Actuarial

As an actuary, you’ll work with uncertainty. We're the UK's largest Actuarial practice, with jobs in seven locations across the country.

Join us and you’ll help clients analyse how future events, anything from a corporate take-over to a major natural disaster, could affect them.

You might be calculating the impact of changing demographics or legislation on pension schemes; the effects that changes in financial markets have on different organisations; or how likely a business is to be hit by an earthquake. You’ll learn how to use complex financial and statistical theories to weigh up the risks and estimate the odds of what might happen. Just as important, you’ll develop a flair for presenting your findings in simple, easy-to-understand language. What’s more, early client exposure will broaden your experience. There are two business areas you can choose from – both among the leading actuarial practices in the UK.

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Actuarial Services

You might help analyse the impact that new regulation will have on an insurance company’s balance sheet or you could be revising businesses’ projections and making sure they have adequate reserves.

Whatever the project, you’ll make the most of your analytical skills to deliver real commercial insights. Insights that will help our clients prepare for issues you see regularly on the news.

What you'll do
You’ll work with clients from the insurance industry (both life and general insurance), but also with clients from outside the insurance industry where you’ll work with clients from the banking sector (retail and investment), the healthcare sector, the public sector, as well as corporate clients from the non-financial sector - companies like energy and utility providers. Your advice could cover solvency, reserving, economic capital, risk management, mergers and acquisitions, company restructuring and de-risking, financial modelling, underwriting, new legislation, the viability of new products and the efficiency of claims or reporting processes.
Our Actuarial Services work
Get more from life
Life insurance covers a range of long-term (some policies last 50 years or more) financial and protection products. Working with life insurance companies, you’ll assess the risks to these products and to the companies themselves, helping them understand and quantify these risks which could be economic, demographic or to do with policyholder behaviour, or estimate what the impact that these may have many years into the future. You might need to build, run, understand and interpret the output from complex mathematical models. Or you could be investigating and implementing new ideas to manage these risks, such as derivatives or other complex financial instruments. Thanks to the range of products and risks, there’s a wide variety of projects to get involved with, including looking at the way the assets backing the risks are invested and advising on better ways to manage them.

From homes to hurricanes
In the General Insurance industry policies are generally of a much shorter term (with most being only a year) and cover areas of insurance aside from life insurance. At the more everyday end of the scale there’s car and home insurance. But you could also work on insurance classes impacted by far-reaching events like natural catastrophes, terrorism or even cyber-attack. The impact of hurricanes and floods, for instance, raise a huge question mark for insurers. The more accurate your calculation of the impact of these events for the insurer, the better you’ll be able to help our clients plan strategically.

Actuaries in a bank
Banking is one of the fastest growing areas of Actuarial Services. We work with both investment and retail banks providing actuarial insight into the risks they face. Since the credit crisis there has been increased pressure on banks to better understand and manage their risks; as actuaries and experts in risk, we are well placed to deliver advice in this area. On a typical assignment you might be involved in assisting a bank to build a mathematical model which predicts future losses from mortgage defaults or value complex financial instruments being traded in investment banks.

Outside the norm
If you want to stretch the traditional boundaries of actuarial work, there are growing opportunities in providing advice to non-insurance clients. Here you’ll get exposure to an array of projects from both the corporate and public sectors. Our clients here range from hospitals and the health service, to energy providers and airlines – the scope is endless.

In healthcare we provide broad data analytics services to support both public and private sector clients. We work closely with other healthcare data analytics teams across PwC. Typical healthcare projects develop models (predictive and stochastic) based on large data sets to support decision making within the client’s business.

Our key skills around risk analysis and modelling are equally relevant for the non-insurance corporate sector. We help corporates to enhance their business forecasting capabilities and to better use their data to inform their strategic business decisions.

You can chat through each of these areas with us at career fairs and on-campus events or during your interview. Whichever area you join, you’ll get exposure to our full range of assignments and a broad view of actuarial work so you’ll enjoy plenty of variety.

Whatever projects you tackle, you’ll spend some time out of the office. Your clients could be a few streets away or in another city, so travel will be part of your working life.
Is Actuarial Services right for you?
Your training combines on-the-job coaching and formal courses with study for professional qualifications. During your first few years, you'll divide your time between working in the office, visiting clients and studying to qualify as a Fellow of the Institute and Faculty of Actuaries, usually within four years. You’ll start working towards this during your induction training and it's a hefty commitment, calling for a great deal of self-discipline and motivation.

You’ll benefit from:
  • A structured induction programme that helps you pick up basic but vital technical and business skills and helps you settle in quickly and meet new colleagues
  • Study leave (about one day a week) and full financial support for the cost of study materials and external tutorials; plus your own study mentor, someone whose first-hand knowledge of the exams will prove invaluable
  • A pay rise each time you pass an exam to reward you for all your hard work
  • Practical experience of working with multidisciplinary PwC practices such as tax, accounting, regulatory, business recovery or deal experts on a wide range of client projects. This will help you develop analytical, technical, communication, project management and networking skills while building your business awareness and industry knowledge.

Ultimately, however, your development is down to you. At every stage of your career, including coming up to qualification, we'll encourage you to identify your own development needs and choose the right training to meet them. That might include a secondment either within the UK to a client, or to another Actuarial Services team in Europe or globally.
What you'll need
At PwC we no longer use UCAS tariff as an assessment tool for the majority of our undergraduate and graduate opportunities. However, the Institute and Faculty of Actuaries require you to have:
  • Minimum Grade C in A Level mathematics or equivalent*
  • A second A Level in any subject at a minimum Grade C
In addition to this UCAS requirement, PwC also require you to have:
  • Achieved or on target for a 2.1 in any degree discipline
If you’re unable to meet these UCAS requirements, we won't be able to consider you for a role as an Actuary. If you do meet the degree requirement, you may want to consider other programmes on offer which don't have a UCAS tariff requirement.

If you would like to find out more about the requirements for the IFOA please refer to the following link - www.actuaries.org.uk/become-actuary/how-become-actuary

Actuarial work is highly analytical and technical. And as many of our clients work in regulation, finance or sit on the board of large companies, the terminology we use isn't something they're usually familiar with. That’s why we need people who can explain complex subjects to non-actuaries in plain English - making it crucial to have both a flair for communication and good all-round commercial awareness. Above all, you must be highly numerate as you'll be carrying out complex financial calculations and modelling work.

* Depending on your degree subject this A level requirement may be dropped.
Application process
Our London Actuarial Services roles are deadline driven. Timelines for this are -
  • The deadline for applications is 31st October 2018
  • The deadline for online assessments is 1st November 2018
  • Assessment centres will take place on 10th-12th December 2018
  • Final stage assessments will be held on 10th-12th December 2018

  • For more information on the application and assessment process please see the information provided on in our “hints & tips” section.

    For all Actuarial Services roles as part of the final stage you will also attend attend a senior interview with the business. More information on this will be provided by your local recruiter.

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    Actuarial People and Organisation

    You'll work in one of our key areas within Actuarial People and Organisation. You’ll work in either our Pensions team or the Reward and Employment team.

    In People and Organisation you’ll work in one of our two teams.

    In Pensions, you’ll work with a wide variety of companies, from large multinationals to private listed businesses. Using our market-leading pensions analytics tool and range of expertise, you'll help clients develop and implement their pension strategy or benefit schemes, consult on how they should manage both liability and asset risks within their pension plans, negotiate with trustees on how to fund schemes, design plans to help employees save for retirement, advise on potential mergers or acquisitions, and account for their pension schemes.

    In Reward and Employment, you’ll help companies work out how to incentivise and reward their employees. As part of a multidisciplinary team, you’ll draw on your problem-solving skills to advise clients in this complex and challenging area, using financial modelling and analytical techniques to develop reward structures that support business strategy, drive appropriate behaviours, and are acceptable to shareholders and employees alike

    What you'll do in our Pensions team
    In Pensions, you’ll be using your analytical, problem solving and communication skills to help our clients manage the costs and risks of past pension promises and design new promises in a word with ever-changing working patterns. People are living longer, pension investments can be very volatile and technology enables us to process more data than ever before, so our clients turn to us for creative and innovative solutions to help them provide a sustainable way for their employees to save for retirement.

    During your first few years in the Pensions team, you'll split your time between office, clients and studying to qualify as an Actuary with the Institute and Faculty of Actuaries (about one day a week of study leave). Your work will be wide ranging - you could be advising your clients on different ways to reduce the shortfall in their defined benefit pension schemes, reviewing their investment strategy and financial risks, or designing new options and plans to help their employees save for retirement. Or you might be helping a company remove its pensions risk by negotiating a deal with an insurer, or assessing the value of a pension scheme and its risks in the context of a merger or acquisition.

    Every client has their own unique needs and circumstances - our clients range from large multinationals to pension scheme trustees, and from public sector organisations to privately listed businesses. You'll need to be adaptable and be able to tailor your work for your clients. Sometimes, you might need to work with other teams in PwC such as Business Recovery Services, Corporate Finance, Deals, Sustainability, Data Analytics and Disruption to deliver solutions for our clients' pensions issues.

    You'll also find your work will be tech-enabled - you'll be doing actuarial calculations using our market-leading pensions analytics and valuation tool (Skyval), or you could be using online tools and digital communications to help employees understand their pension benefits.

    You could also be working with our investment team (depending on your office location) to advise companies and trustees on the sort of investments they should make and why, the best ways to manage investment risk in their scheme and how to plan for the future. You'll learn about the characteristics of investment classes and how different assets can be combined to produce a suitable portfolio for a pension scheme.
    What you'll do in our Reward and Employment team
    In Reward and Employment, you’ll help companies work out the more effective way of incentivising and rewarding their employees. As part of a multidisciplinary team, you’ll draw on your problem-solving skills to advise clients in this complex and challenging area, using financial modelling and analytical techniques to develop reward structures that support business strategy, drive appropriate behaviours, and are acceptable to shareholders and employees alike.

    You'll play a big part in helping clients design, evaluate and manage, their short and long-term incentive arrangements. You’ll use problem-solving and analytical techniques to to assess performance in different scenarios and recommend the most appropriate incentive design. Often you’ll create interactive modelling tools to help our clients appreciate the key issues they face. At the same time you'll develop your understanding of the regulatory and commercial backdrop which underpins the advice provided in this highly scrutinised and emotive area. We pride ourselves on providing fresh perspectives, to think differently, and to develop and implement new and value adding solutions.

    Whichever team you work in you’ll be mostly office-based. Although there are client visits, you’ll rarely spend weeks away from home so you won’t need to live out of a suitcase.
    Is Actuarial People and Organisation right for you?
    Your training combines on-the-job coaching, formal courses and study for professional qualifications. During your first few years, you'll divide your time between working in the office, visiting clients and studying to qualify as an Actuary with the Institute and Faculty of Actuaries. You start working towards this during your induction training and it's a hefty commitment, calling for a great deal of self-discipline and motivation.

    You’ll benefit from:
    • A structured induction programme
    • Study leave (about one day a week) and full financial support for the cost of study materials and external tutorials; plus your own study mentor, someone whose first-hand knowledge of the exams will prove invaluable
    • Practical experience of working with multidisciplinary PwC practices such as tax, business recovery or deal experts on a wide range of client projects. This will help you develop analytical, technical, communication, project management and networking skills while building your business awareness and industry knowledge.

    Ultimately, however, your development is down to you. At every stage of your career, including coming up to qualification, we'll encourage you to identify your own development needs and choose the right training to meet them. That might include secondments.
    What you'll need
    At PwC we no longer use UCAS tariff as an assessment tool for the majority of our undergraduate and graduate opportunities. However, the Institute and Faculty of Actuaries require you to have:
    • Minimum Grade C in A Level mathematics or equivalent*
    • A second A Level in any subject at a minimum Grade C
    In addition to this UCAS requirement, PwC also require you to have:
    • Achieved or on target for a 2.1 in any degree discipline
    If you’re unable to meet these UCAS requirements, we won't be able to consider you for a role as an Actuary. If you do meet the degree requirement, you may want to consider other programmes on offer which don't have a UCAS tariff requirement.

    If you would like to find out more about the requirements for the IFOA please refer to the following link - www.actuaries.org.uk/become-actuary/how-become-actuary

    Actuarial work is highly analytical and technical. And as many of our clients work in regulation, finance or sit on the board of large companies, the terminology we use isn't something they're usually familiar with. That’s why we need people who can explain complex subjects to non-actuaries in plain English - making it crucial to have both a flair for communication and good all-round commercial awareness. Above all, you must be highly numerate as you'll be carrying out complex financial calculations and modelling work.

    * Depending on your degree subject this A level requirement may be dropped.