A curious fact that most non-actuaries don't understand - Actuaries are already in a niche occupation, yet we go further into deeper niches within our profession.
We specialise in Life, Health or General insurance, in Pricing or Valuation, and there are deeper specialisations too within that. We specialise in the regions we operate in, we specialise in the tools that we use.
Employers have a preference for these deep specialists too, as the subject matter is complex. But is this the only way?
Qualified Actuaries are limited in supply, especially in Asia. We Asian Actuaries have the scope to chart a different course due to the low supply, and yet still be in demand. Yes we need to have deep expertise in some areas, but we can expand our horizons to cover different fields.
How do we do so? Actuaries in traditional insurers and reinsurers can seek for rotations in different actuarial and non-actuarial departments, to get a wider exposure.
Actuaries in consulting companies can seek for exposure to projects in different areas of interest. Actuarial entrepreneurs can utilise their freedom to enter new territories and be bold to apply their skill sets in non-traditional areas.
Why should we do this and what is the risk?
Let's start with the risk - experienced actuaries may find that they need to relearn the fundamentals, may make simple basic mistakes, may get their ego humbled.
These too are the reasons to do it - we develop a deeper understanding of the fundamentals, develop wider and stronger skills, and open our minds wider by humbling our ego.
Another reason is, we get to diversify our career so that we can adapt when our industry changes, when disruption happens.
Aside from personal reasons, there are macro reasons why generalist actuaries are needed. Actuaries play a key role in the development of the financial industry, and one way to address the acute shortage of qualified Actuaries is to broaden the skill sets of existing Actuaries so we can take on broader roles. Exposure to a wider range of fields is a catalyst for innovation as we can apply ideas from various areas and regions.
For actuarial aspirants at the beginning of your careers, keep your minds open to the possibilities of exploring different domains. It is easier to do this at the early stages of your career as the cost of failure is lower both for yourself and for your employer.
Let us tap into the deeper potential of our profession as Actuaries and broaden our horizons!
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