Wherever there is risk—and a desire to manage it—there is opportunity for actuaries to apply analytical skills and business knowledge to solve problems. Changes in the world bring new risks; and new risks mean new challenges for actuaries.

As more leaders and organisations see that risk modelling and management can help them navigate volatile situations, actuarial careers are taking exciting turns.

The profession best prepares individuals for risk management careers and an increasing number of non-traditional roles in more and more industries.

In terms of employment opportunities for actuaries, the insurance industry is number one—but not the only industry for actuaries. Actuaries are finding roles in industries where actuaries have never been.

As companies seek greater control over risk, they are bringing actuarial work in-house. Enterprise Risk Management has become such a trusted, essential function that some organisations employ a Chief Risk Officer, a risk management-focused position at the most senior level of business leadership.

Additionally, actuaries find professional growth and personal satisfaction in fields such as:

  • Financial services, such as banking, investment management and stock markets in developing economies
  • Technology, e-commerce and business start-ups of all sorts
  • Environmental causes, climate change and weather risk management
  • Transportation, such as shipping and air travel
  • Energy, such as utilities, oil and gas
  • Government institutions, social programs and other groups that help shape legislation

Examples of non-traditional actuarial fields:

  • Business Analytics, where actuaries work on predictive analytics, predictive modelling and data mining
  • Enterprise Risk Management, where actuaries provide tools, techniques and perspective to manage operational risks at an enterprise or corporate level
  • Senior Management, where actuaries provide broad business and management oversight for an organisation’s most senior decision makers
  • Investments and Fund Management, where actuaries focus on asset risks for asset managers but also contribute in areas such as hedging strategy, derivatives structuring and structured finance
  • Banking and Financial Services, where actuaries help banks and financial services companies with product portfolio, capital management and risk analysis
  • Environmental Finance, where actuaries apply finance techniques and practices to environmental issues
  • Wealth Management and Financial Planning, where actuaries contribute skills and expertise to wealth management firms and individuals (rather than to insurance companies)
  • Health and Retirement Financing, where actuaries offer advice on aspects of social insurance including funding levels and population projections
  • Sales and Marketing, where actuaries help set policies, messages and compensation levels for those directly involved in marketing
  • Entrepreneurial Actuaries, which represents a wide range of opportunities for actuaries who desire to set up and run their own business

Leadership Insights and Wider Fields 

Learn from actuaries who have taken a different path to you through our Wider Fields videos.

 

 

Related documents

Contact Details

For more information about Risk Management working parties contact the CommunitiesTeam.

professional.communities@actuaries.org.uk

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  • Spaces available

    There is a lack of publicly available information covering the practices insurers employ to manage their exposure to reinsurance recapture risk. A working party was set-up to shed light on the different approaches insurers use to mitigate this complicated to manage risk. This report is intended to form part of a publicly available information repository that market practitioners can refer to and reflect on as best practice evolves and develops.

  • Spaces available

    The Actuaries’ Carbon Collaboration (ACC) is a group of actuaries and other professionals working towards a coherent understanding of the issues around greenhouse gas (GHG) emissions by considering them in an actuarial context.

    Emissions into and absorption from the atmosphere can be modelled in the same way that we model variable cash flows, including the impacts of uncertain quantities and timing. The ACC’s work investigates both the insights that this analogy provides and its limitations.

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    This talk presents the work of the Data and Modelling workstream of the IFoA Mental Health Working Party. We explore data and modelling considerations in the risk assessment and underwriting of mental health conditions. We will also consider how newer risk factors and improved data availability might open up opportunities for additional underwriting and product designs.

  • Pensions Dashboards

    12 July 2022

    Spaces available

    As the industry prepares for Pensions Dashboards, we have lined up a specialist panel who is at the heart of the ongoing work in this area. Hear the latest developments, future proposals and have the opportunity to put forward your questions to our speakers.

  • Spaces available

    Artificial Intelligence is heralded as a game-changer to the ways industries use data, with the insurance industry especially looking to embrace these new technologies. This brings many questions – not least around data privacy, ethics, potential biases and so on – with regulators increasingly interested in developments.

    Moreover, whilst the stunning progress of specific technologies such as Watson and Alphazero made headlines some years ago, current commercial applications of AI remain far from mature.

  • Spaces available

    This webinar will cover:

    • Some background on the risks of misselling in an ESG context, including the DWS case

    • Achieving positive impact is a strong antidote to the risks of greenwashing or ESG misselling, however this risks having a tension with fiduciary responsibilities

    • This tension can be resolved with a concept called Universal Ownership

    • Under Universal ownership, investors have an appetite to make a loss in order to achieve positive impact, and yet still have no compromise on their fiduciary responsibilities

  • Spaces available

    This session will focus on the transformation roadmap of the healthcare sector in KSA and the role of actuarial capabilities in enhancing its evolution to the desired end stage as per the objectives of the Vision 2030. The discussion will focus how the system has evolved so far and shed light on  the expected future changes. Through examining  the transformation, we will highlight how the sector is and can use actuarial  expertise to not only assist with this transformation but also use basic actuarial principles to identify the key risks and their respective mitigation strategies.

  • Spaces available

    The purpose of this research paper is to explore enterprise risk management lessons which can be learnt from the Covid-19 pandemic in preparation for potential future pandemics as well as other “gray rhino” or “black swan” events. This paper is not intended to be an all-encompassing solution to the issues presented by Covid-19; rather, the content has been provided to help drive discussions regarding how risk management processes may need to evolve in line with the dynamic nature of the underlying risks that they sometimes need to capture.

  • Spaces available

    The IFoA's Infrastructure Working Party, led by Chris Lewin, will present its new introductory guide to infrastructure investment, which will be published on the IFoA web-site prior to the webinar.   Those readers whose institutions have already taken the plunge into infrastructure will know that it is a highly complex and diverse field of activity.   This guide does not explore all the matters which investors take into account, but it does discuss many of the more important points, including the risks and past returns, benchmarking, and ESG and SDG considerations.    Attendees will be invi

  • Spaces available

    Health contributes to happiness at the personal, family, community and societal level.  Health, importantly underpins all our economic security. This talk will explore the drivers of our health, the measurement of health and the steps we can take to improve health – most of which lie outside the NHS.