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: lb130@hw.ac.uk

Andy Cai: xc95@hw.ac.uk

Yuki Sun: xs58@hw.ac.uk