In this blog, Chloe Hung, Amazon best-selling author, reveals in her opinion, the career outlook for actuaries and why they're in demand.
Actuarial science is consistently ranked as one of the top professions to venture into. Despite it being a top-ranking profession, the actuarial industry is a small industry and the number of students pursuing actuarial science has been increasing rapidly over the years. This makes competition within the actuarial job market stiffer each year.
Despite the competition that you may face as an actuarial student, the actuarial profession is continually growing and expanding. Actuaries are still in short supply around the world and the demand for actuaries will continue to grow as the world expands into new territories, such as artificial intelligence.
Actuaries will always be in demand because they are great risk managers and problem solvers. As the world moves into the era of machine automation, the demand for insurance and protection will increase because society will be exposed to new risks. And this is where actuaries are most needed, as their main responsibility is to manage and mitigate risks.
As actuaries, we are always planning for the future. We use our mathematical skills to make forecasts of future events and solve problems. This is the main reason why the actuarial profession is growing and expanding every year. It’s the actuaries’ job to design and develop new products that will help minimise risks as the world evolves. This is to ensure that the public, or the company, is not overly exposed to catastrophic risks and is well protected. Therefore, I strongly believe that actuarial science is a profession of the future and the career outlook associated with this profession is very bright for aspiring actuarial students.
As an actuarial student, you will have plenty of opportunities for growth and advancement in your career. This is because most actuarial employers award actuaries as they gain experience and pass more professional exams. Plus, you will also enjoy bonuses, salary increases and promotions for each exam you pass, depending on your employer*. As an actuary, you can advance through the ranks within your company fairly quickly if you put in the required effort.
Even if you choose to quit the actuarial path in the future, the skills you acquire as an actuarial student are highly valued in the marketplace. This is indeed the career for you if you have a strong will to succeed.
*All employers have different remuneration packages