Expanding Horizons: Equipping Actuaries for the Future

The actuarial profession has always been defined by its technical rigor and analytical strength, but it’s clear that we’re at a pivotal moment. Change is happening. As reflecting on some articles from The Emerald Group in the past year, Sarah Schadek-Keane is looking into significant trends shaping not just today’s actuaries but the future of the profession. These insights highlight what’s needed for actuaries to thrive, how organizations can meet the challenges ahead, and where the conversation might need to be taken as we head into 2025.
Written on 12/18/24

Beyond Qualifications: The Case for Additional Skills

For a long time, qualifying as an actuary was seen as the ultimate achievement—the finish line. But the profession is evolving, and so are the skills that actuaries need to stay relevant. It’s no longer enough to hold that core credential alone.

Many actuaries I speak with are pursuing additional qualifications to enhance their versatility and increase their value to employers. Here’s what I’m seeing:

  • Leadership and Management: Programs like MBAs help actuaries move beyond technical roles into strategic decision-making, equipping them to lead teams and influence company direction.
  • Project Management: Certifications like PMP and PRINCE2 enable actuaries to efficiently manage complex initiatives, a critical skill in increasingly dynamic work environments.
  • Technical Specializations: Designations like the Certified Actuarial Data Scientist (CADS), Certified Enterprise Risk Actuary (CERA), or Chartered Financial Analyst (CFA) provide deep dives into emerging fields like data science, risk management, and financial analysis.

The industry is clearly shifting its focus from generalists to specialists. Employers are seeking professionals who bring niche expertise—whether that’s in machine learning, climate risk, or sustainability-linked modelling. It’s not just about staying relevant anymore; it’s about staying ahead.

Young Talent: Insights from the Next Generation

The Emerald Group’s Global Young Talent Survey paints a vivid picture of the aspirations and challenges facing the next generation of actuaries. It’s fascinating because it reveals not just where young talent wants to go, but what organizations need to do to support them. Here are a few standout themes:

  • Ambition: Young actuaries aren’t content with staying in the background. They want senior roles, opportunities to make strategic decisions, and the chance to innovate in data-driven fields.
  • Workplace Priorities: Flexibility, global mobility, and a focus on ethical practices are high on their list when choosing employers.
  • Retention Challenges: This generation is enthusiastic, but they’re also mobile—if they don’t see the right opportunities, they won’t stick around.

For organizations, this highlights the need to rethink workplace cultures. If companies want to attract and retain this dynamic talent, they need to meet them halfway. That means creating clear career paths, offering global exposure, and embracing flexible working models that fit modern lifestyles.

Where Do We Go From Here? Opportunities for 2025

These trends give us plenty to think about, but they also lay the groundwork for important conversations in the year ahead. We plan to dive deeper into two key themes:

1. Attracting and Retaining Young Talent
The actuarial profession must remain appealing to younger generations. So how can organizations align with their expectations while encouraging long-term loyalty? Some ideas we may explore include:

  • Crafting workplace policies that prioritize work-life balance and flexibility.
  • Highlighting the societal impact of actuarial work to inspire purpose-driven professionals.
  • Developing training programs that combine technical skills with leadership development.

2. Specialists vs. Generalists: Shaping the Market
As demand grows for niche expertise, what does this mean for traditional actuarial career paths? There are plenty of angles to unpack here:

  • Identifying the specializations that will drive the profession forward, like AI, climate risk, and health analytics.
  • Balancing foundational actuarial training with the need for advanced technical or business knowledge.
  • Finding ways for generalists and specialists to collaborate, creating innovation through their combined strengths.

Looking Ahead

The actuarial profession stands at a crossroads. It has a rich tradition to build on, but the path ahead requires transformation—whether that’s equipping actuaries with new skills or creating environments where young talent can thrive.

At The Emerald Group, we’re committed to supporting actuaries and the organizations that hire them. By sharing insights, challenging norms, and embracing change, we can ensure the profession stays vibrant and ready for the future.

Let’s keep the conversation going. Here’s to an exciting journey toward 2025!

This article was written by Sarah Schadek-Keane, International Actuarial and Financial Services Recruitment - Managing Director at The Emerald Group