Actuaries typically work with life, health, and property/casualty insurers; government agencies; as pension and employee benefits consultants; as educators and researchers; and increasingly with banks and other relative newcomers into the insurance field.
Actuaries are involved in the design and pricing of insurance and savings products; in placing financial values on insurer liabilities and monitoring their solvency; in determining the financial health and recommending future funding levels for public and private pension and insurance programs; and in many other types of financial and demographic modeling.
Career progress depends on individual aptitudes and effort, as well as on the types of organization with which the individual becomes involved. Individuals frequently transition from technical roles to business roles to roles as organizational leaders. The University of Manitoba’s Actuarial programs have had many graduates who have become Presidents of major insurance companies or actuarial consulting firms.
Typical starting salaries are in excess of $50,000 per year, depending on progress through the professional examinations at the time of hiring. Compensation tends to be exceptionally strong throughout an actuary’s working lifetime. Those who have chosen the actuarial profession have found it to be an extremely dynamic and challenging field with exceptional opportunities for personal growth. In fact, the job title “actuary” has been ranked as one of the best job in the world by the Jobs Rating Almanac, JobsRated.com, and the Wall Street Journal.