Is Interim Your Thing? 

Whether you’re a client looking for a short-term hire, or a candidate forging a career as a contractor, the world of interim actuarial support is brimming with opportunity. We spoke to Rob Gibson, Director and Head of Interim at Emerald Group, who shared how he helps build careers and make projects happen in this busy sector.

If you want to know about the interim actuarial market, Rob Gibson is definitely the person to speak to. He spends ninety percent of his time working on interim placements and thrives on the fast-paced recruitment that project-based and short-term placements require.

“Dealing with interim placements is totally different to permanent roles. Whereas the journey to a permanent move can take months, often clients need interim support instantly.  Finding the right candidate within a few days of receiving a client brief creates a unique pressure. Thankfully at Emerald Group our success is driven by our market knowledge and our network of contacts and I have a great database of experienced contractors to call on.”

Meeting Today’s Needs

So why do clients need interim placements? According to Rob, there are a range of reasons, from a pressing project to maternity cover or to bridge a gap while a permanent hire is made. Placements usually last between three and six months, but extensions are common and Emerald Group is often able to move contractors to different roles within the same company.

Rob explains, “Clients are looking for someone autonomous, who doesn’t need handholding and can deal with whatever is needed with minimal supervision. Interim actuaries are a great solution as they usually bring a varied skill set that they’ve developed through working with a range of different companies on a wide scope of projects. They can turn their hand to a lot of different things. At the other end of the scale, companies may want someone with specific skills: contractors with significant expertise in one particular area can also be in great demand.  Requirements vary between Life and Non-life markets: the Life market has a regular demand for interim support for large-scale projects and many contractors stay for a considerable amount of time. In Non-life, there is a much broader range of companies and syndicates with a wide variety of short-term projects available.”

Why do Actuaries Choose an Interim Career?

A lot of contractors enjoy interim placements because they build skills and gain experience that fast-tracks their contracting career. While client expectations are high, contractors who find placements through Emerald Group are rewarded with good day rates, currently ranging from £600 to over £1200 a day. Rob explains, “Contractors are able to maximise their earnings over a short period of time, keeping their distance from internal political issues while they focus on the task they’ve been brought in to do. This suits a lot of people who enjoy the flexibility and experience of working in different companies. They are exposed to different ways of working and learn different approaches, all while building a broad network and creating a rich pool of contacts and connections. In permanent roles, you might move companies every five years and work for a handful of companies during your career. That simply doesn’t compare to the mix of companies that contractors experience.”

Is Interim the Career for You?

There’s no doubt that interim work is a good actuarial career choice for the right person.
Rob has some great advice for anyone thinking of becoming a contractor. “It’s definitely easier to work as a contractor if you’re a qualified actuary. There tend to be more contracts and opportunities for qualified actuaries rather than part qualified. As a student, you won’t get the study or exam support that you would as a permanent employee. You need to be prepared for the change. For example, if you’re in a permanent role with three months’ notice, you’ll almost certainly have to resign without a contract lined up. The potential lack of stability can make this a firm ‘no’ for some people. Being prepared to resign without anything to go definitely helps you decide if you’re serious about making the move!”
“That said, in my experience at Emerald Group, when people move to contracting they rarely return to permanent roles. They thrive on the huge variety of UK and international roles, including for companies based in Europe, Bermuda or other financial centres, all from a UK base. There is a lot of support for interim actuaries now too: continuing professional development to maintain FIA status is essential and while contractors have to organise and pay for this themselves, NOCA offers online courses and CPD sessions for contracting actuaries, making it pretty straightforward to keep up to date.”

What Does the Interim Future Look Like?

Regulatory change has always been a huge factor behind interim placements. Solvency 2 and IFRS17 have driven demand from insurance companies needing support to prepare for these changes. Proposed additional changes to Solvency II regulations for the UK market may well be the next big driver of contractor recruitment over the coming months. While these needs may fluctuate, Rob confirms that the market is as buoyant now as when he moved to interim. “There has been a constant demand for actuarial contractors, even through the pandemic. With the range of clients and candidate placements that we deal with at Emerald Group, it remains a really good career choice for any actuary looking to maximise their earning potential.”

Are You Ready to Make the Move?

From understanding IR35, to deciding whether to set up a limited company, finding an accountant and getting the right insurance in place, actuarial contractors have a few tasks to complete before they can take that first contract role. Rob explains how Emerald Group is here to help. “It’s a big decision, and we’re always happy to have a conversation to talk through the implications of moving to interim, helping individuals understand what’s involved. We also have a network of independent professional advisors who offer our candidates discounted rates for insurance and umbrella services. At Emerald Group, we pride ourselves on the strength of our relationships with our clients and candidates. Whether we’re placing someone permanently or on a contract, we use our market knowledge and experience to place candidates with the right clients. Interim candidates can be reassured that while we may work fast to place them, we always focus on finding quality positions that match their skills.”

If you’re interested in a career as an actuarial contractor, or have interim project needs to fill, Emerald Group can help. For the best recruitment solutions in the actuarial and financial services sectors, call us on +44 (0)207 283 2520.