Any actuaries here? Particularly in the UK.
What are the current challenges/opportunities with regards to pensions?
>>954478
Fuck it, if we've got an actuary thread, I wouldn't mind learning a bit more about the profession. I'm a first year maths student at a UK uni, and I'm looking into it as a career, but would like to learn more. Can anyone tell me anything?
I'm not an actuary but a friend of mine is - works for a big 4 firm as a consultant, apparently slightly longer hours than insurance companies etc.. but also better pay as everything you do is billable to clients... he's on a decent six figure package and still works fairly sensible hours compared to bankers/lawyers
there are some areas where people can earn rather a lot - reinsurance looks interesting, apparently some experienced people who've moved to Bermuda can be on closer to a million a year - hedge funds etc.. get involved in reinsurance these days
certainly does seem like a good career - sure a top trader at a bank will earn more but a whole bunch of people try to go into banking and end up in rather dull middle office roles with not much chance of progression beyond VP level - with actuaries you've got career progression almost built in and you don't have to stay in London your whole life, you can make your money and then settle down elsewhere and still earn a fat salary in some place where your London flat can be traded for a big house
if I could go back in time I'd seriously consider it as a career and I'm still quite tempted to switch careers
>>955270
>works for a big 4 firm as a consultant,
Isn't consulting a totally different part of the big 4 than actuary?
>>955637
I'm talking about actuarial consulting
Worked for Athene, and then Collabera before landing where I am now. Worst thing about being an actuary is working with other actuaries that are pretty much shells of real people and working with people who don't know what you do but think they are a lot smarter than you. Most actuaries are just tards that have zero skills aside from their love of math (which is a shitty reason to become an actuary) and test taking.
The drone actuaries are going to be the reason why this "profession" is going to have an average salary of $45,000.
Where ever you work, co-workers get huge rage boners over trying to tell you that you are wrong or get even bigger rage boners in the very rare case that you are wrong. There is no team work, because most people have no fucking clue what your responsibilities are.
I make $190,000/year as a chief actuary now because I'm not not a drone, have programming skills, and business acumen, and I'm white.
>>955782
this is why I don't work in software anymore, the people are fucking autist drones
>>954478
Out of interest... are there any good documentaries of stuff actuaries would be interested in?
I'm a junior actuary in the investment arm of a life insurance company in london. I haven't been there all that long, but the work is pretty interesting, there's fair bit of problem solving. There's also a hell of a lot of spreadsheets. My work hours dont seem to be as bad as the traders and fund managers, which is good. I'll try to answer any questions for a bit if anyone is interested
>>956880
Might seem like a stupid question, but what do you actually spend most of your time doing whilst at work?
>>956910
The main focus at the moment is getting ready for solvency 2. seeing if certain assets are allowed in certain funds and if they're not, finding something suitable to replace it. I also end up doing bits and bobs for the fund managers, which all tend to involve spreadsheets.
>>956920
Which math courses were particularly helpful in your line of work?
This is kind of a silly question, but is there demand for actuaries to work in third world countries, would you get paid more for agreeing to work in South Africa, or are there South African companies looking desperately for western educated actuaries.
South Africa just being an example.
>>957559
Any Stats andd probability courses will be helpful, but to be honest they don't expect you to be trained when you start. I get given time to study the material, and this is a pretty standard arrangement in the uk.
No idea about the third world countries stuff, I'm pretty sure in south africa you sit the same exams as in the uk, so i dont know how much of a premium you'd get if you went out there.
>>957998
Any recommendations for how to make a strong application to stuff like the internships? Or any good books to read/things to watch? I could use some banter for shit like networking events.
>>954478
Does anyone know where I can grab a copy of 'Actuaries Survival Guide: How to Succeed in One of the Most Desirable Professions'?
I work in Pensions Analysis at the DWP, OP. How can I help?
>>958156
>DWP
Classic British Institution.
>>958345
same questions as
>>957559
also do you use economic ideas and principles in your work? Would it be a good idea to take economics courses?
I have heard a math undergrad can do anything an economics undergrad can do, so why take economics? or is that just bullshit.
What other fields of work do you know you could enter with a bachelors degree in statistics?
>>959154
Fair enough.
>>958059
>Does anyone know where I can grab a copy of 'Actuaries Survival Guide: How to Succeed in One of the Most Desirable Professions'?
Fucking wow, /sci/ just gave me a copy.
Where do the people here work btw? I've noticed an annoying lack of careers events hosted by firms that recruit actuaries, although it'd help if I knew what names to look for.
bump, anybody else here work a very math-y job?
>>955782
>chief actuary
Wait so it's possible to actually make a good career progression with this type of job? Given that you're not completely autistic that is.
>>954478
>that bob ross picture
yeah.. a "little" sadness, heh...
waiting on the good times.. yeah..
>>960278
10/10 would meme again.
>>955782
190k as chief actuary? You're underpaid, bro. That or you must be based some place where the cost of living is low. I'm pulling in 215k base in Hartford as <5 years as FSA, and chief actuary is one management tier above my current role.
You don't seem to have a high opinion of your fellows actuaries or the validity of the profession. Are you sure you're not the "drone"?
>>956910
I'm managing at this point so i'm not using excel nearly as much as the 3 who report to me and the ~10 who report in to them. About a third of my job is coaching and developing my people (1x1s, walking the floor, staff problem solving). About a third is reviewing work, giving actuarial opinions, and making powerpoint decks for senior management. The rest is problem solving or quick mental math exercises working with the non-actuarial teams i connect with: sales, underwriting, finance, etc
When i was a student, lots of excel, about a sixth of my time was paid time off to study, and maybe the odd meeting or presentation to start building my business skills
>>960217
Many actuaries use their professional background and training to move to non-actuarial work. There are a lot of CFOs, insurance executives, and entrepreneurs who have parlayed the actuarial stepping stone into success.
>>961230
What kind of degrees do you have?
>>961402
BS in actuarial science, but that's only so i could pass as many exams as possible in college.
>>954478
Say... any tips on what I can watch/read for some more awareness of the sector? I need some shit for internship applications.
