In a sense, actuaries attempt to predict the future – not by gazing deep into a crystal ball, but by utilizing mathematics, statistics, and theories of finance and risk to calculate and model the probability of future events. Actuaries develop creative solutions to mitigate negative outcomes and protect people and companies from potential harm. It is a good time to work in the actuarial field as a recent report by CareerCast suggests the actuarial profession is among the top ten jobs for salary and job growth potential in America. Kyle Kensing, online editor at CareerCast, said actuaries “are a mainstay on the best jobs rankings, regularly appearing in the top 10 professions to work.”
A report from the Institute and Faculty of Actuaries also suggests that the actuarial profession is continually growing and expanding. “Actuaries are still in short supply around the world and demand will continue to grow as the world expands into new territories, such as artificial intelligence. Actuaries will always be in demand because they are great risk managers and problem solvers.”
In the US, organizations like the Society of Actuaries and the Casualty Actuarial Society provide a platform for the growth of actuarial science as a profession. Selby Jennings has partnered with the Society of Actuaries at their Predictive Analytics Symposium to explore how AI is disrupting the industry and changing the skills sets requires from industry-leading actuarial talent.
Most industry analysts expect strong employment growth in the actuarial sector in the next decade, with employment projected to grow 20% from 2018 to 2028, much faster than the average for other occupations, according to figures from the Bureau of Labor Statistics.