Actuary Job Market Trends

Actuary job trends tend to follow the commercial market. Upswings in the market and new financial products have created an ongoing growth in demand in the employment market.

Job Trends

Job trends are not evenly balanced for actuaries. This is a list of job types in terms of demand:

  • General insurance: This is the main stream for actuary jobs, with many more vacancies, and perhaps more importantly for those starting their careers, more entry level jobs. Getting a career started can take a while, and these jobs are good general all round work useful through out the insurance industry,
  • Life insurance: The major single employment stream in the insurance industry, life insurance is also a good introduction to a very large range of insurance products and financial areas. This area includes consultancies, modeling, reporting and other important areas of specialization, all very useful career assets in the broader spectrum of actuary work.
  • Pensions: This is one of the secondary career streams, but it's a big one, including employee benefits, and likely to increase substantially with an aging global population. This area involves management consultancies, commercial pensions, and client solutions work. Interestingly, this area also includes some multi-national companies which are developing their markets in the pensions market.
  • Risk management: Stemming from the insurance industry, and being a major part of business best practice, risk management is a consistent area of employment. This is also a good overlap area with other forms of finance for actuaries, because it covers a large range of business and employment opportunities.
  • Banking and Finance: Classic roles for actuaries, if not big in terms of numbers in the employment market in this sector. The sector also includes some jobs found in the other sectors, like risk and insurance. It also contains important areas of actuary work like solvency, asset and liability modeling and capital management, which are primary career assets in many professional roles. 
  • Reinsurance: An important part of the insurance industry, reinsurance is one of the more advanced career zones for actuaries. This area includes a large range of roles including consultancies, and other upper level areas of the profession. It also includes insurance brokerage, another major industry sector where actuaries are highly valued.
  • Health care: This is technically a stream of the insurance industry, but it generates enough jobs to be considered a stream in its own right. These jobs are the insurance roles in the health care context. This sector includes some intersection with other areas of insurance which may be good career options for actuaries seeking to develop their career positions. 

Broad Employment Trends

Traditionally, the actuary job is not particularly mobile by the standards of other industries. The actuary sector is now developing considerably, and types of employment are changing. The most noticeable trends are:

  • Multi skill roles: Better job design is creating more interesting jobs, and much more importantly, more career flexibility and job mobility.
  • Modeling: This is an advanced form of business analysis, and these jobs are spreading rapidly throughout the profession.
  • Global and multilingual roles: The rise of China and India and the expansion of the finance industries is also promoting a lot more cultural awareness and the need to understand the business cultures of other countries.