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Original poster

Career change actuary ?

16 replies

bella7687 · 28/02/2018 20:34

Hello, I am currently a teacher desperate to leave teaching, I teach both maths and physics. I am interested in retraining as an Actuary, just wanted advice on the best route to take, my current plan is to continue teaching for another year and take some CT exams, to put me in a better postion for applying for jobs. A lot of the job vacancies seem to be looking for super grades A/A* at a level and a first for degree. I have a C in Alevel maths (however i am adamant that in my day the alevel was far harder and the current one is watered down) and 2.1 in engineering. Do i have any chance of getting into the profession and whats the best route? I am 34 and mother of two under 5.

OP posts:
Shopgirl1 · 02/03/2018 08:14

Could you do a post grad in Actuarial Science? If you got a high grade in that then you would show competency despite not having the A at A level, and also get a lot of exemptions from the actuarial exams.
Otherwise doing CT exams while still working in your current role is a good idea, if you do well it will show commitment and competency and you could get work as a part qualified actuary then later, while if it doesn’t you still have your own job.
Don’t underestimate the exams, they are very tough, especially as you progress, I see people with maths backgrounds fail or give up on them regularly.

whirlygirly · 02/03/2018 19:48

Friend had a comfortable first class degree in astrophysics and still failed a couple of actuarial exams.. don't underestimate the level. It took years to qualify and that was without having dcs.
It's very well paid for a very good reason.

Go for it if it's what you really want though

MoorMummy · 02/03/2018 19:51

There’s less and less opportunities for actuaries with the demise in DB pensions, although the insurance industry is still fairly buoyant I think.

abilockhart · 02/03/2018 19:53

bella7687,

Another area to consider is data science.

Original poster
bella7687 · 02/03/2018 20:48

I do realise the exams will be tough, especially with children, however i am pretty committed and have a good support system.

abilockhart can you tell me more about data science , what qualifications I need ?

OP posts:
Karakandchipattis · 03/03/2018 15:32

I'm five years older than you and have As at Maths and Further Maths. It may be easier now but, for someone strong at maths, Alevel wasn't hard when I took it!

For what it's worth I dont think my maths is good enough to be an actuary. Further maths was hard for me. The people I know who went on to be actuaries were a different level entirely.

Do you think the C wasn't reflective of your abilities? If so, I agree with others that you'll need to get some other qualification to show that your maths is better than it looks. If you think the C was the right level at the time then I think you will struggle in the job.

RoryAndLogan · 03/03/2018 15:42

Often a good route is with an accountancy firm, ideally one of the big 4.

The exams are HARD. I don't know anyone who got through them without getting straight A/A*s at GCSE and A level in all subjects, and was someone who was just very on the ball too as well as very academic.

You'll earn a lot, but I can't think of many jobs that are more boring.

IlonaRN · 17/03/2018 10:14

Bear in mind that the actuarial exams in the UK will be changing next year.

You could sit the current CT1 without joining the profession. If you want to sit others, you will need to join and pay a subscription fee.

The "easiest" route would be to go a post-grad that gives exemptions from the CTs.

Also be aware that many places of work will query why you want to start now.

Mumoftwoyoungkids · 19/03/2018 21:02

I’m an actuary and I’ve been involved in actuarial recruitment on and off for over 10 years now.

I’ll be honest - I wouldn’t put someone with a grade C at A level maths on a graduate scheme. I am seen as old fashioned about these things though - had the following conversation (with a colleague I have worked with for many years) once about a possible candidate:-

Me: He has a B in A level maths - we shouldn’t be taking people with a B
Him: I got a B.
Me: Awkward! It was different in our day.

I might be willing to employ someone in an “actuarial assistant” type role. (Which means you work in an actuarial type role but don’t get the study support which makes it a lot harder. Also pay is lower.)

There are a lot of “non supported studying staff” where I work. They range from those who were on the scheme but didn’t pass quick enough to those that don’t have the academic background to get on the scheme so are coming in this way with a few “accidentally found myself working in an actuarial team so figured out if I can’t beat them I may as well join them” also around.

People who do the “non supported studying”and pass a few then do get the chance to apply for a proper “trainee” role. It is a very hard route though.

Pleasebeafleabite · 19/03/2018 21:09

For what it's worth I dont think my maths is good enough to be an actuary. Further maths was hard for me. The people I know who went on to be actuaries were a different level entirely

I second this. I have decent maths and further maths a levels from back in the old days and the actuaries I work with are much more mathematically minded and complete whizzes with spreadsheets

I would not want to take on the exams either with 2 under 5 they are very time consuming

Mumoftwoyoungkids · 19/03/2018 21:19

Re: boring. I guess it depends if you “like this type of thing”. Personally I’d find working in marketing dull as hell but the team there seems to like it!

Percivalandproud · 19/03/2018 21:23

With 2.1 in Engineering you should be accepted onto a post grad Actuarial Science programme, however the fees are usually high so you would really want to be sure it's the career for you. It's a good way to get a few exemptions ticked off but a very intense year of study.

Even after completing CTs (changing next year as pps have noted) there's a long way to go to full qualification, during which time you'd need to be balancing work in a new role, study and family time.

The exams are really hard, but the work is not limited to DB pensions, and it is certainly not always boring!!!

sillywitch · 19/03/2018 21:27

I work with actuaries and also think a C would not be good enough. These people are the best of the best at mathematics, it's a whole other level. The people I work with attended extremely good universities (Oxbridge, in some cases) and have mathematical degrees. That's just my industry though. I REALLY like maths and got B* for maths and further maths, but I know my maths is not good enough.

sillywitch · 19/03/2018 21:31

Plus, where I work, the hours can be long and pressured. If there's something that needs doing, the world has to stop to get it done. Not sure how that would work with littlies. Again, it might just be my company.

Arapaima · 19/03/2018 21:46

The 2:1 in Engineering is fine, but I agree your A-level maths grade is likely to be a problem. Quote from the careers guide on actuaries.co.uk: “Employers usually insist you have a maths A-level at Grade B or A”.

atlaz · 20/03/2018 10:27

At 14 we had to do one of those job quizzes and it said I should be an actuary. I didn't pursue it because I had no idea what one was! I got an A in Maths and Further Maths 20 years ago, perhaps I missed my calling Smile

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