Insurance companies can better shape recruiting and retention
Challenges or chances – a changing market landscape for actuary versus data science
By Yiru (Eve) Sun, Roger Yuan and Mark Spong
|Yiry (Eve) Sun, FSA, MAAA, PhD, is a Managing Director at Aon
|Mark Spong, FSA, MAAA, is a Senior Manager at Oliver Wyman
|Roger Yuan is an Analyst at Oliver Wyman
Few college students are aware of the actuarial profession. Of those that are aware, many are becoming interested in data science and other non-actuarial careers. The offer of more money, absence of professional exams, and potentially more numerous employment opportunities has had a fundamental impact on entry level actuarial recruiting.
We recently engaged with actuarial clubs’ leaders, professors, recent graduates of fifteen U.S. universities, scoured observable market data, and tapped into our extensive library of intellectual capital to understand the core challenges faced by actuarial employers today, and identify opportunities to address them. This article contains a summary of this effort.
This article represents the opinion of the authors, and not necessarily the opinion of the AAE.
This article was published in The European Actuary No. 32 – December 2022