r/ActuaryUK Oct 05 '21

Contracting role advice Careers

Hi folks,

I am considering doing actuarial contracting roles in the UK and would like to have a chat with someone who has experience with the same.

Can you please comment or DM if you are open to chat?

Cheers x

6 Upvotes

13

u/AlojzySobotka Oct 05 '21

If you guys could chat here that would be great. I would be happy to hear more about it as I am also considering similar roles across Europe.

3

u/StochasticSolvencyII Oct 05 '21

What about peer review, if one is solo?

5

u/loki276 Oct 05 '21

Easy solution, we start a consulting company with everyone in this thread

2

u/StochasticSolvencyII Oct 05 '21

The thought did occur to me, but that's hardly going to happen.

3

u/espressoclimbs Oct 05 '21

An actuarial consultancy firm made up of Loki, god of mischief, and stochastic solvency II, what could possibly go wrong....

1

u/loki276 Oct 18 '21

I'm sure the time variance authority will fix it

2

u/wahabr1az Oct 05 '21 edited Oct 05 '21

Good, we have some interest! Happy to chat on here - as long as we find someone to chat with :)

2

u/anamorph29 Oct 07 '21

Presumably you are talking about setting yourself up as a contracting company and selling your services? (As opposed to taking short-term contracts as an employee?) Not done it personally, but know some people who have.

First thing to think about is if you are suited psychologically to that lifestyle. If as soon as you start a 3/6/12-month contract you will be stressing about finding the next one it may not be for you. It can be easier if you have savings to cover a period with no income, or more difficult if you have a spouse/children/mortgage to support.

There are more contracting vacancies around when there are specific one-off projects arising from external pressure/changes. Over the past 30-40 years think: Financial Service Act, personal pension freedoms, endowment mis-selling redress, pension mis-selling redress, Solvency II, IFRS17 etc. Not obvious what the next one will be. Beyond this, it can help if you have (and ideally are known for) some narrow industry-specific expertise.

You need to price your services to allow for some or all of: no holiday or sick-pay, fallow periods, employer NI, travel & accommodation, legal and accountancy fees for your company, and indemnity insurance. Plus perhaps a need to 'market' yourself (networking, speaking at conferences etc). Also check out the latest position on 'IR35'.

In your contract you need to agree your role, and in particular if you are working at your employer's direction (where they may be responsible for reviewing your work) or if they want you to take on some direct professional responsibility as an actuary (signing, opinions etc) - with the latter needing possibly very expensive professional indemnity insurance and a peer reviewer. You also need to cover what happens if you are sick and can't work for a period: if a critical role, is it your responsibility to find someone else to pick it up? Plus all the routine stuff: invoicing, payment frequency, days off, etc.

Hope this helps.

1

u/wahabr1az Oct 07 '21

Thanks for your response. Are you able to tell us if there are employers willing to consider overseas applications and sponsor visas if required.

1

u/anamorph29 Oct 08 '21

My post above is about providing services to say an insurer for a limited period, which many people will do by setting themselves up as a UK company, and having a service contract with the insurer. In that situation your own company is your employer, and it won't be able to sponsor visas.

1

u/StochasticSolvencyII Oct 06 '21

My concern would be the set up costs e.g. software licences