development opportunities and a
unique learning process. We are keen for our
employees to gain wider business knowledge
and experience of our other practice areas
where this is possible. You will be encouraged
to show initiative and develop areas of
responsibility that are not directly related to
client work, raising both your own and your
teams profle, whilst gaining good experience.
Professional development policies
and programmes
Your professional and personal development
is important to the frm and we are strongly
committed to developing our employees. As
an actuarial trainee, you will work towards
qualifcation and we will give you every support
to achieve this, including offering a generous
study package. As part of this you will receive
study days, funding for external courses and a
mentor from within the frm to support you.
You will also be rewarded for passing exams
as you progress. As well as supporting your
studying, your mentor will review your work
based experience and help you identify the
development opportunities available, with
the aim of enabling you to reach your full
potential. In addition, the frm will help you to
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How to apply
Complete an online application form
via www.barnett-waddingham.co.uk
Contact information
graduaterecruitment@barnett-
waddingham.co.uk
St James House
St James Square
Cheltenham, GL50 3PR
November 2012
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Waddinghams
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All degrees considered, although an A
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2.1
Min. UCAS points
300
Starting salary
Competitive
Benefts
22 days holiday, bike scheme, gym
membership, healthcare scheme,
interest-free loan, life assurance,
pension scheme, season ticket loan,
social events and study support
No. of employees
567
Locations
Amersham, Bromsgrove,
Cheltenham, Glasgow, Leeds,
Liverpool and London
No
develop your technical and consulting skills with regular
performance development reviews, internal courses and
most importantly, experience.
The social side
Social activity is taken seriously across the frm; from
inter offce sporting events to the annual Christmas
party. Sporting events include bowls, cricket, croquet,
football, golf, poker, pool and table tennis. The non-
sporting side is equally active and includes walking
weekends, excursions to UK and European cities, wine
and beer tasting, charity events and picnics.
There is something for everyone to choose from,
but, suggestions for further social events will always
be welcome!
Who are you?
You will have a minimum of a 2.1 degree and at least
300 UCAS tariff points, including an A grade in A level
maths or equivalent qualifcations.
Excellent communication skills are essential, together
with a positive and enthusiastic attitude. As a self-
starter you have ambitions to develop both individually
and in a team environment. A team player, you work
in a cooperative and supportive way for the beneft
of the team, understanding how your actions impact
on other team members or goals and how they affect
the bigger picture. In addition, you must be organised
with a meticulous attention to detail, capable of solving
problems of all sizes.
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How to apply
Online at www.buckconsultants.co.uk
Contact information
Buck Consultants Limited
160 Queen Victoria Street
London, EC4V 4AN
T: 0207 429 1000
buck_graduates@buckconsultants.com
Check website
Scan for
Buck
Consultants
live jobs
No. of employees
350
40
No. of trainees
40
Locations
Bristol, Edinburgh, Ipswich, London,
Manchester and Reading
No
Internships and industrial placements
On request
Up to 6
Numerically related degrees
2.1
Starting salary
Competitive
Benefts
Up to 25 days holiday, bike scheme,
life assurance, healthcare scheme,
pension scheme, performance bonus,
season ticket loan, social events and
study support
About Buck
Buck is a global pensions, employee benefts and investment
consulting frm. We provide real-world solutions to our
clients complex HR and business challenges.
After nearly 100 years, weve remained true to our core
values: innovation, unparalleled client satisfaction and the
highest professional standards.
The requirements
We look for graduates who are both literate and numerate,
have a strong academic background, are good communicators
and highly analytical. In addition, graduates need to be fexible,
confdent and committed to their profession.
Training and career development
Successful graduates will join Buck as an Actuarial/Investment
Analyst in one of our pension or investment teams.
Pension
You will progress from simple pension transfer
calculations to more detailed functions, such as full
actuarial valuations of group pension schemes, assessing
the funding requirements of a retirement plan, and
evaluating pension obligations as part of a merger, sale
or acquisition of a business.
Investment
You will progress from valuing pension scheme
assets and monitoring their ongoing performance to
more complex investment work, such as drafting and
implementing advice on the transfer of assets between
investment funds and asset classes, carrying out asset-
liability modelling studies and advising on pension
schemes long-term investment strategies.
We aim to ensure that all new staff are equipped with the
necessary knowledge and skills to enable them to develop
into consultants. In order to facilitate this, we place a
high value on training and development provided both in-
house and externally, and professional qualifcation.
Benefts package
Buck graduates receive a competitive starting salary with
a contributory fnal salary pension scheme, and will be
able to participate in the Bucks fexible benefts scheme,
incorporating wealth, health and life benefts. We also
provide generous study support (fnancial and study leave).
BACK TO CONTENTS
For actuaires jobs & more info, visit www.insidecareers.co.uk/act
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CV, covering letter and application
form. Email to:
Claire.reeve@canadalife.co.uk
Contact information
Canada Life Place,
High Street, Potters Bar
Hertfordshire EN6 5BA
Scan for Canada
Lifes live jobs
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c. 3 per year
2.1
Starting salary
25,700
Benefts
23 days holiday rising to 30 with
service and seniority, bike scheme,
fexitime, healthcare scheme,
life assurance, pension scheme,
performance bonus, season ticket
loan, social events, stocks/shares and
study support
No. of employees
900
25
No. of trainees
25
Locations
Bristol, Hertfordshire (Potters Bar),
Isle of Man and London
No
About us
Founded in 1847, Canada Life is a wholly owned
subsidiary of Great-West Lifeco Inc, one of the largest
Canadian life and health insurance companies. Canada
Life began operations in the United Kingdom in
1903 and looks after the retirement, investment and
protection needs of individuals and companies. Our UK
operations are headquartered in Potters Bar, 15 minutes
from central London by train.
Benefts of working at Canada Life
Canada Life offer the advantage of working in a
professional, fast moving, fnancially strong company, yet
with a better work/life balance than you would usually
fnd in London. We offer excellent starting salaries and
great opportunities for career progression.

A competitive study package is available to all our
actuarial trainees, which includes study days, tutorials,
course materials and frst exam entry fees. Every new
starter is assigned a mentor to oversee their progress.
Canada Life has a strong culture of success in the
actuarial examinations, and provides an environment for
new actuaries to study and develop.
Who are we looking for?
Applicants will have at least three A Levels (or
equivalent) and a degree (2.1 or better), ideally in
mathematics or another numerate subject, although
exceptional candidates with other degrees will be
considered. We are looking for excellent communicators
with strong problem solving skills. Successful candidates
will be motivated to maintain our strong record in the
challenging professional examinations
The role
Our actuarial trainees have the opportunity to work in
a variety of roles in areas including reserving, fnancial
reporting, pricing, risk management, investments and
systems. We expect that trainees will work in at least
two or three different areas before qualifcation, which
means our newly qualifed actuaries tend to have a
valuable breadth of experience.
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How to apply
CV, covering letter and application
form via email
Contact information
actuarial.applications@capita.co.uk
31 March 2013
Scan for
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Internships
Up to 3
Up to 5
Actuarial science, economics and
mathematics
2.1
Min. UCAS points
300
Starting salary
Competitive
Benefts
23 days holiday, bike scheme, pension
scheme, performance bonus, social
events and study support
No. of employees
10,000+
12
No. of trainees
30
Locations
Cheltenham, Dublin and other
locations throughout the UK
No
Capita
Capita is the UKs leading provider of outsourcing and
professional support services across both public and
private sectors.
Our fexible structure enables us to deliver multiple
services to individual clients and multiple services across
multiple markets, highly effciently. Capita is therefore a
vibrant, challenging and rewarding place to work.
Life & Pensions
Capita is the UKs leading provider of business process
outsourcing for the life and pensions industry.
Services to the life and pensions industry account for
18% of Capitas business.
Our market leading position, handling over 21 million
policies, is maintained through a dedication to service
and a belief in constant evolution. We pride ourselves
on being progressive and at the leading edge of
service transformation.
Actuaries within Capita
Within Capita, the opportunities for actuaries are
endless. Actuaries provide project management,
business planning and life assurance expertise to other
departments within Capita as well as performing
professional corporate reporting and project services
direct to our clients.
At Capita, you will enjoy the freedom to choose how
your career progresses as we offer an experience which
sits between consultancy and life offce work so you
choose where the journey takes you!
From your frst day in the offce, you will have
opportunity and variety in the high speed, quick changing,
business improving environment which is Capita!
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40
Any but maths, statistics and business/
management degrees are ideal
2.1
Min. UCAS points
300
Starting salary
Competitive
Benefts
25 days holiday, bike scheme,
healthcare scheme, life assurance,
study support
No. of employees
15,000+
No. of trainees
30
Locations
Bromley, Croydon, Glasgow, Leeds
and London
No
How to apply
Online with a CV, covering letter and
application form
Contact information
www.joininsurance.co.uk/graduates
Graduates: 30 November 2012
Interns: 4 January 2013
Scan for
Direct Lines
live jobs
About Direct Line Group
For us, its not all about insurance. Its about people too.
Doing whats best for them customers and colleagues alike.
We believe in building long-term relationships. Relationships
that reduce the risk for our customers and that help our
own people build a career that matches their ambitions.
Were home to some of the nations best-loved brands,
including Direct Line, Churchill, Privilege, Green Flag,
TRACKER and NIG. And were building on our heritage
by growing internationally too.
Were a group of people with a single ambition: to be
Britains best general retail insurer. We want to be
known for treating our customers better than anyone
else. We want to work in a way thats more creative
and more effective than other companies. Put simply, we
want our people to lead the industry in every area.
Graduate and internship programmes with
Direct Line Group
Whether youre looking for a paid work placement
during your degree studies or to begin your career after
graduation, youll fnd theres an opportunity here to
suit you. Analytics, Business Transformation, Claims and
Market Research. These are just some of the areas you
can become an expert in here.
Life at Direct Line Group
Ultimately, life here is about doing your very best, every
day for your customers, for your colleagues and for the
business youll soon become a big part of. Well encourage
you to push yourself, and to enjoy fnding new strengths.
Whats more, well make sure youre rewarded for
your hard work with a whole package of benefts and
opportunities to help you create and live the life you
want outside of work. Plus you can expect a competitive
salary that will grow as you do.
People at Direct Line Group
So, what do we look for? Well, youll need to be as
people focused as we are. Youll need to be courageous,
creative and accountable. Youll need to be a good
listener as well as a good communicator.
Thats not all though. Everything we do is built on teamwork
so this needs to be at the heart of the way you work. We
encourage each other to excel. We recognise achievements
and you can be sure youll be rewarded for yours.
BACK TO CONTENTS
EMPLOYER DIRECTORY
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Who we are
GAD was established as a government
department in 1919. Today, we provide actuarial
analysis for public sector clients throughout
the UK. We are based in central London in the
heart of the fnancial community, with a second
offce in Edinburgh, and currently employ around
60 actuaries and 40 trainees. We are a not for
proft organisation.

What we do
Our analysis enables government to formulate
national policy and manage public sector
fnances. This work is crucial to the welfare of
millions of people both in the UK and overseas.
We provide advice on a wide variety of topics in
many felds.

Our aims
GAD provides actuarial analysis to the public
sector from the public sector. Our aim is
to be a highly valued principal provider of
actuarial analysis and advice to all parts of the
UK Government and other relevant UK and
overseas public bodies.
For UK Central Government (and the devolved
administrations) to deliver and be seen to deliver:
Top notch service and policy advice
A full range of actuarial analysis whenever
appropriate for actuarial input to be provided
All the actuarial analysis on pensions as
the shared service supplier of actuarial
analysis to Government.
For other public sector (UK and overseas) to
win and deliver as much actuarial analysis work
as we can, subject to:
Meeting the commitments to quality in all
we do
Anything we do must be consistent with
Government policy
Nothing we do must impair our ability to
deliver Aim 1
Meeting our fnancial criteria
Having a sustainable long-term GAD
in government.

Our values
In addition to the core values of the Civil Service
(integrity, honesty, objectivity and impartiality),
GAD has values of:

Making client service our priority
Professionalism (Civil Service core values
as above and actuarial professionalism)
Treating people fairly and with respect
Being fexible, sharing and collaborative (i)
with clients, (ii) within and between teams,
and (iii) with peer group and above
Delivering a work/life balance to the
extent consistent with our themes
Being forward looking and pro-active
Pursuing a fulflling and varied career
Public sector ethos consistent with the
ethos of our respective counterparts (i.e.
clients and colleagues of equivalent pay/
grade) in government departments generally.

Who are we looking for?
Each year we recruit a small number of people who
have the clear potential to become fully qualifed
actuaries and who will relish the challenges of our
diverse and public interest orientated work.

As a minimum, candidates should:
Expect to graduate, or have graduated,
with a frst or high 2.1 honours degree in
a subject with a high mathematical content
or expect to achieve or have achieved an
equivalent postgraduate qualifcation and
Have an A level in mathematics at grade A,
or Scottish/Irish equivalent
Have a GCSE in English language at grade B
or above, or Scottish/Irish equivalent.

Applicants must be highly numerate, but do
not need to be maths graduates. Many people
come to GAD from other disciplines, such as
physics or economics.
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Online at: www.gad.gov.uk/Careers/
Graduate_Careers
Contact information
recruitment@gad.gov.uk
Check website
Scan for
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0
5-10
Degrees with a high mathematical
content
2.1
Starting salary
28,500 pa
Benefts
25 days holiday (30 upon qualifying),
bike scheme, fexitime, pension
scheme, performance bonus, season
ticket loan and study support
No. of employees
130
60
No. of trainees
40
Locations
London and Edinburgh
No
At the Government Actuarys Department we are
renowned for the quality of our advice. This is because
we select only the most promising recruits.
Providing actuarial support to some of the largest
pension schemes in the UK, our work is crucial to the
welfare of millions of people. Our graduates are the
actuaries of the future.
As a trainee actuary you will work as part of a team
with qualifed actuaries in both our London and
Edinburgh offce, to deliver advice across a broad range
of areas such as valuations, beneft design, investment
strategy and government policy. In addition to advising
government, trustees and employers, there may also
be opportunities to work in UK and international social
insurance, long-term care, health, risk and insurance.
As your experience grows you can expect to have
regular client contact. To help you qualify as quickly
as possible we offer substantial study support with
generous study leave, discussion classes, and paid for
tutorials, courses, exam entry and exam counselling. We
also provide an internal business training programme to
help trainees grasp the opportunities we offer and to
assume new responsibilities, including:
A comprehensive induction and technical
training programme
In-house seminars and professional briefngs
Managerial and business training including project
management, team working, presentations, IT skills
and managing client relationships
A friendly and cooperative working environment,
where actuaries and senior students are
enthusiastic about teaching new trainees and
passing on their experience.
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Make the most of who you are. Be you.
Get your career off to the very best start
with Hymans Robertson, the UKs leading,
independently-owned pensions, investments and
benefts consultancy.
We offer a comprehensive programme of training
and support to our trainee consultants, plus
unprecedented opportunities to work with people
from across the frm right from the start. That
means youll get all the help you need to achieve
your professional qualifcations, while also receiving
some of the best possible hands-on experience.
If youve already decided to work in pensions and
benefts or are looking for a rewarding career in
the fnancial industry, becoming a consultant with
Hymans Robertson is a great step forward and will
provide you with an array of skills you simply wont
fnd in any other profession.
Youll be trained in economics, probability, statistics,
fnancial mathematics and more, and also be given
the opportunity to apply those skills in real business
situations. And youll receive lots of in-house
coaching to help you develop your commercial
awareness, communication and problem-solving
skills. Were totally committed to providing a well-
rounded understanding of the industry so that you
can fulfl your potential and really make your mark.
Spirited performance
Indeed, our whole culture is based around
teamwork and wanting everyone to do really
well we notice great work, and always reward
it. You will be actively encouraged to take
on new challenges and get involved in client
projects from a very early stage. Youll also
work alongside some of the sharpest minds in
the profession, including our specialist teams,
senior partners and owners of the frm.
Go your own way
You can create a completely individual plan of
study with your appointed mentor, who will be
a recently qualifed actuarial consultant and on
hand to prepare you for each challenge. We
offer great fexibility in which exams to take and
when, and what combination of subjects to study
together. There is no rigid programme that you
have to stick to, and you can advance your career
as quickly as you want and in your own way.
We offer a comprehensive study programme
at Hymans Robertson, with a generous bank of
study days to support you through the various
exams and formal qualifcation process. Plus, if
your degree was in an actuarial-focused subject,
you may also be able to push straight onto the
second level of exams. Our support of graduates
is refected by our excellent exam pass rate and
the career success of our employees. Many of
our partners have built their careers with us,
and how far you go will be based entirely on
your ability and ambition.
Its all about you
And if youre right for us, you will already stand
out against your peers. Youll have strong A
level, Higher or equivalent results, including
a grade A in Mathematics. And youll have at
least a 2.1 classifcation in your honours degree,
which will be in a discipline that provides for
a solid foundation in maths. Indeed, you may
also have completed additional postgraduate
qualifcations or work experience.
But academic ability is only part of your story.
Youre able to analyse an issue from a technical
perspective; devise a creative, practical and
coherent solution, and then help people
understand and feel comfortable with your
proposal. You are also highly determined and
have the drive to be successful.
Award-winning independent thinking
Hymans Robertson is an independent, specialist
consultancy thats determined to provide the very
best, most agile, professional service to clients. We
believe in being our clients most trusted adviser.
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How to apply
Submit an application form online at
www.hymans.co.uk/careers
Contact information
Arthur Rahn T: 0207 082 6192
(London and Birmingham)
Carla Henison T: 0141 566 7894
(Glasgow and Edinburgh)
5 November 2012
Scan for
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Robertsons
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No. of employees
550
100
No. of trainees
75
Locations
Birmingham, Edinburgh, Glasgow and
London
No
Internships
7+
14+
Economics, fnance, mathematics,
science, statistics and other numerical
disciplines
2.1
Starting salary
Highly competitive
Benefts
A generous leave entitlement with
the option to purchase more,
bike scheme, healthcare scheme,
interest-free loan, pension scheme,
loan, social events and study support
The quality of our people and the excellence of their
advice are what have driven our strong growth in recent
years and we now employ over 550 people across
offces in Birmingham, Edinburgh, Glasgow and London.
Our reputation is built on our friendly, partnering,
confdent and straightforward values, and being able to
retain highly personal relationships and rapport with our
clients. We offer a fresh and independent perspective on
pensions and benefts, and our free-thinking specialists
are expert in every sector of the industry.
Many of the UKs biggest pension schemes rely on our
advice and we provide consultancy services to leading
organisations, including FTSE100 and public sector
organisations. Our core services include actuarial and
investment consultancy; fnancial and risk management;
benefts strategy and design; communications and
engagement, and third party administration. We also
continually seek to offer innovative, practical and bespoke
solutions for our clients, making use of sophisticated
quantitative analysis and modelling tools to supplement
our broad market knowledge and expert consulting skills.
The quality of our work has been recognised by
numerous industry awards, including Auto-enrolment
Advisor/Provider of the Year at the 2012 UK Pensions
Awards as well as Actuarial Consulting of the Year
2011 and Auto-Enrolment Consultant 2012 at the
annual FT Pension and Investment Provider Awards.
We are also proud to be recognised as a top
employer, having been awarded a One Star rating
for three years running by Best Companies, the
people behind the Sunday Times Best Companies
to Work For list. Being a best company is about
excelling in every area for Hymans Robertson. This
goes beyond the bottom line and demonstrates
our commitment to what we see as our most
important asset our people.
BACK TO CONTENTS
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So youre considering a career as an
actuarial consultant...
When you frst came across it you may have
jumped with joy simply at the existence of a
career that rewards you for your mathematical
genius! But Ive learned theres so much more
it can offer you and being brilliant at maths is
just the start.
Learning to become an actuarial consultant is an
amazing challenge. The exam process is tough,
so tenacity is a key quality, and you also have to
ensure you can balance the technicalities of the
job with common sense and pragmatism.
A day in the life of an actuarial consultant
Every day is different at Hymans Robertson, which
makes life interesting and really stimulating. In
the time that Ive been here, Ive done technical
calculations, data analysis, valuations and risk
analysis; produced accounting disclosures; calculated
transfer values of individual members benefts, and
many, many other interesting activities.
The support from fellow trainees has been
great, with a real sense of camaraderie, and
Ive worked with all levels of colleagues, right
up to senior partners. Everyones been really
supportive and helpful, offering advice and help
with any piece of work. Ive also had training in
lots of different areas, from technical disciplines
to developing consultancy skills.
The most enjoyable aspects
The best and most enjoyable thing is that Im
always being challenged. The varied nature of
the work means I regularly get to have a go at
projects that Ive never come across before.
I need a bit more of a briefng with some of
these than with others, and a spot of extra
training is also required sometimes, but rising
to the challenge is really satisfying. Ive also
enjoyed the opportunity to take on specialist
roles within my team, which are helping me
develop my skills while also being useful to my
immediate colleagues.
The least enjoyable aspects
Theres no getting away from the exams! The
most stressful part of the job is fnding time
to study for the professional exams and it
requires real commitment. On the plus side,
Hymans Robertson provides all the materials
and tutorials, a study day every week, and
a dedicated mentor to guide you. Although
stressful, its also rewarding to see the concepts
youre learning from the textbooks be applied
in real life.
Overall impression
At the moment I can defnitely say that this was
the ideal career choice as it combines maths and
statistics with a career in consulting the perfect
combination for me. I really enjoy the process
of working through real-life practical problems,
and then communicating and implementing the
solution for everyones beneft. Everyone at
Hymans Robertson has been so friendly and
welcoming that I couldnt have asked for a better
start to my career.
Name xxx
University xxx
Degree xxx
Location xxx
Role xxxx
Trainee profile
Name Claire Singer
University Heriot-Watt University
Degree BSc (Hons) Actuarial Science
Location Edinburgh
Role Trainee Consultant
BACK TO CONTENTS
Take a truly personal step forward on
your road to success.
At Hymans Robertson, we know that the best way to
help graduates become the nest consultants in the
nancial industry is to treat them as individuals.
Thats why we put you in control of your own training,
provide one-to-one mentoring, and create the best
opportunities for practical, hands-on learning, right
from the start.
To nd out more about becoming an actuarial consultant
with the UKs leading independent pensions and benets
consultancy please call us or visit our website.
Call Noreen on 020 7082 6296
or Carla on 0141 566 7894
Visit www.hymans.co.uk/careers
EMPLOYER DIRECTORY
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History
LCP is a specialist actuarial consulting frm
with over 85 partners and over 400 personnel,
including approximately 120 qualifed actuaries
and 70 actuarial students. The frm originated
from a sole practice founded in 1947 and in
1962 began to trade under the name Lane Clark
& Peacock.
We set ourselves high professional standards,
refected in the fact that we have won the
European Pensions Consultancy of the Year
in 2012 and a host of other awards. So
whether you join our Pensions, Investment
or Insurance team, you can be sure youll
be working with some of the very best and
brightest in their feld.
LCP offers a full range of actuarial and related
employee beneft advice to employers and
pension scheme trustees of various sizes and
in many industries as well as to individuals,
especially directors and expatriates. Specialist
departments also provide pension administration
services, investment consulting and general
insurance advice.
The work of the actuarial student
One of the great benefits of working for LCP
is the variety of projects youll be working on
and the range of tasks involved in completing
them. For example, you could be helping
with pension scheme valuations, monitoring
investment manager performance or assessing
the impact of unlikely events. You could be
building a spreadsheet model, using our own
software, drafting letters to clients or writing
full reports.
There are also plenty of opportunities for client
contact, right from early on in your career.
What areas can I work in?
Youll be working in one of four teams, covering
our specialist areas:
Pensions advising companies and trustees on
designing pension schemes, valuing and managing
accumulated pension commitments, the impact
of new legislation, and the pensions implications
of mergers and acquisitions.
Investment helping companies and trustees
to manage risk and decide on the best way to
manage the assets of their pension funds.
Insurance (London offce only) giving advice
to general insurance companies on reserving and
fnancial risk management, building models to
calculate capital requirements, pricing insurance
contracts and helping insurance companies
implement Solvency II.
Business Analytics (London offce only)
using mathematical modelling to help companies
make better decisions and reduce risk . Our
Business Analytics team works on a wide
range of projects, from modelling the effect
of government policy on the future of the GB
electricity market to estimating the regulatory
capital requirements of fnancial organisations.

We also offer fexibility to move between
teams if you wish, as well as the opportunity of
secondments to our European offces.
Number of graduate trainees required
in 2013
Up to 21 for positions in pensions, investment,
insurance and business analytics consulting.
Minimum academic requirements
We welcome graduates from a wide range
of disciplines who are prepared for the high
level of mathematical content the actuarial
training and profession delivers. Ideal graduates
would have at least a 2.1 honours degree
(or equivalent) and an A grade in A level
Mathematics (or equivalent). We also require
good A level grades in other subjects equating
to a total of 320 UCAS points.
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Locations
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Most degrees considered
2.1
Min. UCAS points
320
Starting salary
Competitive
Benefts
study support
How to apply
Visit the website for a downloadable
application form
Contact information
graduate careers@lcp.uk
T: 020 7439 2266
16 November 2012
Scan for
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jobs
Starting salary
To be announced. The competitive package includes
bonus and other benefts.
Annual leave
Escalating holiday entitlement and facility to buy and
sell holiday.
Professional development
LCP sets great store by students passing their exams
and qualifying as quickly as possible; the frm also has a
major programme of in-house training. After an intense
introductory course, regular training sessions are
held throughout the frst three years, covering every
aspect of the business. Senior staff also receive training
to keep their technical knowledge up to date and to
improve their managerial, reporting, and presentation
skills. We provide comprehensive support for external
tuition for the actuarial exams, including payment of
tuition, tutorial, and examination fees and we provide
generous study leave.
Working hours
The professional examinations are challenging and
require hard work. We do not therefore expect staff to
work regular overtime during their frst two years, as
passing the exams is the main priority. As staff develop
and assume more senior roles within their client teams,
more fexibility is needed to respond to the needs
of clients and extended hours of work may become
necessary during busy periods.
BACK TO CONTENTS
EMPLOYER DIRECTORY
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I joined LCP in September 2010 along with 15
other graduates after completing a summer
internship with LCP the year before. We started
with a two week training course, which offered
a great opportunity to get to know one another
and introduced us to the company and what
was to be expected of us. There was a lot to
learn, but everyone was very approachable and
encouraged us to ask questions.
This eased me into the general everyday offce
work, particularly in getting to grips with the
in-house programmes and models. The work
is diverse, ranging from performing individual
member calculations to attending trustee
meetings to discuss the results of their pension
scheme triennial valuations. The work is
supported by an excellent three year graduate
training programme, including sessions on topics
covered in the actuarial exams (e.g. actuarial
functions and annuities), hot topics such as tax
and regulation and softer-skills training (e.g. on
presentational skills). The size of the frm gives
me the opportunity to work directly for senior
consultants and partners and to work on a
number of different clients, varying in both size
and the type of work involved.
The technical and challenging work is balanced
by a friendly, supportive work environment and
a lot of socialising. The saying work hard, play
hard is defnitely practised here. The social
committee arranges frequent social events
such as trips to the theatre, pub quizzes and
our annual summer party and there is always
somewhere to go for a few drinks on a Friday.
Trainee profile
Name Rachael Casey
University University of Cambridge
Degree Natural Sciences
Location London
Role Analyst
BACK TO CONTENTS
GRADUATE OPPORTUNITIES
See the world
from a different
perspective.
Want to work for an award winning consultancy? Now recruiting up to 21
highly numerate graduates with strong communication skills in London
and Winchester within our Pensions, General Insurance, Business Analytics
and Investment consultancies.
For more information and an application form please visit
www.lcp.uk.com/graduatecareers
Find out about the exciting journey towards a successful
career as an actuary
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We are a leading provider of risk, savings and
investment management products in the UK. Established
in 1836, weve been in business for 175 years, which
not only gives us credibility but it demonstrates our
experience in every kind of economic climate.

We are responsible for investing 370 billion worldwide
(as at 30 June 2011) on behalf of investors, policyholders
and shareholders. We also have over seven million
customers in the UK for our life assurance, pensions,
investments and general insurance plans. We are one of
the UKs top assurance companies for fnancial strength.
We recruit, by the middle of March, a limited number of
graduates each year in order to meet our demands for
actuarial students. This policy means that all of our new
actuarial trainees have specifc responsibilities from the
moment they join the company.
Our Kingswood offce is in the heart of the Surrey
countryside, but central London is only a 45 minute train
journey from the station, which is a fve minute walk
from the offce. The site has excellent sporting facilities
(including football and cricket pitches, tennis courts,
swimming pool and sports hall) and a staff restaurant.
Kingswood is home to over 1,800 people involved in an
extensive range of activities. These include our company
pensions and life insurance businesses, compliance,
group fnance and sales.
Our Birmingham offce is located in the heart of
the city near the Arcadian and the famous Bullring
Shopping Centre. Based only a fve minute walk
from New Street Rail Station, the offce is ideally
situated for commuters around the Midlands area.
Our Birmingham offce houses over 500 people
working mainly in the area of General Insurance. We
provide a busy and successful environment that offers
excellent resources, a friendly working atmosphere, a
wide choice of career opportunities and of course, easy
access to some of the best shopping and entertainment
venues in the Midlands.
How to apply
Online via legal & generals website:
www.legalandgeneralgroup.com/careers
Contact information
Jessica Sheeran
Senior Recruitment Consultant
- Actuarial
Actuarial.recruitment@landg.com
Check website
Scan for
Legal &
Generals
live jobs
Internships
Varies
2.1
Starting salary
Competitive
Benefts
loan, stocks/shares and study support
No. of employees
6,500+
200+
No. of trainees
90+
Locations
Kingswood, Birmingham and London
No
BACK TO CONTENTS
NEW
HORIZONS.
Actuarial skills are always in
demand at Legal & General
and with the challenges and
changes ahead of us, we
see our business moving
forward in new directions.
Were looking for focused,
commercially aware
graduates who want to join
us on the journey our
actuarial teams are making.
Please email actuarial.recruitment@landg.com
to nd out more or visit our website
www.legalandgeneralgroup.com/careers
EVERY
DAY
MATTERS.
LC15357_2.indd 1 7/8/12 14:10:09
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How to apply
Online
Contact information
www.mercer.com/ukgrads
T: 020 7178 7192
Check website
Scan for Mercers
live jobs
Summer internships
50
Numerical or semi-numerical
2.1
Min. UCAS points
300
Starting salary
Competitive
Benefts
25 days holiday plus the ability to buy
or sell days, healthcare scheme, life
assurance, pension scheme, season
ticket loan, stocks/shares, study
support and much more
No. of employees
19,000
c. 250
No. of trainees
c. 150
Locations
England, Scotland, Northern Ireland
and over 40 other countries around
the world
What makes Mercer the perfect place for your
actuarial career? Well, lets start with the facts and the
fgures. Operating in 41 countries, were one of the
worlds leading providers of talent, health, pensions
and investment services. In the UK alone we have
3,000 professionals who support a huge variety of
organisations including most of the FTSE100.
You will beneft from a distinctive and highly supportive
culture. We are driven by a passion to be the best at
what we do. We champion diversity and encourage
collaboration. We promote innovation and the sharing
of ideas. And we deliver exceptional results in ways that
always respect clients, colleagues and the communities
we belong to.
Become an actuary
Mercer offers a variety of different paths to becoming an
actuary, including either an investments (focusing on the
assets side) or pensions (dealing with liabilities) route.
Whatever your particular path, youll gain technical
experience and credibility across a wide range of
projects, allowing you to excel in a client-facing role in
the future. Variety, challenge and personal development
are why actuaries thrive at Mercer.
Training and development
As you study for the actuarial qualification, were
here to support you. Well pay for your tuition fees
and study materials and give you a comprehensive
and generous study leave package. Our 18-month
graduate development programme has been designed
to identify and build on your existing strengths to
equip you with the skills youll need to become an
exceptional consultant.
Attractive benefts and rewards
Your expertise, hard work and commitment are vital to
our success and we believe in giving you and everyone
on our team the recognition they deserve. That starts
with a competitive salary, which will be reviewed
annually and increased as you progress through your
professional exams. We also provide you with a fexible
benefts plan that offers you the freedom to choose
from a wide range of benefts.
To fnd out more and to apply, visit
www.mercer.com/ukgrads
BACK TO CONTENTS
PROFESSIONAL, INCLUSIVE,
CHALLENGING AND FRIENDLY.
WITH OUTSTANDING CAREERS
FOR GRADUATES.
Find out more at: www.mercer.com/ukgrads
TALENT HEALTH RETIREMENT INVESTMENTS
LC15272_Mercer_1-c.indd 1 14/8/12 09:37:48
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How to apply
Application form via email or post
Contact information
recruitment.uk@milliman.com
11 Old Jewry,
London, EC2R 8DU
3 December 2012
Scan for
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live jobs
Internships
0
5
Numerical degrees
2.1
Starting salary
Competitive
Benefts
gym membership, life assurance,
healthcare scheme, pension scheme,
No. of employees
74
35
No. of trainees
25
Locations
London
No
Who we are
Milliman was founded in 1947 and is one of the worlds
largest independent actuarial and consulting frms. We
have more than 50 offces in key locations worldwide
employing over 2,500 people. The UK Milliman practice
is located in the City of London and is among the leading
UK actuarial consultancies, with over 70 members of
staff. We specialise in consulting work for a wide range
of life insurers, fnancial services companies, general
insurers and healthcare companies. We provide each of
them with a client-focused approach, a broad range of
multidisciplinary skills, cutting edge analysis and practical
solutions to challenging business problems using our
own software and programmes.
What we offer
If you join us, you will be using your natural strengths
and talent in either our Life or General Insurance teams.
A team is only as strong as the people who comprise
it. Thats why we have designed an outstanding training
programme, which will help you reach your full potential
and become a consultant able to provide effective
solutions to the challenges facing our clients. You will be
exposed to a wide range of client assignments, enabling
you to build a strong portfolio of experience, and you
will receive on-the-job training to assist you in your
day to day work. During your career at Milliman you
will also be involved in our marketing efforts through
participating in research and development activities,
preparing material for publication and assisting in
proposals to new clients.
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How to apply
Download an application form from
the website and submit online or
via email. Application process opens
October 2012
Contact information
www.munichre.co.uk/About-Us2/
Careers/Graduate-Recruitment-
application
mruk-graduates@munichre.com
December 2012
Scan for
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live jobs
2-4
Mathematical degree or other
numerate discipline
2.1
Starting salary
Competitive
Benefts
25 days holiday, life assurance,
No. of employees
172 (UK & Ireland Life)
30
No. of trainees
28
Locations
Canary Wharf, London
UK & Ireland Life is part of the Munich Re Group,
one of the worlds leading reinsurers. We have over
125 years experience as a risk carrier and provider of
fnancial services, and have operated continuously as a
branch in the UK since 1977. Our integrated business
model encompasses three pillars: reinsurance, primary
insurance and Munich Health. To support this we have
an international organisation comprised of over 60
business units with offces on each continent. This has
enabled us to build and share local knowledge globally
so as to develop Munich Re experts in a variety of
market-wide issues.
At UK & Ireland Life we:
Reinsure all life and disability products.
Reinsure the longevity risk of pension schemes and
annuity portfolios.
Support insurers balance sheets through
reinsurance structuring (including cash fnancing).
UK & Ireland Life employs a small number of exceptional
graduates each year as trainee actuaries. To maintain
our leading position we are selective about technical
aptitude and wider skills.
Our graduate programme offers numerous
opportunities, including visiting our Munich offces to
attend various training modules, giving you the chance
to network with other graduates in our global offces
and expand your knowledge of the business. We
actively encourage our graduates to undertake actuarial
qualifcations and offer a competitive study policy within
a supportive culture.
The actuarial graduate programme is ideal for individuals
who have recently graduated from, or are currently
studying towards, a mathematical degree or other
numerate discipline and are seeking a career that will
allow them to use their skills and knowledge to solve
problems and measure risk. If you feel that you are
reliable and ambitious with excellent communication
skills and would be committed to completing your
actuarial exams, this opportunity may be for you!
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How to apply
CV and covering letter by email
Contact information
tia.pinnock-hamilton@
thephoenixgroup.com
www.phoenixgroupcareers.co.uk/actuarial
Ongoing
Scan for
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Groups live
jobs
0
Varies
All degrees considered, but numerate
related degree preferred (Maths,
Finance, Accountancy etc.)
2.2
Starting salary
26,495
Benefts
26 days holiday, fexitime, gym
performance bonus, social events and
study support
No. of employees
835
c. 90
No. of trainees
0
Locations
Wythall (near Bimingham), Dublin,
Glasgow, Jersey and London
No
Experience the difference
From the moment you arrive here at our prestigious
head offce location in Wythall, we guarantee that youll
be impressed. Set in 42 acres of grounds, it really is the
perfect place to live, work and play.
For any graduate or student actuary, Phoenix offers a
great way to learn, develop and progress in a unique
working environment, providing a genuine route to
passing your actuarial exams with one of Britains Top
Employers 2012.
As the UKs largest closed life and pension fund
consolidator, currently in the midst of a major
technology transformation project converting in
excess of 50 actuarial systems into one single, world
leading modelling platform we can promise a level of
exposure youll fnd hard to beat.
Right from the start youll have your very own mentor
and development plan, rotating between actuarial and
fnance functions, with the aim of achieving Senior
Actuarial Analyst status, whilst studying for your
professional actuarial qualifcations and enjoying our full
fnancial support.
The rewards are designed to meet your growing
aspirations and come with a fantastic range of benefts
and prospects. Our student salaries are benchmarked
at three set stages on entry; on completion of the
CT series; and on qualifcation. Following each exam
passed or qualifcation gained, well review your salary
to ensure that its relative to the market but more
importantly that it refects your hard work.
Taken in the context of the great environment and
fantastic location, not forgetting the quality and
scope of work on offer, it all adds up to a fantastic
proposition, with a clear route to forging a long term
career in the actuarial feld and were sure youll
want to know more!
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How to apply
Online at www.pwc.com/careers
we encourage early application to
avoid disappointment
Contact information
Recruitment helpline:
T: 0808 100 1500
Deadlines apply in some areas. Please
visit our website
Scan for
PwCs live
jobs
Internships
c. 15
c. 70
2.1
Min. UCAS points
320 including a B in Maths A level
Starting salary
Competitive
Benefts
25 days holiday, bike scheme, gym
interest-free loan, life assurance,
pension scheme, season ticket loan
and study support
No. of employees
c. 16,000 (UK) c. 169,000 (worldwide)
167
No. of trainees
148
Locations
Birmingham, Bristol, Edinburgh,
Leeds, London and Manchester
Visit our global site for more
information www.pwc.com
Your career is just that, yours. You choose it. You
live it. You make it happen. To get the best from
it, you need the best opportunities. Thats why
opportunities are at the heart of a career with us.
Opportunities to grow as an individual, to build
lasting relationships and make an impact in a place
where people, quality and value mean everything.
Actuarial opportunities with PwC
Our actuarial practice is looking for graduates who,
whatever their degree discipline, background or
aspiration, are highly analytical people who enjoy
working with others to help solve complex problems,
but also have qualities that make them stand out.
We help clients evaluate risks to their businesses,
using fnancial and statistical techniques to analyse the
likelihood and implications of different events. Its a
challenging and highly technical remit, made even more so
by the need to communicate complex fndings in a simple
way, so that clients can implement actions that best meet
their interests. Very early on youll get the opportunity
to interact with clients enhancing your experience and
supporting your development along the way.
Your development
Actuaries need professional qualifcations and we give all
the support youll need to attain them. On average it takes
six years to qualify; PwC graduates usually take less than
four. Youll be supported during your training and beneft
from on-the-job commercial experience. Youll also be
working with colleagues from a range of backgrounds and
expertise outside of your direct team - helping you to
build your skills and be best equipped for the future.
Find out more
Go to our website to understand each area in more
detail: Actuarial & Insurance Management Solutions which
works primarily in the insurance feld and also in the
growing non-insurance feld; Human Resource Consulting
covering pensions, or reward consultancy.
Whichever route you choose, by joining our actuarial
practice, were sure youll have a rewarding and
stimulating career with us.
Take the opportunity of a lifetime.
www.pwc.com/uk/careers
www.facebook.com/PwCCareersUK
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About us
Punter Southall was established in 1988 by
Jonathan Punter and Stuart Southall with nine
employees to provide actuarial and investment
advice to UK pension schemes. In 1999, Punter
Southall became a limited company; this was an
important step in our companys growth strategy.
The business was originally set up to introduce
a fresh, competitive presence to a largely static
pension services market and primarily to put
client service frst. These guiding principles have
not changed.
Our key services to occupational pension
schemes and their related employers include:
Actuarial consulting
Defned contribution consulting
Health and protection consulting
International consulting
Investment consulting
Pensions administration
Transaction services.
We currently have eight sister companies,
which form the Punter Southall Group,
providing a unique combination of actuarial,
pensions consultancy, administration and
investment services specifcally for: pension
scheme trustees, corporate sponsors, private
clients and institutions.
Key facts about Punter Southall Group
800 employees in 11 locations throughout
the UK
1,000 companies and trustees of pension
schemes receiving services including:
actuarial, administration, investment,
employee and risk benefts advice
4,000 private clients
We administer more than 225,000
occupational pension scheme members
10 billion assets under management
30 billion assets under advice.
Our services
Our trustee and employer consulting teams
provide friendly, professional and jargon-
free advice for all aspects of occupational
pension schemes including: funding, investment
strategy, beneft design and reporting of
pension costs in company accounts. We also
have a wealth of experience in takeovers,
mergers, acquisitions and management of buy-
out situations. This has long been a growth
area and existing clients, lawyers, venture
capital houses and strategy consultants, who
appreciate our practical and commercially
minded approach, regularly instruct us. Punter
Southall Transaction Services is our specialised
division dedicated to mergers and acquisitions
pensions consultancy. We also provide high
quality pensions administration for a large
number of our clients.
Our actuarial and administration employees
work closely together in multidisciplinary
client teams. This encourages cross-
fertilisation of ideas, a wider understanding of
our clients needs and enhances the services
we provide.
A 2.1 Honours degree (any discipline), 340
UCAS points or equivalent (excluding General
Studies and AS level grades) including a grade
A in A level Mathematics. In addition to the
necessary academic achievements, candidates
need to be able to demonstrate the ability to
work as part of a team and possess excellent
interpersonal skills both verbally and in writing.
We offer generous study leave and pay
for course notes, annual subscriptions and
examinations. Actuarial students are assigned
a mentor, who is normally a newly qualifed
actuary, to support them in their studies.
Students are given the opportunity to sit mock
exams before their frst actuarial exams.
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6-10
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Min. UCAS points
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Starting salary
Competitive
Benefts
social events and study support
No. of employees
c. 800
95
No. of trainees
74
Locations
Birmingham, Bristol, Edinburgh,
Guildford, London and Wokingham
No
In addition, employees are offered an induction
programme upon joining and an extensive programme
of internal training courses that are held throughout the
year, together with on-the-job training. Career planning
and personal development are assisted by an in-house
appraisal system which applies to all employees. Other
forms of training include regular staff nights, weekly
actuarial technical training and technical seminars.
We are committed to the continued support of our
employees, which is refected in our Investor in People
(IiP) accreditation.
Award winning
Highly commended at the Engaged Investor
Trustee Awards 2011 in the Most Innovative
Pensions Consultant category; and for Third Party
Administration at the Pension and Investment
Adviser Awards.

In 2012, Punter Southall was the only shortlisted
entrant to be highly commended in the category
for Actuarial Consultant at the Pension Investment
Provider Awards.
How to apply
CV and covering letter online, by
email or post. All applications will be
reviewed together after the closing date
Contact information
Jacqueline Weller
(Recruitment Manager)
T: 01483 540 300
opportunities@puntersouthall.com
2 November 2012
Scan for
Punter
Southalls
live jobs
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I started my graduate career at Punter Southall
shortly after completing a six week Summer
Internship at the Guildford offce. I was keen to
be able to use my Mathematics degree, but also
wanted a career that could provide me with
varied and interesting work, and so far this has
been the case!
In the Guildford offce, the actuarial teams
are made up of 7-10 people each with varying
levels of experience. As a new graduate there
is certainly a steep learning curve, but I receive
plenty of support from the team as they have
all been there before, and there is always
someone to answer your questions. A new
graduate has recently joined our team and
I have also been able to provide support to
them and to pass on the knowledge and skills
that I have developed. One of the benefts
of the team structure is it encourages each
person to take on more responsibility, as new
graduates join, meaning there are plenty of
opportunities for progression.
Punter Southall provide an internal training
programme, which means there are plenty of
opportunities to learn more in addition to the
day to day work. I was responsible for running
several training courses for the summer students
last year and the new graduates this year. This
proved to be excellent experience for improving
my presentation skills, and also for realising how
much I have actually learnt so far in my career.
A key part of an actuarial career is studying for
the exams. Whilst this can seem daunting at
times, Punter Southall provide generous study
support and I have my own study mentor to help
me progress through the exams. My team are
also very supportive throughout exam periods
and the hard work pays off as there are usually
plenty of celebrations when exams are passed
and for those who qualify.
The atmosphere in the Guildford offce is very
friendly and sociable. There are plenty of events
happening both within the offce as a whole
and also within our individual teams. From
the annual Christmas party and summer event
to team meals and offce quiz nights, there is
something for everyone to get involved with.
The Guildford offce itself is also in a great
location, close to lots of restaurants, bars and
shops and all within walking distance, perfect
for socialising after work!
Name xxx
University xxx
Degree xxx
Location xxx
Role xxxx
Trainee profile
Name Gemma Walker
University University of Bath
Degree BSc (Hons) Mathematics
Location Guildford
Role Actuarial Trainee
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EMPLOYER DIRECTORY
For acctuaries jobs & more info, visit www.insidecareers.co.uk/act
As with many people, I had not come across
the word actuary until I reached university.
However, the more I found out about it, the
more I realised that this was the industry for
me. It seemed the ideal way to mix mathematics
and logic with a chance to apply the answers in
the real world.
I started working for Punter Southall in
September 2005 at the Wokingham offce.
The ethos within the company means that
colleagues are always on hand to share their
knowledge. Everyone is very approachable and
make you feel very welcome. There is also
good camaraderie in the teams, with everybody
developing and growing in the job.
The high intake and retention of graduates has
meant that the Wokingham offce has a vibrant
and friendly feel to it. The majority of students
live within the town itself, which allows for
frequent social evenings out and signifcantly
reduces the stress of a long commute to work
in the mornings. There are also regular outings
arranged by the Social Committee, as well as a
chance to do a spot of exercise in our weekly
5-a-side football game.
As is the case with most professional careers,
further exams are necessary and the actuarial
exams are certainly tough! Fortunately at
Punter Southall you are assigned a mentor who
you can turn to for guidance, together with a
weekly study day which is essential to progress
with the courses. Having the time, motivation
and self-discipline required to study whilst
working can be diffcult, but the rewards are
certainly worth it!
Initially, the day to day work mostly comprises
of individual calculations such as transfer
values and retirement quotations. However,
as your experience and knowledge grows,
you are soon given opportunities to work on
actuarial valuations and larger projects. I am
now responsible for overseeing projects and
checking other team members work. I also
have regular direct contact with pensioners,
trustees and company directors.
Name Graham Robinson
University University of Warwick
Degree MSc MORSE
Location Wokingham
Role Qualifed Actuary
Employee profile
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CV & covering letter via email. Early
application strongly advised. Please
specify if you are applying to our
Edinburgh or Wilmslow offce
Contact information
actuarial.opportunities@
royallondongroup.co.uk
www.royallondoncareers.co.uk
31 December 2012
Scan for
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Londons
live jobs
Industrial placements
Varies
Varies
All degrees considered, however
candidates must have strong
numerical skills
2.1
Min. UCAS points
300
Starting salary
Competitive
Benefts
25 days holiday with ability to buy/
sell days, bike scheme, life assurance,
season ticket loan and study support
No. of employees
2,900
70
No. of trainees
50
Locations
Edinburgh and Wilmslow (South
Manchester)
No
Who are we?
Royal London is the UKs largest mutual life and
pensions company with 46.8 billion funds under
management, serving around four million customers
(all fgures as of 31 March 2012). We offer a range of
pensions, protection, investment and savings products,
which are distributed principally through IFAs and
other third parties. We are committed to becoming a
leading provider of fnancial services products in the UK.
We aim to provide the highest standards of customer
service and to develop products and services that are
recognised as market leading. Our specialist businesses
are clearly positioned in each of their markets. Their
goal is to provide adaptable solutions that match the
needs of distribution partners and customers.
What we can offer you
Our actuaries and actuarial students occupy key
positions right across the Group. As you would expect
from such a diverse company, we have a range of
roles in which our actuarial students operate, including
fnancial reporting, projects, investigations and pricing,
depending on location. Our actuarial students have
the opportunity to experience a number of different
disciplines within sites. As well as the traditional actuarial
areas, our actuaries work in a number of other felds
where they apply their actuarial skills to bring a fresh
perspective to solving business problems.
In addition to an excellent academic record, were
looking for individuals who have:
Strong problem-solving and numerical skills (maths
A level or equivalent grade B minimum).
A drive to succeed in both the actuarial
professional exams and the business.
The ability to write reports and communicate
clearly with a variety of stakeholders.
Excellent team-working skills.
We do not normally recruit trainees with exemptions
from the actuarial professional exams at our Wilmslow
offce. Eligibility to work in the UK is essential.
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Name Nicki Blakeway
University Manchester University
Degree BSc Mathematics and Management
Location Wilmslow
Role Actuarial Assistant
The work
I joined Royal Londons actuarial department
in Wilmslow in September 2009 straight after
graduating from university. There are four
teams in our department which carry out
activities such as fnancial reporting, actuarial
servicing, capital monitoring, and systems risks
and controls, so there are opportunities to gain
experience across different areas. I currently
work on the servicing team, which supports the
distribution, marketing and administration of
business and have been involved in a wide variety
of work. This helps to keep day to day activities
interesting and challenging.
Working within a large business also gives
me the opportunity to meet and work with
lots of different people. We are expected to
provide technical support to other areas of
the business which creates great links with
other departments.
When I first started, the people in the
department were very approachable and
always willing to answer even the simplest
of questions. This helps to create a good
atmosphere in the office and has allowed me
to learn at a much quicker rate.
The exams
Studying and working requires a large amount
of commitment, but if you manage your time
well there is still time for a social life. I play for a
basketball team, go swimming and regularly enjoy
catching up with friends.
Royal London offers an excellent study support
package. We are given a day off most weeks
to study along with tutorial days and plenty
of materials. There are quite a few actuarial
students in the department which I fnd very
useful as there is always someone to discuss
your studies with.
The location
The Wilmslow offce is set in attractive grounds
with plenty of space. There are some good
facilities such as a restaurant, snooker room,
gym, and a Starbucks for coffee fans such as
myself. Wilmslow town is only a short walk
away and here you will fnd a few shops and
some good pubs and cafes. There is a great
social atmosphere within the offce, with many
nights out, fve a side football and a pub lunch
every Friday. Many people in the department
are students, meaning that the social life is well
placed around exams.
Trainee profile
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How to apply
Online at www.standardlife.com/
graduates
Contact information
graduate_recruitment@standardlife.com
T: 0131 245 6069
Early application is advised
Scan for
Standard
Lifes live
jobs
Internships
Check website
Check website
First or 2.1 degree/postgraduate
qualifcation in an analytical based
subject
2.1
Starting salary
Competitive
Benefts
31 days holiday plus 3.5 designated
company holidays, life assurance,
pension scheme, social events and
study support
No. of employees
9,000
110
No. of trainees
60
Locations
Edinburgh
No
Standard Life is a leading long term savings and investment
company. We provide life assurance, pensions and
investments to over six million customers worldwide.
Standard Life employs approximately 9,000 people
worldwide with operations in the UK, Canada, Ireland,
Germany, Austria and joint ventures in China and India.
Our actuaries
The actuarial profession is at the heart of fnancial risk
management, so it stands to reason that actuaries are at
the heart of Standard Life.
Our graduate opportunities
At Standard Life, our actuaries apply their expertise to
solving business problems in a complex and fast-changing
environment and we see your training programme as a two-
way partnership. Our actuarial programme will help you work
towards your professional exams while also giving you frst
hand experience of the real life applications of your knowledge.
Our training and study package
We understand there are demanding professional standards
in this area, so we offer generous study leave, in-house
tutoring and mentoring to give you excellent support.
This might be why the pass rate of actuarial trainees at
Standard Life has been consistently higher than the national
average. Youll need an analytical mind, logical decision-
making abilities, strong problem-solving skills, excellent
communication and enjoy working as part of a team.
Our outstanding study package includes
Generous study leave
Study materials and frst exam costs funded
Funding for tutorials
Individual mentoring
Professional fees funded.
Our requirements
Minimum of a 2.1 in an analytically based subject
(or a relevant postgraduate qualifcation).
Minimum grade A at A level or equivalent in Maths.
Minimum grade B at GCSE or equivalent in English.
Commitment to succeed in the professional exams
and desire to develop an actuarial career.
Our benefits
To attract and retain the best graduates, our generous study
package is complimented by a highly competitive salary and
fexible benefts package. Salaries are linked to individual
contribution and progress through professional exams.
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How to apply
Online with CV and covering letter
Contact information
www.sungard.com/graduatecareers
emea.campus@sungard.com
28 February 2013
Scan for
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jobs
Internships
4-6
Numerical disciplines including
mathematics, actuarial science and
computer science
2.1
Min. UCAS points
300
Starting salary
Competitive
Benefts
study support
No. of employees
17,000
Locations
Offces across EMEA, APAC and
Americas. UK graduate vacancies are
in Chertsey
Varies year on year
About us
SunGard is one of the worlds leading software and
technology services companies. SunGard has more than
17,000 employees and serves more than 25,000 customers
in more than 70 countries. SunGard provides software and
processing solutions for fnancial services, education and
the public sector. SunGard also provides disaster recovery
services, managed IT services, information availability
consulting services and business continuity management
software. With annual revenue of $4.5 billion, SunGard is
ranked 434 on the Fortune 500 and is the largest privately
held business software and IT services company.
iWorks Prophet
SunGard offers a range of products serving the insurance
sector. SunGards iWorks Prophet is an enterprise-wide
actuarial modelling system used around the world to
model companies fnancial business. It is used by 8,500
customers in more than 650 sites, in more than 55
countries. The iWorks Prophet department contains
three core actuarial teams:
Actuarial Systems team design and architecture of the
iWorks Prophet Professional and Enterprise editions.
Library Development team development of the
actuarial codebase, to meet the latest international
business requirements.
Consultancy team working with SunGards
customers around the world, implementing
solutions to get the best out of iWorks Prophet.
Graduate careers
SunGard is looking for innovative graduates to drive and
direct their suite of Prophet products into the future.
Successful candidates will become part of the actuarial
profession with a focus towards becoming a qualifed
actuary. SunGard will support you in all ways towards
achieving this goal including study support and training.
In addition to a strong academic record, successful
candidates will have an interest in IT, systems and
fnance. Strong technical communication skills are vital
for this role, both in discussing requirements with clients
and within the Prophet team. Problem solving and
analytical skills are also critical for success.
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How to apply
Online at
www.towerswatson.com/graduate/uk
We encourage you to apply by the
frst deadline
Contact information
graduate.uk@towerswatson.com
Check website
Scan for
Towers
Watsonss
live jobs
Internships
40-45
80-85
Various
2.2
Min. UCAS points
300
Starting salary
Competitive
Benefts
study support
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14,000
600
No. of trainees
350
Locations
Birmingham, Bristol, Cambridge,
Edinburgh, Epsom, Leeds, London,
Manchester and Reigate
Yes
Towers Watson is an exciting place to begin your
actuarial career. Along with a formal actuarial
training programme, you will gain valuable insights
into the business needs of some of the worlds most
sophisticated organisations.
Who we are
Towers Watsons mission is to contribute to their
clients success through utilising their unique capabilities
and deep expertise. We provide the vision, ideas and
answers to positively affect their business results.
Towers Watsons roots may go back more than 130
years to the worlds oldest frm of actuaries, but their
vision is frmly fxed on the future. In March 2012,
Fortune magazine ranked Towers Watson as number
one in its industry and on its list of the Worlds Most
Admired Companies.
What we offer
We are a leading innovator in the market and one
of the largest employers of actuaries in the UK. This
provides our trainees with a unique support network
for achieving the Institute of Actuaries qualifcation.
You will be helping clients to forecast and manage risk
by analysing the likelihood of an event and its potential
impact on cost and other factors.
In a nutshell, at Towers Watson you will gain the
necessary technical and non-technical skills actuaries
need to gain a detailed understanding of relevant
legislation, economics and the business world, and
strong mathematical modelling and statistical expertise.
What do we look for?
We need talented and fexible individuals with superb
problem-solving and communication skills who meet
our entry criteria: A level Mathematics (or a numerate
degree) and on track to obtain a second class degree.
Top three reasons to join us
Fully funded study up to 40 study days per year.
Opportunities from day one for involvement in
client work.
Collegial working environment with world-
class experts.
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Name Sam Chesterton
University University of Bristol
Degree MEng Mechanical Engineering
Location London
Role Analyst
Trainee profile
How did you get your job at
Towers Watson?
I initially became aware of Towers Watson
through the actuarial institutes website, and
applied for their graduate intake. I wanted to
work for a life insurance consultancy, and the
company immediately stood out as one of the
largest and most prestigious.
What made you decide to become
an actuary?
I became aware of the role of actuaries during
my third year of university. Throughout my
degree I found my preferences lying with
the mathematical and theoretical modelling
side of engineering and consequently utilised
my universitys career service to analyse my
options. The typical job roles and functions
appealed to me so I contacted a family friend
who operated as an actuary to talk about the
profession, by the end of which I was confdent
in my chosen career.
What was the recruitment process like?
The recruitment process at Towers Watson
separated the company from the others I had
attended. I already had two job offers, but
found myself extremely impressed with both
the organisation of the day and the quality of
other applicants. I received my contract shortly
after and then enjoyed a relaxed Christmas
break where I accepted the job and planned a
few months travelling before beginning work
the following summer.
Describe a typical day as an actuary
A typical day begins by checking my emails and
planning the day to prioritise tasks by deadline.
I then attend to the responsibilities I have been
assigned on my client project which will often
include discussions with my project manager,
executing analysis and replying to client emails.
I also make sure that I take advantage of other
development opportunities available at Towers
Watson. Lunch and learn sessions are an enjoyable
way to experience aspects of the industry through
presentations made by my colleagues. I am also
involved in recruitment initiatives by attending
university events and providing the offce tour
during assessment centres. Recently I have acted
as mentor to the summer intern students which
has been both challenging and rewarding.
Whats the most challenging aspect of
your role?
Recently, the most challenging aspect of my role
has resulted from increased exposure to the
client. Discussing details of the work required by
them involves ensuring that the client is satisfed
and also that the deadline and task is manageable
for myself and the team.
What do you hope to achieve in the future?
My plans for the future are to continue sitting
the actuarial exams to qualify within the next
two years. During this time I will rotate onto
different projects with Towers Watson to widen
my experience and deepen my ability as an
actuarial consultant.
BACK TO CONTENTS
Do you want to work for one of the worlds largest actuarial employers? Considering a
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EMPLOYER DIRECTORY
110
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How to apply
Online at www.xafnity.com
Contact information
graduate.recruitment@
xafnityconsulting.com
November 2012
Scan for
Xafnity
Consultings
live jobs
0
8
Economics, Maths or a science-based
subject
2.2
Min. UCAS points
300
Starting salary
Competitive
Benefts
23 days holiday rising to 25 after two
years service, bike scheme, healthcare
scheme, life assurance, pension
scheme, performance bonus, season
ticket loan, social events, stocks/
shares and study support
No. of employees
400
46
No. of trainees
58
Locations
Belfast, Leeds, London, Reading,
Stirling and Manchester
No
Company history and structure
Xafnity Consulting focuses on helping clients
maximise the value of their pensions and employee
benefts. We use leading edge technology to enhance
decision-making and delivery of cost effective
services. Xafnity Consulting provides consulting and
administration services across the full spectrum of
employee benefts covering:
Flexible benefts
Strategic benefts
Corporate pensions and actuarial services
Communications
Investment
Healthcare
SSAS/SIPP
Corporate transactions
Risk benefts.
Actuaries are employed in the consultancy division
in the pensions feld, where our core business is the
design, implementation and maintenance of pension
schemes and other employee benefts packages.
Actuarial students are encouraged to study for the
actuarial examinations. The company provides a
generous paid study leave per annum and meets the
costs of subscription, tuition courses and examinations.
In addition, the company has a series of comprehensive
in-house and external training programmes which are
tailored to the needs of each employee.
A good honours degree in a mathematical, economics or
science based subject is required.
Starting salary package
An excellent remuneration package is available including
a fexible benefts scheme to suit the employees
personal needs.
BACK TO CONTENTS
111
EMPLOYER DIRECTORY
Name Charlotte Dyer
University University of York
Degree BSc (Hons) Mathematics and Finance
Location Reading
Role Actuarial Assistant
Trainee profile
My degree
I enjoyed studying for my degree in mathematics
and fnance and wanted a career where I could
continue developing my skills in this area and
build on the knowledge I gained whilst at
university. I knew I wanted to pursue a career
as an actuary, because it allows me to combine
further study with the opportunity to work in a
respected and dynamic profession.
Choosing Xafnity
The recruitment process was intense and
challenging but also enjoyable. I had the
opportunity to meet several members of staff
during the evening of the assessment centre.
This allowed me to ask any questions I had about
the company and the profession in a less formal
environment. The process helped to confrm
that I wanted to be a part of Xafnity.
My job
From the start I have been involved in a
variety of tasks. These range from calculating
benefts for individual members to valuing an
entire pension scheme. I am encouraged to
work on a variety of tasks for different clients,
which all have different beneft structures,
helping to expand my knowledge and skill
base. Even after a year, I fnd that I am learning
something new every day.
Professional development at Xafnity
Whenever I am allocated a new task, I am
given one to one on-the-job training, to make
sure I have the knowledge and skills I need to
complete it. There are often times when there
is something new for everybody to learn, such
as changes in legislation, in which case group
training sessions are organised. Xafnity also
offers an excellent study package to help with
progression through the actuarial exams. As well
as paying for study materials, tutorials and mock
exams, Xafnity gives me plenty of study leave.
Life at Xafnity
One of the best things about working at
Xafnity is the offce environment. My
colleagues are great and keen to answer my
questions regarding both work and the exams.
There is a big social scene including work
organised events such as trips to the races, pub
quizzes and summer and Christmas parties. We
also organise our own activities such as flm
nights and outdoor pursuits. Overall I couldnt
be happier with my decision to join Xafnity
Consulting and look forward to the challenges
of becoming a qualifed actuary.
BACK TO CONTENTS
BACK TO CONTENTS
114
GAAPS ACTUARIAL
BACK TO CONTENTS
114

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Register at
www.gaaps.com
For more information, check out the
GAAPS Facebook page, or
gaapsblog.com
Scan for more
information
Ethical actuarial recruitment by actuaries
and consultants
The graduate recruitment market is at its most
competitive for years. At GAAPS Graduate
Division, we are dedicated to getting your
actuarial career off to a fying start.
We do more than just place candidates! We
take the time to get to know you, as well as
our clients. So, rather than being just a name
and number, you are a real person with hopes,
dreams and ambitions and we will introduce you
as such to our clients, with whom we have long
established professional relationships.
We want you to get that frst step on the
actuarial ladder absolutely right. We will do
everything to ensure you are happy with the
position and company.
We place graduates, part-qualifed and qualifed
actuaries all over the world, so whether you
want the UK, Europe, Australasia, the Far East
or South Africa, look no further than us!
How can we give you an edge?
Specialist support
CV guidance
Advice on interview techniques
Psychometrics
Career and salary advice
A shoulder to lean on.
and it wont cost you a penny. Give us a
ring and well talk. No obligation, no pressure,
just a friendly ear and a chat!
A bit about us
We are different we are a specialist
actuarial recruiter. We have been
sourcing and placing in the UK and
internationally for nearly 20 years.
GAAPS was established by Dr Geraldine
Kaye, herself a highly respected and
experienced actuary.
Since then, we have grown to become
one of the worlds best known actuarial
recruitment consultancies.
As well as energy and dedication, our
consultants bring a wide range of skills to
GAAPS. Directors and senior staff play
an active role in numerous professional
bodies worldwide.
We understand your problems and issues:
loans, salary expectations, a bewildering array
of companies, maybe even work permits. Our
experience and contacts within universities, as
well as with our graduate recruitment clients,
means we chart the way for you to sail into
your frst job.
BACK TO CONTENTS
GAAPS Actuarial
22 Bevis Marks, London EC3A 7JB
Telephone: +44 (0)20 7397 6200
www.gaaps.com
Need direction with your career
Your career. Where in the World?
Register at www.gaaps.com to find the latest opportunities
Part of the GAAPS Group of companies
GAAPS Inside Careers Adv 2008 22/6/07 17:33 Page 1

REFERENCE TABLE
BACK TO CONTENTS
BACK TO CONTENTS
JOB REFERENCE TABLE
118
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e
F
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f
o

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p
g
Aon
www.aon.co.uk
61,000 120 - Nationwide Internships 40 50 2.1 - Competitive -
Life assurance and
pension scheme
Online
Check
website
70
APR
www.aprllp.com
-
17 (actuaries and
trainees)
Central London and
Edinburgh
- 0 3 2.1 340 30,000 22.5
Life assurance, performance
bonus, study support
Email CV &
covering letter
Check
website
72
Barnett Waddingham
www.barnett-waddingham.
co.uk
567 - -
Amersham,
Bromsgrove,
Cheltenham, Glasgow,
Leeds, Liverpool and
London
Internships 7-10 10-12 2.1 300 Competitive 22
Bike scheme, gym
membership, healthcare
scheme, interest-free loan,
life assurance, pension
scheme, season ticket loan,
social events, study support
Online application
form
Nov 2012 74
Buck Consultants
www.buckconsultants.co.uk 350 40 40
Bristol, Edinburgh,
Ipswich, London,
Manchester and
Reading
Internships
and
industrial
placements
On
request
Up
to 6
2.1 - Competitive 25
Bike scheme, life assurance,
healthcare scheme, pension
scheme, performance
bonus, season ticket loan,
Online
Check
website
76
Canada Life
www.canadalife.co.uk
900 25 25
Bristol, Hertfordshire
(Potters Bar), Isle of
Man and London
- 0
c. 3
per
year
2.1 - 25,700 23
Bike scheme, fexitime,
healthcare scheme, life
assurance, pension scheme,
performance bonus, season
ticket loan, social events,
stocks/shares, study
support
Email CV, covering
letter and
application form
Check
website
77
Capita
www.capita.co.uk
10,000+ 12 30
Cheltenham, Dublin
and other locations
throughout the UK
Internships Up to 3
Up
to 5
2.1 300 Competitive 23
Bike scheme, pension
scheme, performance bonus,
Email CV, covering
letter and
application form
31 Mar 2013 78
Direct Line Group
www.joininsurance.co.uk/
graduates
15,000+ - 30
Bromley, Croydon,
Glasgow, Leeds and
London
Internships
and
industrial
placements
20 40 2.1 300 Competitive 25
Bike scheme, healthcare
scheme, life assurance,
pension scheme,
study support
Online with CV,
covering letter and
application form
30 Nov
2012
79
GAD
www.gad.gov.uk
130 60 40 London and Edinburgh - 0 5-10 2.1 - 28,500 pa 25
pension scheme,
ticket loan, study support
Online
Check
website
80
Hymans Robertson
550 100 75
Birmingham,
Edinburgh, Glasgow
and London
Internships 7+ 14+ 2.1 -
Highly
competitive
-
scheme, interest-free
loan, pension scheme,
study support
Online application
form
5 Nov 2012 82
LCP
www.lcp.uk.com
400 120 70
London and
Winchester
Internships 12 21 2.1 320 Competitive 22
scheme, performance
Online application
form
16 Nov
2012
86
Legal & General
www.legalandgeneralgroup.com
6,500+ 200+ 90+
Kingswood,
Birmingham and
London
Internships - Varies 2.1 - Competitive 22
Bike scheme, life
ticket loan, stocks/shares,
study support
Online
Check
website
90
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119
JOB REFERENCE TABLE
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i
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f
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p
g
Aon
www.aon.co.uk
61,000 120 - Nationwide Internships 40 50 2.1 - Competitive -
Life assurance and
pension scheme
Online
Check
website
70
APR
www.aprllp.com
-
17 (actuaries and
trainees)
Central London and
Edinburgh
- 0 3 2.1 340 30,000 22.5
Life assurance, performance
bonus, study support
Email CV &
covering letter
Check
website
72
Barnett Waddingham
www.barnett-waddingham.
co.uk
567 - -
Amersham,
Bromsgrove,
Cheltenham, Glasgow,
Leeds, Liverpool and
London
Bike scheme, gym
Online application
form
Nov 2012 74
Buck Consultants
www.buckconsultants.co.uk 350 40 40
Bristol, Edinburgh,
Ipswich, London,
Manchester and
Reading
Internships
and
industrial
placements
On
request
Up
to 6
scheme, performance
Online
Check
website
76
Canada Life
www.canadalife.co.uk
900 25 25
Bristol, Hertfordshire
(Potters Bar), Isle of
Man and London
- 0
c. 3
per
year
2.1 - 25,700 23
stocks/shares, study
support
Email CV, covering
letter and
application form
Check
website
77
Capita
www.capita.co.uk
10,000+ 12 30
Cheltenham, Dublin
and other locations
throughout the UK
Internships Up to 3
Up
to 5
2.1 300 Competitive 23
scheme, performance bonus,
Email CV, covering
letter and
application form
31 Mar 2013 78
Direct Line Group
www.joininsurance.co.uk/
graduates
15,000+ - 30
Bromley, Croydon,
Glasgow, Leeds and
London
Internships
and
industrial
placements
20 40 2.1 300 Competitive 25
pension scheme,
study support
Online with CV,
covering letter and
application form
30 Nov
2012
79
GAD
www.gad.gov.uk
130 60 40 London and Edinburgh - 0 5-10 2.1 - 28,500 pa 25
pension scheme,
ticket loan, study support
Online
Check
website
80
Hymans Robertson
550 100 75
Birmingham,
Edinburgh, Glasgow
and London
Internships 7+ 14+ 2.1 -
Highly
competitive
-
scheme, interest-free
loan, pension scheme,
study support
Online application
form
5 Nov 2012 82
LCP
www.lcp.uk.com
400 120 70
London and
Winchester
Internships 12 21 2.1 320 Competitive 22
scheme, performance
Online application
form
16 Nov
2012
86
Legal & General
www.legalandgeneralgroup.com
6,500+ 200+ 90+
Kingswood,
Birmingham and
London
Internships - Varies 2.1 - Competitive 22
Bike scheme, life
ticket loan, stocks/shares,
study support
Online
Check
website
90
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JOB REFERENCE TABLE
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Mercer
www.mercer.com
19,000 c. 250 c. 150 Worldwide
Summer
internships
- 50 2.1 300 Competitive 25
Healthcare scheme, life
season ticket loan, stocks/
shares, study support
Online
Check
website
92
Milliman
careers.milliman.com
74 35 25 London Internships 0 5 2.1 - Competitive 25
Bike scheme, gym
membership, life assurance,
scheme, bonus, seasion
study support
Email or post
application form
3 Dec 2012 94
Munich Re
www.munichre.co.uk
172 30 28
Canary Wharf,
London
- - 2-4 2.1 - Competitive 25
Life assurance, healthcare
scheme, pension scheme,
Online application
form
Dec 2012 95
Phoenix Group
www.phoenixgroupcareers.co.uk
835 c. 90 0
Wythall (near
Birmingham),
Dublin, Glasgow,
Jersey and London
- 0 Varies 2.2 - 26,495 26
Flexitime, gym membership,
bonus, social events and
study support
CV and covering
letter by email
Ongoing 96
PwC
www.pwc.com/careers
c. 16,000 167 148
Birmingham,
Bristol, Edinburgh,
Leeds, London and
Manchester
Internships c. 15 c. 70 2.1 320 Competitive 25
Bike scheme, gym
study support
Online
Check
website
97
Punter Southall
www.puntersouthall.com
c. 800 95 74
Birmingham,
Bristol, Edinburgh,
Guildford, London
and Wokingham
pension scheme, bonus, social
CV and covering
letter online
2 Nov 2012 98
Royal London Group
2,900 70 50
Edinburgh and
Wilmslow
Industrial
placements
Varies Varies 2.1 300 Competitive 25
pension scheme, bonus,
season ticket loan, study
support
CV and covering
letter via email
31 Dec
2012
102
Standard Life
www.standardlife.com
9,000 110 60 Edinburgh Internships
Check
website
Check
website
Life assurance, pension
scheme, social events,
study support
Online
Check
website
104
SunGard
www.sungard.com
17,000 - - Worldwide Internships - 4-6 2.1 300 Competitive 25
season ticket loan, social
events, study support
CV and covering
letter online
28 Feb 2013 105
Towers Watson
www.towerswatson.com
14,000 600 350 Nationwide Internships 40-45 80-85 2.2 300 Competitive 25
pesnion scheme, bonus,
Online
Check
website
106
Xafnity Consulting
www.xafnity.com
400 46 58
Belfast, Leeds,
London, Reading,
Stirling and
Manchester
- 0 8 2.2 300 Competitive 23
events, stocks/shares ,
study support
Online Nov 2012 110
BACK TO CONTENTS
121
JOB REFERENCE TABLE
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e
a
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i
n
e
F
u
r
t
h
e
r

i
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f
o

-

p
g
Mercer
www.mercer.com
19,000 c. 250 c. 150 Worldwide
Summer
internships
- 50 2.1 300 Competitive 25
Healthcare scheme, life
season ticket loan, stocks/
shares, study support
Online
Check
website
92
Milliman
careers.milliman.com
74 35 25 London Internships 0 5 2.1 - Competitive 25
Bike scheme, gym
membership, life assurance,
scheme, bonus, seasion
study support
Email or post
application form
3 Dec 2012 94
Munich Re
www.munichre.co.uk
172 30 28
Canary Wharf,
London
- - 2-4 2.1 - Competitive 25
Life assurance, healthcare
Online application
form
Dec 2012 95
Phoenix Group
www.phoenixgroupcareers.co.uk
835 c. 90 0
Wythall (near
Birmingham),
Dublin, Glasgow,
Jersey and London
- 0 Varies 2.2 - 26,495 26
Flexitime, gym membership,
bonus, social events and
study support
CV and covering
letter by email
Ongoing 96
PwC
www.pwc.com/careers
c. 16,000 167 148
Birmingham,
Bristol, Edinburgh,
Leeds, London and
Manchester
Internships c. 15 c. 70 2.1 320 Competitive 25
Bike scheme, gym
study support
Online
Check
website
97
Punter Southall
www.puntersouthall.com
c. 800 95 74
Birmingham,
Bristol, Edinburgh,
Guildford, London
and Wokingham
pension scheme, bonus, social
CV and covering
letter online
2 Nov 2012 98
Royal London Group
2,900 70 50
Edinburgh and
Wilmslow
Industrial
placements
Varies Varies 2.1 300 Competitive 25
season ticket loan, study
support
CV and covering
letter via email
31 Dec
2012
102
Standard Life
www.standardlife.com
9,000 110 60 Edinburgh Internships
Check
website
Check
website
Life assurance, pension
scheme, social events,
study support
Online
Check
website
104
SunGard
www.sungard.com
17,000 - - Worldwide Internships - 4-6 2.1 300 Competitive 25
CV and covering
letter online
28 Feb 2013 105
Towers Watson
www.towerswatson.com
14,000 600 350 Nationwide Internships 40-45 80-85 2.2 300 Competitive 25
pesnion scheme, bonus,
Online
Check
website
106
Xafnity Consulting
www.xafnity.com
400 46 58
Belfast, Leeds,
London, Reading,
Stirling and
Manchester
- 0 8 2.2 300 Competitive 23
events, stocks/shares ,
study support
Online Nov 2012 110
BACK TO CONTENTS
study packages.
TW-EU-2012-27350. August 2012.
towerswatson.com
In-depth career advice

Graduate & senior profiles
Salaries & career paths
Professional qualifications explained
Directory of graduate employers
WHATS INSIDE
Live jobs at www.insidecareers.co.uk/act
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The definitive guide to a career as an actuary.
Jenny Elliott, Chair of the Career Committee,

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THE ONLY GRADUATE CAREER GUIDE TO
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