Solvency II

[NorthWestPerm2Contr]

Ok guys, I just read this on CUK news:

IT pay prospects climb to four-year high :: Contractor UK

"A shortage of candidates with Solvency II modelling skills has meant that pay has rocked over the last few years. Senior specialists are typically earning in excess of £150,000, or £1,000 per day, and pay packages are showing no signs of falling.”

Will somebody please tell me how to get into Solvency II? Do I need to get some kind of actuary qualifications?

[Alias]

+1 to that, I would love to get in on that!

[oracleslave]

We have contractors in this area on the forum, well at least 1 anyway that I have met.

I'll leave it to her to decide if she wants to help

[GillsMan]

Removed post

[norrahe]

Ok guys, I just read this on CUK news:

IT pay prospects climb to four-year high :: Contractor UK

"A shortage of candidates with Solvency II modelling skills has meant that pay has rocked over the last few years. Senior specialists are typically earning in excess of £150,000, or £1,000 per day, and pay packages are showing no signs of falling.”

Will somebody please tell me how to get into Solvency II? Do I need to get some kind of actuary qualifications?

You've missed the boat on SII, I'm afraid!

All SII programmes are fully resourced, if you were to get on board at this stage then you'd need to have a good level of expertise in the subject. Most companies have been implementing it for the last 2 years and even though implementation is not scheduled until 2014, markets such as Lloyd's of London under pressure from the FSA have pushed for a 2013 go live.
Many companies are now winding down their programmes and starting to go into BAU.
The gigs you will see are for actuarial consultants who will be running internal model scenarios, which require you to be a qualified actuary. The roles for PM or BA are not paying the same level as the peak of the market last year.

[NorthWestPerm2Contr]

You've missed the boat on SII, I'm afraid!

All SII programmes are fully resourced, if you were to get on board at this stage then you'd need to have a good level of expertise in the subject. Most companies have been implementing it for the last 2 years and even though implementation is not scheduled until 2014, markets such as Lloyd's of London under pressure from the FSA have pushed for a 2013 go live.
Many companies are now winding down their programmes and starting to go into BAU.
The gigs you will see are for actuarial consultants who will be running internal model scenarios, which require you to be a qualified actuary. The roles for PM or BA are not paying the same level as the peak of the market last year.

(cries)

[cojak]

Ok guys, I just read this on CUK news:

IT pay prospects climb to four-year high :: Contractor UK

"A shortage of candidates with Solvency II modelling skills has meant that pay has rocked over the last few years. Senior specialists are typically earning in excess of £150,000, or £1,000 per day, and pay packages are showing no signs of falling.”

Will somebody please tell me how to get into Solvency II? Do I need to get some kind of actuary qualifications?

Do the moral of this story is by the time you read about it in blogs and articles it'll be too late.

Just ask Milan with his .NET.....

[SimonMac]

Do the moral of this story is by the time you read about it in blogs and articles it'll be too late.

Just ask Milan with his .NET.....

WSS

So does anyone know anything about Solvency III?

[kingcook]

I'm involved in a Solvency II project at my current client, earning no where near those figure. Then again, i'm just a code monkey, not an actuary or anything like that.

I know one of the other contractors here involved in reporting said he was earning 4 figures per day (i.e. £1,000+!!).

I'm not sure if you've missed the boat, maybe, maybe not. I'd say most companies are already working on this.

You could always train for when Solvency III comes about

[norrahe]

I'm involved in a Solvency II project at my current client, earning no where near those figure. Then again, i'm just a code monkey, not an actuary or anything like that.

I know one of the other contractors here involved in reporting said he was earning 4 figures per day (i.e. £1,000+!!).

I'm not sure if you've missed the boat, maybe, maybe not. I'd say most companies are already working on this.

You could always train for when Solvency III comes about

Most companies are indeed working on this but having spoken to quite a few of them they are winding down and implementing BAU. The roles you will see will be for "modelling dry runs" and ORSA production ( Pillar II).

All companies in the UK that have to report on SII will be well underway on the programme, as the FSA have been quiet rigorous on checks and have been cracking the whip for some time.

Any gigs that you do see going will be replacing someone who is leaving. Also the rates are not as high as they were this time last year, so yes indeed that boat has sailed for some of us!

On the reporting side the only people earning 1k+ a day will be the risk managers and the actuaries especially with the new ORSA guidelines that have been put out.

At the rate things are going with SII and the constant push back by the EU and EIOPA you'll be waiting a hell of a long time for SIII