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Career Path Forecast
According to the
U.S. Department of Labor, Bureau of Labor
Statistics, employment of actuaries is projected to grow 18 percent from 2019 to 2029, much faster than the average for all occupations. Actuaries will be needed to develop, price, and evaluate a variety of insurance products and calculate the costs of new risks.
More actuaries
will also be needed to help companies manage their own risk, a practice
known as enterprise risk management. Actuaries will help companies avoid,
manage, and respond to any potential financial risks across all areas of
their business operations. This analysis helps companies adjust their business
or investment strategies to achieve economic returns and respond to new
financial regulations and requirements.
Insurance
companies will need actuaries to analyze the large amount of information,
such as medical or property data, collected from consumers. The increase in
available data will allow insurance companies to better develop new
products, set competitive prices, predict consumer behavior, and make more
accurate projections of future risks and costs.
In addition,
health insurance companies will require more actuaries to help evaluate the
effects of changing healthcare regulations and guidelines, expand into new
insurance markets, and offer products to new customers. However,
consolidation among health insurance companies and providers may limit growth
in this area.
Job opportunities should be somewhat favorable for
applicants interested in an actuarial career. However, competition may
grow, because the number of students sitting for actuarial exams has
increased in the past few years. Students who have passed at least two actuarial exams, have had an internship while in college, and have strong analytical and business skills should have the best job prospects for entry-level positions.
Note: Some resources in this section are provided by the US
Department of Labor, Bureau of Labor
Statistics.
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