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INTERNSHIP EXPERIENCE STUDENTS’ 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 Deadline 30 Oct 2014 6pm PwC (London) Other Location PwC 14 Nov 2014 Barnett Waddingham AIG 21 Nov 2014 Standard Life Swiss Re 14 Dec 2014 First Actuarial Deloitte 17 Dec 2014 Hymans Robertson Mercer 16 Jan 2015 Towers Watson Ernst Young 16 Feb 2015 9am Catlin Zurich 02 March 2015 Punter Southall Allianz 06 March 2015 LCP 27 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/Sponsor ship 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 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 - AC App - Test - AC 2015 ACTUARIAL GRADUATE SCHEME Deadline Company Tier 2 Visa/Sponsorship Comments 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 Rolling AIG Maybe Rolling Mercer YES Rolling Milliman Maybe Actuarial System 2015 ACTUARIAL GRADUATE SCHEME Deadline Company Not Open Yet Direct Line Group Not Open Yet Kiln Tokio Marine April 2015 Not Open Yet Aegon March 2015 Allianz Not Open Yet RSA Group Not Open Yet Swiss Re Not Open Yet Aviva Not Open Yet Lloyds Banking Group Not Open Yet Legal and General Barnet Waddingham Tier 2 Visa/Sponsorship Comments NO No May/July 2015 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? 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 Rolling AXA Allianz 15 Months 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 Lauren Blair 4th 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 EXPERIENCECLIENT 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 EXPERIENCESOFTWARE USED WORK EXPERIENCESUMMER 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!! Yuki Sun 3rd 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 EXPERIENCEPROJECTS - 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 EXPERIENCESOFTWARE USED WORK EXPERIENCESOCIAL • 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. CONTACT DETAILS Lauren Blair: [email protected] Andy Cai: [email protected] Yuki Sun: [email protected]