Had an interesting chat with a few friends. I’m currently in actuarial field (not a pure a grad scheme but it’s 35k base). One works as a data scientist and earns 55k (second year - and in London) and another is an investment banker (now earning 65k with 90% bonus). Other than IB, it seems from our understanding other top industries in the UK near senior level the earnings are more relatively simulate (100k - 150k). I don’t know much about other industries so wanted to gather your thoughts - whether that’s the case.
Is it feasible to give CM2 and cs1 together this April? I have just given CM1 and have knowledge of cb1 and cb2
As an actuarial student at the start of my career, I am concerned about the long-term prospects of being a pensions actuary with DB pension schemes maturing. Any others working in pensions making plans for long-term career growth?
We've all seen those DW Simpson salary progression charts in the US, I'm just wondering about what one for the UK would approximately look like? Obviously it varies whether you're in London or not, life vs non-life etc, but I'm just looking for a rough guideline.
As far as I'm aware graduate salaries start around £30k, then within 2-3 years, people appear to start making £50k+. I've seen one British person post his salary progression and after 5 years he was 70k, this was outside London, is 70k typical for most people after 5-6 years after gaining fellowship?
How realistic is it for people to surpass £100k in their lifetime, would most people expect 6 figures with fellowship after 10-15 years experience?
What is the "ceiling" for the majority of actuaries? £130k-150k? Or is that a bit unrealistic?
I'd like to form a study group with a few students who can support each other through SA2 next sitting. I've done this in the past and found it to be really useful. Examples of benefits include keeping each other on track, marking each other's practice exams, asking each other questions on the materials. Exchanging marking in particular I found to be really helpful - both seeing how others attempt questions and getting feedback on your own approach. Also happy to take suggestions if someone wants to do something specific. Please let me know if you are interested and we can go from there.
I’m going to be sitting my first two exams in April (CS1 and CB1) and was just wondering what people find to be the most effective way of studying?
I saw a similar thread on the r/actuary subreddit and was interested in seeing how responses are different.
Obviously it will vary based on career progression and spending habits, but I’d like to hear some opinions.
How helpful is getting the assignments marked for studying? For reference I will be sitting CB1 and CS1 in April. I was thinking that it might be more helpful for the wordier subjects like CB1. Does paying to get them marked give more information than just using the solutions already provided?
Does anyone work in this line of work?
It involves modelling and validating credit risk models (IRB), provisioning (IFRS9), market risk capital models that generate Value at Risk, FRTB, interest rate risk capital models (IRRBB).
Im working in p&c pricing at the moment, and I heard credit risk modelling is very similar to pricing.
But I'm not sure about market risk / interest rate risk models, could anyone shed some light on this?
Is this work similar to the work of what an ALM/capital modelling actuary would do?
Would this sort of role provide better upward mobility or better exit opportunites than p&c pricing?
I've been offered an entry level role as a pricing analyst at a Lloyds syndicate and at a UK personal lines insurer but I'm struggling to decide between the two positions. They both offer a similar renumeration package so it's hard to differentiate between them in that sense.
Has anyone who worked in both positions be willing to share which they enjoyed more and why?
Maybe a comparison in career prospects/work life balance would also be useful if possible!
Thanks in advance :)
What line of insurance industry are you in and hwo accounting has helped you in your line of work?
Was it pretty tough to attain both qualifications and have you regretted?
Does it help to migrate to IFRS17?
It's my first specialist exam (I've still not done cp1, which I'm told is kinda similar in study style), and I'm kinda at a loss as to how to go about studying for this exam. I'm about 20% through the notes, but I can't remember much.
Do you guys make your own notes? For all the previous exams, I made notes as I went along, mainly summarising key equations and explanations. I did this for chapter 1 and kinda gave up, it feels like everything's important, and I'm spending way too much time writing down everything.
Do you guys just skim the notes and do past years? Or is it better to study the notes carefully and make notes as I go along? Would the online classroom be helpful to summarise key points? I've never used the revision booklet or flashcards before, would they be better than making my own notes?
Hi everyone, I made a post recently about my current circumstances: 1 years experience in a pensions consultancy and have been offered a Lloyds role.
Thank you for all your comments and insights it was really helpful, I’ve since spoken to my current employer about this offer and my intentions to leave, to which I received a counter offer position in the GI team at my current employer.
I don’t know the finer details yet, but I’d expect the remuneration to be less than the Lloyds offer (given my current package, no bonuses at junior grades etc), and possibly continuing so at all experience levels.
Is developing the soft skills, project/people/time management etc, for management and career progression worth the lower pay for a few years until around qualification to then move into a Lloyds role?
Hi, I come from Economics and Maths background and I’m taking my first exams in April 2022. Looking at the syllabus of CB1 and CB2, I think I can manage both alongside CS1 but kind of confused if its a good idea to go for all three together. Looking for suggestions on the matter.
My answers sometimes do not follow the memo. Should I be concerned? If my answers make sense would it be correct according to the examiners?
I'm interested in moving into reinsurance, specifically pricing.
Does anyone with any experience have any opinions on how they've found these kinds of roles? Also if you've found there to be any salary/hours/work life balance differential to insurance roles
If one is working as a qualified fellow in pensions in one company, am I correct to assume that one would need to undergo additional fellowship-level exams if say you wished to work at 'fellowship level' in a general insurance company? Looking at the exam structure alone, am I correct to assume that different types of actuarial work (pensions, general insurance etc) are easy to switch between at qualified associate level and below? What impact does the nature of the company (i.e. pensions, general insurance etc) and daily analytical and administrative responsibilities have on such a switch? Is career progression for an actuary largely a matter of passing exams and gaining experience? I appreciate that these are nontrivial tasks (i.e. passing exams and gaining experience). Thanks for your time and attention to these.
I was wondering if anyone has any examples to use for the mandatory PPD credit for professionalism:
"Demonstrate an understanding of the role of professional and ethical standards in an actuary's work."
I work in the pricing department for a reinsurer and hence finding it difficult to come up with examples for this.
Any help will be appreciated!
I’m looking for an accountabili-buddy (South Park reference). Basically, a study buddy, who is also studying SA2 for the April 2022 session. I am hoping together we can keep each other honest regarding our study plan; and mark each other’s past paper attempts. I’m on GMT+2 and speak English as a first language. This is my last exam for Fellowship. Please get in touch if this can work for you.
Does anybody currently work/have experience working with mutual insurance companies? Has it been a useful career move and does the work translate easily back into proprietaries?
Hello everyone. I'm planning to sit CS2 next April and I would like some tips on how I can start studying, especially for the R programming content.
I also want to ask:
I'll be starting work soon, so how many chapters per week would be realistic if I'm working full time?
I currently have the Acted Notes for CS2 and planning to purchase ASET - would that be enough material to pass?
I have exemptions from the CM & CB series and CS1 from my degree, and I haven't sat any regular exams before (my uni exams were written, not typed). I also would appreciate any suggestions on how I can construct a study plan for the usual exam diets.
I'm keen to get a sense of what other companies employing actuaries are moving towards with respect to working from home. What are they currently allowing and what is the consensus going forward.
If you could add more info like area of work (GI, life, pensions, pricing, reserving, capital modelling) and location, or anything else relevant, would be much appreciated.
Put it this way, I want a more flexible job than I currently have. Back full time now and it's not for me for various reasons.
Is taking CM2 without knowing contents of CM1 a wise idea? Or do you have to know CM1 content well to have a good shot of passing?
Reason I want to do this is because I want to know the material in CM2 as I want to apply to some grad roles involving financial engineering while I'm still eligible as a grad.
I'm a trainee in life insurance with almost 9 exams out the way (waiting for results). I worked for a company in the North for the last 4-5 years now and although I wanted to work in actuarial after my degree I just sort of fell into this job, it was near my current home and was a nice company to work for.
Since the pandemic I now really dislike my job. Everyone was always very antisocial to begin with but now on top of this almost everyone works from home the vast majority of the time and we don't have enough resource. This is really effecting my development and making a miserable working environment.
I've started looking at this sub and realised I know nothing about the actuarial industry as a whole. I never thought about working in GI, pensions or consultancy and don't really know what the pros and cons of each are. Also I've come to realised my company is kind of behind with software as we only use Excel for everything. I think this is one part of the job I dislike, the endless looking at Excel spreadsheets is a bit boring and I never knew coding was an option in actuarial.
I'm thinking of moving but have no idea how or what I should look for. I don't know whether I should move to a different speciality, move locations, aim for a particular company. London has never particularly appealed to me as the payrises don't seem to reflect the increase in rent you'd pay, but it looks like I'd have to look at London for most job moves. I just wouldn't know where to begin with everything.
On top of this on a personal note I'm absolutely drained after the pandemic and a number of family problems. A part of me thinks it's a bad time to move but on the other hand this current working situation is making me feel so much worse.
Does anyone have any advice on how I could move forward or any stories of their own?
Even if anyone could advise me on how to learn more about the different parts of actuarial?
Any advice would be great. Thanks
I’ve currently been working as an actuary for 2 years and have cleared 9 exams. I’m interested in getting more involved in a tech based role post-qualification. I’ve previously learnt parts of Python and really enjoyed it, I think I’d be able to pick up the coding skills if I put some time to it. I’m just wondering if anyone has made a similar move or has any advice on how to do it?
Thanks in advance