I studied MORSE (Mathematics, Operational Research, Statistics and Economics) at the University of Warwick and completed a summer internship at LCP in the Pensions Actuarial department. Here’s more about my experience…
What did I learn during my internship?
Exciting, challenging and stimulating – this would be my response if someone asked me to summarise my internship in three words.
I spent the summer before my final year at university working in the Pensions Actuarial department at LCP. This gave me a superb insight into the life of an actuarial trainee at a financial consultancy. My internship included a series of training sessions giving me the knowledge I needed to undertake client work at a graduate trainee level. The training covered a mixture of technical knowledge and soft skills which helped me to gain confidence in completing work within the office.
LCP offered me the opportunity to work on a wide-range of projects with FTSE 100 clients and other multinational companies. I had the opportunity to work on big valuation projects as well as individual member calculations for defined benefit pension schemes. This helped me to gain a strong understanding of various aspects of pension schemes and how these are affected by changing market conditions. It was also very rewarding to see work I had contributed to being sent out to clients.
I was welcomed into the team right from the start of my internship. My colleagues were always willing to spend time explaining the work, the client’s specific circumstances and the logic behind our advice. This support accelerated my learning and definitely helped me to develop my skills further.
I attended an LCP recruitment talk at university in my first year and I was extremely impressed by the environment and work culture the LCP representatives described to me. I applied the following year for an internship position and the application process reflected the same friendly culture. The process was straightforward and more enjoyable than stressful – with one interview at the office, followed by lunch with recent graduates.
I thoroughly enjoyed all aspects of my internship experience. A lot of effort was put in to train us from the start, developing our actuarial skills and awareness from day one and giving us a real chance to experience the work of a graduate trainee.
Alongside enjoying the work, there were numerous social activities on offer, which was a great opportunity to meet with other people from across all departments. Whether it’s regular team socials, company parties, or joining a sporting team, there was always plenty to get involved with.
Internships are a great way to experience a taste of the industry and see if the firm is the right fit. My summer internship showed that a career in actuarial consulting was the one for me. I was delighted to receive a graduate offer at the end of my internship, meaning I could focus on my final exams without worrying about looking for a job.
Application process advice:
Do your research to ensure that this is a career to match your skillset and interests. An internship is a great way to experience a taste of the industry. Company websites and profiles are an excellent way to get a sense of a company. LCP’s website contained a lot of useful information including their work ethic and company values, which influenced me to apply. Internship places are competitive, so it’s vital that you demonstrate your passion for the job and start your applications and preparation early!