October 21, 2017

Event Recap: Insight into Investment & Actuarial Consulting

Barnett Waddingham came to Warwick for a presentation on actuarial services last Thursday. Below we give a summary of the main things that were covered in the event.

What does actuarial work involve?

It is a profession based on measuring and managing risk, using mathematical skills to help measure the probability and impact of uncertain future events.

Required skills:

  • Maths/problem solving skills
  • Communication skills
  • Enthusiasm for continued learning
  • Interest in relevant sector

Different areas of work:

  • Insurance
  • Pensions
  • Finance and investment
  • Risk management

Example: Investment

  • A pension scheme has money now and benefits to pay out over next fifty years
  • Want to know where to invest this money to maximise chance of having enough left at every point
  • Need assumptions about future investment returns and risks
  • Can look at historical and current data, models, and other information sources to design a suitable investment strategy

Example: Risk Management

  • The oil and gas industry has heavy requirements for capital and operating expenditure
  • Also face problems associated with natural uncertainty, unpredictable commodity prices and financial/operational risks

Routes into an actuarial career

Traditional fellowship route:

  1. A at Maths A-Level and C at GCSE English
  2. 2:1 or above (any numerical degree)
  3. Graduate actuarial position
  4. 15 professional exams and 3-6 years work experience
  5. Then, qualified Actuary

Actuarial analyst route:

  1. Strong maths skills
  2. Actuarial analyst trainee position
  3. 6 professional exams
  4. 1+ years work experience
  5. Then, certified actuarial analyst