Actuarial Newsletter Summer 2016

IFoA Accreditation for actuarial programme We are delighted to announce that the Institute and Faculty of Actuaries (IFoA) Education Committee has approved the accreditation of QMUL’s BSc in Mathematics with Actuarial Science. Accreditation means that students completing the pro-gramme with good marks across all the relevant modules can receive exemptions from up to eight of the IFoA’s professional examinations, kick-starting their actuarial careers.

This new programme will be delivered jointly with the School of Business and Management, with the first cohort of students beginning in September 2016. This is excellent news which has been made possible through the dedicated efforts of many, including colleagues across both the School of Mathematical Sciences and the School of Business and Management.

Pictured, at the IFoA’s London office, are (from the left) Prof Clifford Friend (Director of Education, IFoA), Prof Thomas Prellberg (Director of Taught Programmes, QMUL), Derek Cribb (Chief Executive, IFoA), Prof Boris Khoruzhenko (Head of School of Mathematical Sciences, QMUL) and Jim Webber (Lecturer in Actuarial Science).

To find out more about our BSc Mathematics with Actuarial Science programme, please see details on our website: www.qmul.ac.uk/undergraduate/coursefinder/courses/151011.html

WELCOME to the first QMUL Actuarial NewsletterCommunication is important for actuaries and mathematicians. We investigate matters of sometimes great complexity and need to share our findings, and the limitations of our work, with a wider community. This

newsletter aims to keep our many stakeholders up to date with the development of our Mathematics with Actuarial Science undergraduate programme. With professional accreditation achieved, we are now gearing up for our first students in September.

The QMUL programme has benefited from the advice of our Professional Advisory Board, a group of senior actuaries working in industry. The Board has encouraged us to emphasise practical business skills, in addition to the technical mathematical skills needed for actuarial work. Part of this emphasis on business skills will come through the Actuarial Professional Development modules which will incorporate practical skills development with a series of guest lectures from actuaries and other professionals.

I am also delighted that students will now be able to extend their degree to a four year programme with a year of professional work experience.

We hope you enjoy this first edition and we would welcome suggestions and feedback.

Professor and Director of

Taught Programmes

New 4 Year Degree with Professional Placement Students joining the actuarial programme in September 2016 will have the opportunity to switch to a four year degree course with a 12 month paid professional placement during their third year at QMUL. Undergraduates starting in 2017 can choose between the three and four year programmes when they apply to QMUL through the UCAS system. We will be hiring a new member of staff to help students identify placement

opportunities with actuarial consultants, insurance companies and other financial services firms.

Eamonn McMurrough, Senior Partner, Strategic Risk Consulting, Willis Towers Watson, said “undergraduate placements add value to my business and help students build business skills and real experience of actuarial work. Both sides gain from the experience. I think many more actuarial employers should be thinking of business placements.”

All correspondence to maths@qmul.ac.ukIssue 1 Summer 2016

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Henry is a qualified actuary and a founding member of the QMUL Actuarial Professional Advisory Board. He is currently taking a short career break after 15 years as Chief Actuary of Lloyds of London. He plans to take up part-time and non-executive work later in the year.

Henry, why did you start on an actuarial career? “After studying Maths and Philosophy at University, I decided NOT to work in an office and joined the London Fire Brigade. I really enjoyed the fireman’s life, but after five years I decided to go for a job with more prospects (!), and went to see a careers advisor. We leafed through some job directories and she said “what about training as an Actuary?” I said “What’s that?” and she read out “…use mathematics to help people solve business problems…”. I thought that sounded interesting, and it has been!”

What was the best career advice that you ever received? “You’re wasting your time being a Fireman”

... and the worst? “You’ll waste your time if you become a Fireman (timing is everything!)”

And what advice would you give to an undergraduate starting the QMUL actuarial programme? “Work hard. Don’t worry if you don’t understand some things, but do try to puzzle out WHY things work as they do. Remain open to ideas outside the obvious ones. Avoid making enemies: it’s a small profession. Finally, when you start work, be prepared to do quite unexciting things like checking data especially when you are inexperienced. A good actuary ALWAYS knows their data.”

What piece of actuarial work has given you most satisfaction? “One piece would be difficult to identify, but London Market pricing as an area of work is fascinating. I was exhausted but extremely relieved when Lloyd’s obtained approval for its internal capital model.”

What were your main responsibilities at Lloyds of London? “Oversight of the Market’s reserving: setting out rules, acting as (friendly) policeman in enforcing them. Setting capital (setting the rules for the majority and determining it in borderline cases). Liaison with outside stakeholders - regulators, rating agents etc”

How many actuaries are there at Lloyds? “Centrally, about 40, with a few outside the main actuarial team. In the market there are several hundred more.”

What are your plans for the next few months? “Cycling, playing music, spending time with my wife, some travelling. ME time!”

Launch of QMUL Actuarial SocietyEarlier this year, two enthusiastic final year mathematics undergraduates obtained approval for the launch of the Actuarial, Mergers and Commercial Awareness Society - AMCA to its friends. The founders, Ahmed Mohammed Yusuf Ali and Siavash Lashkarighouchani, are pictured above with Megan Liddle, Executive Officer in the School of Mathematical Sciences.

The founders were surprised at the number of processes involved in setting up a new society; Siavash commented - “It was quite hard - even the Student Union has its own bureaucracy!” With the inaugural meeting completed, the founders are now looking to pass the leadership role onto another generation of students.

After graduation, Ahmed will be joining PWC as an Associate, while Siavash will study for a Masters at Darwin College, Cambridge.

New Internships CoordinatorWelcome to Jon Strathdee, who has joined QMUL as the Internships Coordinator for the Schools of Biological and Chemical Sciences and Mathematical Sciences. Jon has joined us from the University of Westminster in 2011, where he managed the work placement unit at the Faculty of Media, Arts and Design.

If your business would like to benefit from taking on a Queen Mary intern, please get in touch with Jon: j.strathdee@qmul.ac.uk.

Queen Mary University of London Actuarial Newsletter

The interview: Henry Johnson

All correspondence to maths@qmul.ac.ukIssue 1 Summer 2016

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