Quantum News

There is no doubt that the older we get, the faster the world spins! It takes aeons to get from one birthday to the next while the cake is still big enough to fit the candles. Yet a few years down the track and the milestones fly past unchecked.

In the actuarial world, exam sessions seem to be the chief indicators of time passing, and here we are, once again, with yet another session behind us. Contrary to popular expectation, most students seem to have survived the ordeal and are starting to look at the road ahead with hope in their hearts – yes, there is life out there!

TRENDS IN THE RECRUITMENT SCENE

The good news, in terms of recruitment in general, is that we are experiencing a swing from the strong employer’s market to which we have become accustomed, into a more favourable climate for jobseekers. Government estimates indicate that the number of job vacancies in the UK economy (all sectors) increased by more than 12% in July this year relative to the year before that. The overall availability of candidates to fill these vacant positions is declining and this is now starting to exert inflationary pressure on pay rates.

Before you rush to the computer to revamp your CV, we must hasten to add that demand within the financial sector has not shown quite such strong growth as many other sectors. Growth is growth, nonetheless, and the vacancy lists offer fair opportunity. The pensions field is the one area baulking at the idea of renewed activity, and opportunities in this sector are somewhat limited.

The growing shortage of skills seems to be nibbling gently on the markets and we sense a slight loosening of employer requirements. For longer than we care to remember the focus has been on ‘made-to-measure’ candidates - those having precisely the right set of skills and experience to guarantee a perfect fit from day one in a new role. The growing difficulty in sourcing candidates may be causing employers to relax their requirements a fraction, allowing a little more ‘wriggle room’ in terms of matching experience to job function. This in no way implies that they are accepting a lower calibre of candidate, but rather that some value is now being placed on the adaptability of candidates.

Our focus this issue is on Singapore. A number of our readers have kindly contributed their thoughts and ideas on living and working in Singapore and these are compiled in an informative article further down the newsletter.

Susan Robertson has recently been in Singapore meeting up with a wide range of companies. While most of these companies are not currently recruiting and confirm to her that the market is expected to remain fairly quiet in Singapore for the rest of the year, we do have a few new vacancies:

• A dynamic consultancy is looking for a Life Consulting Actuary, ideally from a consulting background and with a strong will to succeed. The right candidate will be rewarded with exciting opportunities throughout the region.


• A successful life company is seeking a Deputy Appointed Actuary to be responsible, in conjunction with the Appointed Actuary functions, for setting the actuarial assumptions and methodology to be used by the company for both pricing and financial reporting.


• A small human resources and health care consultancy is seeking a Compensation Specialist, with experience in compensation modelling, performance setting and linking financials to compensation systems. The ideal person will be able to design and value share-based compensation plans.

If your background suits any of these positions and you would be interested in hearing more about these or any other roles in Asia, particularly Hong Kong and India, please contact Susan Robertson on susan@quantumselection.com to chat further.

In the UK, specific opportunities exist in the following areas:

• Asset Liability Modelling – we have great opportunities for candidates with ALM experience or other financial modelling skills. Prophet skills are desirable and candidates should be recent qualifiers or senior students


• Financial Reporting – if you are a senior student or a more experienced actuary who has experience of embedded values, realistic balance sheet or financial modelling work, we are sure to have a role that will appeal


• Pricing – we have exciting pricing roles in both London and the Midlands for recent qualifiers with appropriate experience

• Personal Lines Pricing – we seek a senior student with at least two years of general insurance experience to price personal lines business for a substantial insurer


• Recently Qualified – we have a fantastic opportunity in London for a recently qualified actuary with a GI background, London Markets experience and strong IT skills


• Non-Life Consultants – consulting opportunities exist for actuaries with a strong non-life background and awareness of commercial issues

If you are considering a job change within the UK, please feel free to contact Kim (phone 020-75852173 or email:kim@quantumselection.com) to see what we have available.

Our vacancy of the quarter hails from South Africa this issue. If you have healthcare experience, ideally gained outside of South Africa so that you can offer something new to the market, and are interested in working in a very dynamic and driven environment, then let us know! Top calibre candidates needing work permits will be considered for this position. Candidates with only local experience or very little experience of the health industry will also be considered as long as they have the right attitude and potential to succeed in this dynamic consultancy. If this sounds like the role for you, write to susan@quantumselection.com

LIVING AND WORKING IN SINGAPORE

Many travellers have been to Singapore at some point or another, very often spending a few hours or days as a stop-off between Australia and Europe. So, to many, Singapore may simply seem like a little red dot with a pleasing airport! But what is it like living and working in Singapore?

Some of our readers in Singapore have kindly contributed their thoughts to Quantum Selection so that other readers can gain a first hand account of life in Singapore for actuaries and actuarial students!

One actuary who moved to Singapore from Australia several years ago explains that expatriates in Singapore work in many industries, including financial services, banking, insurance, technology, electronics and oil. He and others agree that if you are an actuary working in Singapore, you will most likely be working for one of the ten local insurance companies, the local offices of an international insurer or re-insurer, an actuarial consulting firm (or the actuarial arm of accounting firm) or one of the regulatory bodies involved in insurance. He explains further that the market in Singapore is small but can, nevertheless, be lucrative with its relative wealth. It can also be a test-bed for new marketing ideas before launch in other larger markets.

A student who has spent most of his career to date in Singapore confirms that the majority of the actuarial work involves life insurance, followed by general insurance. He says that some actuaries and students work in the investment field, but career opportunities in pension work are quite limited. Another student agrees that the market in Singapore is fairly traditional, with the majority of actuarial students involved in life work. However he feels that there are exciting times ahead with an increasing awareness and shift to the non-life side, given recent regulatory changes. He also detects a developing interest in other non-traditional areas within financial services, for instance in the provision of specialist advisory services for banks in merger and acquisition situations.

An investments actuary kindly tells us that the Singapore government has encouraged the development of Singapore as a regional centre for investment management. However, the latest employment surveys appear to indicate that the number of jobs in the investment management industry has stabilised with only a small number of senior management positions held by actuaries. The most appropriate opportunities for students and newly qualified actuaries probably lie in the areas of investment research and portfolio construction where competition for employment is fierce and CFA is the qualification of choice. The majority of such positions would focus on the Asian equity and fixed income markets. The Singapore government continues to welcome "foreign talent" and Singapore offers an attractive lifestyle for individuals and families.

Our students tell us a little more about studying for the exams in Singapore. Those studying in Singapore are mostly members of Institute and Faculty of Actuaries (UK), the Institute of Actuaries of Australia and the Society of Actuaries, with a few taking the CAS exams and some actuaries qualifying with two, or even more, bodies. Companies generally provide support to the students in the form of study leave and sponsorship, much in line with worldwide practice. While one student very much applauds the support given to students by companies, another feels that firms have to balance their limited number of students with their commercial interests.

Both agree that study life is informal and done at an individual level. Study resources are provided from external providers and some students feel that tutoring support could be improved. Although students taking the IAA exams can take tutorials given by Australian actuaries in Singapore, there are no tutorials at the moment that students of the Institute/Faculty or Society can attend, which means that these students can only rely on self-study or seeking advice from their colleagues, which some feel puts them at a disadvantage.

The Singapore Actuarial Society is the sole organisation that actively organises forums and discussions on current professional interests. Annual social gatherings are held that provide opportunities for students and senior actuaries to network.

So what about the job market in Singapore?

One candidate feels that career opportunities do arise quite often and advertisements for job offers are frequently published. At Quantum Selection we experience Singapore to be a much smaller (and thus quieter in terms of vacancies) market than, for example, the UK or Hong Kong, but there certainly is a wealth of opportunity in certain sectors of the market. Life insurance experience is most in demand, but we are experiencing increasing demand for general insurance backgrounds too. One disadvantage of working in a smaller market is the limited number of top jobs. This means that some candidates find nowhere to go as their career progresses to senior management levels, so then need to look elsewhere for their next challenge.

One contributor advises that no formal or conclusive salary survey, including comparisons with other industries, has been done in this market yet. In general, the Quantum Selection experience in this market shows that salaries can be expected to be slightly lower in monetary terms than salaries in the UK, and on par with salaries in Australia. However, as with anywhere, salaries can range so widely for candidates with the same qualification but with different experience, that it is difficult to be specific. Also, generous ex-pat benefits, difference in cost of living and tax regimes can make the salary differential in real terms a totally different picture. Do remember, however, that there is a trend away from ex-pat packages, which can be seen to discriminate against local employees. Also, ex-pats’ benefits are less relevant if people are making relocation to Singapore a lifestyle choice!

And what about life in Singapore?

All agree that Singapore is a great place to live and work, being a modern, clean, cosmopolitan and safe metropolis. It is of course the truly multicultural aspect of this city that attracts many people, not to mention the fabulous food! There's a large expatriate community and people from many cultural backgrounds work and live together.

If you're adventurous with food, this is the place to be, with all types of cuisine available and all budgets provided for – you can get lunch at one of the many food courts for less than a pound, or choose to pay fifty times that amount at a top restaurant in one of Singapore's many five star hotels.

Other attractive aspects are the low crime rate and, for some, the ‘great weather’ (although others would prefer a break from the interminable heat)! The standard of living is high, tax rates low and the cost of living reasonable, especially for expatriates who are willing to have a balance of local and expatriate lifestyle. Condominium style accommodation, including facilities such as swimming pool, tennis courts, gym and barbeques, is widely available at very reasonable rent.

Singapore is frequently dubbed "Asia for babies" or “Asia for beginners.” For families, it is a safe and convenient place to live and it is easy to source anything you need! Overall, settling in Singapore should be a relatively painless process, not least because the language here is predominantly English. One actuary points out that medical care and schools are excellent and things are transparent in Singapore - there is minimal red tape and the laws are fair. People are very friendly and it seems that almost any one, from any background, can fit in (both at work and outside of work).

So, is there anything bad about this place? Well, one of the few downsides is the prohibitive cost of car ownership. Cars are probably the most expensive of anywhere in the world. One actuary points out that a fairly basic Toyota Camry may set you back SGD125,000 (around £40,000)! However, all agree that the cheap and efficient public transportation (bus, taxi, MRT) more than compensates for this.

Work hours can be long, but commuting time is relatively short which makes up for the extra time spent in the office. Many of the jobs are regional positions, so you may need to be willing to do some travelling. Having said that, air travel time between cities in the region is short - Hong Kong is less than four hours flying time from Singapore. For travelling actuaries, the airport is very convenient to the city centre too.

Another downside is that Singapore Island is small and for some it can be too stifling and boring after a while. However, being a perfect base to travel throughout the South East Asia region balances this for some people, who look forward to coming back to the haven that Singapore offers when having been in ‘less easy’ locations in Asia.

Those who love hiking in the wilderness without seeing a soul for days, or sailing in empty waters, may have difficulty enjoying their favourite pursuits, but there are plenty of other attractions to keep you occupied. The nightlife is vibrant with many pubs, karaoke bars, restaurants, cinema complexes, night-clubs and Singapore's very own Esplanade theatre for those who more keen on culture and the fine arts. For those with families and young children, Singapore has a fine zoo, bird park and a small island resort (Sentosa) with a fabulous aquarium.

All in all, Singapore packs a fairly solid punch when it comes to providing an ideal spot to further your career and enjoy your life at the same time!

JUST FOR FUN

You have eight marbles that weigh one ounce each, & one marble that weighs 1.5 ounces. You are unable to determine which is the heavier marble by looking at them. You have a balance scale with two pans. How can you determine, by using the scale twice only, which marble is the heaviest?

See the answer below !

UPDATE

We would really appreciate your keeping us up to date on new exam passes, recent work experience and any other changes in the details we hold on file for you. If we have not heard from you for some time, please take the time to update us, either by using the link below, or by contacting your recruitment consultant directly.
Email: update@quantumselection.com

If you would prefer not to receive future QuantumNews newsletters from Quantum Selection, please reply to this email with REMOVE in the subject line.

Answers to the ‘Just for Fun’ questions:
1.The third. Lions that haven’t eaten in 3 years are dead.
2.Sure you can! Yesterday, today and tomorrow!
3 The letter ‘e’ which is the most commonly used letter in the English language does not appear once in the paragraph.

   Back to the top