How many roles are available for Senior Actuaries? There are four of the strongest, let's learn togetherThere are a variety of paths that can be taken when studying to become an actuary. Freedom of choice is an attractive factor on the actuarial path.
Pension Actuary
A profession as a pension actuary involves several responsibilities that help pension plans meet the needs of trustees and members. They advise clients on the scope of their liabilities, the most appropriate plan investment strategy, the risks associated with the plan, and overall pension plan advice (e.g., plan design, compliance with regulations, etc.).
There is no doubt that the pension industry is facing challenges brought about by market volatility, leading to uncertainty about the cost of pensions and the increase in longevity. To help address this, we're seeing employers accelerate the need for employee counseling qualities to help members make tough decisions caused by these uncertainties.
Actuarial consulting offers an interesting career option. As an actuarial consultant, you'll work in a wider variety of jobs and learn quickly. It also gives you the opportunity to meet customers face-to-face and network with more senior representatives of the company.
Life Insurance Actuary
A career as a life insurance actuary is an exciting career choice as you'll design pricing models and create complex stochastic models to show how changes in economic conditions affect the link between assets and long-tail liabilities.
We see technological advancements in the life insurance industry in many ways. Life insurance actuaries want to spend more time on data analysis rather than mining and processing data. We're seeing an increased focus on wearable technologies such as fitness trackers, which can bring about large amounts of data without the need for human interaction. On the analytics side, we see an increasing number of machine learning and analytics to identify possible relationships and trends in the future.
One might say that as the level of machine learning advances, the need for human actuaries is likely to decrease.
Moore's Law states that the speed and power of computers doubles every two years. So, what does this mean for us?
Don't be afraid! It seems that the role of actuaries in life insurance will change in the coming years, and AI may take on more responsibility when it comes to data analysis. However, humanity still needs to make moral dilemmas that AI can't. Life insurance actuaries will have an exciting and bold journey ahead, and I believe that advances in AI will only lead to higher quality actuarial products and services, as well as more valuable activities for actuaries, such as greater involvement in strategic decision-making within the company.
General Actuary
The profession of a general actuary involves similar tasks to that of a life insurance actuary, but as a general actuary, the product is based on the payment of property and liability for unexpected events such as theft, fire, and flood, rather than on the death payout. You'll apply your extensive knowledge of stochastic modelling to arrive at estimated premiums based on a range of economic and social factors. You'll also be involved in solvency modelling and reserve calculations to assess how much money companies need to set aside to meet future needs and ensure they are able to meet their financial obligations.
Perhaps the attractive feature of general insurance is the diversity of work. You'll be amazed at how many fields and opportunities are out there. From home and car insurance to injury insurance for professional athletes. Although actuaries are rare, you can see my point that the variety of projects you will be working on will keep you up for success.
Global Actuary
If you're looking for a change of environment, then a career as an actuary is the best option for you. Asia, Australia, Canada, South Africa, and the United States are just a few of the regions that have members of the Institute of Actuaries (IFOA). With members spanning 120 countries, 66% of which are based outside the UK, there are endless avenues to explore. Young people are increasingly recognising that becoming an actuary offers the opportunity to explore the world, with 43% of IFOA members under the age of 30. The training and support you receive from IFOA will provide you with an internationally recognised qualification that opens up global opportunities, a service that few professions can offer these days.
The future will be different, but hopeful.
Before anyone embarks on any career path, they want to know what the future holds for their chosen profession. Will their professions gradually diminish and become obsolete? Will I have an exciting and rewarding long-term career? Before answering this question, consider that some of the professions we see, such as travel agencies, are not able to adapt to technological developments in the 21st century.
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