What Are the Opportunities for Advancement for an Actuary?

Professional actuaries are important to businesses because of their ability to use mathematics, statistics and financial theory to assess the economic costs of risk and uncertainty. In doing so, they can create solutions to manage those exposures.

Most actuaries work for insurance companies, but they are also increasingly employed in other specializations such as marketing, finance and investment, academia, and product development.

Few job markets can claim a more positive long-term outlook than this one. Today’s actuaries have excellent opportunities to benefit from additional hiring among businesses that increasingly recognize actuarial work as a valuable discipline.

According to the U.S. Bureau of Labor Statistics, the median pay for actuaries in 2021 was $105,900 per year. As of July 1, 2022, reported that the average U.S. actuary salary is now $117,008.

The Bureau of Labor Statistics further projects job growth of 24% from 2020 to 2030 (2,400 annual job openings), which is notably faster than average for all occupations.

The website identifies that U.S. actuaries are likely to have their salaries increased by approximately 11% on average every 17 months. The national average annual increment for all other professions combined is 8% every 16 months.

SC International can help you leap to the next level of your professional goals.

Should You Change Companies or Stay Put?

As demand for actuaries continues to rise, so will job security. Whether you remain with a current employer can involve several factors, such as your present and future objectives, the company’s culture, and your overall job satisfaction.

At the same time, actuaries often have more to gain by making a move than by staying where they are. This can be particularly true as you develop greater skills and experience. For example, you might be ready for a role as an actuarial specialist, an actuarial services director or even a career as an educator.

Advantages of changing jobs often include:

  • greater financial security. You frequently have stronger leverage for negotiation of compensation and benefits when you are making a job change than when discussing an internal promotion and raise. This becomes even more notable in a profession that is in greater demand. In the long view, it’s also not just about making more money: It’s really about setting the foundation for financial security that adds to career satisfaction.
  • feeling challenged and motivated. It’s important to feel engaged in your work and work culture. Feeling disengaged often involves a current workplace that has a lack of potential for greater responsibility, earnings and skill-building. If you’re feeling underwhelmed or just coasting in your present role, a change of scenery and opportunities can reinvigorate a sense of meaningful challenge and professional purpose.
  • broaden your experience. Staying put for too long could actually cast skepticism on your experience. Businesses are always ambitiously seeking new personnel to add experiential depth and breadth as well as a demonstrated willingness to take risks. What you may view as loyalty could be seen as complacency or being too comfortable when a business is pushing for more. Each new work environment adds dimension to your perspective and experience and gives you opportunities to demonstrate successes in your work. Many opportunities to make a move are here now. Just take a look at our job board.

Your Next Big Opportunity Is In Reach

Experience the positive outlook of the market in your own career. By taking on new responsibilities at a new role, you can uncover more satisfaction in your day-to-day work. Re-engage your personal challenge and fulfillment. We can help you make the step up. Contact us at (630) 963-3033 to start getting matched to your next opportunity as an actuary today.