different career opportunities for actuaries

Different Career Opportunities for Actuaries

Actuaries have evergreen demand in the career market. There are many career opportunities for actuaries both in entry level and senior level. Research shows that unemployment rate is practically zero for actuaries. A study conducted by Bureau of Labor Statistics shows that career opportunities of actuaries are expected to grow by 27% from 2010 to 2020. All these factors help actuaries to find the best job meeting their preferences in terms of salary, organization, work environment, region etc.

You don’t need to worry though you are a fresh actuarial science graduate looking for your first career. You can find an actuarial career that suits you. Similarly, an experienced actuary looking for a new job can find a job of his preference without much difficulty. Many industries including insurance, banking, consulting, health etc now hire actuaries for different positions. Entry level actuaries might start their career as actuarial interns or actuarial trainees. As they gain experience and skills, they can move to higher positions. A highly qualified and experienced actuary could rise even to top managerial level as vice president of an organization. Certain organizations keep minimum requirements in terms of experience, certifications, educational qualification etc while selecting actuaries. These also vary from industry to industry and organization to organization depending on requirements. For example, a company might expect 7 years experienced actuary for senior position, whereas it could be 5 years for another company.

Different actuarial career profiles are actuarial trainee, actuarial intern, actuarial analyst, senior actuary, actuarial manager, chief actuary, actuarial officer, actuarial consultant, credit analyst, investment analyst, risk analyst etc. All these profiles are not necessarily available with all organizations and the responsibilities associated with each profile might vary. For example, chief actuary in an organization might have the same role of a senior actuary in a different organization. It all depends on the requirements of the organization. Even different profiles have different meanings in different countries. For example, entry level actuaries would not have the title actuarial officer in US because the term officer is used for higher levels there. But, it could be used to refer entry level actuaries in some other countries.
Most career opportunities for actuaries available are with insurance industry. There could be requirements for insurance actuarial manager, actuarial assistant manager, actuarial analyst etc. Their responsibilities would vary based on their position of course. For example, an actuarial manager has to manage all actuarial operations within an organization. Actuarial analyst in the insurance organization would be responsible for performing research with the help of statistical and financial information and help organizations in many different ways. He might have to design new insurance plans, decide premiums for different plans, evaluate chances for unexpected future events and many more that will help the organization in taking critical decision.

Pension industry employs actuaries at different levels to design pension plans, calculate pension payouts etc by considering factors including age, chances for getting diseases, mortality rate etc. Most of today’s consultancies have positions named actuarial consultant, consultant manager etc. In case of investment consultancies, investment consultant would have to help clients to take wise investment decisions. Many times, they might have to travel to have discussions with clients, answer their concerns and queries promptly and help them in investment management.

In short, actuarial career opportunities are really diverse and actuaries have chance to work with any organization or industry that has associated risk. But, the fact you need to remember is that to stand out from competition, you should have enough educational qualification and relevant certifications to add value to your resume. As your experience as an actuary increases, you get more doors to open and enter into.