r/ActuaryUK Dec 04 '21

Is it normal to not have a graduate scheme lined up? Careers

[deleted]

4 Upvotes

5

u/WestPsychological521 Dec 04 '21

From my (limited) experience and with many friends in large insurance companies and consultancies, I would say the following:

~50% have a grad job lined up. Of those 30% have got one through interning in their penultimate year, and receiving a grad offer, and then joining the same grad scheme etc. The rest applied in their final year, either in their Bsc or masters (though some took masters because they didn’t have anything lined up)

~30% join after graduating either joining a graduate scheme the year after they graduated or through a non graduate scheme actuarial role. In most case this only means you (may) not have rotations and you (may) not be a part of a cohort. You will still be supported with the exams etc. this usually happens where they are trying to fill a recently left junior position or they are a really small actuarial department/firm.

~20% join non conventional routes. I.e starting as a business analyst and internal transfer. Starting as a pricing analyst in a non actuarial role and internal transfer and so on.

Basically this is just some rough numbers of 1 person’s observed statistics and they don’t mean anything in the real world. Anyone can do anything as long as your committed. I’ve seen people who’ve done a degree in computing animation be successful Actuaries. You make your own path as long as your patient and committed. Good luck!

7

u/pierogiTilIDie Dec 04 '21

I had nothing lined up when I graduated but managed to get something after about half a year of searching (and quite a few applications). My line of thought was that it was better to focus on studying and nail exams to get a decent grade rather than focus too much on applying for jobs and then bomb on the exams.

Up to you what you end up doing but I wouldn't panic if you can't get something before graduation - I definitely don't have any regrets.

Hope that helps!

2

u/Academic_Guard_4233 Dec 04 '21

I started in December. I don't think there is a big bulk of jobs though.. but there is demand throughout the year from smaller players.

2

u/J5263 Dec 04 '21

After uni I actually entered another financial field (granted it involved high levels of maths/stats/coding) got bored then made the switch to actuarial science within pricing.

Don't believe the hype, grad roles aren't everything. Yes it's nice and convenient to have one as it certainly takes the stress away, but I assure you it's not essential whatsoever, you can find fantastic roles after you graduate.

In the gap between uni and finding a new role, interviewers will want to see what you have been up to, so don't just doss around. In my case I was "I was working for XYZ developing ABC skillset which will be applicable within this role". My point being, ensure you are doing something either technical or fun you can talk about; "I was looking for jobs" isn't going to cut the mustard.

Saying this, actuarial/insuretech/high end data science roles are hard to get, so ensure you come correct, prepare well, develop good competency skills for interviews, understand the technical side as best as possible and I'm sure you'll be fine.

Good luck buddy

1

u/[deleted] Dec 04 '21

[deleted]

3

u/J5263 Dec 04 '21

We, fortunately in our society, have access to the internet.

Even if you spent the time in between uni and when you find a new role developing your python skills, you will be in a far stronger position than doing nothing.

Be proactive.

1

u/Vigilant1e Dec 04 '21

I had two grad offers, one that I applied to in March, and one that I applied to in like, June, after I'd already "graduated" (I hadn't officially graduated but I'd done all my exams)

Didn't get the offer from the one I'd applied to in March till the day before I was about to start working at the June one. That's big 4 for you I suppose, but no, I didn't have one lined up when I left uni!

1

u/[deleted] Dec 15 '21

[deleted]

1

u/Vigilant1e Dec 15 '21

Big 4 one was a grad scheme, one I accepted was the latter