Download - Careers In Risk And Planning
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Careers in risk and planning
Caspar BartingtonCII
Simon Tresadern Ansvar
Chris Denham Dip PFS Positive Solutions
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The CII is…
• The world’s largest professional body for risk…and financial services (PFS)• 95,000 members in 150 countries
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What is risk about? • So much more than what is on TV• Peace of mind and trust – “risk transfer”• A people profession• Global• Personal and commercial• Large – £300m paid out in claims every day
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Long-term strategy reduces exposure
• Investments worth 23% of total net worth of UK economy• Greater reach than any other FS sector eg 70+% of households buy risk coverage• Social assistance eg £195m paid each day to pensioners and long-term savers• The most popular place for long-term savings
A stable profession
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Diverse challenges:Natural disasters, economic recession, law, piracy, entertainment, sport
UK context:
A global profession
• Over 300,000 employed directly + 1m• 2nd largest export• 3rd largest market in the world• 23% of the total net worth of UK plc
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Specialist:
• Claims, fraud, loss adjusting, underwriting, broking, risk management, surveying
General:
• Accounting, marketing, HR, IT, business development etc
Progression based on ability, not time served
Job areas
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Simon TresadernCommercial Underwriter
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My career(s) so far• University life
• BA (Hons) from Derby University in American Studies and Religious Studies
• Never considered insurance as a career option (does anyone?)
• Since University • Travelling round USA• Computer game designer• Retail sales• 2 years as an insurance broker in Haywards Heath• 3 years with RSA in Horsham, 2 years in London
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Now…• Employed with Ansvar Insurance as an
Underwriter specialising in Financial Lines• Ansvar - Charity and church specialist which
employs 80 people in Eastbourne, with sister offices in Australia and New Zealand
• Part of Ecclesiastical, a company based in Gloucester employing over 1000 people in the UK, Canada, Ireland, Australia and New Zealand
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Underwriter? Financial Lines?• Underwriters determine the basis of an insurance
contract. The price, terms and conditions, clauses, or whether we will provide any insurance at all
• We analyse companies, their procedures, their risk management, and details such as what their buildings are made of. We then try and calculate how likely it is that they will suffer a loss, and then calculate a fair premium to provide insurance cover
• Financial Lines insurance is specialist insurances for professionals to cover them for errors they might make
• One of many types of insurance
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The $6m question:
• Variety of roles – Underwriters, actuaries, accountants, business leaders, risk assessors, claims handlers, fraud investigators, marketing executives, event organisers, sales teams and more
• Intellectual challenge – Requires use of brain cells• Opportunity – Career development, overseas work,
secondments• Good causes – Actually helping people continue to
operate their business
Why on earth would anybody want to work in an industry as boring as insurance?
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Depends on location and role:
• Starting salaries vary from £18-25k• 3-5 years’ experience vary from £25-50k• Professionally qualified with experience vary from £50-100k+
Excellent professional developmentWork-life balance stronger than other sectors
Salaries
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Qualifications
• CII Certificate in Insurance (A level ) • *CII Diploma in Insurance (degree yr one)• *CII Advanced Diploma in Insurance
(degree) – also known as ACII
• Fellowship (FCII) • Chartered status – Insurer, Insurance
Broker, Insurance Practitioner
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A people profession, so•Communication•Negotiation•Flexibility – international opportunities•Languages can help•Commercial awareness very important
•Numeracy not essential
Skills
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Other major players
And many more…….
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www.insurancecareers.cii.co.uk
• Business explanations • Profiles• Case studies • Job descriptions • Links to employers
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What is financial planning? • About people, not just numbers• Understanding and supporting changing needs over many years• An ever-changing environment• An opportunity to earn significant sums• Not a 9 to 5 job – you’re in charge!• A range of roles from individual to corporate
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Chris Denham Dip PFS
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1986 – joined Nat West’s Trainee Manager scheme; took FPC
1996 – joined Sun Life of Canada; won top consultant prize in
1999
2001 – joined small IFA practice
2004 – set up own IFA practice
Introduction
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Everyone has a view on what to do with your money
Consumer confidence
Effect of changing demographics
RDR will lead to professionalism and changing structures by 2012
Banks and recession
Never been better?
Why Financial Services?
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Roles within a product provider
Roles within a lender
Roles of an Independent Financial Adviser (IFA)
RDR will lead to professionalism and changing structures by 2012
Banks and recession
Never been better?
Providers v Intermediaries
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Join provider or large IFA practice
Qualifications and training
Company benefits eg salary, bonuses, cars, pension, insurances
Good career path
Be your own boss
No nine to five
Career paths and benefits
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Networking breakfast
Prepare for appointments
Meeting with broker consultant
Client appointment to discuss retirement planning
Client appointment to discuss mortgage
Back to office to reply to messages etc
A day in the life
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Qualifications
Licence to practise area
• CII Certificate in Financial Planning – key now
• CII Diploma in Financial Planning – key for you
• CII Advanced Diploma in Financial Planning
• Fellowship – FPFS• Chartered Financial Planner
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SkillsNot just numeracy!
• Analysis• Negotiation• Written and verbal communication• Adaptability and flexibility• Relationship building• Commercial awareness in demand
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Looking ahead – risk
• Many graduate schemes• Most open Q3 • Most close by year end • Limited internships and placements• Getting work experience will really help• Size of company not important
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• RSA– www.rsagroup.com/rsa/microsite/graduates
• Willis – www.willis.com/careers/graduate_careers/The_Graduate_Program/
• RBS– www.makeitrbs.com
• AXA – http://jobs.axa.co.uk/graduates/index.html
• Zurich– www.zurich.co.uk/graduates/home/welcome.htm
• Ecclesiastical– www.ecclesiastical.com/aboutus/careers/graduatescheme/index.aspx
• Allianz – www.allianz.co.uk/careers/graduates/graduate.htm
• Aon – www.whatifaon.co.uk
• Lloyd’s of London – www.lloyds.com/about_us/careers/graduate_careers/
Some useful websites
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Looking ahead – planning
• Very few formalised graduate schemes• Getting work experience will really help• More likely to be with an SME – no problem
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Credits with your degree
Insurance framework• Typically 3 years to get to ACII level• You will get credits equal to two or three units
(saving several months of study) with a degree in one of the following •Accounting•Business•Economics•Finance•Law•Management
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Credits with your degree
Financial planning framework• Typically 2 years to get to Dip FP level• You will get credits equal to two or three
units (saving several months of study) with a degree in one of the following •Accounting•Business•Economics•Finance•Law•Management
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• Certificate-level exams available online• Take these during vacations• Work experience is incredibly valuable• Membership and networking really helps
Get ahead before graduation
www.cii.co.uk/membershipwww.thepfs.org/membership
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• Great professions with wide range of roles• Great opportunities to progress quickly
In summary
www.insurancecareers.cii.co.ukwww.cii.co.uk/www.thepfs.org [email protected]
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• New risk-focused website• Interactive career builder• More case studies, news, blogs
Coming up
www.discoverrisk.co.uk [email protected] From early Feb