Paul McNamara. Career model

Paul McNamara FFA/FIA: 1989 Company: Standard Life plc Role: Managing Director - Group Strategy and Corporate Finance

First job: New Ireland Assurance in Dublin

Key steps between first job and current one

1984: New Ireland

• Trainee Actuary

1987: Bank of Ireland

• Actuarial Assistant
• Product Development Manager
• Corporate Development Manager

1993: McKinsey

• Management Consultant

2003: AXA

• Group Strategy Director

2005: HBOS

• Distribution and Marketing Director for all long term financial services

Current work

Current work includes:

• Corporate transactions;
• M&A;
• Group strategy;
• Strategic investments;
• Planning process for the Group;
• PLC leadership across our activities in the UK, Canada, Europe and Asia (which include investment management; individual and group retirement propositions; banking; healthcare; and other related long term savings platforms).

Opportunities for others

I really believe there are great opportunities for actuaries in strategy, whether in management consulting or in corporate roles. A good blend of specialist experience alongside more generalist skills is key. Actuaries with strong problem-solving skills, who can contribute in a multi-disciplinary environment, will enjoy the variety and breadth of work involved.

Hurdles to surmount

Career paths are less well defined once outside the more traditional actuarial roles (although it would be wrong to assume that success in traditional career paths is in any way automatic!). There is also a risk of losing touch with "core practitioner" experiences.

Original reason for becoming an actuary

I must admit to having no great understanding of the profession before I joined but a Trainee Actuary was one of the best-paid jobs for people leaving school. I originally expected to work for a year while building up money to pay for a college degree ... in accounting!

Subsequent thoughts

I enjoyed the actuarial work and moved fairly quickly through the exams, so forgot about going to college - I was having as much fun as my friends in university while progressing in my career. Later, I broadened my professional credentials by taking an MBA with City University Business School, which I completed in 1992.

Career history

I worked for three years in a general Actuarial Department before joining Bank of Ireland as part of the launch team for their bancassurance operations – Lifetime – which became a fantastic success in the Irish market.

I moved to the UK with the bank and was responsible for gaining authorisation for our branch operations from the UK authorities, systems specifications and salesforce training. I then moved into the Group’s Corporate Development side, in a finance and planning role covering the UK strategy, corporate development and operations management.

Having completed my MBA, I joined McKinsey & Company as a general Management Consultant. I spent 10 years consulting in the UK, Continental Europe and South Africa for large financial institutions on corporate strategy including M&A and a wide range of operational performance improvement, distribution strategy and other management issues.

In 2003, I joined AXA UK as Group Strategy Director, working across life, health and general insurance on strategy, planning, corporate development, and business performance improvement.

In 2005 I joined HBOS as an Executive Director and led the reorganistaion of marketing, product development and distribution activities across Halifax Life, Bank of Scotland Investment Services and Clerical Medical. I also chaired the Isle of Mann operations and initiated a significant change programme to reposition the intermediated business in the UK.

Other comments

I would like to see actuaries become more accessible as professionals and, beyond our "day jobs", to take a much more active role in exploiting our skills for the wider benefit of industry, consumers and the professions.