I'm an actuary

[DadDadDad]

This is a bit niche, but a MNetter did PM me because their DS is interested in an actuarial career. So I'll watch this thread should anyone else want to ask.

Being an actuary is a (financially and intellectually) rewarding career if you are good at Maths (numerate degree) and have some interest in finance, economics and insurance (although all those you can learn on the job). Main employers are insurance companies and consultancies (including specialist pension scheme actuaries, the Big 4 accountancy firms).

And of course, you shouldn't put much trust in an anonymous stranger on the internet, but if I'm not genuine, you'd have to wonder why I've kept up this rather niche impersonation on MN for so many years. (Do an advanced search on actuary and my username!).

Anyway, here's a photo I took this morning - my actuarial qualification proudly hanging in the downstairs loo!

Oh I'm excited to see Actuary in the Active list!i too am an Actuary

Flowers? Are those for me? I've never received flowers before on MN.

77 posts so far today - amazing! And we've got this far without a single accountant coming along and making a lame actuary joke.

I'll be one of a thousand actuaries in Liverpool for a conference in two weeks - anyone else going to be there?

Anyway, this whole thread was basically prompted by MotherOfATeenApprenticeActuary's son, and we've exchanged a few PMs which have got me thinking further and may be particularly of interest on Mumsnet....

Some huge generalisations here, but I think the actuarial profession is one that attracts the "quieter" sort, ones who genuinely get excited by a tidy formula, and feel rewarded by being attentive to detail and finding exact solutions to problems, and are quite comfortable being part of a team and seeing the team thrive. (Well, this is my experience working in an insurer's actuarial department on the financial reporting side).

I wonder if that is in contrast to some other "high-flying" / well-paid corporate careers, such as lawyers where the big ego can spar against the other side and make a splash, or investment bankers where it's that macho culture of long hours staying late to seal some massive deal? I feel that I've been able to manage a good work-life balance and I'm respected for my technical ability not my ability to schmooze clients or senior management.

This makes me wonder if this makes it a career that is more attractive to women. A couple of people above have mentioned working part-time to balance with family needs, and our line of work seems able to accommodate that. Half of my team are women, and two work part-time for that reason, but I don't value them any less. In fact, I worked hard to find flexible arrangements for one who thought she would have to leave, because she has some valuable skills and experience that no-one else in my team has.

When I started 20 years ago, I think about 10% of the profession was female. Since then, the intake has moved to somewhere around 50:50 male:female and that's obviously working its way up the profession. The Institute and Faculty of Actuaries has had two female presidents in the last few years.

I think that's all very positive especially when you bear in mind that STEM subjects at university still tend to be male-dominated. (or is that no longer the case?).

Lol yes @DadDadDad the flowers were for you and @MsWarrensProfession !!

It's so.wonderful to hear practical starting out advice from positive role models in Actuary.

My DS and I have already discussed some of your suggestions and he is looking out for opportunities how to get a start in building relevant work experience. He's doing A Levels, working part time and already asking me if I can try to find a local accountancy friend via FB that might like 2 hours unpaid data input support a week that will also help him learn financial IT systems!! I guess we can only ask ...

Many consultancies certainly do summer work placements - paid work for the student's summer holiday between year's two and three of degree. Big 4 advertise them on their websites as will big actuarial consultancies (eg Aon Hewitt, Willis Towers Watson, Mercers) and gets lot of applications. Small consultancies like mine often take people if they are in need of extra pair of hands so worth submitting CVs. Two out of the last three graduates we took in came to us via first doing summer work for us and when I worked for big 4 firm we regularly filled all our graduate places from people who had done summer placements first. So it's a really good way to see if it's the job for you and to potentially get your foot in the door for a permanent role.

And yes DDD I will be at the Life Conference in a couple of weeks.

Hi @AliMonkey

Daft question I know (but im..asking for my DS and I'm in an entirely unrelated field) how would we find out what are local consultancy firms that might be worth putting CV into? Is there a title or keywords into google search that would bring up firms that aren't the big 4?

Ha! I've been at previous conferences and reasoned on the basis of probability that there must be some other MNetters there, most likely female, but wondered how I would spot them. (I suspect it would rather surprise my colleagues that I am a MN regular ).

Maybe I'll write a discreet 'DDD' on my conference pass and see if anyone bites.

Whereismumhiding2 - this might be a start: www.actuaries.org.uk/find-actuary/actuarial-firms

Hi! This is so interesting- another teacher here who has thought about going into actuary for so long but kids etc put me off as well as feeling like I won’t be good enough to do it! I got a B at Alevel in maths but did go on to study Pure Maths at a red brick uni- lots of stats and 2 modules on actuarial stats. I am 37 now and really desperate for a change from teaching.. do you think it is something I could go for/look into?

I've been asked by parents at events if it's a good career for women or if it's an old boys club and make similar points to you, DDD. I reckon that because the entry requirements are so high and qualification so demanding, that it's a genuine meritocracy which makes it easier for women. As it's more about what you know than who you know. If that makes sense, I'm not at my most eloquent at 4am.

@DadDadDad I’m here! Thanks for the mention.

I’m also an actuary.

Someone down the thread was asking about degree choice. I actually have an engineering degree which is a bit unusual and actually counted against me when it came to recruitment. I was turned down for interview by several companies because I didn’t have one of the traditional degrees such as maths and stats that recruiters look for.

I agree with whoever said that if your DC are wanting to become an actuary then maths and stats would be a better choice of degree than doing an actuarial degree. My experience is also that those graduates tend to struggle through the later exams. I’m not overly keen on taking on graduates with loads of exemptions as there seems quite often an expectation on their part that they are going to fly through the rest of the exams but find that working and sitting exams at the same time is a very different matter to being able to study full time.

The minimum requirements to enter the profession are listed below, but what you will find these days is that pretty much everyone has a first class degree. Less than 50% of entrants will qualify and you are competing against people who will never have failed an exam in their life, so it is very tough to qualify. So I think you do need more than the minimum recommended qualifications to have a shot at getting through.

It is a very rewarding career if you can get through qualification. I enjoy my job most of the time and it is very flexible. I work 4 days and can work from home to fit around school nativity plays etc.

It’s also very well paid. My full time salary would be six figures and I’ve been working for just under 20 years.

Livlemler it is a good career for women. The top jobs are still mostly done by men however I’m hoping that will change as there’s pretty much 50/50 at entry now.

Thanks for starting this thread. It's been a very interesting read.
I did a degree in Actuarial Maths and Statistics many years ago. Followed by 6 years working in an insurance company as a trainee and I had one exam left to complete. But I decided it wasn't the job for me.

OP I'm married to an actuary and you've given me a better explanation of what he does than he did

I'm just relieved no-one's asked questions like "on those car insurance comparison sites, why when I change my occupation from fighter pilot to housewife does my premium go up?" (Short answer: I don't know)

Just picking up on women in the profession, my experience is perhaps a bit different to DDD though some similarities. Entry to the profession has been around 50% for a long time and close to 30% of qualified actuaries are now women. I've been going to the conference that DDD mentioned for most of the last 20 years and every year I go through the attendee list and it's never been more than 12% women. We tend to be less senior and less likely to attend networking events and even less likely to be the speakers - I guess it's like any profession, we are more likely to be putting family commitments first and less likely to push ourselves forward. Having said that, my firm is two-thirds women and two-thirds of most senior actuaries are women - and we both work part time.

DDD's comments re quieter types is true, particularly in my experience if working in insurance companies. But having worked at a big 4 firm, I can assure you there are also lots of big egos and a long hours culture. I did go part time there but had proved myself full time for a long time. A consultancy is definitely not a 9-5 job, but a good consultancy will allow you flexibility to do the long hours around your family commitments.

Another actuary her, also v excited to see an actuary thread. I've been involved in recruitment for many years and concur that those with lots of exemptions tend to have a harder path.

I still love my job, to is varied, stops me getting bored, offers great flexibility and I enjoy (most of) the people I work with.

How good at maths do you have to be?

I know that's probably not easily quantifiable!

Deliphant extremely, to be blunt. Everyone I know would've been the best in their year in school, and have a first in a mathematical degree (maths, actuarial science, physics, engineering). I tell potential students that you have to be good at maths, and you also have to love maths.

Interesting! Asking for DC - who is good at maths, but not necessarily 'top of year' good.

Agree, easy A at a level or highest and a first in a mathematical degree. I would say though that it’s not just about maths. A lot of students struggle with the later essay papers as they’re not used to writing such exams.

As I said upthread, the Junior/Intermediate/Senior maths challenge is quite a good guide if his school does that. I wasn’t top of my class at maths because one of my class mates happened to be in the U.K. Maths Olympiad team - so it’s all relative.

There are lots of other good careers in finance and insurance for people who are good but not exceptional at maths though.

Good at maths is necessary but not sufficient.

Hi, thanks for posting this thread! I'm early 30s and have a numerate degree, plus a professional qualification (accountancy) - what are my chances of switching careers into actuarial work?

PleaseLet - I think it's possible - some of the comments upthread about qualifications might give you an idea. Like others who have asked this question, I suspect you would benefit from talking to someone at a recruitment agency, as they will know the market and if you sign up with them help you look for opportunities. (We recruit via such agencies so they are useful).

If you start from the back page of the magazine, you'll see some recruitment companies (I see Oliver James and Star there, and they are certainly active in this market. Other agents are available).

www.theactuary.com/archive/digital-edition/

I notice page 42 has the results of a salary survey, so you can all make of that what you will.