Lana Oconnell
Actuaries are in high demand, with a projected 22% increase in employment from 2023 to 2033, and international students can certainly pursue a career in this field. However, there are unique challenges for international students seeking actuarial jobs, such as cultural and language barriers, immigration laws, and competition from local candidates. To improve their chances, international students should focus on gaining relevant experience through internships, developing strong technical skills, networking at industry events, and ensuring their resumes are tailored to the country they are applying in. Additionally, working for an international company or a company with offices in multiple countries can provide opportunities for international actuarial roles.
| Characteristics | Values |
|---|---|
| Actuaries' qualifications | Bachelor's degree in mathematics, business, actuarial science, or another analytical field |
| Actuaries' certifications | Associate or fellow, offered by the Casualty Actuarial Society (CAS) and the Society of Actuaries (SOA) |
| Actuaries' employers | Insurance companies, consulting firms, large organizations with international offices, smaller insurance companies in a range of countries |
| Actuaries' work setting | Typically in an office, but consulting actuaries may travel to meet clients |
| Actuaries' work hours | Full-time, some work more than 40 hours per week |
| Actuaries' salary | Median annual wage of $125,770 in May 2024 |
| Job outlook for actuaries | Projected to grow by 22% from 2023 to 2033, with about 2,200 openings per year |
| International opportunities for actuaries | Available, especially within large organizations or companies with international presence; visa and language requirements may apply |
| Demand for entry-level actuaries outside North America | Slim; open positions often seek North American-trained actuaries |
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What You'll Learn
Demand for entry-level actuaries outside North America
The demand for entry-level actuaries outside of North America is quite slim. The supply of entry-level actuaries in North America is greater than the number of available positions, and this is a pattern that is repeated globally. If you are a North American actuary looking to work overseas, you should be prepared for a lengthy job search.
However, there are some things you can do to improve your chances of finding employment. Firstly, you should research the insurance market in the countries you are considering moving to. Being aware of the trends and activities in the marketplace will help you stand out against local candidates. You should also manage your career in a way that allows you to develop skills that are in demand in your country of choice.
If you are set on moving overseas immediately, you may want to consider looking at international companies and firms in your home country first. This will allow you to gain skills that lend themselves to international employment and may even lead to an internal transfer to an overseas office in the future.
There are open positions around the world that are specifically looking for North American-trained actuaries. If a global company is hiring, they will often first look within their own company. Many actuaries around the world have transferred within their current company, and some employers will offer temporary overseas assignments with the possibility of extending the stay.
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Education and certification requirements
To become an actuary, a bachelor's degree in mathematics, business, actuarial science, statistics, or a related analytical field is typically required. Coursework in economics, statistics, corporate finance, computer science, and programming languages is essential. A strong background in mathematics, statistics, and business is crucial for aspiring actuaries.
Actuarial certification is a crucial step in an actuary's career. Two prominent professional organizations, the Casualty Actuarial Society (CAS) and the Society of Actuaries (SOA), offer two levels of certification: associate and fellow. The CAS specifically certifies actuaries in the property and casualty field, encompassing various types of insurance. To obtain certification, students must complete exams and demonstrate proficiency in relevant subjects.
International students aspiring to work as actuaries should be aware of the demand for entry-level actuaries outside of their target countries. The availability of entry-level positions varies globally, and it may be worthwhile to initially explore domestic opportunities within international companies, positioning oneself for potential international transfers in the future. However, working in a different country can offer advantages, including enhanced CV appeal, skill development, and personal growth due to exposure to diverse regulations and cultures.
When considering international actuarial roles, it is essential to navigate the working visa and entry processes for the specific country. Possessing a professional job offer and sponsorship from a company can facilitate the transition. Additionally, language skills can be a valuable asset when seeking actuarial roles in certain countries.
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Work settings and travel opportunities
Actuaries typically work in an office setting, often as part of a team that includes managers and professionals in other fields such as accounting, underwriting, and finance. While most actuaries work full-time in an office, some actuaries who work as consultants may need to travel to meet with clients.
Actuaries are employed in various industries, with insurance companies being the largest employers. Actuaries in the insurance industry often specialize in one field, such as health, life, or property and casualty insurance. Health insurance actuaries, for example, help develop long-term care and health insurance policies by predicting costs based on factors like family history and geographic location.
For those seeking international opportunities, it is important to note that the demand for entry-level actuaries outside of North America is slim. However, there are still global companies seeking North American-trained actuaries, and transferring within the same company to an international location is a possibility. Gaining experience in a large organization with international offices can provide the opportunity to work in different countries and enhance your CV with valuable international experience.
When considering international employment, it is recommended to look for insurance companies with offices in multiple countries or smaller insurance companies that operate in the country of interest. Speaking the local language can be advantageous, as smaller companies often use their native language in their operations. Additionally, working in a new country with different regulations and legislation can broaden your skills and understanding, benefiting your personal and professional growth.
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Visa and sponsorship considerations
International students interested in pursuing a career in actuarial science should be aware of the visa and sponsorship requirements for their desired country of employment. Working visas and entry processes vary by country, and it is important to ensure you meet the necessary criteria. Here are some considerations for international students seeking actuarial jobs:
- Working Visa Requirements: Research the specific visa requirements for the country or countries you are targeting. Each country has its own set of rules and regulations regarding work visas, including eligibility criteria and application procedures. Familiarize yourself with these requirements to ensure a smooth application process.
- Sponsorship by Employers: In many cases, obtaining a work visa is facilitated by having a job offer and sponsorship from an employer. Some countries may require proof of sponsorship or a job offer letter as part of the visa application process. Building a strong relationship with your desired employer can help increase your chances of obtaining the necessary sponsorship.
- Global Presence of Companies: Consider targeting international companies or organizations with a global presence, particularly those operating in multiple countries. These companies may be more accustomed to sponsoring employees for work visas and facilitating international transfers within their organization. Look for employers with a history of supporting international candidates.
- Language Proficiency: Language skills can be a significant factor in visa applications and employment considerations. While English is widely spoken in the business world, some countries may require proficiency in their native language for certain positions. If you are fluent in multiple languages, consider targeting countries where you can leverage your language skills to enhance your employability and visa eligibility.
- Country-Specific Considerations: Each country has unique cultural, regulatory, and legislative environments that can impact your job search and visa application. Research the specific considerations for your desired destination, including any additional documentation, cultural nuances, or industry trends that may influence your chances of obtaining a job and a work visa.
- Networking and Connections: Building a strong professional network can be advantageous when seeking international actuarial roles. Attend industry events, join relevant professional organizations, and connect with potential employers or mentors who can provide insights and guidance on visa and sponsorship processes. Networking can also help you learn about unadvertised job openings that could lead to sponsorship opportunities.
Remember that the demand for entry-level actuaries outside of certain regions, such as North America, may vary, so be prepared to explore a range of opportunities and remain open to different paths that can lead to your desired international career in actuarial science.
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Advantages of working for a large organisation
Actuaries use mathematics, statistics, and financial theory to analyse the economic costs of risk and uncertainty. Most actuaries work for insurance companies, consulting firms, or large organisations. Although most work full-time in an office setting, some actuaries who work as consultants travel to meet with clients. Actuaries typically need a bachelor’s degree in mathematics, business, actuarial science, or a related analytical field to enter the occupation and must pass a series of exams to become certified.
Opportunities for career development and growth
Large organisations often have a diverse range of teams and departments, allowing employees to explore different career paths and gain a wide range of skills. They can provide more opportunities for career development and growth due to their size and the number of employees they have. Large organisations may also have more resources for training and development programmes, helping employees expand their skill sets and move up the career ladder.
Better benefits and compensation
Large organisations often have the financial ability to offer more competitive salaries, benefits packages, and perks such as health insurance, student loan repayment assistance, and retirement contributions. They may also provide additional benefits like on-site childcare, gyms, cafeterias, or stipends for remote work setups.
Flexibility and job variety
With their diverse business areas and departments, large organisations can offer employees the flexibility to change jobs or roles within the same company. Employees can explore different interests and challenges without having to embark on an external job search. This flexibility can also extend to remote work options and work-life balance considerations.
International opportunities
Large organisations, especially multinational companies, may provide opportunities to work in different countries and experience new cultures. This can enhance your CV, make you more competitive in the job market, and expose you to different regulations and ways of working, thereby broadening your skills and perspective.
Stability and established processes
While job security may no longer be as prevalent in large organisations, they often have established processes, structures, and financial stability. They may be less susceptible to market fluctuations and economic downturns, providing a sense of stability for employees.
It is important to note that while working for a large organisation has its advantages, there may also be challenges, such as bureaucracy, slower decision-making processes, and a potential lack of autonomy. The benefits of working for a large organisation may vary depending on the specific company, industry, and individual preferences.
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Frequently asked questions
Actuaries typically need a bachelor’s degree in mathematics, actuarial science, statistics, or another analytical field, and must pass a series of exams to become certified.
Actuaries use mathematics, statistics, and financial theory to analyse the economic costs of risk and uncertainty. They help businesses and clients develop policies that minimize the cost of that risk.
Yes, it is possible for international students to get jobs as actuaries. However, the demand for entry-level actuaries outside of North America is quite slim. If you are a North American-based actuary, you may need to plan a lengthy search for a job overseas. If you already work for an international company, you may be able to transfer to an international office. Gaining skills that lend themselves to international employment can also help position you for a possible international transfer.
One way to find international actuarial roles is to look for insurance companies with offices in a range of countries or smaller insurance companies that operate in the country you're interested in. You can also consider working for a company with subsidiaries in other countries. Websites such as ProActuary can help connect you with global actuarial employers.
