Building a Channel Islands career as an actuary

Actuaries apply maths to real-life situations. We use statistics and probability to assess the likelihood of different events happening based on if and when they have happened before, and use this information to give financial advice. This kind of information is hugely useful to pensions and insurance companies as it means that they can plan how to invest funds based on the likelihood of when they will have to pay out.

I advise a number of company pension schemes. This includes being the first point of contact for clients, managing a variety of different projects within the office and preparing reports and presentations. I travel to the mainland regularly to meet clients and help develop and present a range of training courses for pension scheme trustees.

I am also the student study co-ordinator. This involves monitoring students’ progress as they are studying and taking their exams. Actuarial exams can be challenging so we try to provide as much encouragement as possible for students – we have a mentoring system so that every student meets with a qualified actuary on a regular basis to discuss their studies. I’m in charge of organising the scheme and making sure students feel supported.

How did you get where you are today?

I enjoyed studying maths at university but at the time wasn’t too sure about my career. After finishing my degree I wanted a career in which I could use my maths and computer skills. I really enjoy financial modelling so it seemed logical to train as an actuary. In terms of choosing to work on the Channel Islands, I was born in Guernsey and I always wanted to return after completing my degree.

I’m very pleased with the way my career has progressed so far.

I started with my firm in 1995 as a trainee actuary and I was promoted to assistant manager in 2002. I became a manager in 2004 and in 2006 I was promoted to my present position. I’ve achieved a senior position in my firm at a relatively young age, so I’m very pleased with the way my career has progressed so far.

How has the actuarial profession in the Channel Islands changed since you started?

The number of actuaries working in the Channel Islands has increased significantly. While I work in pensions, there are also actuaries working in investment and insurance.

How will the industry develop over the next few years?

There has been a significant move from defined benefit to defined contribution pension schemes as employers look at ways of limiting the risks and costs associated with their pension schemes. I expect to see more companies looking to actuaries to provide advice on how to manage these risks. There are also developments in the captive insurance market locally, which are expected to lead to a greater role for actuaries in this area too.

What do you like most about working in an offshore environment?

We advise a range of clients in the Channel Islands and the UK but our offshore location means that we also have an increasing number of international clients. With this diverse client mix we need to keep up to date with developments in a wide range of jurisdictions. Our offshore location means that we can be asked to advise on a wide range of projects.

Jargon buster

Actuary: a professional (often working as a consultant) who uses complex calculations to make assessments and advise clients.
Defined benefit pension: a pension plan based on the amount the client wants to receive at retirement.
Defined contribution pension: a plan based on the amount the client has paid in.
Financial modelling: Using computer software to predict the performance of assets.

Carl Stanford is a senior manager with BWCI Group. He graduated with a degree in mathematics with computer studies from the University of Sussex in 1995 and is now a senior manager and a Fellow of the Institute of Actuaries.