Tips for Recently Qualified Actuaries
Introduction
First off, congratulations! After years of intense study, late nights and balancing work with exams, you have finally achieved Fellowship status. This is a significant milestone, but it is just the beginning of your actuarial career. Now, new opportunities—and new challenges—await. It is the ideal time to assess your current situation, identify areas of improvement and take action to move your career forward. As a newly qualified actuary, your focus now shifts from passing exams to making strategic career decisions.
Here Are 10 Essential Tips To Keep In Mind As You Navigate The Next Phase Of Your Journey
(1) Continue Learning and Expanding Your Knowledge
Qualification does not mean the end of your learning journey. The actuarial profession evolves constantly due to regulatory changes, new modeling techniques and emerging risks. Stay ahead by pursuing continuous professional development (CPD), attending industry seminars and keeping up with developments in your practice area.
(2) Develop Strong Communication Skills
Technical expertise is a given for an actuary, but the ability to explain complex concepts to non-actuaries is what sets you apart. Whether you are dealing with senior executives, clients or regulators, clear and effective communication is crucial. Practice tailoring your message to different audiences and work on improving your presentation and storytelling skills.
(3) Build a Strong Professional Network
Your actuarial journey does not happen in isolation. Cultivate relationships with colleagues, mentors and industry professionals. Networking can provide insights into new opportunities, help you stay informed about industry trends, and offer guidance when making career decisions. Joining professional associations and attending actuarial conferences can be great ways to expand your network.
(4) Be Proactive About Career Progression
Now that you are qualified, take ownership of your career growth. Discuss your aspirations with your manager, seek new challenges, and volunteer for projects that stretch your capabilities. Being proactive about your career progression ensures that you remain engaged and continue to develop professionally.
(5) Understand the Business Context
Technical excellence is important, but so is understanding the broader business environment. Take the time to learn about your company’s strategy, financials, and how actuarial work fits into the bigger picture. A solid grasp of the business context will make you a more valuable asset and open up leadership opportunities down the line.
(6) Consider Specialising or Broadening Your Experience
Some actuaries choose to expand their expertise in a specific field such as life insurance, short-term insurance or risk management. Others opt to gain diverse experience across different practice areas. Both approaches can be beneficial, depending on your long-term career goals. Assess what aligns best with your interests and aspirations.
(7) Stay Adaptable in a Changing Industry
The actuarial profession is continuously evolving due to technological advancements, regulatory shifts, and emerging risks such as climate change and cybersecurity. Keep an open mind and be willing to adapt. Learning new tools, such as data analytics and artificial intelligence applications, can enhance your skillset and future-proof your career.
(8) Develop Leadership and Management Skills
As a Fellow Actuary, you will likely have the opportunity to take on more responsibility and leadership roles. Based on data that we collected as part of our 2024 Salary Survey, we found that more than 75% of Fellow Actuaries with more than 6 years’ experience had already taken up management positions. The majority of these respondents were managing teams of up to 10 people, reflecting the importance of assuming management responsibilities early in one’s career, and in the middle management roles that actuaries often hold.
Even if you are not in a formal management position, honing your leadership skills—such as decision-making, delegation and team management—will position you for future growth. Seek out opportunities to mentor junior colleagues and take initiative in your projects.
(9) Maintain a Healthy Work-life Balance
The demands of an actuarial career can be intense, but maintaining a work-life balance is essential for long-term success. Set boundaries, prioritise self-care, and make time for personal interests outside of work. A well-balanced actuary is a more effective and fulfilled professional.
(10) Keep an Eye on Long-term Career Opportunities
While you may be focused on excelling in your current role, it is important to consider your overall goals and to think about the long-term trajectory of your career. Do you see yourself in a technical specialist role, executive leadership, or even transitioning into a non-traditional actuarial career? Regularly evaluate your goals and make strategic moves that align with your ambitions.
Conclusion:
Achieving Fellowship status is an incredible accomplishment, but it is just the start of an exciting career journey. By continuing to learn, building strong networks, developing leadership skills, and staying adaptable, you can position yourself for long-term success. Remember, your career is what you make of it—so take charge, set goals, and embrace the opportunities that come your way.
At SA3, we want you to remember us for making your life easier. Our team of experienced actuarial recruiters are well placed to help you review your current situation, to provide information on your value in the current market and, if wanted, to discuss alternate career paths with you. We invite you to reach out to The SA3 Team if we can be of assistance.
