Emerald Group’s 2024 Young Talent Survey highlighted that a considerable number of young people working in the actuarial sector don’t intend to complete their qualifications. We spoke to Despo Mouyis, Director Life Actuarial, about why some professionals choose not to qualify, and the impact this has on their career.
Every individual has their own career journey, and Despo starts by acknowledging that our unique life circumstances can have an impact on progress towards achieving qualifications, “A whole range of factors can slow down how long it takes to qualify. For some, when they start working towards qualifications, they want to keep going until they finish. Others pause but plan to resume exams in the future: having a career, a family and coping with a range of responsibilities can squeeze out the time and ability to focus on taking exams. Others just don’t like the impact exams have on the balance between their professional and personal lives.”
Sometimes, however, people simply don’t see themselves working as an actuary for the rest of their career. Despo explains, “When we start working, our career goals can really change. Young professionals may have studied a variety of subjects before pursuing an actuarial career or specialised early with an actuarial science degree. The early working years are always eye-opening in terms of what your future will look like if you qualify. You might decide it’s no longer the right path for you.”
Career Limiting or New Opportunities?
A career path that includes becoming a qualified actuary opens up tremendous prospects. However, being exposed to a range of alternative roles can uncover interests that foster incredible careers. “It’s not uncommon for young professionals to gravitate towards areas that they particularly enjoy, taking them away from a pure actuarial focus. At Emerald Group, we see huge interest in connected disciplines, such as data science, data modelling and systems, biometrics and risk. Candidates for these roles can move into areas that use their technical skills as a foundation, without the need to qualify. For example, if your motivation is commercial rather than technical, your market and product knowledge can transfer into an excellent client-facing role.”
What about different company environments? Despo confirms that the significance placed on qualifications by employers can make a difference, “We are all influenced by those around us. Is your manager relaxed about whether you qualify? Does your company have expectations around qualifications? Both can impact your choices.”
Despo also feels that the contracting market can influence whether someone pursues qualifications or not. “Some candidates opt for a contracting career early on. The contracting market is less concerned with qualifications and it can be a very lucrative choice. I always urge caution though: it’s difficult to return to a permanent role that will offer study support and career progression at a later stage, so choose wisely!”
The Client Perspective?
Clients hire for a range of roles and a candidate who is numerate, academic, bright and capable will be able to find opportunities across the sector. Despo explains, “Transferrable skills, knowledge and experience are all capabilities that clients need. In fact, some clients specifically want candidates who are not working towards exams. In the recruitment sector we even have a term for this: GUE – Given Up Exams. This can be a really positive hiring angle. Clients may want someone who will focus entirely on their work, rather than splitting time and focus between work and exams. While the market is supportive of those working towards qualification, it can be disruptive to have employees on study or exam leave, and GUE candidates can be really stable employees, five days a week.”
While opting out of exams means certain future roles will no longer be an option, it’s by no means a career-limiting move. Your choices will be different, but candidates can thrive and do exceptionally well in careers across insurance and financial services. If you’re not sure whether qualification is the right route for you, talk to Emerald Group about how you can shape your career as a non-qualified professional.
Emerald Group recruitment consultants use their market knowledge and sector experience to place the right candidates in the best roles. If you’re looking for a new job, a new team member or even a career in recruitment, Emerald Group can help. For the best recruitment solutions in the actuarial and financial services sectors, call us on +44 (0)207 283 2520.
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