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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Wicked Problems, Clumsy Solutions and Leading Change
Dr Catherine Donnelly will present the basics of the structures for pooling longevity risks and summarise recent research results in this area in addition to outlinging future research around this topic. This is work under a research programme funded by the IFoA's Actuarial Research Centre, called 'Minimizing longevity and investment risk while optimising future pension plans'.
Climate-Related Risk - This free to view webinar on Climate-Related Risk is the first in a series focusing on some of the ‘Hotspots’ identified in the JFAR Risk Perspective bringing the Risk Perspective to life with practical illustrations and insights from subject experts from the IFoA and other Regulators
Recent decades have seen institutions, such as employers and financial services, give people more choice and flexibility, but these freedoms have come with more responsibilities. Individuals are now responsible for managing more of their own financial risks, from ensuring they put enough money into their pension to securing affordable protection to be financially resilient.
Join us for this brand new IFoA webinar weries comprising of a fortnight of webinars, panel sessions and a hackathon, that showcase the range of ways in which the actuarial profession has added value, in the public interest, to the understanding and management of the current and future pandemics through insight and learning.
This event is now temporarily closed on Monday 26 April, but the session will be repeated on Tuesday 27 April, 09.00-10.30. Please click here to register your place.
Actuaries have a lot to offer biodiversity management over the next decade as the world develops more depth to its response to this global challenge. This sessional offers an opportunity to learn about this emergent risk, to contribute to our thinking as a profession and help us develop the next steps forward.
IFoA Immediate Past President John Taylor would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual Europe Town Hall, hosted by John Taylor with IFoA Council Members Alan Rae, Jennifer Hartley, Maribel Vasquez Flores and IFoA Chief Executive, Stephen Mann.
Mis-estimation risk is a key element of demographic risk, and past work has focused on mis-estimation risk on a run-off basis. However, this does not meet the requirements of regulatory regimes like Solvency II, which demands that capital requirements are set through the prism of a finite horizon like one year. This paper presents a value-at-risk approach to mis-estimation risk suitable for Solvency II work
This year's Finance and Investment Virtual Conference takes on the timely theme of ‘resilience’, something we have all learnt a lot more about in the last year! Our diverse range of talks will explore the theme of resilience in a variety of ways including in building robust investment portfolios, in the incorporation of ESG factors, in govern
This talk will explore the potential benefits that wearable tech can bring to health & protection insurers and their customers. The traditional approach of integrating wearables into insurance has largely focused on measuring steps and using rewards-based incentive programs to encourage more activity.
Join us for this talk with Professor Sir Adrian Smith as part of the 'Dr Patrick Poon Presidential Speaker Series'. Professor Smith joined The Alan Turing Institute as Institute Director and Chief Executive in September 2018. In November 2020, he became President of the Royal Society, in addition to his leadership of the Turing. He is also a member of the government's AI Council, which helps boost AI growth in the UK and promote its adoption and ethical use in businesses and organisations across the country. He received a knighthood in the 2011 New Year Honours list.
We continue to live in a world of global uncertainty. Survival depends on our ability to simultaneously navigate through the diverse root-causes, ranging from: the consequences of Climate Change; on-going financial consequences of the COVID pandemic; or self-imposed changes in regulatory requirements and accounting standards.
Welcome to the programme for our 2nd Virtual Pensions Conference. This year's conference features 11 webinars offering members and non-members the opportunity to get up to date content from leading experts in the pension industry. There will also be opportunity to ask questions and contribute to the discussion.