internship experience students’ actuarial society
TRANSCRIPT
INTERNSHIP EXPERIENCESTUDENTS’ ACTUARIAL SOCIETY
Andy Cai
Lloyds Banking Group
AGENDA
• Background
• Application Process
• Life as an intern
• Application Tips
• International Students
• Company Deadline List
MY BACKGROUND
• A Level- AAA in Maths, Further Maths and Physics
• Bath - BSc Maths and Stats - 2.1
• Heriot Watt - MSc Actuarial Science - Pass
• Unique Voluntary Work
• Work Experience
• Passion
LLOYDS BANKING GROUP
LIFE AS AN ACTUARIAL INTERN
• Work
• Social
• Training
• Benefit
APPLICATION PROCESS
STANDARD APPLICATION PROCESS
• Pre Screening Process
• Assessment Day/Centre
PRE SCREENING PROCESS
• Application Form/ CV / Cover Letter
• Online Test (Numerical, Verbal, Logical, Personality)
• Telephone Interview
ASSESSMENT CENTRE• Competency Based Interview
• Group Exercise
• Role Play
• Case Study
• Presentation
• Individual Witten Up
• E Tray
• Paper based Numerical, Verbal and Logical Test
• Tour of Company
• Meet with Graduate
• Lunch
MUST-PREPARED INTERVIEW QUESTIONS
1. Why do you want to work for us?
2. What do you know about us?
3. Why do you want to apply for this position?
4. Why are you suitable for this position?
5. What do you think you are going to do in this job? (Deloitte)
6. Why do you want to become an actuary?
7. Current Issue that affect insurance industry?
Auto Enrolment, Solvency II, Longevity, Climate Change, Pension Reform,
2015 ACTUARIAL SUMMER INTERNSHIP
Deadline Company with deadline Without Deadline30 Oct 2014 6pm PwC (London) Other Location
PwC14 Nov 2014 Barnett Waddingham AIG
21 Nov 2014 Standard Life Swiss Re14 Dec 2014 First Actuarial Deloitte17 Dec 2014 Hymans Robertson Mercer16 Jan 2015 Towers Watson Ernst Young16 Feb 2015 9am Catlin Zurich
02 March 2015 Punter Southall Allianz06 March 2015 LCP27 March 2015 6pm PwC (other)
GRADUATE SCHEME FOR INTERNATIONAL STUDENTS ONLY (TIER 4)
• Actuarial Salary
• Tier 2 Visa Sponsorship (Work Permit)
£20,500/year - Minimum for any job
£27,600/year -Minimum for Actuarial
2015 ACTUARIAL GRADUATE SCHEME
Deadline Company Tier 2 Visa/Sponsorship
Comments
27 Oct 2014 Hymans Robertson YES App – Tel - AC
30 Oct 2014 6pm PwC (London AIMS) YES
03 Nov 2014 9am Catlin No
03 Nov 2014 Punter Southall NO
06 Nov 2014 Prudential YES
10 Nov 2014 AXA YES
14 Nov 2014 LCP YES App - AC
15 Nov 2014 Towers Watson YES
15 Nov 2014 First Actuarial NO
21 Nov 2014 Standard Life YES
30 Nov 2014 Xafinity Maybe
05 Dec 2014 Munich Re YES
19 Dec 2014 Willis NO
31 Dec 2014 Friends Life YES App - Test - AC
31 Dec 2014 Zurich YES
31 Dec 2014 APR LLP NO
2015 ACTUARIAL GRADUATE SCHEMEDeadline Company Tier 2
Visa/SponsorshipComments
Rolling PwC (Edinb, Man, Read) YES London HRC, ERC
CLOSED Ernst Young YES Re-Open Later
Rolling Deloitte YES
Rolling KPMG YES
Rolling Grant Thorntons Maybe
Rolling Mazars Maybe
Rolling Aon NO
Rolling SunGard Maybe Actuarial System
Rolling AIG Maybe
Rolling Mercer YES
Rolling Milliman Maybe
2015 ACTUARIAL GRADUATE SCHEMEDeadline Company Tier 2
Visa/SponsorshipComments
Not Open Yet Direct Line Group
Not Open Yet Kiln Tokio Marine April 2015
Not Open Yet Aegon March 2015
Allianz NO
Not Open Yet RSA Group
Not Open Yet Swiss Re
Not Open Yet Aviva No
Not Open Yet Lloyds Banking Group May/July 2015
Not Open Yet Legal and General
Barnet Waddingham YES No position for 2015
CONCERNS?
• Competition is High?
• Application Process is too complicated?
• Do not have 60+ in your year average?
• Do not care when to graduate?
• Need some money?
Industrial Placement
12 Months work placement
Year Long Placement
Sandwich Placement
10-12 Months Internship
Year in Industry
REASONS YOU MUST DO AN ACTUARIAL INDUSTRIAL PLACEMENT
• Competition is very low!!!!OMG! Why?
• Simple Application Process
• Low/flexible Entry Requirement
• Potential Graduate Offer
• Experience
• Count towards your WBS
• Finance
• After Graduation
ACTUARIAL INDUSTRIAL PLACEMENT(12 MONTHS)Deadline Company Comments
Rolling Prudential 15 Months
Barnett Waddingham
Rolling Deloitte
31/12/2014 Friends Life
Rolling Punter Southall
Rolling Aviva
Rolling Travellers
Rolling RSA Group
Rolling Argo International
Rolling Willis
Rolling Mercer 15 Months
Rolling AXA
Allianz
TIPS• First Year Student • Apply Early• Full use of Career Service – Inside Career• Commercial Awareness• Excel/ VBA• Study and Application Balanced• 2.1 is a must (80+ for Chinese University)• DO NOT wait until you study for your master degree• Master is optional• Motivations• Exemptions is important but not that important compared with work experience at this stage
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Lauren Blair4th year BSc Actuarial Science
HYMANS ROBERTSON- Independent Company
- Four Main Business Areas:
- Actuarial and Benefits- Investment- Risk Modelling Consulting- Third Party Admin
- Four Main Offices:
- Glasgow, Edinburgh, Birmingham, London
APPLICATION AND INTERVIEW
- Application Form
- Telephone
- Assessment Centre
- Final Interview
WORK EXPERIENCE
- Eight weeks long
- Actuarial Department – Public Sector Pensions
- Team of twelve
- Eight interns across Edinburgh and Glasgow
- Five interns from Heriot Watt
WORK EXPERIENCE- CLIENT WORK- Calculating Contribution Rates
- Estimating Liabilities
- Data Checks and Validation
- Accountancy Work
- Drafting Reports / Letters
- Phone / Email Clients
- Calculating Transfer Values
- Funding Updates
- Solvency Calculations
WORK EXPERIENCE- SOFTWARE USED
WORK EXPERIENCE- SUMMER PROJECT
- Create a spreadsheet to categorise employers
- Weekly catch ups
- Help within the team
- End of placement presentation
WORK EXPERIENCE - SOCIAL
- Public Sector Barbecue
- Pub Quiz
- End of Month Drinks
- Teams Lunches
- Actuarial & benefits Practice Away Day
TIPS
- Have your application double checked
- Good answer structure
- Know the company
- Good industry awareness
- APPLY!!
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Yuki Sun3rd year BSc Actuarial Science
VALIDUS REINSURANCE• Mainly short-tailed lines- Marine, Property Catastrophe, All
Other Property, Specialty
• Headquarters in Bermuda, also has offices in the US,
Switzerland, London, Dublin, Chile, Singapore,
Switzerland, Canada, Dubai, Malaysia
APPLICATION AND INTERVIEW
Received the internship opportunity through
networking.
WORK EXPERIENCE- PROJECTS
- Enhancing the property reinsurance pricing model
- Building an Excel tool for peer loss development triangle
analysis on insurance/reinsurance companies similar to
Validus. A presentation upon the completion of the project to
show the actuarial team our findings.
- Writing SQL codes for Excel pricing models
- Weekly actuarial meeting
WORK EXPERIENCE- SOFTWARE USED
WORK EXPERIENCE- SOCIAL
• Team of 14 friendly and warm actuaries
• Sociable space in the kitchen, easy to meet
colleagues from other departments.
• TVs for World Cup
• Summer party, happy hours
TIPS
• Take FULLLLLL advantage of networking events.
• Use LinkedIn to connect with colleagues and
network with industry professionals.
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CONTACT DETAILS
Lauren Blair: [email protected]
Andy Cai: [email protected]
Yuki Sun: [email protected]