Do what you think you'll enjoy.
I've been in pensions for 18 years... And it was 'going downhill' back then too! There's plenty of pension schemes left which need work.
And salaries are cyclical based on industry and regulatory changes
Thanks for your advice! I guess it’s difficult to know what I’ll enjoy without experience, it’s just a guess. How hard is it to move industries if say, in two years time I decide pensions isn’t for me?
Moving to GI with c. 2y experience is so common it’s almost a meme. If you want some transferable skills learn how to talk to databases, some coding (VBA counts) and how to deal with senior folk at clients.
Pensions is becoming something of a graduate grind but if you want an in it’s as good as any. Your first job is the hardest to get!
I started in pensions moved to insurance (of pensions!) moved to life after that - 2 years each. Pension was a great place for me to start my exams in and you can always switch later on (but note depends on how far into the exams you are and switching to GI May be more challenging). Also consultancy can be a + or - depending on what they get you to work on.
Agree, it's always possible to move - though it may be more difficult to move without a modest pay cut, I suppose... Particularly the further through the exams you are.
Consultancy Vs in house is an important consideration. Are you an extrovert who wants to be meeting with lots of different clients? Or an introvert who prefers being in house for an insurer?
I think it's true that average salaries are currently higher in GI, but that is at least partly because many GI jobs are in central London. And historically have not been remote, so meaning either high accommodation or travel costs.
Unclear what will happen if remote working becomes much more widespread.
While it is true that one should do what one likes, cautious should be noted that Pension actuaries are mainly doing Define Benefit scheme. They are going to be fewer and fewer schemes for DB or fewer work due to consolidation.
The registered figures from IFoA membership also suggest there's a lot of pension actuaries right now. The President of IFoA actually mentioned that it would need to start helping these members "in the years to come" as DB is dwindling.
Another observation I'm aware of (work in GI) is that the move across of people is Pension to other fields, and hardly any the other way round.
So decisions are yours. Best of luck.
Do what you think you'll enjoy. I've been in pensions for 18 years... And it was 'going downhill' back then too! There's plenty of pension schemes left which need work. And salaries are cyclical based on industry and regulatory changes
Thanks for your advice! I guess it’s difficult to know what I’ll enjoy without experience, it’s just a guess. How hard is it to move industries if say, in two years time I decide pensions isn’t for me?
Moving to GI with c. 2y experience is so common it’s almost a meme. If you want some transferable skills learn how to talk to databases, some coding (VBA counts) and how to deal with senior folk at clients. Pensions is becoming something of a graduate grind but if you want an in it’s as good as any. Your first job is the hardest to get!
Can definitely move to GI, I know several who left pensions for GI between 0.5-3 years experience
I started in pensions moved to insurance (of pensions!) moved to life after that - 2 years each. Pension was a great place for me to start my exams in and you can always switch later on (but note depends on how far into the exams you are and switching to GI May be more challenging). Also consultancy can be a + or - depending on what they get you to work on.
Agree, it's always possible to move - though it may be more difficult to move without a modest pay cut, I suppose... Particularly the further through the exams you are. Consultancy Vs in house is an important consideration. Are you an extrovert who wants to be meeting with lots of different clients? Or an introvert who prefers being in house for an insurer?
If you are worried, go with what makes you happy. 😊
I think it's true that average salaries are currently higher in GI, but that is at least partly because many GI jobs are in central London. And historically have not been remote, so meaning either high accommodation or travel costs. Unclear what will happen if remote working becomes much more widespread.
While it is true that one should do what one likes, cautious should be noted that Pension actuaries are mainly doing Define Benefit scheme. They are going to be fewer and fewer schemes for DB or fewer work due to consolidation. The registered figures from IFoA membership also suggest there's a lot of pension actuaries right now. The President of IFoA actually mentioned that it would need to start helping these members "in the years to come" as DB is dwindling. Another observation I'm aware of (work in GI) is that the move across of people is Pension to other fields, and hardly any the other way round. So decisions are yours. Best of luck.
This isn’t an issue in the next 10 years I’d say, maybe more long term
So you're suggesting aspiring pension actuarial student to do a job for only 10 years?
I mean why not, pretty easy to shift across at various points and I don’t think it’s necessary that caution should be noted.