r/ActuaryUK

Currently I'm a software dev with 4 years of experience, and I am thinking about making a career switch.

My background: A levels in Maths, Economics, Physics. Grades are not great, dealt with a lot during that time. As a result went to an ex-polytechnic to study Economics (selecting as many maths, econometrics and statistics modules as I could), ended up graduating with a First.

I believe my university name held me back from some more interesting economics opportunities, so I went into software instead which was easier to get into at the time. However now I'm looking at getting away from tech for various reasons.

I had a look at the CS1 exam and I believe with a few weekends of revision I could crack it. I dont mind paying out of my own pocket to pass this first exam which I hope would make me a more desirable candidate.

My question is, how elitist is this profession? Do you only hire from target unis / Russel Group?

I am done with around 8 chapters till now and was just curious is whats to come worse or better

I'm in third year currently, and I decided in 2nd year that i want to become an actuary, and i did an insurance internship last summer. i've not had the greatest luck with applications (gotten to the assessment/phone call/ physical interview for most). If i don’t get a grad role or an internship this summer, how should i go about becoming qualified?

should i do a masters in financial maths? (no uni up in yorkshire does masters in actuarial from what i've seen)

should i get a full time job in september and pay for the exams myself?

should i just keep applying until june/july for a role?

should i try and complete an online course relating to actuarial so i can put it on my cv?

Sorry i just feel like it's up in the air a bit for me
BTW i study bsc mathematics, currently in final year. i may have 1 exemption from the exams tbh but i would need to check

Has anyone here had experience working in consulting at a non big 4 firm? i.e., a boutique firm/big 10 professional services firm. Asking to see whether there's a similarity to actuarial consulting/whatever type of actuarial work happens at big 4 v accounting (i.e., you get same level/slightly smaller/less well-known clients, but still relevant experience)

Recently got a graduate offer for pensions actuarial consulting and was wondering, from those who have worked in that area, what the salary progression is like. Right now my base above £40k. What would the avg. salary look like after passing a few exams, then becoming qualified, job hopping etc. Much appreciated.

Hi all,

I currently have 2 SPs, CP1 and SA2 left to pass and I've decided to sit SP2 in September (first time). I have already sat CP1 before and while I would've liked to do SP2 and CP1 together, both those exams are on the same day and hence not possible.

What other exam can I do along with SP2?

I've heard that SP1 has quite a bit of overlap and may be easier to do with SP2 but also been told that it usually takes a fair few attempts to pass SA2 so why not try my luck given the connection to SP2.

Anyone have any ideas/experience that might help?

I was looking at the type of jobs being a qualified actuary can get you, outside of risk. Trading in Insurance Linked Securities seemed to be quite exciting (especially if you have CAT modelling exposure) are any actuaries here considering it?

Especially because of the uncapped salary you could potentially get because it acts more like a traditional trading role?

Or would you say there isn’t much of a transition available?

I cleared CM1 and starting CS1 prep and wanted to get a rough idea of whether this will be easier or harder...

The new version is only available through the VLE and it’s honestly such a hassle having to log in and open it every single time while studying. Just need an offline PDF for easier access during prep.

Would really appreciate it if someone could share a copy or a drive link.

Heard it's very lucrative and know some actuaries who made the move at my company. Anyone here done the same? Appreciate any insight!

I'm from a software engineering background where there is a lot of commotion at the moment and fear in the air.

How do actuaries feel, honestly speaking?

Apologies, I saw the other thread recently made but just wanted to ask specifically about the graduate level.

I have a Big 4 GI offer but I know it will mostly be auditing initially. Am at the final stage for a few Lloyds syndicates in reserving/ capital.

If I get one of those I’m leaning towards taking it because Id like to be within the market and learning actuarial from within the industry.

But is it a huge mistake to give up the breadth and brand power of Big 4?

What do people think are the pros and cons of consulting (Big 4) vs working in industry (e.g Lloyds Syndicates)?

Specifically wrt to <5YOE.

My View:

Big 4 Pros:
- Variety of work
- Clear promotion structure
- Brand name (exit opportunities)
- Faster paced, lots of exposure early (- work hours)
- Usually generous study allowances
Edit: - Good social events with young workforce

Big 4 Cons:
- Working hours (long!)
- Lower base & bonus (considerably lower)
- Heavy performance monitoring / peer comparison
- Study time 2nd in line after Work (sometimes)

——————

Industry Pros:
- Working hours (fewer & more stable)
- Higher base & bonus
- Long term work-life balance without moving firm
- Better work-life balance = more study time

Industry Cons:
- Narrower exposure (somewhat pigeon holed?)
- Fewer exit opportunities to different roles/firms

Would love to hear thoughts, no wrong answers. This is a conversation that comes up regularly, so thought there might be interest in other views.

Does the number of exemptions that you graduate college with affect starting salary or do graduate roles usually have set salaries regardless of number of exemptions?

Advice on CS2? If I start studying from June will that be enough time for September sitting… how best to prepare. I enjoyed CS1.

What is your companies policy regarding clawback for study support? Just trying to get a sense of industry norms.
E.g
- My company claims back all study materials and exam fees from the past 24 months
- Study days don’t get claimed back