1. How many placement positions will there be?
2. What sort of work will I be doing? Can I choose which field I go into?
3. What type of company will I be working for?
4. Where will the placements be based? Can I choose where I work?
5. Can I work for more than 12 months?
6. Do I have to work for the same employer when I graduate?
7. How much will I be paid during my placement year?
8. Will I need a work permit for my placement year?
9. Instead of completing an online application, can I submit an existing CV to you?
10. Do you offer vacation/summer placements?
11. My university degree doesn't have a formal placement element - can I still apply for a placement position?
12. Once I've accepted a placement position, can I keep looking for other positions?
13. Will a one-year work placement delay the time it takes me to qualify as an FIA?
14. Can final year/postgraduate students apply for a one-year work placement?
Q1. How many placement positions will there be?
As the number of placements depends on specific employer requirements, we can’t confirm the exact number of placements at this stage. However, for the next intake (commencing placement in Summer/Autumn 2013), we hope to be able to provide around 40 places nationwide.
Q2. What sort of work will I be doing? Can I choose which field I go into?
The scheme aims to offer actuarial work experience in a variety of different fields. You will be able to state a preference for the type of work you wish to gain experience in, although we cannot guarantee to find you a placement exactly meeting your requirements.
Q3. What type of company will I be working for?
All the companies participating in our Placement Scheme are employers of actuaries and actuarial students. Companies range from small/medium employers through to large multi-nationals, and cover the three major areas of actuarial work: Life, Pensions and Non-Life.
Q4. Where will the placements be based? Can I choose where I work?
The placements will be based in a wide variety of locations throughout the U.K. Overseas placements are not offered due to local work permit requirements. If you express a preference for a specific location, we will try to meet it, but we cannot provide any guarantees for this.
Q5. Can I work for more than 12 months?
Yes. Provided the employer and your university are happy for you to do so, you can spend more than 12 months in your placement year role. (This can be very advantageous in terms of the extra experience you will gain.)
Q6. Do I have to work for the same employer when I graduate?
No. There is no obligation for you - or the employer - beyond the agreed term of the placement.
Q7. How much will I be paid during my placement year?
The amount you will get paid depends on the employer you work for, and the location in which you work. London-based placements tend to pay more than those outside the capital (reflecting the higher cost of living).
Q8. Will I need a work permit for my placement year?
No, provided you are either an EU citizen, or your University is happy to confirm that your placement year forms part of your degree.
Q9. Instead of completing an online application, can I submit an existing CV to you?
No. Employers generally prefer CVs to be in a common format, so all placement scheme applications must be made online through this website. (It should take no more than 20 minutes to input an existing CV onto our system.)
Q10. Do you offer vacation/summer placements?
No. Our Placement Scheme aims to give students sufficiently broad experience to allow them to understand what actuarial work is really like, and to significantly enhance their chances of gaining an actuarial role once they graduate. We do not believe that summer/vacation roles fully achieve these objectives, since they do not provide the opportunity to become fully trained in any significant actuarial work.
Q11. My university degree doesn't have a formal placement element - can I still apply for a placement position?
Yes, provided your degree has a strong numerate element (e.g. Maths, Statistics, Economics, MORSE, etc.) and your university is happy for you to suspend your studies for a year. Please note that if you decide to follow this route, you will need to be a Home or EU student, as work permits are not available to overseas students.
Q12. Once I've accepted a placement position, can I keep looking for other positions?
No. Once you have accepted a placement position (verbally or in writing) you cannot look for other positions. (Declining an existing offer for another one would reflect very badly on us and your university, and could potentially harm future placement opportunities for other students.)
Q13. Will a one-year work placement delay the time it takes me to qualify as an FIA?
No. Your work placement counts as one year out of the three years' work experience required to qualify, so it will not delay you.
Q14. Can final year/postgraduate students apply for a one-year work placement?
Yes, provided your degree/MSc is in a suitable discipline (e.g. Maths, Statistics, Finance, Actuarial Studies, Insurance, Risk, Etc.).
Postgraduate placements often lead to a permanent job offer, and are ideal for students who are struggling to find a graduate role, or who are keen to experience actuarial work before committing to training to become an actuary.
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