Matthew Fewster. Career model

Matthew Fewster FFA/FIA: 2008 Company: J P Morgan Role: Associate Other actuaries: Around 10 spread across a variety of roles in the investment bank and asset management.

Current work

Marketing and structuring risk management solutions for pension schemes and insurance companies with a focus on hedging longevity risk.

Opportunities for others

There are many opportunities for actuaries in banking. This typically comes in roles that relate to pensions and insurance where banks are looking for people with specialised industry knowledge. Banking provides a dynamic and fast paced career, albeit with more uncertainty. Making a move into a bank also provides an opportunity to broaden your experience and skills, something that can open up doors to even more diverse and broad roles in future.

First job

Trainee actuary in pension consultancy business at Hewitt Associates.

Career history

2004 to 2006: Hewitt - actuarial pension consultant
2006 to present: J P Morgan - Investment bank

Key steps between first job and current one

I started my career in a traditional consultancy role after finishing university. After a few years I wanted to gain new experiences and challenges so I looked at a number of options for changing my career path. I made the step into banking through an actuarial head-hunter who specialised in non-traditional roles, joining the Pension Advisory Group in J P Morgan. The team were looking for someone with knowledge of the pension market and a sound understanding of liabilities to join at a junior level.

Hurdles to surmount

There is a lot of competition for not that many jobs in investment banks so it is key that you are really well prepared and know as much about the industry and the role you are applying for as possible. Culturally the banking and traditional actuarial worlds are very different and there is a very steep learning curve going between the two. Banks are very deal focused, which requires a much more commercial mindset from an early stage. There are also very different expectations and accountability on employees in banks – you take on responsibility early on and are judged on your results to a greater extent. Then there is the general learning curve in understanding and learning about the products and solutions that banks can provide clients. These are hurdles but they are all opportunities too.

Original reason for becoming an actuary

I wanted a career that applied my mathematics degree in a business context – something an actuarial career seemed to provide. I also wanted to gain a professional qualification that gave me a broad understanding of the financial world – something I think the actuarial qualification is excellent at providing.

Subsequent thoughts

Making a move into investment banking has been my best career decision to date. It has proved to be a dynamic and exciting job that has been intellectually stimulating and has constantly pushed and challenged me. However, I have no regrets about starting my career in the actuarial world. It was a great starting point for my career – the actuarial qualification has given me a strong grounding in financial concepts and the industry knowledge from my consultancy days has been vital for providing relevant solutions for clients. I also view the move into a bank as relatively risk-free – the skills and market knowledge you develop in a bank will always prove to be useful if you choose to return to the consultancy world. This creates a great career hedge – something I am sure appeals to many actuaries!