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

    Over recent months there has been a sharp rise in M&A activity involving British businesses, with interest from overseas, domestic buyers and Private Equity investors.  

  • Spaces available

    Frank Redington is recognised as one of the most influential actuaries of all time. In this talk, Craig will review some of Redington's most important ideas. He will identify the consistent actuarial principles that form a common thread across the contributions Redington made to a broad range of actuarial fields, and will highlight the ongoing relevance of Redington's thinking to 21st century actuarial practice.

  • Spaces available

    The IFoA Mental Health working party look back over their week of blogs and podcasts considering all aspects of the relationship between mental health and life insurance. The expert panel spans adviser, underwriter and actuarial experience and they  explore triggers for purchasing insurance relating to mental health, the various routes to insurance and how these may be more suited to different people depending on their conditions and preferences, the products and processes involved in purchasing these as well as what claims and support are available to policyholders and how to access them.

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    Part of the 'Finance in the Public Interest 2022' webinar series. If it was ever okay to consider your business in isolation from its surroundings, today it most definitely is not. Thinking about business within its surrounding system is now a necessity. The question we seek to discuss is: How should we prescribe the boundaries in which we consider problems to enable us to create better products and more resilient companies and systems?

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    What will happen to DC pension savers who see life annuities as poor VFM but still want an income for life?  Pooled annuity funds could offer them a decent lifetime income while reducing significantly the complex choices and risk inherent in income drawdown.  They could be the next generation of CDC pension schemes, slotting into the existing DC framework as a post-retirement option.