4 June 2018
In this blog, Bradley Ashton, Actuarial Consultant at Barnett Waddingham, talks about studying after university and coping mechanisms for actuarial exams.
One of the most frequently raised concerns by prospective actuaries is how long and difficult the examination route through to qualification is. Not only do you have to obtain a degree, you have fifteen exams post university to contend with. Even those lucky enough to be exempt from some of the exams have quite the uphill task ahead of them. This blog outlines some of the ways employers help you through the exams and intends to convince you that the hard work required to get through it is worth it in the end!
The actuarial exams do sound daunting. The first few exams are likely to contain material at the same level of difficulty you encountered in your degree course. As expected, the harder exams come later. These exams mainly involve applying actuarial knowledge and concepts to problems as opposed to rote learning. This is a difficult skill to get to grips with originally. However, by the time most people sit these later exams they have some experience in the workplace which is invaluable for when taking the exams.
The vast majority of employers offer study packages that cover the costs of study materials, exam entry fees and student membership fees to the IFoA. The most important aspect of these study packages are your study days. Most study packages allow you one day per week to study. It goes without saying that it is absolutely crucial to make full use of these days. Otherwise, you will put yourself under pressure nearer the exams, which could easily coincide with your busy period at work!
A recent survey by World Services Group found that millennials consider a good work-life balance more important than job progression and wealth. Employers are certainly responding to this. There is a current trend of employers taking a more active role in their employees’ wellbeing inside and outside work, whether that be with discounted gym memberships or being able to flex your holiday allowance to suit your own circumstances (there are many more examples).
If your fears around having enough time or willpower to get through the exams have not been allayed so far, then the prospect of a decent salary and membership of a very highly respected profession might convince you to give the exams a go. Ultimately, the exams take a great deal of patience and hard work, but the results and rewards after qualifying are great. Do you have what it takes?
If you have any questions about your actuarial career, email: blogs@actuaries.org.uk