I Failed. Again.

Newsletter July 2023

Let’s Catch Up

the latest in Paige’s graduate life as a student actuary

I was hit with a curve ball on exam results day: passed the exam I thought I’d failed, and failed the exam I thought I’d passed.

Which sounds alright, except not all exams are equal. Some exams are huuuuge with stacks of course notes and 400 recommended study hours, while others are smaller hurdles which only require a few past papers and a bit of luck. And you guessed it, I failed the big one.

It’s frustrating because I was so close to the pass mark, and only 0.6 marks off the threshold for a script review by a senior examiner.

CP1 is a non-mathematical exam where there is a fair amount of subjectivity in marking, and you have to pray your answers to broad, open questions align with the non-comprehensive mark scheme. Why didn’t I get a mark for naming “professional indemnity insurance” as a type of insurance that an individual might purchase? I’ll never know.

Obviously I’m feeling quite bitter because it is no small task to resit this exam, but ultimately failure is part of being a student actuary (majority of candidates fail each sitting) and I just need to suck it up and study smarter.

On a more positive note, I received some really lovely feedback from four colleagues this week which fed into my half-year performance review. The team has gelled considerably in recent months and I enjoy days spent working in the office. Can’t beat in-person collaboration.

Outside of work, I was lucky enough to get tickets for Wimbledon No1 Court on Monday and Wednesday. Annual leave well spent and the tickets were worth every penny. Now watching the mens’ Wimbledon final as I write this and I am on the edge of my seat. This is beautiful tennis.

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Q&A

a handful of questions and answers from my Instagram DMs

“What would be your recommendations for a day in Cambridge with the dog?”

I would recommend walking along the river (to Grantchester from the centre - a long walk through woods/meadows where dogs can be safely off lead, and the Orchard tea room is really nice once you get to end of trail and has lots of outdoor seating). Also various coffee shops in the centre are dog-friendly. We've usually had dinner in pubs or Bill’s when taking Buster out with us.

“Did you have work-life balance in and when choosing your career/job?”

I think I considered it when choosing what industry to work in, so at a high level I didn’t want the stereotype of a City job pulling 70 hour weeks fuelled by caffeine. But I didn’t think too hard on the culture of the specific companies I was applying to. Which in hindsight, I think is also important.

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How I Became a City Insurance Consultant and Student Actuary

today’s spotlight feature

Not everyone has been following me since my university days, so here’s a recap of my journey to becoming an insurance consultant in the City of London. It all began 5 years ago...

Summer 2018. Age 19.

I spoke to the husband of my grandma’s childhood best friend who was a retired insurance actuary and had a very big house. My mum (an accountant) engineered this encounter.

Autumn 2018. Age 19.

I attended a university careers fair, looked at careers websites, and applied to 4 actuarial internships at consultancy companies (actually 3, I missed the deadline for the fourth by one day). I chose the general insurance sector at random (as opposed to life insurance, pensions, investment etc) but in hindsight I am pleased with my decision.

Jan/Feb 2019. Age 20.

I completed online assessment exercises and recorded interviews for a couple of the applications. I did not hear back from the third company. In fact, I received a rejection email from them over one year later…

Mar 2019. Age 20.

I was invited to an in-person assessment day for my top choice company, but was auto-rejected since I had university lectures and supervisions that day. I sent a follow-up email to express my disappointment.

Mar 2019. Age 20.

A few weeks later the same company called me out of the blue and offered to arrange an individual in-person interview. I hopped on a 3 hour train to Reigate and was grilled by 2 consultants for 1.5 hours and then completed a timed case study assessment. A few days later they offered me the role.

Jul/Aug 2019. Age 20.

I completed the summer internship after finishing my 2nd year of university. I spent 8 weeks at the consultancy in their Insurance Consulting team, primarily based in Reigate but also visiting the London office once or twice a week.

Sep 2019. Age 20.

I received a graduate job offer 1 month after finishing my internship. I got the call while on holiday in Florida, and I still remember rushing out to the balcony to take the call from HR.

Sep 2020. Age 21.

I started my graduate job after completing my degree. I worked fully remote for one year from my parents house without meeting colleagues during the pandemic.

Apr 2021. Age 22.

I sat my first set of actuarial exams, with my company sponsoring my studies and paying for study materials and exam fees.

Aug 2021. Age 22.

I visited my company’s Reigate office for the first time since my summer internship when lockdown restrictions started easing. A few weeks later I moved to Cambridge to live with friends and requested a transfer to my company’s Cambridge office.

Autumn 2021. Age 22.

I went to the Cambridge office at least 3 days per week and began to visit the London office more frequently too. The work social scene began to recover and I made friends with colleagues.

Summer 2022. Age 23.

After 2 years in my graduate job I started to think about salary expectations and got in contact with an actuarial recruiter to discuss opportunities in the market. I began interviewing for a handful of positions at other consultancies and in-house actuarial teams at insurers.

Autumn 2022. Age 23.

I took the leap and quit my graduate job after accepting an equivalent position in a competitor’s team for a higher salary. The snag: my new employer did not have a Cambridge office so I officially became a City of London corporate girlie with a long commute.

Summer 2023. Age 24.

I’m enjoying the hybrid working life in my new (ish) job and still taking actuarial exams. Got a client meeting in the Walkie Talkie next week. Working in London ain’t so bad!