Welcome to the GAAPS Actuarial Career Clinic!
Please note: the answers provided here are general. For more specific, detailed career advice from our qualified consultants, please register at www.gaaps.com.
Question: What would be the salary range for a newly qualified actuary in Singapore or Australia, and how has that changed on average over the past twelve months?
Answer: Once qualified, the salary is generally weighted on years of experience, and the role in particular the person is filling. We have seen evidence of newly qualified actuaries in Singapore sitting between $100,000 + bonus to $120,000 + bonus (depending on the factors above). In Sydney, a newly qualified general insurance actuary can often fetch $110,000 – $120,000 + bonus, depending on the experience.
If the candidate had specialised general insurance experience, there would be room to negotiate more, depending on the roles requirements.
Question: How likely is it for someone with no bachelor’s degree but with all the CTs (through self-study) to get an actuarial job? Are you aware of any employers who accept students in this situation?
Answer: The answer to this is, as you must have guessed, as long as a piece of string. It all depends. What has he been doing while self-studying? If self-studying from home, the answer is more likely to be ‘no’ than if self-studying while also studying a different discipline or working. Again, it will depend on where the person is working. I suggest that you register with www.gaaps.com and submit your CV so that one of our consultants can speak with you directly. Registering will pre-empt about half an hour of routine interviewing, and allow the consultant specializing in the relevant field to have some background information when they contact you, thereby providing a more efficient service.
Question: I have been going through the CFA level 1 study notes and the paper seems manageable. Is doing the CFA going to enhance my chances of getting an actuarial job? Also, I do not currently do a job with much actuarial content, but I am still studying for the papers. Will this hamper my getting an actuarial job in the future?
Answer: Availability of jobs is as much down to supply and demand as anything else. There is a shortage of pension administrators, as well as actuaries, so in theory you should be in demand. There is, however, the “slight” problem of obtaining a work permit. It will be a combination of qualifying rather than the precise experience and the package you are earning which will determine your eligibility.
Question: I am a first year LSE undergraduate student studying a BSc Actuarial Science course and would like to enquire about possible actuarial careers. Do any investment banks in London or the UK hire actuaries and, if so, which departments would that be?
What are the career prospects like in a bank in terms of study support? Would I be better off starting a graduate position in an insurance/pensions/consultancy firm and gaining experience and exposure before moving into banking?
Answer: Yes, investment banks hire actuaries, amongst others. The answer to your last question depends on your career aspirations. If you register with us at www.gaaps.com, our consultants can have a good look at your CV and give you more detailed advice.
Have questions? We’ve got answers! Send your actuarial career-related questions to firstname.lastname@example.org, and we will reply to you personally, as well as post your question and answer here. All questions and responses will be posted anonymously.
Disclaimer:While we have made every effort to ensure that the careers advice on this website is accurate, the information is by its very nature general and is not a substitute for seeking comprehensive careers advice tailored to the particular circumstances of an individual. We encourage prospective candidates to forward their CVs to us so that we may properly discuss and be informed of all the issues concerning the individual.
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