Case studies: Actuarial associate: Rachel

Rachel is an actuarial associate with an undergraduate degree in mathematics and music and a Masters degree in mathematical finance from the University of Birmingham.

Once I completed my Masters degree in mathematical finance, I began to apply to different areas in finance including accountancy, actuarial work and investment banking. I met a representative from the Financial Services Authority at a university careers fair; they explained the role to me and I applied from there. On the Actuarial Graduate Development Programme with the FSA I rotated around different teams while also studying for the Fellowship with the Institute and Faculty of Actuaries. The rotations included work in life insurance, general insurance, pensions, insurance policy and an external secondment in industry. Having completed my rotations, I decided to continue working in general insurance.

Both my degrees enabled me to receive three exemptions out of the 15 exams I had to take as part of my study. Working towards a professional qualification is one of the aspects I enjoy the most about my role. Aside from the exams, gathering experience is key. I often have to learn new information quickly and juggle multiple projects and activities at the same time.

A large part of my job involves the review of capital modelling techniques, which involves working with a firms' supervisor to understand the risks a firm is exposed to and ensuring they are quantified as accurately as possible. A major change in the environment I'm currently working in is the implementation of a new regulatory regime for insurance called Solvency II.

Additionally I enjoy the variety of being able to see different firms and different methodologies of approaching an issue. Looking at various companies and liaising with senior management enables me to see how the industry is made up. Within my organisation and the actuarial profession, there are plenty of research opportunities and scope for theoretical and academic work.

Within a consultancy, progression tends to lead towards partner and director level. Within my organisation, progression leads to team leaders, management or technical specialists' roles.

I would advise students and graduates who are interested in the profession to ensure they do plenty of research. A high degree of commitment to full-time work and study is required. I would also recommend getting out there and speaking to people in actuarial work, specifically because each area is different, whether you work in investment, pensions, insurance or risk management and whether you work for a company, consultancy, regulator or other actuarial employers.