In the current economy, how competitive are actuarial jobs?

In summary, the conversation discusses the possibility of switching to a math major with a track in actuarial science and a minor in computer science. The speaker wonders about the competitiveness of actuarial jobs in the current economy and the usefulness of the actuarial track. It is noted that entry level actuarial jobs are fairly competitive and require passing exams. The speaker advises focusing on passing exams quickly as they are necessary for entry level positions.
  • #1
glbhuo
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I am considering switching to a math major with a track in actuarial science (curriculum here https://catalog.louisville.edu/undergraduate/majors/mathematics-bs/#trackrequirementstext), with a minor in computer science (since that will only take me 2-3 more classes). I was wondering, given the economy's current conditions, how competitive actuarial jobs are, and how useful the actuarial track that I linked to is?
 
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  • #2
Let me adjust your question slightly - I think you're asking how competitive entry level actuarial jobs are. The answer is that they are fairly competitive; not as bad as top investment bank, but certainly not easy. This has been the case for roughly thirty years; many people see the money actuaries make and are interested in the career, but many who start the exam process fail out. So you end up with a situation where employers are advantaged at entry level and candidates have the advantage at the credentialed/experienced level.

The big question you should be asking yourself is how quickly you can pass exams. What do you know about them? Have you passed any yet? 2 - 3 are practically required these days to get an entry level job.
 
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1. How in-demand are actuarial jobs in the current economy?

Actuarial jobs are highly in-demand in the current economy. As companies continue to focus on managing risks and making financially sound decisions, the need for actuaries has only increased. This is especially true in industries such as insurance, finance, and consulting.

2. Are actuarial jobs still considered a stable career choice?

Actuarial jobs are still considered a stable career choice. The demand for actuaries has only increased over the years, and the job market for actuaries remains strong. In addition, the actuarial profession is highly regulated and requires a rigorous certification process, ensuring stability and job security for those in the field.

3. How competitive is the job market for actuaries?

The job market for actuaries can be competitive. While the demand for actuaries is high, so is the number of individuals pursuing this career path. It is important for individuals interested in becoming actuaries to stand out by obtaining relevant experience, passing certification exams, and continuously developing their skills.

4. Are there any specific skills or qualifications that are highly valued in the actuarial job market?

In addition to strong mathematical and analytical skills, communication and problem-solving abilities are highly valued in the actuarial job market. Employers also look for candidates with relevant internships or work experience, as well as those who have passed certification exams or are on track to do so.

5. Are there any current trends or changes in the actuarial job market?

One current trend in the actuarial job market is the increasing use of technology and data analytics. Actuaries are now expected to have a strong understanding of data science and programming skills. Additionally, there is a growing demand for actuaries in non-traditional industries such as healthcare, cybersecurity, and climate change, providing more diverse job opportunities for those in the field.

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