Brona Beary, Cian Reynolds, Daniel Finn, Sarah Jane Hackett and Niall McCarthy are the 2021 Raretec Charity Christmas prize winners. Brona & Cian have donated their prize to Focus Ireland and Niall is donating his to the Cope Foundation.

Thank you to all our participants and we wish you a lovely Christmas and Health, happiness and a successful 2022.

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Most students have chosen the actuarial path on the advice of a school’s career office or maths teacher. They are looking for a way to apply their love of maths in a commercial way. Some students are lucky enough to have an actuary in the family. These individuals consequently have a clear vision of the career ahead of them. However, most students do not really understand the profession yet. The Raretec 2nd year initiative gives students an understanding of the practical application of their chosen profession. We offer a guide on how the commercial actuarial market works. We also offer insight into the exam process they need to follow to qualify. They are so keen to get summer work! 

Many of the placed 2nd years then go on to work for these same organisations for their 3rd year college placements. Raretec provides this service completely free of charge and we manage the process as we would any normal recruitment process. 

Application Process for Employers seeking Student Actuaries 

Interested in taking on a 2nd year student? Please call 015311400. We look forward to hearing from you and are happy to help. 

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Then there are those actuarial students from the glass half full gang who have mentioned that the current restrictive landscape is helping with studies. If there is nothing going on you are not missing anything so what a great time to focus. There is also the bonus of open-book exams which does help in some cases. 

So how do you stay on top of your study game while also holding down a full-time actuarial job, in a highly competitive field, during a global pandemic?  

Part of the answer is to make sure you look after yourself. The most important way to combat the stress factors of exams is to incorporate balance in your life. While it is vital to study for exams, it is also especially important to take care of your physical and mental health. Here are some suggestions which may help you.

Exercise

Our bodies were not designed to sit at a desk for hours at a time. The very act of sitting still for too long has been proven to be unhealthy and would certainly have a negative impact on study. The problems may manifest themselves as physical problems with your back or your eyesight, or mental health problems including stress or anxiety. Remind yourself to take a break and walk around for a few minutes every hour – even if it is just going into the kitchen! 

Better still, one thing that seems to help people get out of a study funk and refresh their brain is to get outside. Those of you who are lucky enough to be within 5K of the sea have the advantage of a quick dip. Sea swimming seems to be the new go-to stress buster for Irish people in lockdown, as it leaves you refreshed and reenergised (and cold – remember to bring a flask of tea or coffee!). But you do not have to plunge into the freezing ocean to get your fresh air fix. As simple as it sounds, a 20-minute walk can do wonders for both body and mind and will have you feeling ready to hit the books again with a new mindset.  

Eat Well

Another tip is to make sure that you are maintaining a balanced diet. It is all too easy to spend a day working/studying, and then to order a takeaway instead of cooking. Although we do all need something to look forward to these days, getting takeaway too often can be expensive and unhealthy. Preparing healthy meals in advance can help your pocket and your body. Consider making a few portions of dinner to freeze or preparing a healthy breakfast/lunch the night before. The food you make yourself will have less added salt and sugars and will keep you feeling energized and motivated. Some good “brain-foods” include salmon, broccoli, eggs, nuts, and oranges.  

Sleep sleep sleep 

Never underestimate the power of sleep. Having a regular sleep routine improves the quality of sleep. A rested brain is a healthier more receptive brain. 

Break down your study to achievable nuggets 

Learning theory can be a particularly hard part of study. Try to break each subject down to smaller manageable chunks. Writing concise notes will help you learn and will be a huge help to your future self. Once you have your concise notes think about how you would apply the knowledge to answering questions. From there create even smaller bullet points. Eventually you will end up with what looks like a small amount of material, but it becomes a handy prompt when you are studying. If you can, try to get practice questions to help you learn. 

Good luck to all of you taking exams this season!  

If you are interested in exploring our current actuarial vacancies click here. We don’t advertise all of our positions. If you register with us we will contact you about suitable roles as they come through. Contact us today at recruitment@raretec.ie

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However, look under the bonnet and the two systems are completely different. UK contractors pay themselves through a dividend structure minimising their income tax liability. In the UK the tax due on dividend payments is much lower than income tax. Irish based contractors pay income tax just like anyone else, but at a director level. In 2017 the UK government brought in a new tax framework to combat what it sees as tax avoidance by UK contractors. IR35 is aimed at contractors who supply their services via a Personal Service Company (PSC) that potentially masks an employee-employer relationship. Since 2017, it has been the contractor’s responsibility to assess if they fall within IR35. The consequence of falling within IR35 is increased income tax and National Insurance (PRSI equivalent) for the contractor – not a move welcomed by contractors! 

As of 6th April 2021, the hiring entity is now responsible for assessing if a contractor is subject to IR35. The subsequent shortfall in tax payments and possible penalties for avoiding tax will also be the hiring entities responsibility. What has this to do with Irish employers you may ask. Well, if the hiring organisation in Ireland has any connection to a UK company and they have a UK contractor working either remotely from the UK or in Ireland through a UK vehicle, then unfortunately there is a risk of liability for the IR35 tax and penalties. Of course, most insurance entities in Ireland have some sort of connection to a UK company so any Irish based actuarial hiring manager engaging contractors should be aware of this new tax regime. There is a useful free tool on the UK government website which will give a guide as to if the contract is likely to be assessed as subject to IR35. This can be accessed at https://www.gov.uk/guidance/check-employment-status-for-tax.  Incidentally, one of the metrics for assessing if a contractor is a “masked employee” is if the hiring organisation supplies the contractor with a computer! 

IR35 does not mean that you cannot engage with UK contractors. Where the contractor is working through an umbrella company and is paying NI and tax as an employee of the umbrella company then there is no issue here. 

If the contract work is being carried out in Ireland and neither the hiring organisation nor the recruitment firm is connected to a UK company (agency or employer), then IR35 will not apply. In this instance IR35 has nothing to do with the Irish contract. Raretec Recruitment is a privately owned 100% Irish recruitment company and has no connection to any UK company. If you need further information on IR35 or if you need help recruiting actuarial contractors, then call us today on 015311400 and ask for Jacqui van Teutem (Non-life) or Carina Devlin (Life and Investments). We are always happy to help you. 

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As a recruiter, I have seen so much focused commitment by individuals at all levels. Not one person that I have spoken to in 2020 has complained about their work environment. In fact, I can say that in 2020 I have heard increased kindness and courtesy across the board. And then there are all the service businesses at the end of the business chain. On my rare visits to my office in Dublin, I pop into my local coffee spot and as ever I am greeted with a smile and a positive attitude as the owner tells me she is down by 60% on last year. I am struck by how brave she is. With a serviced office in town, I walk into silence, but there in the doorway is the beautifully decorated Christmas tree as good as ever. The empty building pristine and warm. My landlord at Pembroke Hall Business Centre has been such a support, showing flexibility when they really did not have to! Well done and thank you to our landlords, the coffee shops, the insurance businesses, the consultancies, and all who work tirelessly to keep the country going. A happy Christmas to all and fingers crossed for 2021! 

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So how can you prepare for a junior interview? We have put some tips below but if you are a graduate actuary or a student actuary and you need a bit of help preparing for an interview then do give us a call at 015311400 and we are only too happy to help you. 

Here are some tips to help you. 

Preparing for the interview 

Read over the job description to understand what the company is looking for – e.g. experience, behaviors, IT skills, etc. Compare what the job description is looking for to your own qualifications and experience. Think about why this role interests you and what skills you can bring to this role.  Practice talking about your experience out loud. 

Research the company – i.e. What do they do?  What products do they sell, who are their competitors?  Look up their web site and become familiar with their culture.  Have a scan on-line regarding any announcements or any reason they may have been in the news recently.   

Nearly all interviews start with the interviewer wanting to run through your cv with you.  They may phrase it as  “tell us about yourself” or “walk us through your CV” or such like phrases. You should have a 4-5-minute response prepared for this.  Start from when you discovered your talent for Maths and how you decided to go down the actuarial track. Then take them through your academic and work experience, where relevant, in chronological order ending with your current situation.  Don’t forget to mention your achievements as you go along and be clear about what you are looking for now.  

Once they have been through your background your interview panel may then aske you a few competency based questions.  Its important to understand how this method of interviewing works and you can and should prepare in advance for these questions. 

Competency based interview questions 

Competency based questions are a method of interview which works on the basis that past performance dictates future success. This means that the interviewers will look for evidence in your academic, professional or personal life (sport, volunteering, etc.) where you have demonstrated the skills required in the role that you are applying for. 

A good way of answering these questions is using the STAR method – Situation, Task, Action and Result: 

• State the problem or context of a situation 
• What Tasks were needed to address the problem 
• Show what Actions you took 
• Explain the Result of the action that you took. 

If you read the job description you should be able to work out which competencies the interviewers will be looking for.  Sometimes they are listed as competencies.  If they are not there, then reading through the duties should also give you an indication or what the company will be looking for. 

You should practice your examples out loud almost as you would a presentation so that you come across competent and confident of your abilities. 

Prepare Your Own Questions 

An interview is a two-way process and the interview is your opportunity to find out more about the position and company.  Towards the end of the interview, you will likely be asked if you have any questions and it is always good to have a few prepared. If the interviewer has already answered your questions in their description of the role then let them know that.   

Before attending the interview: 

Make sure you know the address and exactly where you are going. Give yourself plenty of time to arrive but don’t report to reception till about 10 minutes before the interview time. 

Know who you will be meeting and their position within the company. You might even want to look at their LinkedIn profile to get a better idea of their background. 

Pick out and prepare your interview outfit. Polish your shoes, ensure your clothes are clean and properly ironed, etc. Dressing well can increase your confidence while also enhancing your professional image. 

One last thing that applicants tend to forget is that your interview panel want you to succeed. If you prepare properly it can be a positive experience.  You may not get your first interview, and this would be completely normal.  You will improve your interview skills as you go through the process several times. 

We are always happy to help you at Raretec so feel free to give us a call on 01-5311400.

• Raretec 2021 Christmas Charity Competition
• Student Actuaries need your help!
• Coping with exam stress during a pandemic
• WARNING IR35 deadline for Actuarial Contractors is 6th April 2021 – employers be aware!
• Stepping forward in 2021

The post Interview Skills for Student/Graduate Actuaries appeared first on Raretec Recruitment.

Recruiters, HR practitioners and hiring managers are busy people and they need to identify what you offer quickly.  Your cv should show both your academic achievements as well as your work experience and interests. 

Personal Summary 

Underneath your contact details, you should start with a personal statement. This should be 1 – 2 sentences explaining what you do and what stage of your career you are at, i.e. “I am a 2019 Actuarial Mathematics graduate from UCD seeking to begin my career as a Trainee Actuary”.  

Education 

Your education details should be shown in chronological order. You should include the following details. 

Third Level Education 

• University Name 
• Course Title 
• Dates Attended/Graduated
• Final Grade/Expected Grade 
• Actuarial Exemptions achieved or expected exemptions 

Second Level Education 

• Name of School 
• County/Town of School 
• Dates Attended/Graduated 
• Your results, include your total CAO points and Maths related results (Physics, Applied Math’s etc.) e.g  “I achieved 500 points in the Leaving Certificate including a B1 in Maths and an A2 in Physics.” 

Work Experience 

For each role state the following 

• Company Name 
• Date range – from month/year to month/year 
• Position Title 
• Purpose of the role – 1 line to describe the function of the role and how it fits in the team 
• Main achievements and responsibilities. List 4-5 main achievements or responsibilities of your role in bullet point form.  

Your cv serves as an introduction to your skills and does not need to include every detail.  Leave yourself something to talk about at the interview.The important thing is to get the main points across. Highlight transferable ‘soft skills’ such as teamwork, customer service, time management, problem solving etc, along with technical skills. 

IT and technical skills 

Most actuarial roles require some IT competency. List any relevant courses or IT skills that you have experience with or have learned. These could be programming languages, statistical analysis techniques, various mathematical or data analysis related tools – e.g. Excel, VBA, SQL, Matlab, R etc. If you are learning additional skills online in your own time, be sure to include this! 

Achievements 

Include achievements that you are proud of. These can be academic awards, scholarships, sporting achievements and various other awards or accolades. Keep these clear and concise – it is a talking point, not a reading exercise.  

Interests 

Most employers prefer rounded individuals that also have some interests outside of work. Don’t make up your interests.  If you say you like reading then be sure to be able to talk about some books that you have or are reading! 

References 

There is no need to supply references at CV submission stage. Just cover this with a sentence to say “References will be provided on request”. 

Additional points: 

• Include any work experience you have – retail experience gives you transferable soft skills and shows you can balance work and study if you worked part time in college. 
• Your CV should read in reverse chronological order, i.e. your most recent education and work experience comes first. 
• CVs should not exceed 2 pages. 
• You should avoid excessive use of formatting – some CVs need to be uploaded against an employer’s online recruitment portal which can skew your CV if there is too much formatting. 
• CVs should be in Word or PDF format  

Get in touch at recruitment@raretec.ie for more information.

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Actuaries moving to Ireland From the rest of the world

Actuaries relocating to Ireland may need to transfer their qualification through the mutual recognition scheme.As specialist recruiters to the actuarial profession in Ireland we have found and helped actuaries relocating to Ireland including from Australia, Russia, France and the USA.  One of the barriers to actuaries relocating  to Ireland from other jurisdictions is their actuarial qualification.  Luckily there are mutual recognition schemes in place with many actuarial authorising bodies across the world and this article shows which agreements are in place.

Mutual Recognition agreement for Actuaries relocating to Ireland.

A mutual recognition agreement is a reciprocal agreement between the Institute and Faculty of Actuaries (IFoA) and another actuarial body which recognises each other’s professional actuarial qualifications. Mutual recognition agreements allow qualified actuaries to move to different countries around the globe and understand how their actuarial qualification relates to the qualification in Ireland/UK and as a result what individuals need to do to work as an actuary here in Ireland.
The IFoA have mutual agreements with a number of other international actuarial governing bodies. The mutual recognition agreement allows fully qualified members of the IFoA to apply for accredited membership of the following societies:
Actuarial Association of Europe: http://actuary.eu/
Actuaries Institute (Australia): http://www.actuaries.asn.au/
Actuarial Society of India: http://www.actuariesindia.org/index.aspx
Actuarial Society of South Africa: http://www.actuarialsociety.org.za/
Canadian Institute of Actuaries: www.cia-ica.ca/home
Casualty Actuarial Society: http://www.casact.org/
Institute of Actuaries of Japan: http://www.actuaries.jp/english/
Israel Association of Actuaries: http://www.actuaries.org.il/
Society of Actuaries: https://www.soa.org/member/
Members of these societies are also entitled to apply for an accredited membership from the IFoA. You can find the agreements between the IFoA and each of the above bodies at; https://www.actuaries.org.uk/membership/mutual-recognition
Any student members of following associations can apply for exemptions from certain IFoA exams, subject to meeting the given requirements. These requirements can be found at; https://www.actuaries.org.uk/studying/exam-exemptions/members-other-actuarial-associations
Actuaries Institute (Australia): http://www.actuaries.asn.au/
Actuarial Society of India: http://www.actuariesindia.org/index.aspx
Actuarial Society of South Africa: http://www.actuarialsociety.org.za/
Casualty Actuarial Society: http://www.casact.org/
Society of Actuaries: https://www.soa.org/member/
China Association of Actuaries: https://www.e-caa.org.cn/englishIndex
If you are an actuary or actuarial profession looking to move to Ireland then do get in contact and register your cv with us.  If you want to see some of our recent vacancies then click here.

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