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What are top 5 changes actuaries should anticipate in the 2024 job market?

1. Great news for Actuaries is the continued increase in demand for actuarial skills and services. The Bureau of Labor Statistics projects employment of actuaries will continue to grow in 2024 with longer term prospects being much faster job growth than the average for all occupations.

2. The recent advances in technology have created more opportunity instead of less for actuaries. These advances have freed actuaries from some repetitive tasks allowing opportunity for strategic and advisory roles. These advances allow actuaries to focus on higher-value activities, such as generating insights, making decisions, and providing strategic advice to organizational leaders.

3. Rapidly evolving regulatory changes in the global and regulatory environment provide actuaries with not only challenges, but also new opportunities. Organizations demand for Actuaries is increasing in order to keep pace with rapidly evolving regulatory changes, such as IFRS 17, Principle-Based Reserving, and US GAAP Targeted Improvements. In addition, Actuaries also need to respond to rating agency changes.

4. Employers are increasingly looking for actuaries with not only technical skills, but also business acumen, communication skills, and creativity. Career Consultants like S.C. International take on an even more important role in this market than past career markets. They can ensure the opportunities you pursue match your skill set, career goals, and life goals. In 2024, Actuaries need to be innovative and proactive. As new areas of actuarial practice emerge, such as climate change, cyber risk, and behavioral economics, increasingly actuaries need to differentiate themselves by demonstrating your value proposition and showcasing your achievements.

5. Increased diversity and flexibility in the actuarial workforce and workplace is an increasingly important consideration for Actuaries. Actuaries’ daily challenges are not only technology-driven, but also encompasses work, workforce, and the workplace. Actuaries need to adapt to changing work patterns. These include remote work, project-based work, and cross-functional collaboration. Actuaries also need to embrace diversity and inclusion, as well as lifelong learning and development, to enhance their career opportunities and trajectory.

S.C. International is an experienced actuarial recruiting firm and has the expertise that can help you find your next opportunity, earn what you are worth, and assist in planning your career path. When you are ready to work with us, you can fill out our online application form, contact us directly at (630) 963-3033 or at search@scinternational.com. There are also opportunities at www.scinternational.com/our-jobs to learn more about our current job listings.

S.C. International is looking forward to hearing from you and helping you achieve your career goals!