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Associate
NAME: Ben RoachJOB TITLE: Associate
UNIVERSITY: University of Sheffield
DEGREE: BSc Mathematics
How it all started
I became aware of the actuarial profession at secondary school and was attracted by the opportunity to use of maths, statistics and probability in a business environment. After leaving university, I had the choice betwen working for a large insurance company employing over a thousand people in one site and Barnett Waddingham's friendly Cheltenham office with around 40 staff. The impressions given during the two interview processes were very different and the prospect of working for a consultancy firm that cared for its staff was far more appealing. I haven't once regretted my decision!
The exams
The ability to continue learning and studying after university ws one of the reasons I wanted to become an actuary. The actuarial exams are very challenging, particularly when combined with a full-time job and I had a few failures along the way before qualifying after five and a half years.
A lot of self-discipline and hard work is required but Barnett Waddingham provides a generous study package that allows you to take time out of your working week to concentrate on studying and preparing for the exams. I found that I needed to do a similar amount of study outside work, although this wasn't always easy, particularly during the summer!
Working day to day
I am the Scheme Actuary for several clients and act as the main contact for around a dozen schemes in total. These schemes range in size from £1 million to £100 million and they all have their own specific issues to deal with. Some are still open to new members, while some have insolvent employers and are in the process of entering the Pension Protection Fund or Financial Assistance Scheme, which ensures that the scheme members should receive most of their benefits even if the original scheme could not have afforded to provide these.
All of my clients have between two and four actuarial staff working on them, which means that I am able to work with all members of the team. I particularly enjoy explaining difficult concepts to colleagues and helping them become familiar with different tasks.
One of the best aspects of my job is the variety of work. I am still involved in producing and checking calculations for individual members and schemes, although most of my time is spent on consultancy work, preparing for and attending meetings, and getting involved in firm-wide committees and projects.
Consultancy work typically involves advice on scheme funding, benefit changes, investment performance and strategy, as well as general advice to ensure trustees and employers comply with various legal requirements. I often present to clients and professional advisers on topical issues and regularly speak at training sessions for pension scheme trustees.
Barnett Waddingham LLP
I joined Barnett Waddingham in 1999 when the firm employed around 150 people. Since then, the firm has tripled in size and has added offices in Bromsgrove, Glasgow and Liverpool. This expansion has increased our expertise in many areas of consulting but the firm has kept its principles of caring about its staff and clients.
Sharing ideas and good practice across all offices is encouraged and I was able to contribute to this when I moved from Cheltenham to the Leeds office in 2006. Although it was difficult to leave behind old friends and colleagues, I regularly see them at the various inter-office social events during the year. The football, netball, golf and even croquet tournaments are well attended and keenly contested, while the firm-wide Christmas party often sees a unique brand of entertainment!
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