As you gain experience, progress through your actuarial exams and become a more valued team member you will then likely be promoted to a more senior trainee role. This role often involves taking on more responsibility as well as guiding and mentoring new actuarial trainees. One of the main roles of a senior actuarial trainee is peer reviewing work from newer, more junior colleagues. Peer review is a very important part of the work of an actuary as it helps to ensure that the quality of work is of the correct professional standard helping to safeguard against potentially costly poor decision making as a result of the actuarial work being carried out.
Once you complete all of the IFoA professional examinations required to be an actuary you are then eligible to become a Fellow of the Institute and Faculty of Actuaries. It should be noted that the IFoA actuarial curriculum has recently changed (as of January 2019) which has impacted on the content and naming of the exams required to qualify as an actuary. As a newly qualified actuary your responsibility and opportunities for progressing your actuarial career will likely increase, especially if you plan on moving into a role which requires an actuarial signature (e.g. as a Scheme Actuary for a pension scheme).
Many actuaries move into a managerial role following qualification. As an actuarial manager you will move likely start to move away from some of the technical work (e.g. actuarial calculations), that you have been undertaking in your career to date, and begin to take a more active role in managing a small team. Many actuarial manager roles will also involve business development and developing a broader view of the running of the company you work for.
As your skills develop you will then be promoted to a Senior Actuarial Manager with greater responsibility such as managing a larger team or department.
You may eventually progress to become a Chief Actuary – holders of the IFoA’s “Chief Actuary, Non Life with Lloyds” practicing certificate. A Chief Actuary is expected to have a wide range of skills ranging from technical skills to business skills as well as having a strong business acumen, awareness and understanding of the general commercial and economic environment (e.g. regulation, tax, stakeholders etc)
Head of Actuarial Function may be one of the following roles: Head of Reserving, Head of Pricing, Head of Financial Reporting etc.
Many actuaries, especially post Solvency 2, are now moving into Chief Risk Officer (CRO) roles within insurance companies. Actuaries are also undertaking CRO roles outside of insurance as they help to embed and manage Enterprise Risk Management (ERM) programmes within the organisation.
- Chief Executive Officer (CEO)
Some actuaries eventually become a CEO of a firm, the highest ranking executive in a company. A CEO can expect to receive a very high compensation to reflect the critical responsibilities involved, which includes critical decision making, overall management and acting as the main contact with the board of directors.
Demand for actuary jobs in Dublin, Ireland has been driven by a number of factors including the EU Solvency II Directive, Central Bank of Ireland requirements which interpret the EU Solvency II Directive, the attractiveness of Ireland as a European base for cross-border insurance companies and a greater understanding of the skill set of actuaries by industries such as Banking, Risk Management and Data Analytics.
Of particular note, Dublin, Ireland now has one of the highest number of actuaries per capita in the world. There are currently four universities (UCD, DCU, QUB and UCC) with actuarial science degree programmes fully accredited by the Institute and Faculty of Actuaries. Acumen have placed many of the actuarial students from these degree programmes in actuarial jobs in Dublin and more widely in Ireland over the last number of years. We look forward to finding the right actuarial job for you.
More information on the actuary jobs and vacancies in Ireland, currently at each level, can be found here.