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Trainee actuary: Jim

This Case Study belongs to Actuary.

Jim is a trainee actuary with a degree in economics and actuarial studies from the University of Southampton.

After completing my degree in economics and actuarial studies, I joined Friends Provident as an actuarial student. My decision to study an actuarial-based degree helped prepare me for the training involved as part of the job and it provided me with a sound basic knowledge when I joined the firm. My choice of degree was incredibly relevant to the work I am doing now, and the study techniques I learnt whilst undertaking university revision have helped me with the revision and study for my actuarial exams.

I chose the actuarial profession because I feel it offers a clear career path while working towards a professional qualification that is recognised worldwide. I also wanted to pursue a career in a business area that would ultimately offer diverse career options that could include consulting, contracting, specialist or general management roles. I was also impressed that many senior positions in financial and insurance companies are held by actuaries.

I found out about and applied for my job through the Inside Careers: Actuaries (http://www.insidecareers.co.uk/Actuaries)  website. I would recommend anyone thinking of pursuing a career in this field to make sure they undertake plenty of research, not only about the organisation(s) they are applying to but also to make sure they fully understand the commitment required to study for and pass the exams. The amount of revision required before the exams can be quite intense, and although my employer offers a generous study support package, including study leave, it is necessary to devote evenings and weekends to studying. Although this has an impact on my social life, the rewards for passing exams can be substantial.

I anticipate that my role will change and evolve over time. As I gain more experience and pass more exams I will inevitably take on more responsibilities - developing models and solutions by myself. At present the majority of the work I do on a day-to-day basis involves managing computer systems, making sure they are up to date and analysing management information. My role involves handling a lot of data which often needs validating, interpreting and presenting to more senior employees around the company. Before data can be analysed it often has to be cleaned. This can be time consuming and sometimes quite frustrating so I do find the role requires a certain level of patience.

My employer is very supportive. They are dedicated to developing students like me into high-calibre technical specialists/managers so they provide a lot of opportunities for us to develop these skills. The actuarial profession is a challenging one and requires hard work and dedication, but I enjoy the challenge and nothing beats the feeling of finishing exams and passing them too (hopefully!).

Case Study sourced by Charlotte Haynes of Bournemouth University, 18 December 2009.