Actuarial Graduate Programme at Munich Re UK Life Branch

Actuarial Graduate Trainee Programme

Pave your way into a career at Munich Re

Actuarial Graduate Trainee Programme at Munich Re UK

Actuaries are problem solvers and strategic thinkers. They leverage their mathematical skills to measure the probability of future events and craft tailored solutions that drive business growth. With a keen eye for numbers and a passion for creative problem-solving, they play a pivotal role in driving business success, influencing key areas such as financial reporting, pricing risk, data analysis and digital innovation.

As a graduate you'll join a dynamic team, collaborating with experts from diverse backgrounds to develop and refine models, evaluate and manage risks, and interpret data to inform business decisions.

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Munich Re UK | Actuarial Graduate Trainee Programme

Munich Re UK Life

Why Munich Re?

Munich Re is a leading global reinsurer. The thing that sets us apart from our competitors is not only our expertise, experience and drive for innovation, but above all, our People. Together, we embrace a culture where multiskilled teams dare to think big, where expertise comes from different disciplines as well as nationalities, genders and generations.

Munich Re actively invests in its employees where everyone can grow through development programmes, continuous conversations and feedback so we can train and develop our future leaders.

Diversity & Inclusion

About the Actuarial Graduate Trainee Programme

Our actuarial graduate trainee programme at Munich Re UK is a fast-paced and exciting journey into one of the most varied and fascinating sectors out there – the world of reinsurance. As a trainee, you'll explore a wide range of opportunities across the business and will be supported every step of the way as you work towards achieving your professional actuarial qualification.

With a global network of Munich Re experts at your fingertips, you'll tackle real-world challenges in a supportive environment that fosters growth, innovation, and collaboration.

Beth Holmes, Actuarial Graduate Trainee

"I’ve been exposed to a wide variety of business lines and been afforded the opportunity to work in multiple teams. I’ve had countless opportunities to develop both personally and professionally, including taking the lead in valuation projects and building new tools in Python & R. Also, the exam support has ensured consistent progress towards becoming a qualified actuary!"

Phil Gayner, Head of Pricing

"As an actuarial trainee at Munich Re, you have the opportunity to be part of a global organisation, interact with experts in the industry and get exposure to a wide range of interesting topics. There is also a strong emphasis on supporting your development and helping you achieve your career aspirations."

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Training on the job

We take the development of our employees seriously and would support movement to alternative teams 12 to 24 months after your initial placement. You will learn the practical basics of working in reinsurance, be taught the technical skills required for your daily work and have the opportunity to learn from industry leading experts. We commonly rotate trainees between teams to give them broad exposure to the business. You will be given responsibility from the very beginning to support your team in achieving goals that directly impact the success of the company. You will be given the chance to continuously practice and develop your experience before moving to the next level.

Personal Development

During your time at Munich Re, there will be a strong focus on your personal development and as such, you will also be given training off the job. This comes in various formats; case study exercises, regional orientations, workshops and courses tailored to your personal development needs. This is an important extension to your growth within the role, providing you with an excellent overview of Munich Re in the UK and an opportunity to network with others across the business. You will be provided support through the actuarial examinations including mentors, mental health first aiders, personal development courses.

Qualification

Whilst working at Munich Re, you will also embark on your professional actuarial exams with the Institute and Faculty of Actuaries (IFoA). Your day-to-day work will supplement the actuarial principles that you learn through these exams. Over the course of three years or more, you will progress through the exams and gain the necessary work experience to qualify as an actuary.

Find out more about the programme

What you will benefit from

Competitive salary

For us, it is a matter of course that you are appropriately compensated for your high level of commitment.

Retirement provision

For your security in old age, we provide an in-house pension solution up to 10% non-contributory.

Compensation and benefits

We offer competitive benefits packages and incentives across our different businesses.

Insurance coverage

In case of illness or accident, our company provides medical insurance (life and private medical) and travel insurance.

Professional development

We offer targeted, needs-based training for all employees: Mentors, Mental Health First Aiders and Personal Development Courses.

Flexible time

We believe in a healthy balance. We offer various options to help employees build their careers in line with their personal life.

Holiday

25 days holiday as standard (able to flex up/down by 5 days).

Recruitment process

Application Dates 2nd September 2024 – 17th October 2024

We are committed to providing a supportive and inclusive candidate experience. All candidates in consideration for any role can request a reasonable adjustment at any point in our recruitment process. You can request an adjustment by speaking to your Talent Acquisition contact.

Online Application

Online Test

Telephone Interview

Assessment Centre

Final Round Interview and Presentation

(10 minutes)

You will fill out our online application form and submit your CV with any supportive documents. An automatic self-registration link will be sent for the online test.

(approx. 45 minutes to complete)

At this stage, we will ask you a few questions as part of a survey and test your cognitive ability.

(60 minutes)

To get to know you even better, we will conduct a competency- based telephone interview with you to proceed to the next stage of our process.

(Half day)

You will be invited to attend a half-day assessment centre at our London office. We will ask you to take part in a series of tasks designed to determine your suitability for the graduate programme. This day will also allow you to ask questions and get a feel for our dynamic work environment.

(60 minutes)

You will be invited to participate in two virtual meetings with senior leaders from Munich Re UK. These will comprise a presentation and a technical interview

FAQ

Questions & Answers

Is this a graduate programme or a permanent position? We offer graduates a permanent position so they are guaranteed a job permanently and do not, for example, have to reapply for a position upon completion of the programme.

How many positions are available? There are 2-4 positions available across different entities in Munich Re UK.

Do we offer visa sponsorship? Yes.

How does this differ from the Group International Graduate Programme? This is a more specialised programme than the Group International Graduate Programme, and will better tailor your development towards becoming a qualified Actuary.

Are there minimum grade requirements, and any subjects that wouldn’t be considered? We expect candidates to have, or be predicted to achieve at least a 2:1 (or equivalent). However, this isn’t the only information that we consider when assessing candidates and good practical experience, strong test results or extenuating circumstances surrounding a degree result will also factor.

Similarly, whilst a numerate degree is preferable and would make the role and exams easier to pick up, not having this does not preclude you from the role. We consider candidates from all subjects.

Do I need to have exemptions from the actuarial exams? No. We provide full study support for all exams regardless of the number of exemptions held. Additionally, there is no preference to students who do or don’t have exam exemptions, so do not be put off if you do not have exemptions.

What level of study support is offered? We provide study leave to our students to prepare for their exams. We cover the cost of all subscription fees, course material, tuition, examination fees, and provide a study mentor to advise and support you through the process. Students are entitled to up to 1 day of study leave per week (depending on which exams are being taken). Students are also given full days off for the day of any exams.

Are there any international placements offered? The Munich Re Group is an international organisation, with offices all over the world. The company would support a short term (typically 2-3 months) international secondment, but this is not guaranteed and depends on an individual’s strong performance and personal drive to make this happen.

Is there any flexibility over the start date? Yes, we are willing to be flexible over your start date. Please discuss this with us.

What are the working hours like, and how flexible are they? Working hours are flexible. Of course, as a new graduate, there is benefit from working at the same time as your team to pick things up quicker. In terms of working hours, people typically work 7-8 hour days (so a 9-5/6 with an hour lunch). This can vary slightly depending on working volumes and deadlines.

What is the working approach, and is it possible to work remotely? There is flexibility around working patterns and locations. This has proved beneficial during the pandemic where a hybrid of remote and office work was introduced. Hybrid working is now embedded in the way we work and will continue to be our model post-pandemic.

Munich Re is a global organisation. Successful candidates in the graduate programme will join an actuarial team in one of the following entities Munich Re UK Life Branch (UKLB), Munich Re Great Lakes (GLLB), or Munich Re Speciality.

Find out more about these entities below.

UKLB

GLLB

MRS

Apply now!

Are you curious to explore new horizons? As a team player with excellent communication skills, you thrive in diverse settings. You are all of this and more?

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