Andrew, Actuary, Investment Proposition
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AndrewPosition: Actuary, Investment Proposition |
I joined Standard Life after graduating from Edinburgh University in 2006 and have been there ever since. However, I’ve had a variety of different jobs in that time!
I started off in a non-technical role where I got project management experience, which was a great opportunity for a new graduate. I then moved on to a technical ‘reporting’ role in our EEV (European Embedded Value) team, which involved a lot of spreadsheet work and analysis of numbers. I have always been interested in investments so I then moved to my current role in our ‘Investment Proposition’.
Why did you choose a career in the industry?
It might sound bizarre, but one of the things that convinced me to pursue an actuarial career was the exams! I heard that actuarial exams were meant to be the hardest professional exams around and I’ve always loved a challenge.
The money also helps… There aren’t many careers that will pay what an actuarial trainee gets paid to work 4 days a week!
I’ve got two cousins who went into actuarial work after studying interior design and biochemistry. They told me about actuarial work and sold me on the idea. I took a more conventional route and studied maths at Edinburgh University before starting a career in actuarial.
The best move I made was to apply for an internship. It’s a great opportunity to find out if actuarial is right for you and allowed me to go into my final year at Uni with a job offer. That left me free to concentrate on my studies while my friends were applying for jobs.
What is a typical day like for you?
If you ask a few actuaries what they do, you’ll be amazed at how diverse the responses are. As an actuary, your job is what you make it. An actuary is an expert in risk and that can be used in a wide variety of ways. You have the opportunity to shape your career to play to your strengths and do the things you find interesting.
I don’t really have a ‘typical’ day but there are some common themes. I spend about half of the day in meetings, with the rest of the time at my desk. My role requires me to work with our investment experts and marketing departments.
I tend to meet with our investments experts, product design teams and occasionally some external suppliers. I’ll often be meeting people who are coming at the same problem from a totally different angle and it’s really interesting to try to find a resolution that suits everyone.
When I’m at my desk, I’ll usually be writing a paper or doing some analysis. The analysis could involve reading an industry magazine with comments on one of our tools or it could involve using a spreadsheet to analyse stochastic data, it’s very varied.
I’m out of the office early enough to go to meet friends, go to the gym or play some football. Of course there are some late nights but this isn’t a job that will ruin your social life.
What do you enjoy most about your job?
There are a lot of things that I enjoy about my career. I really like working in a job where I can make a difference to people’s lives. In my role I’m trying to find solutions to some real-life problems, which will (hopefully) improve our customers’ financial future. In a time when people in the financial sector get a lot of flack, it’s nice to feel that you’re fighting the good fight!
My real highlight is working with some fantastic people, who are both excellent at what they do and good friends. Standard Life has an excellent social side and I’ve met a lot of great people, both actuaries and non-actuaries.
What would you like to achieve in the future?
I’d like to work abroad at some stage. An actuarial qualification is well respected qualification round the world and there’s a huge demand for actuaries in the UK and abroad.
Do you have any advice for anyone wanting to get into the industry?
Internships are the best way in to an actuarial career. Most actuarial employers offer internships and this can often lead to a graduate job.
Do your research; it will set you apart from other candidates in your applications. The Profession’s website, company websites and careers fairs are great sources of information about actuarial roles. Best of all, try to speak to a real actuary, we don’t bite!