Declan Gegg, Actuarial Science student, returns from a fulfilling year in industry at Royal London
As part of the Actuarial Science programme students can choose to spend a year in industry to gain a valuable insight into the life of an Actuary. Declan Gegg, final year Actuarial Science student, reports on his experiences below.
I completed my year in industry at Royal London, a life assurance company based in Wilmslow, near Manchester. I worked within the actuarial department and was involved in a variety of different projects throughout the year. I learnt about With Profits life assurance policies and was involved in declaring the annual bonus rates as well as learning how projections for policies of this type were calculated. I also worked directly with members of customer services, to provide explanations on complex actuarial methodology in a customer friendly way. Additionally, I was also helped to produce mortality, lapse and surrender rates for a variety of policy types which would be used in actuarial models.
I worked in a team with three other people and a line manager. The members of my team were all student actuaries and at different stages of completing their professional exams. They were all extremely helpful and were able to help me with my work and also gave me a great insight into the actuarial career. I made some great friends throughout the year, who I saw regularly outside of work. This helped me get the right balance between work and leisure and made the year overall much more enjoyable.
As I was working for a life assurance company, I particularly found the second year module on contingencies helpful. The work I was doing was also very heavily ICT based, so I found my knowledge of Excel particularly useful. The programming module I studied also aided my day to day work, as lots of the actuarial modelling software used code.
To conclude, I thoroughly enjoyed my year in industry and feel that I have gained a lot from completing it. It has motivated me to do well in my final year of studies and hopefully find a good actuarial job in the future.