Actuaries are part of a steadily growing profession that thrives and changes further each year. The industry’s sectors and its professionals’ interests are always transforming.
In the early years, actuaries typically started out in the life insurance sector, but they have since been expanding into areas such as health insurance, property/casualty, risk management and employer-based pensions.
Actuarial positions have also branched out into consultancy, finance and investment, and academia.
Recognizing When It Might Be Time
Few professions can claim a more positive career outlook than the actuarial market. However, there can be times when staying in one place for too long can cause you to feel complacent or disengaged in your career and make you crave a change.
Preparing for Professional Movement
If you’re looking to make a sector change, make sure you do research to find out which route is best suited for your current interests and needs, as well as which switches are the most common within your actuarial society.
For example, according to Financewalk.com, the Society of Actuaries (SOA) focuses on retirement benefits, finance, investments, health insurance and life insurance. Casualty Actuary Society (CAS), on the other hand, focuses more on medical malpractice, automobile insurance, property and casualty, workers’ compensation insurance and enterprise risk management.
Knowing which sector you want to switch to – and being aware whether it is currently housed under your association – can prevent having to pay for additional initial exams. For example, to receive the associate certification, one needs to pass nine exams with the Casualty Actuary Society (CAS) but only seven with the Society of Actuaries (SOA).
What Switching Could Mean & What to Remember
When you initially switch an actuarial job position, it could mean accepting a job that you might not be entirely excited about at first. However, it can still be a meaningful opportunity.
Keep in mind that although it might not be the ideal position at the moment, it could be a notable stepping stone to the greater possibilities that deliver you to where you ultimately want to be.
Along the way, you can also be gaining even more valuable experience and knowledge.
Your Next Big Opportunity Is In Reach
If you’ve been thinking about making a change in your actuarial work tasks and culture, having the right recruiters and consultants on your side can help make your goals even more efficient and focused.
The team at S.C. International supports you with the knowledge and resources for discovering greater satisfaction and reward as you move forward on your career path. We can help you make the step up. Contact us at (630) 963-3033 or search@scint.com to begin your match with the next opportunity as an actuary today.