Please help me change career! Who knows about actuarial work/science writing?

[MamaChris]

At 34, I have a good CV in scientific research, but I am fed up with academia (and the salary). My skills are in maths (BSc), stats (MSc, PhD), computer programming, scientific writing and presentation. My knowledge base is in stats and genetics.

For the salary alone, I'm seriously thinking of retraining as an actuary, first step being this distance learning MSc at Leicester. I realise that an entry level actuarial job would pay less than I currently earn. But how long till I would be fully trained, and till I was earning a "good" salary again? And can you find actuarial training jobs outside London?

An alternative would be scientific writing, which I probably won't need much retraining to do, but I know nothing about the pay structure in such jobs. Does anyone know how to get into this?

Hi MamaChris,

I am an actuary. By doing the MSc you would be exempt from the first 8 actuarial exams (assuming you get good grades). It would then take you a futher 2-3 years to qualify. I think the starting salary for someone exempt from the first 8 exams would be around £30k. On qualification you would be on around £45-50k.

There are actuarial training jobs outside London. I live in Glasgow and there are quite a few life offices/consultancies in Scotland. Where are you based?

My DH is an actuary, and it took him 8 years to qualify following a 1st in Maths from Cambridge. He is now on about 125k, and we are out of London. He reckons if we were in London it would be about 300K, but we don't want to live there. He is in pensions, but given that many final salary schemes are closing down, this may not be the best speciality.

Blimey £125k!!

I qualified in 5 years with no exemptions .

Where is your DH based blueskythinker?

I presume it's a pensions consultancy?

I work in a life office where salaries aren't quite as high, but there's normally a better work/life balance.

good job I'm sitting down reading those salaries

I am so in the wrong job!!

(dcs will all do maths worksheets tomorrow )

These salaries sound exciting! But to get them, I'd have to do about 3 years in job training which would pay less than now, and then, presumably, work up to better pay.

I'm moving to Cambridge, and can see there are some training positions in Peterborough. What's the work/life balance like in this field? In academia, it's can be poor given the number of hours you're expected to work each week, but this is offset by some flexibility in when you work those hours, and lots of freedom to work from home.

What do you do only a day to day basis? Using maths to solve business problems sounds similar to what I do now (except I do so with regard to biology rather than business). This tends to involve some development of statistical theory, some programming for analysis of large datasets, and lots of autonomy, together with pressure to win the next grant.

only a day to day = on a day to day

Dh has a good work life balance - 35 hrs/week (except on the odd rush job), but there is no flexibility. (may just be his firm - don't know).

From the little I know of his work, there is a lot of spreadsheet work, calculating benefits and future liability (mortality tables feature a lot!) and he interfaces with the clients a lot - ie trustees of the pension funds. I don't think there is much need for developing programmes, as most of the main firms provide all the support packages required - software, legislation updates etc. There is a journal, The Actuary, which may be useful to read.

A word of caution - the exams are very very hard - I think I remember my DH saying that approx only 5% of people who start, get all the exams & become fully qualified (not that it sounds a problem to you, but don't expect just to sail through them either - I know my DH worked his socks off for them & he is the cleverest person I know ). For those who don't become fully qualified, there are still opportunities for part-qualified individuals.

5%?! Now there's a challenge o)

35 hrs/wk sounds lovely.

Have you any idea how firms would look at taking on a "mature" trainee? (I guess I'd be 37 by the time I got the MSc, which gives exemptions for the first 8 exams, if I do it part time).

mamachris,I'm afraid the vacancies in Peterborough are for Pearl group who have just announced they are shutting that site and moving all the work to Birmingham in the next 3 years.

I do a lot of spreadsheet work, some programming work and report writing. The work is really interesting and varied and I never get bored of it.

The exams are very difficult, but as blueskythinker says there are lots of positions for part trained people.

My work is really flexible and family friendly, I manage a team part time and can for the most part come in and leave when I want (within reason!) as long as I do my hours.

I can't see why a company would have any problem with a mature trainee.

MamaChris where are you based?

Currently in London, but moving to Cambridge (for work) in next couple of months. Could always commute to London I guess, but would rather not.

The job sounds interesting. What area do you work in (insurance, pensions, or...)?

Good friend from school is an actuary. She did actuarial science at kent and got a 3rd! As she was drunk/stoned all through uni. Her and her mates doing same course used to take turns to go to the lectures.

Anyway, she's in London earning close to 200k. She's in pensions. She loves it but is always complaining what a male orientated career it is. I think it took her 5years to qualify it was certainly longer than it took our other friend to qualify as a chartered accountant.

HTH

I work in a life insurance office, but consultancies pay a lot more.

Hi, I market an Actuary Recruitment Agency that may be able to help you if you are still looking into becoming an Actuary, the website is www.acumen-resources.com