1. 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 Newsletter
Communication 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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2. 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 Society
Earlier 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 Coordinator
Welcome 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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