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:
- A at Maths A-Level and C at GCSE English
- 2:1 or above (any numerical degree)
- Graduate actuarial position
- 15 professional exams and 3-6 years work experience
- Then, qualified Actuary
Actuarial
analyst route:
- Strong maths skills
- Actuarial analyst trainee position
- 6 professional exams
- 1+ years work experience
- Then, certified actuarial analyst