This article was taken from the Society of Actuaries.
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. Also, as more leaders and organizations see that risk modeling and management can help them navigate volatile situations, actuarial careers are taking exciting turns.
The Society of Actuaries best prepares individuals for risk management careers and an increasing number of non-traditional roles in more and more industries.
Actuaries in new Roles
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 organizations employ a Chief Risk Officer, a risk management-focused position at the most senior level of business leadership.
Non-Traditional Industries Actuaries Can Work In:
- 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
Non-traditional Jobs for Actuaries:
- Business Analytics, where actuaries work on predictive analytics, predictive modeling 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 organization’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