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Actuaries are business professionals who deal with the risks and uncertainty involved in finances. They are experts who provide assistance to financial security systems, individuals as well as companies by focusing on complex mathematical tools and their mechanisms.
Acturial studies are arguably one of the toughest studies in the world but they are worth it, as in the end the actuary gets the privilege of having top career positions available worldwide.
Mainly actuaries have job prospects in the following industries:
Actuarial consulting is the largest employer of actuaries. They offer services to their clients such as advice in mergers, pension investment, risk management and business advisory. Actuaries are usually consulted for advice by government departments, as well as by public bodies, including local authorities.
Life insurance, pensions and other economic benefits are now offered by insurance companies. With new laws, provisions are increasing in the healthcare sector. Insurance companies are expanding their range to include health insurance, disability insurance and insurance on life-threatening diseases and accidents.
General insurance is a rapidly growing area for actuaries, both within companies and consultancies, as well as with insurance and reinsurance of brokerage firms. General insurance covers personal insurance, such as home and auto insurance, and products which are at risk.
Employers recognize and value the vocational skills that actuaries develop through years of training. Actuaries are usually involved in the field of investment management, investment analysis, assets selling and buying, and portfolio management.
An actuary can add value in the corporate finance department mainly because of the basic skills of an actuary, which are risk assessment and forecasting. They are ideal for determining whether a capital project, for instance; a new hospital project is economically viable. Employers may include government agencies, property management and consultancies.
Actuaries are increasingly getting involved in the banking sector. For example, some of the major insurance companies now have their own banking procedures, and actuaries have grabbed some of the leading financial management and risk management positions in those insurance companies.
Famous banks are increasingly hiring actuaries, recognizing a long-term strategy recommended by actuaries, which can add significance to their business while insurance markets and banking continues to merge, there will be an increased demand for actuaries in this fast growing field.
There are fantastic actuarial positions available globally through which actuaries can develop their personal careers, while providing the most receptive and professional services in the industry.