Chris Watts. Career model
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Chris WattsFFA/FIA: 2002 Company: Morgan Stanley Role: Vice President Other actuaries in the company: At time of writing, 14 UK actuaries. Some will be in pensions or insurance-type roles, whilst other will be in completely different roles. |
First job: Pensions and investment actuary at Barnett Waddingham.
Key steps between first job and current one
I made the move into banking when I joined J P Morgan. The role was not a traditional one for an actuary and it gave me an understanding of the trading floor (markets) approach. I have subsequently moved back to more of an advisory role - talking to pension schemes about their concerns - although a role which could just as easily be performed by a non-actuary.
Current work
Advising pension schemes and sponsoring employers on multi asset risk management strategies.
Opportunities for others
The main opportunity relates to the flexibility around the type of work that is available. Large banks tend to have teams that are given a certain area to work in. This is commonly split by combinations of:
- Geographic area - a country or region
- Industry – say, pension schemes and insurers
- Product/function - be it equity derivatives sales, government bond trading, advice on M&A or providing research.
Within a particular team there is a huge amount of flexibility about what the focus should be. Of course there is a plethora of internal checks to make sure that the ideas are good for the firm as a whole, but the ability for the firm to take on considered risks provides a wide range of things that can be pursued.
Hurdles to surmount
There are a multitude of opportunities at banks but there are also a lot of people looking to take advantage of them - so expect some competition! When banks hire, they know what they want; in many cases that will evolve as time goes on, making adaptability and a desire to make the most of circumstances as they arise important.
Original reason for becoming an actuary
I wanted to use my maths skills in a business context. I did an internship at Barnett Waddingham as well as one at a bank and felt that becoming an actuary was the right fit.
Subsequent thoughts
Broad financial, economic and accounting knowledge and the ability to analyse complex financial problems is important throughout the whole of the financial services industry. That background is very useful for general banking roles. More commonly, however, the specialist industry knowledge provides a very useful set of skills for the roles that actuaries often come into banking to fill – those relating to pensions and insurance.
Career history
- 1994 - 2004: Barnett Waddingham
- 2005 - 2010: J P Morgan
- 2010 to present: Morgan Stanley