Jenni Stott. Career model
 |
Jenni StottFFA/FIA: 1989 Company: KPMG Role: Management Consultant Other actuaries: In a variety of roles within the organisation |
First job: General Accident Life
Key steps between first job and current one
- Qualified as an actuary with William M Mercer, working as a consultant and in marketing
- Completed an MBA
- Became Head of Marketing at Marks & Spencer Financial Services
Current work
My role is to provide advice in relation to strategy, operational planning and business performance, primarily in retail financial services such as banking, investment and insurance. Assignments vary from small projects, through to significant business change programmes. This includes market entry projects, business change programmes and strategic advice.
Opportunities for others
Financial services organisations need forward-thinking individuals to help their organisations face the challenges of the highly competitive and fast moving environment. Actuaries can, clearly, contribute to this with their knowledge of financial products.
Hurdles to surmount
To work as a management consultant, individuals need to be able to demonstrate a broad level of general business understanding, including strategic thinking, project management and business change (but there are also jobs at more junior levels in a consultancy, with opportunities to learn these skills and acquire the relevant experience).
Original reason for becoming an actuary
I wanted to have a qualification and I liked the idea of the "exclusivity" that the actuarial profession seemed to give. I felt it would give me the opportunity to progress rapidly.
Subsequent thoughts
My original logic that an actuarial qualification could give an accelerated start to my career still holds. I was lucky in that I qualified fairly quickly - which meant I could spend the time some of my other colleagues were devoting to finishing the exams on a broad range of roles which gave me valuable experience.
At times I took decisions regarding my career which meant that I was relying on my interpersonal skills and business knowledge, rather than a professional qualification (for example, the move into marketing at Marks & Spencer Financial Services). I have tried to make sure I managed my career so that I was enjoying it, learning and being challenged.
Career history
After starting out in Life Assurance, I subsequently joined Mercer consulting in 1989, which was also the year I qualified. Initially, my work at Mercers was partly in pensions consulting and partly in marketing the range of consulting services the firm offered. I found that I really enjoyed understanding clients' and prospective clients' businesses and having a broad role in the firm. I moved within Mercer to the growing healthcare consulting practice, broking major private medical schemes and managing a team of healthcare consultants, some of whom were actuaries. At this stage I started a part-time MBA.
I moved in 1997 to Marks & Spencer Financial Services where, as a Head of Marketing, I ran a department of 40 and had full commercial responsibility for the unit trusts, pensions and insurance products, as well as business responsibility for some key marketing functions such as brand, PR and planning - a very broad role, particularly as the firm and the business segments were going through rapid change at the time.
That experience was part of my motivation to join a consulting firm, where I have been for two years.
Other comments
Although the high pay levels within the profession can be a disincentive to moving away from traditional actuarial areas, actuaries often underestimate the range of roles that are open to them and the earnings - not to mention the fun - that can be achieved if the move is successful.