Actuary can progress quite quickly to managerial positions. It is possible to advance within the actuarial specialism or to move into related areas, working in investment systems, financial modeling, software or product development, marketing and sales or general administration.
Other than insurance companies, Actuarial can also find jobs in banks, investment firms, consulting firms and government sectors.
In the recent survey done by CNN Money, Actuary is ranked 6th highest paying job, earning about $257,000 in America, ahead of a Finance Director who earns about $214,000. In term of best job ranking, Actuary is not ranked, while a Finance Director is ranked 29th. The best job ranked information may not reflect the true potential of an Actuary as in the past, only insurance companies employed them. But times have changed and the new factors may not have been included in the calculation of best job ranking yet.
In another job ranking survey done by Jobs Rated Almanac, America, Actuary is ranked top four best jobs in America in each of its six editions. The criteria considered in the ranking calculation includes environment, income, employment control, physical demand, security and stress. The data used in the ranking calculation was from U.S. Bureau of Labor Statistics and U.S. Census Bureau as well as studies from trade associations and industry group.
Beside insurance companies, banks, investment companies, public sector and government sector have also moved into financial related business or activities like insurance, stock broking, retirement funds and investment businesses. These companies now realized the needs of a competent mathematician and analyst to help them to excel in said financial related businesses. This has opened up many opportunities and varieties of jobs for an Actuary which may not have incorporated into the best job criteria.
Many companies knows that it’s worth paying a hefty salary to keep a competent actuary. Below is a summary of top 10 paying jobs in America as at December 1, 2009 provided by CNN Money :