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
Learn from actuaries who have taken a different path to you through our Wider Fields videos.
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Drawing from his most recent book “The New Long Life” and his longevity research Andrew J Scott will outline how longer lives and new technologies will fundamentally reshape how we structure our lives and transform the economy. As well as looking at the agenda this will set governments and corporates he will focus on the implications for you and how you prepare your future career.
The IFoA’s Actuarial Review Team has published its first thematic review, which looked at the actuarial advice given by scheme actuaries to UK pension scheme trustees on setting transfer values and commutation rates.
IFoA Immediate Past President John Taylor would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual India Town Hall 2021, hosted by John Taylor with IFoA Council Member Mahidhara Davangere and IFoA Chief Executive, Stephen Mann.
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Led by Dr. Jim Baxter, University of Leeds, this webinar introduces some key ideas in the ethics of trust, with a particular focus on those in, or on the path to, leadership roles. Dr Baxter is joined by a panel of experienced leaders who will give their personal perspectives on how they understand the value of trust and how they seek to promote and inspire trust, drawing on their experiences of leadership. The panel includes:
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IFoA Immediate Past President John Taylor would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual SSA Town Hall 2021, hosted by John Taylor with IFoA Council Members Mukami Njeru, Prosper Matiashe and IFoA Chief Executive, Stephen Mann.
IFoA Immediate Past President John Taylor would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual MENAP Town Hall 2021, hosted by John Taylor and IFoA Chief Executive, Stephen Mann.