Over the past few years we have been keeping a close eye on how the new graduates are getting on with their actuarial careers in the Irish market. Many senior individuals in the industry have been saying for some time now that they believe that there are too many actuarial graduates coming out of the colleges and that there simply isn’t enough room for them all.
In 2014 there are 151 students that have graduated from Actuarial courses in Ireland and Northern Ireland. This number includes graduates and those that did an actuarial masters or post grad actuarial diploma. Of these our data shows that so far 65 of the 151 i.e. 43% have now secured trainee actuarial roles. The 65 are mainly employed by life and general insurance companies with a much smaller proportion than in other years moving into pension’s consultancies. Of the 86 actuarial graduates that remain so far 12 have accepted roles in other disciplines such as trading or data analyst type roles. The reality is that there are still just over 50 actuarial graduates from 2014 looking for actuarial roles. There are normally a new group of actuarial graduate roles that come through in September/October but competition for these roles will be fierce.
Going forward there is no evidence that the colleges are reducing the number of places for actuarial students and in fact some are increasing the number of places. There is much talk in the press that general standards for third level entry is increasing so we looked at the CAO points required for each actuarial course to see if the requirements have indeed changed. The table below shows our findings.