Political Risk and the London insurance market May 11, 2012
Posted by Jeff Riley in : AON, Political risk, The Careers Group Blogs, london, politics , add a comment
2012 Political Risk Map from Aon
“Political risk is a significant feature of the London insurance market, which is the world’s number one market for international insurance and reinsurance.” My interview with Caspar Bartington of the CII was going splendidly I thought. I was visiting Caspar because I’ve just started careers work with Queen Mary College, University of London and he has been there a couple of times for careers events
Why doesn’t political risk have a higher profile amongst students? There are a number of reasons. Insurance is a hidden gem – it has a perception problem that means it is misunderstood by most students. On top of that, sector employers don’t recruit in the same way as other financial companies. There aren’t, for example, as many structured placements and companies don’t attend that many careers fairs, although the CII does plenty of student sessions each year. People tend to hear about schemes and opportunities through personal and professional networks more than careers fairs and directories. Having said that, lots of students and graduates have found their way in to the profession and it is a competitive sector to break into.
So do all insurance companies have a political risk section? Many companies will have a political risk expert but only a few will have specialist teams. Aon is one such company, and indeed its graduate scheme allows some new entrants to spend six months in the kidnap and ransom division as well as other placements in more calm areas such as fine art! Aon also has a summer placement scheme so they are worth getting to know well.
Would students be at a disadvantage if they were too clearly focused on political risk as an option to the exclusion of considering other areas of the insurance business? Well I think an interest in, and knowledge of, political risk as a feature of insurance would be an excellent platform for any application. Frankly there is a low level of knowledge of the profession in general so any informed focus would be a good start. Having said that I think it would be in the students’ own interest to be open-minded about other areas of the insurance business. After all it is part of the same profession. Until they have got some practical experience it probably wouldn’t be wise to make final decisions. In any case the sector is pretty good at accommodating individual preferences so there is no need to panic about it.
One other point worth making is that the sector does recruit from a wide range of degree disciplines – the main focus when recruiting is the range of skills and aptitudes candidates can bring rather than just the subject studied.
What does political risk work in insurance involve? A real variety of things. On the one hand looking over historical data to generate a prognosis about future stability in a particular country. Emerging markets, for example, can provide growth opportunities for business but they are also more liable to be impacted by government action and supply chains are increasingly vulnerable. Issues such as unexpected nationalisation, physical damage from political violence, the cancellation of export/import licenses and default on contracts. We rely on political risk expertise to help us take these kinds of issues into account when offering insurance. They provide expertise in issues such as kidnapping and terrorism – and these days terrorist attacks are considered as a foreseeable risk. There are around 20,000 kidnappings a year and these also have to be factored in when companies are considering insurance. I know of one insurance professional who has to conduct negotiations with Somali pirates who had taken a ship that her company had insured. Of course these kinds of negotiations are carried out in conjunction with legal authorities but nevertheless insurance professionals can be involved in this kind of work.
What advice would you have for students interested in the sector? You won’t be surprised to hear that my top tip is to become a Discover member of the CII. It only costs £35 a year and will quickly help you get up to speed with the sector. Students should email discover@cii.co.uk for full details. Membership gives free access to lots of events, such as the lunchtime lecture series hosted at Lloyds of London (who also have a graduate programme that includes a political risk element, incidentally). The most recent series of lectures included experts talking about topics like risk around the Olympics or the issues around deep sea oil exploration. These are great places to network as well.
Secondly, you should read the FT and The Economist – fairly obvious I suppose – but also the trade press such as the Insurance Times and Post.
Further Resources
www.facebook.com/DiscoverRiskFB
Don’t forget you can read more on careers in political risk by searching this blog or use the search term political risk at careerstagged.co.uk
Download Aon’s 2012 Political Risk Map produced by Aon here http://www.aon.com/2012politicalriskmap/
Mobile phones, international relations and a summer internship April 25, 2012
Posted by Jeff Riley in : The Careers Group Blogs, international development, internships, politics, work abroad , add a commentThis blog is one of several produced by myself and colleagues who work for The Careers Group, University of London or one of the constituent colleges. A full list of them can be found here http://www.careers.lon.ac.uk/output/Page808.asp The Web and social media really helps us exchange information about the issues facing our readers. On the other hand it’s still really handy to be sharing an office so people don’t forget to pass on useful stuff. This explains why I’ve just posted up a terrific summer associate position in London or Bangkok – thanks to James Weaver at Queen Mary who passed it on to me. You can download the information from our Careerstagged.co.uk site http://bit.ly/JB34w3 but here’s an outline of what’s on offer
GSMA the trade body for the mobile telecommunications industry has a summer associate position. Closing date May 10 2012. What is it doing featuring in a blog about development and international relations? Well mobile phones are hugely important in the developing world and the role amongst other things may involve writing country profiles. ” The candidate will work on such things as 1) research specific issues related to mobile money regulation; 2) To prepare country profile for the online mobile money regulatory database; 3)write mini case studies on a deployment and the relevant regulatory context…” So scoot on over to careerstagged for the download on how to apply (see above) and we’d love to hear how you get on.
Development In Three Dimensions – a free conference August 22, 2011
Posted by Jeff Riley in : courses, international development, politics , 2commentsI’ve been contacted by some students from the University of East London who have come up with a fantastic initiative that will be of interest to students in development, international politics and migration. Alan Gutsell, along with fellow UEL students, has created the ‘Development in Three Dimensions’ conference on Saturday 5th of November in Docklands and, guess what, it’s FREE! Thanks to funding obtained from the European Association of Development Research and Training Institutes (EADI) and UEL itself. Here is the link to the conference website: www.uel-undergraduate-conference.co.uk/
Alan tells me the conference is a chance for undergraduates to showcase their research on a range of topics including:
War, Conflict and Migration
Environment, Resources and Livelihoods
Civil Society, Social Movements and Grassroots Initiatives
Students from all over the UK and internationally have been selected to speak after submitting abstracts. The conference will have keynote speakers and NGO exhibitors – so a great place to network and find out about recruitment possibilities. Alan also hopes the conference will attract some academics. “It’s going to be a place where academics can hear some voices from the next generation as well a forum for undergraduates to meet students from other universities.” There will alsi be journal publishers there, with a prize being given by the European Journal of Development Research. So much out of just one day.
If Alan survives the event he will be completing his final undergraduate year in International Development and NGO Management. It sounds like an excellent event. It’s free but you will need to register if you would to attend. Alan tells me that later papers are being accepted, any of you undergrads or recent graduates looking to further your work should take a look.
Careers and internships in European Institutions May 10, 2011
Posted by Jeff Riley in : European Union Careers, Government, Graduate recruitment, internships, politics, work abroad , add a commentCareers Colleagues of mine from SOAS and Queen Mary’s College went on a recent ‘EU’ Careers day organised by the European Personnel Selection Office. University careers advisers are being targeted in this way to help increase the number of British graduates consider careers in the European institutions. Here are a few key points from the day covering: work experience with MEPS; working in the European Parliament; The role of the ECs UK representation office; internships in the European Institutions and the launching of the new European Banking Authority based in London.
- Socialist & Democrats in Europe (SDE). A representative from this organisation was at the event. The SDE represents Labour parties across Europe. He talked about how MEPs offer great work experience. MEPs are heavily involved in reviewing legislation generated by the European Commission and, consequently, their interns spend a high proportion of their time drafting and researching legislation. More so than interns with UK MPs On the down side parliament closes during the summer months which makes it difficult to get work experience. The rest of the year offers more interesting possibilities. The SDE themselves also offer internships – and w4mp.org was cited – as ever – as the web site to check.
- European Parliament, Administrator Route
Work for the European Parliament as an ‘Administrator’ (this is the catch all phrase for people working for the EP who are not MEPs), you need Mother Tongue in English, French or German and a second EU language
For 1st promotion in 2/3 years, also need a 3rd working language. This poses challenges for UK recruits and UK nationals are vastly underrepresented in EU.
Many British personnel are retiring and more British nationals are needed to replace them.
Since the enlargement process, English is succeeding French as the Lingua Franca, and there is a demand for native speakers who can write high standards of English (this point was reiterated throughout the day for both European Parliament and the European Commission).
They welcome applications from immediate graduates, but having some post-study work experience is much preferred. A typical profile of an applicant to the graduate route would be a good degree, possibly a Masters in European Studies, 2 to 3 years working in civil service/law firm/management consultant or other.
As a Desk Officer (typical entry level role for a graduate) may spend time working with the nominated MEP responsible for reviewing legislation (called a Rapporteur) by sitting on Committee and liaising with the MEP on drafts, or content. Typically a British Desk Officer would be nominated if the Rapporteur is a British MEP.
*European Commission: Representation in the United Kingdom (and some tips for applying to the EU institutions)
The EC Representation in the UK is a little like an Embassy representing the EC in the UK. It’s about explaining the EU to UK audiences such as the Press, Trade organisations, Chambers of Commerce, Civil Servants and the general public. A Political section of the Representation deal with different parties and groups. It’s also about explaining the UK to the EU.
More good news for Law and Economics students – these backgrounds are very popular amongst EC staff. There is always a need for lawyers, and if someone trained as a barrister/solicitor in the UK and then came into Brussels it would be very highly regarded. Equally some law firms like people who’ve had experience working in the EU before applying for lawyer jobs.
More autonomy in the EC civil service than in the UK. You’re encouraged and expected to move on, and around.
In your application, demonstrate that you strong extra curricular activities and participated in clubs/societies as a leader. Get an internship if you can. Or get involved in European Politics, or meet your MEP.
- European Union Interns/Traineeships
- Each EU institution has its own traineeship recruitment and selection process. Two entry deadlines each year in March and July
- Applications on line – includes questions about academics, work experience, languages and a motivation section
- Traineeship/stage office do an initial sift, and candidates are put onto the “blue book”. Institutions then select which candidate they would like to take on. Some will do a telephone interview .
- In the motivation section, candidates often forget to sell the skills they would offer the Institution and instead focus on talking about what they know about the institution.
- During the five month learning experience ensure you sit with manager and establish with them what you want out of this time.
- At each deadline there are between 6500 and 7500 applicants. And they take on 650.
- A good idea to have some work experience before applying to the traineeships. Make sure this stands out in your application.
- Have to have finished degree before applying.
- EC internships are available to people from outside the EU, but follow-on jobs are not.
- It’s good to have languages to apply, but English is needed more and more.
- European Banking Authority, City of London
A new office (started Jan 1st 2011) with a current staff of 35 that looks set to expand to over 150 in a year’s time.
Double remit of writing banking legislation and oversight with three core parts: Bank Regulation, Oversight Authority, and Operations.
They are currently growing organically and offering opportunities as and when the need arises. They are currently recruiting at all levels – opportunities on their website and EPSO.
Standard need to be EU citizen and speak two languages, with English as the clear working language.
As the organisation is in the City of London and newly-emerging, this organisation offers strong developmental opportunities in an important area.
FCO Internships 2011 (women only) March 28, 2011
Posted by Jeff Riley in : Careers Advice, Government, careers, internships, politics, work experience , add a commentMarissa Bell is a third year Geography student. Last year she did an internship programme with the FCO called the ‘Partner University Placement Scheme’ (known as PUPS – details at www.partneruniversities.co.uk). The scheme is being advertised again for the summer of 2011 (female, penultimate year undergraduates only and closing date 6 April) and we talked to her about her experience
How difficult was it to secure the placement? Well the first stage was a fairly thorough, competency based, application form – a bit like a graduate recruitment application. After that I had to take online aptitude tests and finally, after security vetting, I was offered the position. I was delighted there wasn’t an interview as I was on holiday in the States. In fact I completed the application form when I was recovering from jet lag after arriving in the USA.
What is the placement for? The PUPS scheme is to encourage under-represented groups to apply for the Fast Stream and hopefully end up in the diplomatic stream but other government departments as well.
What did you expect from the programme? Naively I thought I could progress from the scheme to be considered for direct recruitment after the programme but I soon realised that it was really a good preparation for the Fast Stream which I would still have to go through.
What did you do on the placement? I was in the ‘Protocol Directorate’ which looks after overseas diplomatic missions in the UK, they deal with overseas visits by foreign heads of state and even Royal Weddings! The kind of things I did included administration. This meant drafting letters to embassies and other diplomatic missions about things such as diplomatic immunity and rights to stay for diplomat’s children. I dealt with the database registration of new mission staff and issuing ID cards for them. I also spend a day with the visits section of the Directorate which meant I accompanied the Secretary General of OECD on a UK visit. This was great – I was driven around to Treasury, Parliament and 11 Downing Street and we were greeted by David Cameron!
Then there was preparation for the Fast Stream. This involved interview training, a review of the competencies needed and a chance to do a group presentation to a board of FCO directors.
What was it like? Incredibly enlightening. It shattered some preconceptions. For example, I wasn’t actually surrounded by middle class white men. There was a really diverse range of people. Different cultures, ethnic backgrounds. People were incredibly friendly as well. I thought they would be distant and intimidating but it wasn’t like that. I felt very welcomed and supported.
What did you learn? Well I realised that there was a high level of cooperation between the FCO and diplomatic missions. This was also true of the different departments of the FCO as well. Lots of support and sharing of information.
Did it make you want to apply to the Fast Stream? Yes. It made me feel I would be able to fit in there and that it was a supportive and friendly environment. I also realised it would be a challenging place to work, considering the range of things they have to deal with – everything from the drugs trade to climate change. It made me a better candidate because I had greater awareness of the FCO culture and the range of issues they deal with. The preparation also helped me realise what I needed to focus on in my application.
What advice would you give to applicants? Make sure you get your application checked early – don’t forget you only have a two week window to apply in. The Careers Service is the obvious place for this. Check the recruitment process and if they are still using aptitude tests then make sure you practice because it made a difference for me. If you are successful make the most of your time there. For example I was able to secure another internship with the British Embassy in Zagreb by being proactive and getting advice and support from your FCO colleagues. They encouraged me to write to the Ambassador directly – I was impressed when he wrote back within an hour
Opportunities in Parliament March 16, 2011
Posted by Jeff Riley in : Government, internships, politics , add a commentOne of my colleagues visited an FCO assessment centre event and did a useful bit of networking by coming back with the business card of someone who works for the Journal Office in the House of Commons. I’m meeting the gentleman soon but in the meantime he has provided some useful links.
* Graduate Fast Stream brochure for Careers in Parliament: http://www.parliament.uk/documents/jobs/faststream.pdf
* A link to a ‘sandwich student’ page: http://www.parliament.uk/mps-lords-and-offices/offices/commons/commonshro/hofc-ssp/ Sandwich placements are not a common feature of courses at traditional universities such as King’s College but others may find this a useful lead.
* Exciting news about some proposed ‘Speaker’s internships’: http://www.epolitix.com/policy/parliament/parliament-article/newsarticle/parliamentary-intern-scheme-to-widen-access-to-politics/
* The Parliamentary Jobs gateway is at: http://www.parliament.uk/about/working/
* The Parliamentary Office of Science and Technology (POST) may have suitable postgrad fellowship placements: http://www.parliament.uk/mps-lords-and-offices/offices/bicameral/post/about6/
* Currently (March 2011) 193 vacancies listed on the unofficial site for Members’ staff: www.w4mp.org
* External mentoring. Opportunities with the National Mentoring Consortium http://www.uel.ac.uk/nmc/ in reaching out to ethnic minority under-graduates and students with disability and dyslexia.
Eventually, I’ll make sure all of these opportunities and links are made available via careerstagged.co.uk using the search term ‘parliament’
You may also be interested in another article about someone working in parliament at http://www.careers.lon.ac.uk/blog/development/index.php/2009/11/03/policy-work-in-the-uk-parliament/
The low down on United Nations Careers March 11, 2011
Posted by Jeff Riley in : Government, Graduate recruitment, UN, international development, internships, politics , add a commentRebecca Hunter, a student at King’s College London attended a UN careers event which the college model UN organisation put together. She has written up a piece for the student paper ‘Roar’ and has kindly given permission for us to post it here as well.
“The week of February 28th was all about exploring media-related careers. After a long week submersed in how to’s on journalism, film, TV, and media law, though, I needed a break. To mix it up, I attended a surprisingly insightful, panel-style career planning event hosted by the KCL Model United Nations society. Here are the panelists’ credentials as provided on the Model United Nations event page:
Dr. Leila Simona Talani worked as an Associate Expert on immigration issues at the United Nations Office for Drug Control and Crime Prevention in Cairo.
Ms. Gabriella Trudi worked for the International Committee of the Red Cross and shared her considerable experience about careers in NGO’s.
Mark Bassett worked at the World Bank and is now a consultant, with Bupa International Markets Division as one of his clients.
Tim Kellow is a Peace and Security Programme Officer at the United Nations Association of the UK.
Now, I am not your typical UN applicant. I don’t dream of working off grid in Bosnia, like panelist Gabrielle Trudi; my career aspirations were not shaped by one film on the Rwandan genocide, like panelist Tim Kellow; and leaving a good role in the public/private sector to work for the UN, like panelist Mark Bassett did, leaves me dumbfounded. However, I did find this presentation highly insightful and chalked with wisdom for people who are passionate about pursuing UN-related careers ranging from working with the General Assembly or a UN field mission to less directly related careers, like working for a UN-related think tank or NGO. (But trust me, the word ‘pursuing’ was not placed there haphazardly. You need to be prepared to put in some serious work to procure one of these highly competitive positions.). The panel was most insightful, though, because it gave potential UN employees a glimpse of the UN as an employer—not just a purveyor of global diplomacy. The panelists successfully discussed the difficulties of securing and maintaining a desirable post within the UN, as well as what they each had learned after years of experience on the UN-related careers path. My only criticism of the event is that they ran out of time for questions at the end. A longer Q & A period would have definitely enhanced the impact of this event.
Without further ado, here are the top 3 insights I gleaned from this event:
1. What is the toughest thing about having a UN-related career? ‘Starting it’ – Trudi ‘Landing your first job in the industry’ – Kellow
2. What does it take to join up? ‘Knowledge, skills, and character.’ – Bassett, ‘Internships are the way in.’ – Kellow, ‘Resilience and adaptability’ – Trudi (on skills essential to field work)
3. What should I do if I want to pursue a UN-related career? ‘Apply to the UN’s Junior Professional Officer Program or the Associate Experts Program.’ – Talani ; ‘Become an expert in your field of interest and the UN will seek you out and make room for your skill set.’ – Bassett; ‘Prove yourself in the field and you may be recruited by the UN for your knowledge of the region’ –Trudi ; ‘Get into the industry with a job/internship then use the connections you gain to get to where you want to be’ — Kellow
For more information about the KCL Model UN society, head to KCLMUN.org
For more information about careers with the United Nations, check out: www.un.org/esa/socdev/unyin/internships.htm”
Thanks to Rebecca for letting us publish this. I’d just add one more link careerstagged.co.uk search on United Nations for heaps of useful links
