The study of history often provides insights into the way for the future. The founders of the Actuarial profession back in the 17th and 18th centuries were inventors, mathematicians, statesmen, lawyers and wore many other hats (One famous founder had Halley's Comet named after him).
We actuaries have now a very highly specialised and focused profession, concentrating primarily on insurance and risk management. The lesson we learned from the theory of evolution is that species that are able to adapt to changing environments survive, while those who can't and are stuck to their existing ways, go extinct.
So how do we protect the actuarial profession from extinction?
Here are some thoughts:
1. Develop strong knowledge in adjacent fields & obtain non-actuarial designation
Many actuaries would have had keen interest in an adjacent field during their education. This may be Computer Science, Accounting, Finance, Economics, Data Science, Operations Research, or other fields.
It is now time for us to develop further expertise in these fields, and understand how they can be applied at our workplace, community and other places to improve outcomes.
Actuaries should also strongly consider getting titles in adjacent professions (eg. ACCA, CA, CFA, FMVA etc) as this will increase our visibility and relevance among non-actuarial peers.
2. Encourage and allow actuarial students to pursue various actuarial designations as per their interest
The journey to a Fellowship title typically takes 6 to 10 years or more for most. Understandably, many actuarial students drop away at various parts of the journey leaving a small percentage who attain the Fellowship title.
For many actuaries, this has been a source of pride as it shows the rigorous nature of our education.
However, now we have to ask - does it help us, and is this the best approach for our profession?
The Associate title has been seen as the suitable alternative for actuarial students who do not wish to go the full length. However it must be noted that the Associate title too is quite rigorous.
Other titles which have been promoted in recent years are the CERA (Chartered Enterprise Risk Analyst) and the CAA (Certified Actuarial Analyst). These can be attained more quickly, but CAA especially has not gotten enough traction yet.
In my opinion, it is time for us to recognise all these titles as valid pathways for actuarial students. Actuaries practicing in non-traditional careers may appreciate the quicker pathways more, as they will not be getting as much study support as their peers in traditional actuarial positions.
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