Career changing
Discussion
Hi all,
Another young person here unsure what to do with regards to career prospects. Thought PH would be a good place to hear people out from a variety of backgrounds.
Currently working for a global reinsurance firm from Ireland as a trainee actuary. I'll be moving to the US for work to sample some good old freedom at some point before January. Long term prospects would be stay in the US, work in Bermuda for a few years or return back to the UK/Ireland.
Issues with the above:
-Job market is much more stagnant in the UK/Ireland and progression (role/salary) could subsequently be slow after qualification.
-Working in Bermuda tax free earning a good wage sounds great but you're stuck on a small island in the middle of the ocean and the lack of tax doesn't benefit anyone that made me the person I am today
-Pretty niche line of work so career changing later in the game may be somewhat limited.
In addition, actuaries tend to be very risk averse and are really keen to work from home therefore this will likely persist into the future. I personally have come to hate it; living rurally, the height of my social interactions some days is thanking the postman when he is delivering.
I've been on/off considering changing careers to other financial roles. I feel the allure of banking in the city. Hours would be long but I still have a few more professional exams to complete so I don't think it would be much different by the time studying to qualify as an actuary is taken account of. The career path in banking would be much less defined compared to being an actuary which I'd take as a benefit. I'd also still have the option to work internationally however the long term prospects would almost certainly have less geographic flexibility compared to working as an actuary (as in, restricted to living in/near big financial centres).
I'm still young at 24 (1 year out of uni) so the time to change would be now if ever. Straight A's in school, first class degree in Act. Science so fairly capable.
Interested to hear thoughts from people who were in similar predicaments at my age.
Another young person here unsure what to do with regards to career prospects. Thought PH would be a good place to hear people out from a variety of backgrounds.
Currently working for a global reinsurance firm from Ireland as a trainee actuary. I'll be moving to the US for work to sample some good old freedom at some point before January. Long term prospects would be stay in the US, work in Bermuda for a few years or return back to the UK/Ireland.
Issues with the above:
-Job market is much more stagnant in the UK/Ireland and progression (role/salary) could subsequently be slow after qualification.
-Working in Bermuda tax free earning a good wage sounds great but you're stuck on a small island in the middle of the ocean and the lack of tax doesn't benefit anyone that made me the person I am today
-Pretty niche line of work so career changing later in the game may be somewhat limited.
In addition, actuaries tend to be very risk averse and are really keen to work from home therefore this will likely persist into the future. I personally have come to hate it; living rurally, the height of my social interactions some days is thanking the postman when he is delivering.
I've been on/off considering changing careers to other financial roles. I feel the allure of banking in the city. Hours would be long but I still have a few more professional exams to complete so I don't think it would be much different by the time studying to qualify as an actuary is taken account of. The career path in banking would be much less defined compared to being an actuary which I'd take as a benefit. I'd also still have the option to work internationally however the long term prospects would almost certainly have less geographic flexibility compared to working as an actuary (as in, restricted to living in/near big financial centres).
I'm still young at 24 (1 year out of uni) so the time to change would be now if ever. Straight A's in school, first class degree in Act. Science so fairly capable.
Interested to hear thoughts from people who were in similar predicaments at my age.
It depends what you want in life. I can’t offer any advice regarding financial roles, but I have had colleagues who have moved to Bermuda and the Caribbean to work and they’ve all seemed to love it. I’d love to do the same but I’d have to wait until after the kids have flown the nest.
Better to do it now before you have commitments and have the ability to make big changes if things don’t work out. It’s much harder to move there or back if you also have to get the kids sorted.
Better to do it now before you have commitments and have the ability to make big changes if things don’t work out. It’s much harder to move there or back if you also have to get the kids sorted.
If you have an opportunity to earn your money working in a country other than your own for a while - take it! And then use this as a springboard to go and work elsewhere in the world, even if it's just for a month here and a few months there.
If you can, don't always go for the obvious. Seek out places to work where people don't normally go to.
Travel broadens the mind. Working internationally does this x 10 and will benefit you in later life beyond what you can imagine now. This has nothing to do with the amount of money you may earn (which may or may not be excellent) but how others view you and the confidence you will develop in your chosen field. It will be massively interesting, great fun and you'll amass friends and contacts around the world and stories that will last a lifetime of dinner parties and company functions.
You may also find that you'll find yourself being considered from more senior roles earlier in your career compared to your peers who stayed put.
If you can, don't always go for the obvious. Seek out places to work where people don't normally go to.
Travel broadens the mind. Working internationally does this x 10 and will benefit you in later life beyond what you can imagine now. This has nothing to do with the amount of money you may earn (which may or may not be excellent) but how others view you and the confidence you will develop in your chosen field. It will be massively interesting, great fun and you'll amass friends and contacts around the world and stories that will last a lifetime of dinner parties and company functions.
You may also find that you'll find yourself being considered from more senior roles earlier in your career compared to your peers who stayed put.
Orchard71 said:
I'm still young at 24 (1 year out of uni) so the time to change would be now if ever. Straight A's in school, first class degree in Act. Science so fairly capable.
Yes.......... They all think that. Don't fall into the arrogance trap, always assume that you know nothing at all. A degree doesn't make you an expert in all fields (as many grads seem to assume), keep learning and keep growing.Definitely take a path outside the UK, we're building an army of degree qualified mindless drones in this country, they fight for crumbs and think the only way forward is to climb the ladder whilst kicking everyone else down, don't be one of these idiots.
Good luck
Sorry to sound a bit harsh but your attitude is a bit too common amongst younger generation now and no desire to actually lock yourself in and achieve something but instead rather float about to 'find yourself or 'keeping your options open'; is how I'm reading it.
I work for an insurance company and our actuarial graduates are dropping like flies and won't stop leaving for a variety of generally trivial reasons despite having perfectly defined progress options in front and strong salaries.
To describe living in Bermuda is being on a tiny island in the middle of the ocean is a bit naïve.
Your career is potentially long, so you may as well have something to look back on when you're sat at the Christmas party when you're 40 next to all the rest of us saddo's that never got the opportunity to live abroad on a tax haven.
I work for an insurance company and our actuarial graduates are dropping like flies and won't stop leaving for a variety of generally trivial reasons despite having perfectly defined progress options in front and strong salaries.
To describe living in Bermuda is being on a tiny island in the middle of the ocean is a bit naïve.
Your career is potentially long, so you may as well have something to look back on when you're sat at the Christmas party when you're 40 next to all the rest of us saddo's that never got the opportunity to live abroad on a tax haven.
I would probably try the ME as they have alternative industries and a wider range of roles for you should you want a change in your career. The US is in a pretty bad state right now, but then again, so is a lot of the world right now. Everything is oddly calm and I can only imagine how many people are struggling right now.
If you have a return ticket and roots (like family with a stable home for you later), then by all means, this is even less risk free for you to take a punt.
If you have a return ticket and roots (like family with a stable home for you later), then by all means, this is even less risk free for you to take a punt.
I’m an Actuary in Bermuda. Financially, it’s probably the best place in the world to work in the reinsurance industry (as a newly qualified actuary you’d be expecting at least $200k net income).
Yes, it’s a small rock in the middle of the ocean, but it is what you make of it. It’s a beautiful place, great for your career, and gives you an experience that you’ll never forget.
Feel free to pm me if you have specific questions about living/working there.
Yes, it’s a small rock in the middle of the ocean, but it is what you make of it. It’s a beautiful place, great for your career, and gives you an experience that you’ll never forget.
Feel free to pm me if you have specific questions about living/working there.
AnActuary said:
I’m an Actuary in Bermuda. Financially, it’s probably the best place in the world to work in the reinsurance industry (as a newly qualified actuary you’d be expecting at least $200k net income).
Yes, it’s a small rock in the middle of the ocean, but it is what you make of it. It’s a beautiful place, great for your career, and gives you an experience that you’ll never forget.
Feel free to pm me if you have specific questions about living/working there.
Any commercial finance jobs going?!Yes, it’s a small rock in the middle of the ocean, but it is what you make of it. It’s a beautiful place, great for your career, and gives you an experience that you’ll never forget.
Feel free to pm me if you have specific questions about living/working there.
Once, a long time ago, I was a trainee actuary and it can be a great career. But for me, the best decision I ever made was to quit, use some of my savings to travel the world, and then take a second degree for a career I really enjoy - and which has also given me the opportunity to live and work overseas. Deep down you will know what you really want.
pb8g09 said:
AnActuary said:
I’m an Actuary in Bermuda. Financially, it’s probably the best place in the world to work in the reinsurance industry (as a newly qualified actuary you’d be expecting at least $200k net income).
Yes, it’s a small rock in the middle of the ocean, but it is what you make of it. It’s a beautiful place, great for your career, and gives you an experience that you’ll never forget.
Feel free to pm me if you have specific questions about living/working there.
Any commercial finance jobs going?!Yes, it’s a small rock in the middle of the ocean, but it is what you make of it. It’s a beautiful place, great for your career, and gives you an experience that you’ll never forget.
Feel free to pm me if you have specific questions about living/working there.
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