Actuarial Science Handbook

for

BSc (Social Sciences) Economics and Actuarial Science

BSc Mathematics with Actuarial Science
University of Southampton
Academic Year 2012/13

Contents
1. Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
2. BSc (Social Sciences) Economics and Actuarial Science Programme Structure . . . . . . . . . . . . . . . . . . . . 3
3. BSc Mathematics with Actuarial Science Programme Structure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
4. Professional Examinations of the Institute and Faculty of Actuaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
5. Exemptions from Examinations of the Institute and Faculty of Actuaries . . . . . . . . . . . . . . . . . . . . . . . . . 6
6. Actuarial Libraries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
7. Studying Abroad . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
8. Southampton University Actuarial Society (SUAS) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
9. Staple Inn Actuarial Society (SIAS) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
10. Actuarial Bursaries and Prizes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
11. Actuarial Internships/Placements/Graduate Entry Positions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
12. Contacts and Links . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

1. Introduction
1.1 This handbook gathers together some useful information for students considering or pursuing either
of the undergraduate actuarial science honours degree programmes offered by the University of
Southampton, namely BSc (Social Sciences) Economics and Actuarial Science, operated by the
Division of Economics, Social Sciences Academic Unit, Faculty of Social and Human Sciences,
and BSc Mathematics with Actuarial Science, operated by Mathematics Academic Unit, Faculty
of Social and Human Sciences. It provides information on programme structures, professional
actuarial examinations, exemptions from the professional examinations, actuarial bursaries and
prizes, actuarial student societies, and actuarial internships, placements, and employment, and is
intended to complement the academic handbooks issued by the relevant Division or Academic Unit.
1.2 Both actuarial science programmes are very flexible, offer the same actuarial content, and are formally recognised by the Institute and Faculty of Actuaries, the professional actuarial body in the
United Kingdom (UK). Through the Exemption Recognition Agreement that exists between the
University of Southampton and the Institute and Faculty of Actuaries, students on either programme who perform sufficiently well in relevant University modules may obtain recommendation
for exemption from the corresponding Subjects CT1CT8 of the Core Technical (CT) series of
professional examinations of the Institute and Faculty of Actuaries, which are internationally recognised. The University of Southampton is one of only three universities in England to enjoy such
an extensive exemption agreement in respect of its undergraduate actuarial science programmes,
and is the only one of these within the Russell Group of elite UK universities. Indeed, according to
both the QS World University Rankings 2011 and the Times Higher Education World University
Rankings 201112, the University of Southampton is the highest ranked university in Europe to
offer undergraduate actuarial science programmes that enable students to gain exemption from all
of Subjects CT1CT8, and is one of the top ten universities in the world that offer such programmes.
1.3 Actuaries are highly skilled quantitative professionals who are primarily concerned with the identification, quantification, analysis, and management of various types of risk, particularly those with
long-term financial consequences. Their expertise is essential to the proper management of life,
general, and health insurance companies, pension funds, and investment firms, their skills are very
highly regarded and valued throughout the financial services industry, and their opportunities to
practise worldwide are strong and growing. The actuarial profession is a relatively small but select
one, and, although the path towards professional qualification as a Fellow of the Institute of Actuaries or as a Fellow of the Faculty of Actuaries is often long and difficult, requiring as it does the
passing of a series of fifteen professional Subjects, the rewards and opportunities available to those
who reach this goal are very substantial and extensive indeed.
1.4 Both the BSc (Social Sciences) Economics and Actuarial Science programme and the BSc Mathematics with Actuarial Science programme are designed to provide students with the opportunity to
undertake a coherent programme of professionally recognised education in actuarial science as part
of their undergraduate degree studies. Depending on their academic performance, graduates of the
programmes may gain exemption from up to the first eight of the professional examinations of the
Institute and Faculty of Actuaries, and may subsequently enter employment as actuarial analysts
with advanced professional standing, so reducing the time remaining until attainment of Fellowship
by up to two years.
1.5 On graduation from either programme with a number of exemptions from the professional examinations and subsequent employment as an actuarial analyst, entry level annual salaries of the order
of 2530k might be expected. On completion of the remaining professional examinations and
qualification as a Fellow of the Institute of Actuaries or as a Fellow of the Faculty of Actuaries,
annual salaries upwards of 60k might be expected, dependent on experience, field of employment,
and location. Senior experienced actuaries in positions of substantial responsibility may command
annual salaries measured in hundreds of thousands of pounds and enjoy considerable satisfaction
and reward from their chosen profession and career.
1.6 Dr. Gerard Kennedy provides academic leadership for both actuarial science programmes. Dr.
Kennedy is always happy to discuss actuarial and programme matters with students considering or
pursuing either programme. His contact details may be found at the end of this handbook.

2. BSc (Soc. Sci.) Economics and Actuarial Science Programme Structure

In order to satisfy the requirements for the named degree BSc (Social Sciences) Economics and Actuarial
Science, students must take:
4 modules in each of two semesters per year, over 3 years; no backtracking, that is, taking a module
at a level lower than the year, is permitted in year 2; no backtracking of ECON modules is permitted
in year 3;
the specified compulsory modules tabulated in roman type below; note that, of these, ECON1001/
1003, ECON1002, ECON1007, ECON1008, and ECON1011 are all core year 1 modules, that is,
they must each be passed in order to progress to year 2; likewise ECON3023/STAT3022 is a core
year 3 module, that is, it must be passed in order to graduate;
at least 3 of the specified named-degree option modules tabulated in italics below; provided this
minimum requirement is met, any other options from the relevant year list supplied by Social
Sciences Academic Unit, or approved by Social Sciences Academic Unit, may be taken as alternatives
to the specified named-degree options.
Year 1
Semester 1

Semester 2

ECON1001 Foundations of Microeconomics/

ECON1003 Principles of Microeconomics
ECON1008 Mathematics for Economics
Option
Option

ECON1002 Principles of Macroeconomics

ECON1007 Statistics for Economics
ECON1011 Quantitative Modelling in Economics
Option

If students have A-level Economics, they take ECON1003; otherwise, they take ECON1001.
Option taken from a year 1 options list supplied by Social Sciences Academic Unit. Note that choosing
MANG1001, MANG1002, or MANG1004 as an option precludes the taking of MANG2014 in year 2.

Year 2
Semester 1

Semester 2

ECON2001 Applied Microeconomics 2

ECON2002 Macroeconomic Policy 2
ECON2006 Statistical Theory 2
MATH2040 Financial Mathematics

ECON2007 Econometrics 2
MANG2014 Accounting and Finance for Non-Specialists
MATH2012 Stochastic Processes
Option

Option taken from a year 2 options list supplied by Social Sciences Academic Unit.

Year 3
Semester 1

Semester 2

ECON3023/STAT3022 Dissertation/Project
ECON3015 Principles of Finance
MATH3063 Actuarial Mathematics I
DEMO3001 Survival Models

ECON3023/STAT3022 Dissertation/Project
ECON3008 Macroeconomic Policy 3
MATH3022 Mathematical Finance
MATH3066 Actuarial Mathematics II
STAT3010 Statistical Methods in Insurance

Students must take at least one of ECON3008 and ECON3015.

3. BSc Mathematics with Actuarial Science Programme Structure

In order to satisfy the requirements for the named degree BSc Mathematics with Actuarial Science,
students must take:
4 modules in each of two semesters per year, over 3 years, with at most one through back or forward
tracking in each year, that is, at a lower or higher level than the year;
at least 16 MATH modules, including at least 4 level 3 MATH modules;
the specified compulsory modules tabulated in roman type below; note that, of these, MATH1024,
MATH1050, and MATH1051 are all core year 1 modules, that is, they must each be passed in order
to progress to year 2; likewise, MATH3032 is a core year 3 module, that is, it must be passed in
order to graduate;
at least 5 of the specified named-degree option modules tabulated in italics below; provided this
minimum requirement is met, any other options (MATH or non-MATH) approved by Mathematics
Academic Unit may be taken as alternatives to the specified named-degree options.
Year 1
Semester 1

Semester 2

MATH1050 Calculus I
MATH1048 Linear Algebra I
MATH1052 Differential Equations
ECON1001 Foundations of Microeconomics/
ECON1003 Principles of Microeconomics

MATH1051 Calculus II
MATH1049 Linear Algebra II
MATH1024 Introduction to Probability and Statistics
ECON1002 Principles of Macroeconomics

If students have A-level Economics, they take ECON1003; otherwise, they take ECON1001.

Year 2
Semester 1

Semester 2

MATH2039 Analysis
MATH2011 Statistical Distribution Theory
MATH2040 Financial Mathematics
Option

MATH2038 Partial Differential Equations

MATH2010 Statistical Methods I
MANG2014 Accounting and Finance for Non-Specialists
MATH2012 Stochastic Processes

Year 3
Semester 1

Semester 2

MATH3032 Communicating & Researching Maths MATH3022 Mathematical Finance

MATH3063 Actuarial Mathematics I
MATH3066 Actuarial Mathematics II
DEMO3001 Survival Models
STAT3010 Statistical Methods in Insurance
Option
Option

4. Professional Examinations of the Institute and Faculty of Actuaries

4.1 The professional actuarial body in the UK is the Institute and Faculty of Actuaries, which is often
referred to as the Actuarial Profession.
4.2 In order to qualify as a Fellow of the Institute of Actuaries (FIA) or as a Fellow of the Faculty of
Actuaries (FFA), it is necessary to pass a series of fifteen professional Subjects spanning four levels:
all nine Subjects at Core Technical level, all three Subjects at Core Applications level, two of the
eight Subjects at Specialist Technical level, and one of the six Subjects at Specialist Applications
level. In order to qualify as an Associate of the Institute of Actuaries (AIA) or as an Associate of
the Faculty of Actuaries (AFA), it is necessary to pass only the nine Subjects at Core Technical
level and the three Subjects at Core Applications level. The various Subjects currently available at
each level are tabulated below:
Core Technical Level

Specialist Technical Level

CT1
CT2
CT3
CT4
CT5
CT6
CT7
CT8
CT9

ST1
ST2
ST4
ST5
ST6
ST7

Financial Mathematics
Finance and Financial Reporting
Probability and Mathematical Statistics
Models
Contingencies
Statistical Methods
Business Economics
Financial Economics
Business Awareness Module

Health and Care

Life Insurance
Pensions and Other Benefits
Finance and Investment A
Finance and Investment B
General Insurance - Reserving
and Capital Modelling
ST8 General Insurance - Pricing
ST9 Enterprise Risk Management

Core Applications Level

Specialist Applications Level

CA1 Actuarial Risk Management

CA2 Model Documentation, Analysis and Reporting
CA3 Communications

SA1
SA2
SA3
SA4
SA5
SA6

Health and Care

Life Insurance
General Insurance
Pensions and Other Benefits
Finance
Investment

4.3 It is possible to satisfy one of the Specialist Technical requirements by passing ST0, Alternative
Specialist Technical, which credits suitable prior educational achievement at an appropriate level,
for example, a prior MBA or taught MSc in a relevant subject. It is also possible to satisfy the
Specialist Applications requirement by passing SA0, Research Dissertation Specialist Applications,
which permits the undertaking and successful completion of suitable research at the level of an
MPhil or research MSc in an appropriate field to be credited, provided that the research topic and
its supervision are approved in advance by the profession.
4.4 Under the reciprocal recognition agreements that exist between the Institute and Faculty of Actuaries and other major professional actuarial bodies, such as the Actuarial Society of South Africa,
the Casualty Actuarial Society, the China Association of Actuaries, the Institute of Actuaries of
Australia, the Institute of Actuaries of India, and the Society of Actuaries, it may be possible to
have Subject passes or exemptions under the UK professional examination system credited as corresponding passes or exemptions under the examination systems of these other professional actuarial
bodies, and vice versa. For details, visit the UK professions website at www.actuaries.org.uk or the
website of the relevant actuarial body.
4.5 Full details of the UK actuarial professions educational syllabus and examination system, and of
the requirements for qualification as a Fellow or Associate of the Institute of Actuaries or of the
Faculty of Actuaries, may be found on the UK professions website at www.actuaries.org.uk

5. Exemptions from Examinations of the Institute and Faculty of Actuaries

5.1 Under the Exemption Recognition Agreement that exists between the University of Southampton
and the Institute and Faculty of Actuaries, students who perform sufficiently well in certain weighted
combinations of University modules may be recommended for exemption from the professional
examinations in the corresponding Subjects, as detailed in the following exemption mapping table:
Professional Subject

University Module(s)

Weighting

CT1 Financial Mathematics

MATH2040 Financial Mathematics

100%

CT2 Finance and Financial Reporting

MANG2014 Accounting and Finance for Non-Specialists

100%

CT3 Probability & Mathematical Statistics ECON1007 Statistics for Economics

(Economics and Actuarial Science)
ECON1011 Quantitative Modelling in Economics
ECON2006 Statistical Theory 2

40%
40%
20%

CT3 Probability & Mathematical Statistics MATH1024 Introduction to Probability and Statistics
(Mathematics with Actuarial Science)
MATH2011 Statistical Distribution Theory
MATH2010 Statistical Methods I

40%
40%
20%

CT4 Models

MATH2012 Stochastic Processes

DEMO3001 Survival Models

50%
50%

CT5 Contingencies

MATH3063 Actuarial Mathematics I

MATH3066 Actuarial Mathematics II

50%
50%

CT6 Statistical Methods

STAT3010 Statistical Methods in Insurance

CT7 Business Economics

ECON1001/1003 Foundations/Principles of Microeconomics 50%

ECON1002 Principles of Macroeconomics
50%

CT8 Financial Economics

MATH3022 Mathematical Finance

100%

100%

Previously, this module has been titled Demography, and has been variously coded as DEMO2002, STAT2008,
or STAT3011.
If students have A-level Economics, they take ECON1003; otherwise, they take ECON1001.

5.2 Exemption recommendations are decided by the Independent Examiner, who is appointed by the
Institute and Faculty of Actuaries to monitor the standards of actuarial education provision and
assessment within both the Economics and Actuarial Science programme and the Mathematics with
Actuarial Science programme, and to ascertain that such standards are comparable to those of the
professional education and examination system for Subjects CT1CT8. The Independent Examiner
sets an exemption threshold for each of these professional Subjects. If the weighted average of a
students module marks in the corresponding contributing University modules, as detailed in the
above table, is greater than or equal to the exemption threshold set for the corresponding professional
Subject then the student is recommended for exemption in that Subject.
5.3 In forming such weighted averages, the module marks used are exactly those that appear in the
students academic transcript. They therefore include contributions from both examination marks
and coursework marks, in accordance with the assessment specifications for the modules, and automatically reflect any scaling of marks that may have been applied for University purposes.
5.4 The exemption threshold set by the Independent Examiner may vary by professional Subject in any
one academic year, and from one academic year to another, depending on, amongst other things,
the level of difficulty of the examinations in the contributing University modules. Typically, this
threshold will be in the range 6065%, but it may, on occasion, be set outwith this range if deemed
appropriate by the Independent Examiner.
6

5.5 Students are not permitted to voluntarily attempt supplementary examinations, and so cannot
improve their chance of gaining an exemption recommendation by this means. Students who are
required to take supplementary examinations because of earlier poor performance will normally
have their marks in such supplementaries capped. Students who are required or permitted to take
supplementary examinations as a first attempt, because of earlier severe medical, personal, or other
circumstances, will not normally have their marks in such supplementaries capped.
5.6 Although exemption recommendations are likely to be of greatest interest to students on the Economics and Actuarial Science programme or the Mathematics with Actuarial Science programme,
students on other degree programmes are equally eligible for consideration of such exemption recommendations in respect of particular professional Subjects provided they have taken the corresponding
contributing University modules.
5.7 Students are formally informed of their exemption recommendations only on completion of their
degree programme and award of their degree. Each such graduand who has received recommendation
for exemption is issued with a personal Exemption Recommendation Letter by the Faculty Office of
the Faculty of Social and Human Sciences, which lists the Subjects for which exemption has been
recommended.
5.8 Shortly before the issue of Exemption Recommendation Letters to graduands, an exemptions spreadsheet which contains each such graduands exemption recommendations is sent to the Institute and
Faculty of Actuaries Exemptions Officer, for incorporation into the professions exemption recommendations database.
5.9 In order to have any exemption recommendations ratified by the profession, it is necessary for a
graduate to first become a Student Member of the Institute and Faculty of Actuaries. This requires
the graduate to complete and submit the appropriate membership application form, which may
be downloaded from the professions website www.actuaries.org, together with required supporting
documentation and payment of the appropriate membership application fee and first years annual
membership subscription. Once enrolled as a Student Member, the graduate may complete and
submit an exemptions application form, which may also be downloaded from the professions website,
together with payment of the appropriate exemption application fee for each professional Subject
exemption claimed. Currently, the various fees are as follows: membership application fee 172.00;
annual membership subscription fee 282.00; exemption application fee 150.00 per CT Subject.
A graduate who has secured actuarial employment will usually have all of these fees paid by their
employer, at least in the UK.
5.10 A graduate who does not enter actuarial employment until a year or two following graduation may
be able to defer joining the profession and having exemption recommendations ratified until that
time. However, the professional examination system does change substantially over periods of the
order of five or ten years, and so it would be wise for any graduate who intends to join the profession
and have his or her exemption recommendations ratified not to delay in doing so for too long, lest
certain exemption recommendations become invalid under a new professional examination system.

6. Actuarial Libraries
6.1 In addition to the Universitys general library facilities, actuarial science students may be permitted
to use the more specialised libraries of the Institute and Faculty of Actuaries, a resource which can be
particularly valuable when undertaking a final year actuarial science research project. Information
on these libraries, which are located in Oxford, London, and Edinburgh, and their holdings, may
be found on the UK professions website, www.actuaries.org.uk, under Research and resources.

7. Studying Abroad
7.1 The University of Southampton participates in the Erasmus programme, which enables students to
spend a semester of study abroad at certain European partner institutions. Mathematics Academic
Unit has the following Erasmus partners: Liege (Belgium), Lille (France), Hamburg, Trier (both
Germany), Neuchatel (Switzerland), Universidad Complutense Madrid, Santiago de Compostela
and Malaga (all Spain), Vasteras (Sweden), METU Ankara (Turkey), and Bergen (Norway). The
7

Division of Economics, Social Sciences Academic Unit has the following Erasmus partner: Rijksuniversiteit Groningen (The Netherlands). Further details may be obtained from the website of the
relevant Division or Academic Unit, or from the corresponding Erasmus Coordinator.
7.2 The Division of Economics, Social Sciences Academic Unit also has student exchange programmes
with certain non-Erasmus partner institutions, namely Universidade de S
ao Paulo (Brazil), University of Wisconsin-Madison (USA), and University of Wollongong (Australia). Further details may
be obtained from the website of the Division of Economics.

8. Southampton University Actuarial Society (SUAS)

8.1 SUAS is a recognised student society of the University which was established as a forum to enable
actuarial science students, and other students with an interest in the subject, to engage in social
events, to organise and host employer presentations, skills sessions, actuarial career fairs, talks
on current actuarial issues, and similar on-campus events, and to arrange occasional off-campus
educational visits to financial institutions of interest, such as Lloyds.
8.2 SUAS is run autonomously by a President and Committee elected by its membership each year, with
funding for its activities being provided by annual membership subscriptions and by a recurrent
grant from Mathematics Academic Unit. SUAS has also secured substantial sponsorship from
PricewaterhouseCoopers (PwC) for academic year 2012/13.
8.3 SUAS has negotiated a block membership of the Wessex Actuarial Society (WAS), the local regional
professional actuarial society, which enables a limited number of SUAS members to attend WAS
events of interest. SUAS also assists with the hosting of one or two WAS events on the University
campus each year.
8.4 SUAS is an active society run for the benefit of its members, and actuarial science students are
strongly encouraged to become members. For details of upcoming events and of how to join, visit
the SUAS website at www.soton.ac.uk/ suas/

9. Staple Inn Actuarial Society (SIAS)

9.1 SIAS is a professional society for actuarial students of the Institute and Faculty of Actuaries. Membership is also open to University students pursuing actuarial science or related degree programmes,
for only 6 a year.
9.2 SIAS holds various actuarial events and social events in London. It also publishes The Actuary, a
monthly magazine for actuaries and actuarial students, which contains news about the profession,
articles on current actuarial topics, and advertisements for actuarial appointments. Members of
SIAS receive a free subscription to The Actuary as a benefit of membership.
9.3 To join SIAS, visit the SIAS website at www.sias.org.uk and download a membership application
form. This website also contains a link to the online version of The Actuary at www.theactuary.com.

10. Actuarial Bursaries and Prizes

10.1 The Worshipful Company of Actuaries (WCA) administers a Charitable Trust Fund that provides
Bursaries for final year students pursuing actuarial science degree programmes. The funds available
are limited and there is considerable competition for such Bursaries. Around fifteen Bursaries are
awarded nationally each year, with each Bursary award being of the order of 700, although a
larger amount may be awarded in exceptional circumstances. The main criteria for consideration
of a Bursary award are that the student should have a prior record of strong academic achievement
in the degree programme, be able to demonstrate evidence of serious financial need, and have the
stated intention of ultimately qualifying as a Fellow of the Institute of Actuaries or as a Fellow of the
Faculty of Actuaries. Application details are circulated to penultimate year students shortly before
Easter. Each year, typically three actuarial science students at the University of Southampton
are awarded such Bursaries. In 2011 we were particularly successful, with six final year students
receiving Bursary awards.
8

10.2 The WCA also awards two prizes each year, one for the best performance by a student in the second
year of the Economics and Actuarial Science programme, and one for the best performance by a
student in the second year of the Mathematics with Actuarial Science programme. Currently, each
prize is in the amount of 125. The prizes are usually presented at the WCA Lecture that takes
place on campus each year. This academic year, the WCA Lecture will be delivered by Dr. David
Hare, President Elect of the Institute and Faculty of Actuaries, on Tuesday 20 November 2012, from
18:00 until 19:00. The lecture will be followed by a reception for the attending students, which is
sponsored by the WCA and which provides a great opportunity to network with local actuaries over
some food and drink.

11. Actuarial Internships/Placements/Graduate Entry Positions

11.1 Many actuarial firms offer students the opportunity to gain useful paid work experience through
internships or placements. These are generally summer placements or internships, although some
year-long placements are also available. There is strong competition for such opportunities, and
students need to act on their own initiative to find them. However, a well-structured internship or
placement can be an invaluable experience, looks great on a students c.v. when applying to graduate
entry positions in the final year, and often leads to such permanent employment with the internship
or placement company itself following graduation, as many firms use internships or placements as
an effective recruitment vehicle to help fill their graduate entry positions in the following year.
11.2 All Mathematics students, including those on the Mathematics with Actuarial Science programme,
are automatically enrolled in the Work Placement Advice for Maths Students Blackboard site. This
provides useful advice on how to find a suitable internship or placement position, how to prepare
for it, and what to expect from it.
11.3 Students who undertake a year-long placement, and enrol as Affiliate members of the Institute and
Faculty of Actuaries, may use the placement experience, in conjunction with the keeping of a learning
log for work-based skills, to count towards the experience requirement necessary for Associateship or
Fellowship qualification. Details of Affiliate Membership and an application form for Affiliate Membership for University students may be found on the professions website at www.actuaries.org.uk.
11.4 Alpha Consulting is an actuarial recruitment agency that specialises in finding year-long placements
for students on actuarial science programmes. Alpha Consulting usually visits the campus early
in each academic year to give a presentation describing its placement scheme and the application
process. Alpha Consultings website is listed at the end of this handbook.
11.5 SUAS usually arranges an Actuarial Careers Fair to coincide with the Universitys Business Careers
Fair held in October each year. A number of actuarial employers have representation at this event,
and it provides a convenient one-stop-shop for students who want to learn more about these companies graduate entry positions, and any internships or placements that they may also have available.
This year the Actuarial Careers Fair will be held on Tuesday 23 October 2012, from 16:15 until
18:15. SUAS also arranges individual visits to the University by various actuarial employers to give
presentations regarding their graduate entry positions and internship or placement opportunities.
See the SUAS website for details.
11.6 The Institute and Faculty of Actuaries produce a booklet called the Directory of Actuarial Employers
UK and Ireland, which lists actuarial employers, split by insurance companies and actuarial
consulting firms, and contains some quite useful information, not only for those looking for graduate
entry positions, but also for those seeking internships or placements, including whether the company
offers summer internships or year-long placements (often referred to as sandwich places), contact
details, and how to apply. The Directory of Actuarial Employers UK and Ireland may be
downloaded from the UK professions website at www.actuaries.org.uk. It is most easily found by
entering Actuarial Employers into the search engine located on the home page.
11.7 Inside Careers produce an Inside Careers Guide to Actuaries, which is a comprehensive careers
guide to the profession and includes advice from leading actuaries, descriptions of different areas
of actuarial work, case studies of particular career paths, detailed employer profiles, and median
salaries at different levels. Individual copies of the guide may be ordered from the Inside Careers
website at www.insidecareers.co.uk/actuaries. This site also lists actuarial graduate entry positions.
9

11.8 The Institute and Faculty of Actuaries hold an annual Actuarial Careers Evening and Reception
in London. This is mainly for students in the final year of an undergraduate actuarial science
programme, or those undertaking a postgraduate actuarial science programme, and provides an
opportunity to attend presentations on various fields of actuarial work and to network with actuaries.
The 2012/13 Actuarial Careers Evening and Reception will be held on Wednesday 24 October 2012
from 15:30 (registration) until 20:00. Places are limited.
11.9 The Actuary magazine contains a section on actuarial appointments each month. Most of these
positions are for part- or fully-qualified actuaries, with a number of years of experience, but some
are for graduate entrants. These appointments listings provide a rough idea of current salaries at
different levels of appointment, and in different areas of actuarial work. Those posted by actuarial
recruitment agencies will also display the agencies websites, where further positions will be posted.
11.10 The Universitys Career Destinations service provides various forms of support for students to assist
them in finding suitable graduate entry positions, including c.v. preparation, practice interviews,
and psychometric tests. It also hosts careers fairs. For details of these and other forms of support,
visit the Career Destinations website at www.soton.ac.uk/careers.

12. Contacts and Links

Actuarial Science Programme Coordinator: Dr. Gerard Kennedy, g.kennedy@maths.soton.ac.uk
Economics and Actuarial Science Admissions: Dr. Helen Paul, UGapply.FSHS@southampton.ac.uk
Mathematics with Actuarial Science Admissions: Dr. Jim Renshaw, UGapply.FSHS@southampton.ac.uk
Division of Economics, Social Sciences Academic Unit: www.soton.ac.uk/socsci/economics
Mathematics Academic Unit: www.soton.ac.uk/maths
Institute and Faculty of Actuaries: www.actuaries.org.uk
Casualty Actuarial Society: www.casact.org
China Association of Actuaries: www.e-caa.org.cn
Institute of Actuaries of Australia: www.actuaries.asn.au
Institute of Actuaries of India: www.actuariesindia.org
Society of Actuaries: www.soa.org
SUAS: www.soton.ac.uk/ suas/
SIAS: www.sias.org.uk
The Actuary: www.theactuary.com
Alpha Consulting: www.alpha-consulting.co.uk/alpha/alphaps.nsf/newform?readform
Inside Careers: www.insidecareers.co.uk/actuaries
University Career Destinations: www.soton.ac.uk/careers

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