Career Path Forecast
 According
to the U.S. Department
of Labor, Bureau of Labor Statistics,
employment of actuaries is expected to grow rapidly through 2016. Job
opportunities should remain good for those who qualify, because the
stringent qualifying examination system restricts the number of
candidates.
Employment of
actuaries is expected to increase by about 24 percent over the 2006-16
period, which is much faster than the average for all other occupations.
Employment growth in the insurance industry -- the largest employer of
actuaries -- is expected to continue at a stable pace, while more
significant job growth is likely in other industries, such as health
care and consulting firms.
 Steady
demand by the insurance industry should ensure that actuarial jobs in
this key industry will remain stable during the projection period.
Although relatively few new jobs will be created, actuaries will
continue to be needed to develop, price, and evaluate a variety of
insurance products and calculate the costs of new risks. The demand for
actuaries in life insurance has been growing rapidly as a result of the
rise in popularity of annuities, a financial product offered primarily
by life insurance companies. In addition, the risk of terrorism and
natural disasters has created a large demand for actuaries in property
insurance.
Some new employment opportunities for actuaries should also become
available in the health-care field as health-care issues and Medicare
reform continue to receive attention. Increased regulation of managed
health-care companies and the desire to contain health-care costs will
continue to provide job opportunities for actuaries, who will also be
needed to evaluate the risks associated with new medical issues, such as
genetic testing and the impact of new diseases. Others in this field are
involved in drafting health-care legislation.
 A
significant proportion of new actuaries will find employment with
consulting firms. Companies that may not find it cost effective to
employ their own actuaries are increasingly hiring consulting actuaries
to analyze various risks. Other areas with notable growth prospects are
information services and accounting services. Also, because actuarial
skills are increasingly seen as useful to other industries that deal
with risk, such as the airline and the banking industries, additional
job openings may be created in these industries.
Despite the increase in employment overall, there has been some decline
in the demand for pension actuaries. This is due in large part to the
decline of defined benefit plans, which required review by an actuary,
in favor of investment based retirement funds, such as 401ks.
 Opportunities
for actuaries should be good, particularly for those who have passed at
least one or two of the initial exams. In addition, a small number of
jobs will open up each year to replace actuaries who leave the
occupation to retire or transfer new jobs. Candidates with additional
knowledge or experience, such as computer programming skills, will be
particularly attractive to employers. Most jobs in this occupation are
located in urban areas, but opportunities vary by geographic location.
Note:
Some resources in this section are provided by the the US Department
of Labor, Bureau of Labor Statistics.
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