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.
You might also like
For more information about Risk Management working parties contact the CommunitiesTeam.
Filter or search events
This year's GIRO has been re-designed as a virtual conference to offer members and non-members the opportunity to get up to date content from leading experts in the general insurance field via online webinars. All sessions will be recorded and made available to purchase and re-watch post-event on the IFoA's GI Online Learning Resource area.
This year's Life Conference has been re-designed as a virtual conference to offer members and non-members the opportunity to get up to date content from leading experts in the life insurance field via online webinars. All sessions will be recorded and made available to purchase and re-watch post-event on the IFoA's website.
This webinar will provide an update on the emerging thinking around future regulation of DB schemes:
The webinar will discuss the challenges and opportunities schemes face in evaluating end game options, choosing a target state and understanding the impact this strategic decision could have on member outcomes long after the “end state” is reached. Adolfo, Kevin and Rhian bring over 60 years of experience in the industry and a variety of perspectives as scheme actuary, covenant adviser, trustee, de-risking adviser and insurer.
Retail banking is going through a period of substantial change as it moves into the digital age. Banks have large amounts of data about their customers and about their risks. Open data application programming interface (APIs) and data science are enabling banks to use their data to offer innovative and sometimes personalised services. Data science is also adding value in risk areas such as fraud detection and cyber security. At the same time, the move to online banking is making it easier for firms including fintechs to enter banking without having to establish branch networks.
Cash-flow driven investing is a game-changer for DB pension funds navigating their end-game. Suitable for sponsors who want to reduce risks on their balance sheets. And for trustees, it shifts the focus to providing greater certainty of returns, managing funding level volatility and ensuring they have enough income to pay cash-flow requirements.
Patrick Kennedy, Partner at Gateley Legal and Founding Director of Entrust (a leading professional pensions trustee company), will be delivering an update on the latest legal developments during the course of 2020. With both a pensions legal perspective and over 25 years of trustee service, Patrick will seek to highlight how the letter of the law has continued to evolve against the backdrop of a difficult and challenging year
The talk will provide an understanding of the priorities and relationships between deficit reduction contributions, in the context of wider scheme funding, and different types of value outflow from the employer based on the working party’s recently published report.
Covid-19 has required an urgent and cross-practice initiative to facilitate the extensive impact this pandemic has across all industries. IFoA members have been keen to contribute in a different way, so we developed the IFoA Covid-19 Action Taskforce [ICAT] to coordinate our effort, with a more efficient governance.
We have over 500 volunteers and countless topics which we have amalgamated into 93 workstreams.