Heriot Watt Careers Presentation - Life Insurance
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Transcript of Heriot Watt Careers Presentation - Life Insurance
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Actuaries cant predict the future
but we can predict its impact
Heriot Watt careers presentation
Tuesday 5 February 2013
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The Actuarial ProfessionPromotes the work of actuaries
Oversees the education of actuaries belonging to the body at all stages
Expands actuarial knowledge
Enforces ethical and professional standards
Identifies matters where the work of actuaries would be of benefit to the public
The Institute and Faculty of Actuaries is the professional body that all actuaries in the UK belongto
If you want to be an actuary you must become a member and take all 15 exams and 3 yearswork experience to qualify as a Fellow.
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Who are our members?Youre looking at one!
Over 23,000 members
41% are based outside of the UK
48% are student members
71% are under the age of 40
290 students joined under the age of 21
31,093 exams were sat from September 2010 April 2011
We have approximately 135 exam centres all over the world
Over 12,000 likes on Facebook
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Why become an actuary?
Variety
Influence
Reward
Intellectual
satisfaction
International
opportunities
Support
Network
High
standards
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What can an actuary earn?Chief actuary, senior partner 227,614
Senior function head, practice director 125,736
Function head, practice head 125,736
Department manager, managing consultant 87,902
Section manager, senior consultant 80,113
Section leader, consultant 66,038
Senior actuary, junior consultant 56,351
Actuary 45,329
Student actuary 31,755
Source: XpertHR Salary survey of actuaries and actuarial students, 2010. For more information visit www.xperthr.co.uk
http://www.xperthr.co.uk/http://www.xperthr.co.uk/ -
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How do I become an actuary? Get your A Levels or Scottish Highers, including a good grade in Maths
Complete your degree, ideally in a numerate subject from a university with a
good reputation
Gain a 2:1 or higher this is a minimum requirement from most employers
An actuarial science degree or diploma offers opportunities for exemptions
from exams
Find a trainee actuarial position with a company
Join the Profession as a student member employers will help you with this
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What do employers want? A good academic record including a 2:1 in your degree
Work experience/internships
Good communication skills
IT skills
An interest in business/relevant industry knowledge
Language skills
Commitment to the exams and your career
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Where can I find a job/work experience? Use the Directory of Actuarial Employers on Becoming
an actuary pages ofwww.actuaries.org.uk
Use The Actuary jobs site - www.theactuaryjobs.com/
Internships are useful - but any work experience is
valuable even if it isnt actuarial
Following market research with High Fliers The
Graduate Market in 2013 - 47% of employers say its
not very likely that students will get a job if they dont
have any work experience (doesnt have to be relevant!)
Soft skills are key it is not just about your qualifications
http://www.actuaries.org.uk/http://www.theactuaryjobs.com/http://www.theactuaryjobs.com/http://www.actuaries.org.uk/ -
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If youre considering a career as an actuary then sign up to our IACN a global network for
potential actuarial students
Signing up for this network is a first step towards achieving your career goal
What are we offering you?
Access to Career Ambassadors
Networking and links with employers etc
Information on local events
Careers newsletter
What are the benefits to you?
Align yourself with the UK Actuarial Profession
Find out industry knowledge
Get your questions answered by industry specialists
International ActuarialCareers Network - IACN
2012 The Actuarial Profession www.actuaries.org.uk
http://www.actuaries.org.uk/becoming-actuary/pages/career-ambassadorshttp://www.actuaries.org.uk/becoming-actuary/pages/career-ambassadors -
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Where can I find out more?
Via the Actuarial Profession
Visit www.actuaries.org.uk/becoming-actuary/pages/becoming-actuary
E-mail [email protected]
Our brochures
Speak to your Careers Adviser
Contact a Careers Ambassador
www.actuaries.org.uk/becoming-actuary/pages/career-ambassadors
http://www.actuaries.org.uk/becoming-actuary/pages/becoming-actuarymailto:[email protected]://www.actuaries.org.uk/becoming-actuary/pages/career-ambassadorshttp://www.actuaries.org.uk/becoming-actuary/pages/career-ambassadorshttp://www.actuaries.org.uk/becoming-actuary/pages/career-ambassadorshttp://www.actuaries.org.uk/becoming-actuary/pages/career-ambassadorshttp://www.actuaries.org.uk/becoming-actuary/pages/career-ambassadorshttp://www.actuaries.org.uk/becoming-actuary/pages/career-ambassadorsmailto:[email protected]://www.actuaries.org.uk/becoming-actuary/pages/becoming-actuaryhttp://www.actuaries.org.uk/becoming-actuary/pages/becoming-actuaryhttp://www.actuaries.org.uk/becoming-actuary/pages/becoming-actuaryhttp://www.actuaries.org.uk/becoming-actuary/pages/becoming-actuaryhttp://www.actuaries.org.uk/becoming-actuary/pages/becoming-actuary -
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Life insurance
Name: David Johnson
Company: Independent contractor
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A bit about me
1997 A-levels in Maths, French and Physics
2001 BSc in Mathematics at Birmingham
2003 Joined Norwich Union (now Aviva)
2007 Qualified (FIA)
2010 Became a contractor
2013 Currently on Standard Life Solvency II programme
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What actuarial work have I done?
Reporting
Capital management
Solvency II
Risk function
Working party
Education
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Reverse stress testing What events will render my business model unviable?
Crystallising risks cause the market to lose confidence in the firm
Counterparties and other stakeholders would be unwilling to transact with or provide capital to thefirm
existing counterparties may seek to terminate their contracts
Such a point could be reached well before a firm's regulatory capital is exhausted
Black Monday (1987) stock markets world wide fall by up to 46%
Spanish flu (1918) pandemic kills approx. 1% of GB population
Credit crunch (2007-08) stock markets fall sharply, credit spreads soar andliquidity dries up
How likely are events of this magnitude?
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Practice area : Pensions
Name: Suzanne Vaughan
Company: Towers Watson
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A bit about me
Attended Heriot Watt University (2000 2004)
Started my actuarial career with Scottish Life (2004)
Qualified 2007
Moved to Towers Watson for a new challenge (2009)
Elected on to Actuarial Council and the Scottish Board (2012)
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Why did I choose to be an actuary?
Enjoyed the Actuarial Maths course at Heriot Watt
Picked Pensions because of the client relationship side
Liked the idea of the exams structure, meant clear progression in the job
Good support network
Continual learning and development means job is ever changing
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What do I do in my current role?
Pensions Consultant
Advise Trustees on Scheme Funding, Mergers, Asset Liability studies
Advise Companies on Accounting valuations, Plan design, reducing PPF levies
Settlement Specialist
People manager and recruitment
New business initiatives
Training sessions for clients
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Pension hot topics
Auto - Enrolment
Continuing improvements in longevity
Liability reduction activities i.e. longevity swaps, ETV & PIE, buying out with an
insurer
State Pension Reform
Low gilt yields are leading to some big pension deficits!
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Advice I would giveDont underestimate the exams, they are tough but if you respect them they are
manageable!
Read up on the Companies you apply to, in particular know why you want towork there
Take time over your CV, get as many people to read it as possible before you
send it. Spelling mistakes are a real turn off!
Read up on some hot topics in your preferred industry
Dont be thrown by unusual interview questions, they are just to see how you
react under pressure
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Practice area : From Life Insuranceto Investment Management
Name: Kevin Telfer
Company: Kames Capital
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A bit about me
1973 Born!
1985I want to be an actuary
1991 Started BSc Actuarial Mathematics & Statistics
1995 Graduated, joined Scottish Equitable as an Actuarial Trainee
1998 Moved to Aon Consulting, Senior Actuarial Trainee
2001 Qualified as FFA, promoted to Pensions Consultant
2004 Switched to Investment Consultant role
2006 Joined Kames Capital, Fixed Income Product Specialist
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First job Scottish Equitable 1995-1998
Had previously worked there in summer vacations
Joined as an Actuarial Trainee in Actuarial Department
Generous study support, manageable work/study balance
Mostly performing calculations initially
Then software development and training non-actuarial staff
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Change of direction Aon Consulting1998-2004
Moved to a consultancy to gain direct client contact
Initially focussed on pension scheme valuations
With experience, more overseeing than doing calculations
Mixture of routine valuations, M&As, Company/Scheme failures
More demanding work came with tougher work/study balance
Qualified in 2001, champagne for the office, promotion!
Took on own portfolio of clients Responsible for strategic advice as well as routine tasks
Also required to generate new revenue opportunities
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Natural next step Investment Consultant2004-2006
Switched to investment consulting to be closer to the
solution
Provided investment strategy advice
Asset Liability Modelling, scenario analysis, risk budgeting
Strong need to explain complex concepts and results clearly
Fund manager selection advice
Strategy and fund manager monitoring
Another steep learning curve!
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Next evolutionary step Kames Capital 2006-
Found investment side interesting
so moved to an investment
management company
Product Specialist is a clientcommunication role
Dont need to be an actuary but it helps
Technical knowledge of markets and
clients needs and concerns
Reputation for professionalism,
integrity and knowledge
Actuaries are also involved in fund
management and risk analysis
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What do I do all day?
Meeting clients & prospects
Client reports and queries
New Business proposals Articles
Product design
Training/education
Pension schemes, bankscharities, insurance cos,
advisors
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Overview of fixed income investing
Making money from lending to companies and governments
Provided they dont go bust!
Receive interest on the loans to compensate for the risks Skill is to assess whether the interest rate offered is
appropriate
Investment decisions based on analysis
State of the economy
Strengths and weaknesses of the company
Terms of the loans
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A quick quiz on bonds to finishGuess the yield on these bonds (as of lunch time Friday!)
1. UK Government 2018
2. Italy 2018
3. Tesco 2018
4. House of Fraser 2018
5. Imperial Tobacco 2018
6. Heckler & Koch 20187. Aston Martin 2018
1.5%
6.5%
4.0%
12.0%
3.5%
20.0%15.5%
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Questions?
2012 The Actuarial Profession www.actuaries.org.uk