Actuaries are part of a steadily growing profession that changes and thrives each and every year. Not only are the sectors constantly transforming, but so are the interests of those currently in the profession. In the early years, actuaries typically started out in the life insurance sector (1), but now they have expanded into health insurance, property/casualty, risk management and more.
How to know when to switch
Few professions can claim as positive a career outlook as the actuarial market. However, staying in one place for too long can cause you to feel complacent or disengaged in your career and make you crave a change (2).
How to prepare
If you’re looking to make a sector change, make sure you do research to find out which route is best suited for your needs and interests – and which switches are the most common within your actuarial society. According to Financewalk.com (3), the Society of Actuaries (4) (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 (5).
Knowing which sector you want to switch to, and whether it is currently housed under your association, can prevent having to pay for additional initial exams.
What switching would mean
Actuaries who switch sectors are usually doing this for fulfillment, rather than the paycheck. This could also mean accepting a job title that you are not entirely excited about. It is good to keep in mind that although it might not be an ideal position at the moment, it can lead to greater possibilities and be a stepping stone to where you want to be. In addition, you can be gaining invaluable experience on your way there.
Are you interested in learning more about changing your career? Contact the experienced team of actuarial consultants and recruiters at S.C. International today. https://www.scinternational.com/our-team/ .