The shifting demands of the actuarial profession
Mergers, acquisitions, consolidations, and downsizing are frequent topics in our industry. Standing out from your peers is imperative to ensure career stability and advancement opportunities within your firm. How do you achieve this? You must match your technical expertise with soft skills honed to the same high level.
The smart technician is often the predominant image many actuaries aspire to embody. However, the most valuable actuarial profiles mix several core elements. You need richness in your actuarial perspective and breadth in your discipline. Equally important in the current market is the ability to communicate effectively. As a leading recruitment agency, we see that candidates who master this balance are the ones who secure the best opportunities.
1. Communication: The bridge between data and decision
You possess strong intellectual, mathematical, and problem-solving skills. Do you have the communication skills to match? This is arguably the most important of our tips. You face constant pressure to remain relevant to clients, employers, and employees. Never underestimate the capacity to think commercially and communicate clearly.
Your ability to engage and influence the business and its stakeholders is paramount to your success. The good news is that you can develop soft skills just like technical ones. It requires focus, commitment, and patience.
Why are soft skills so important?
The role of the actuary has altered drastically in the last 20 years. The ability to communicate concisely with clients and colleagues is essential for differentiating yourself. Specialist recruitment experts know that leadership, social skills, and clear communication are business necessities.
For example, a consulting actuary must often communicate extremely complex information to people with no training in actuarial concepts. Effective communication is also vital for managing junior employees, projects, and work-streams, as well as winning new business.
Mastering the art of communication is essential. This ranges from improving conversational skills to delivering sharp presentations. You might consider attending networking events with other actuaries to develop these skills in a professional yet informal environment. Employers now place greater emphasis on this area. Some firms even invest in specialist writing training programmes for their actuarial staff.
Clients are interested in the financial implications of your findings. However, you must communicate the ideas behind those implications. Getting this wrong could lose valuable business or weaken existing relationships. To improve, actively engage with clients and colleagues in meetings. Do not wait to be asked questions. Voice your opinion and show assertiveness.
2. Taking Initiative
Take the initiative to seek responsibility beyond your job description. This betters your company and supports your colleagues. While you naturally seek individual reward and recognition, implementing a practice that benefits other actuaries increases your value. It ensures you get noticed by leadership and finance recruitment agencies alike.
3. Self-Management
Do not underestimate the power of self-management in achieving a promotion. You must understand yourself and identify your strengths. Adopting multiple perspectives on your role contributes to improving your position over time. Think creatively and remain self-motivated.
4. Leadership
Leadership skills coupled with effective communication deliver actionable insight for the business. This must be backed by technical ability. Go beyond identifying and measuring the problem. take the brilliance of your spreadsheet and share it articulately with a wider audience. This will help you stand out from the actuarial crowd.
5. Networking
It is incredibly important to build your external network. Share knowledge within this technical industry and learn from others. The people you meet may assist you with critical business projects. This increases your pool of knowledge and your value to the company.
You can improve effectiveness and efficiency when you call upon an established network of industry peers. Identify sought-after experts and senior actuaries in other firms. Work on building a strong, professional network to help with tough tasks. Now is the best time to accept those invitations for networking drinks.
The future of the modern actuary
Actuaries now have greater influence and more internal touch-points than ever before. The need to communicate, manage, influence, and negotiate is vital. You must advise and embed values across the organisation at all levels.
You are no longer seen as just a back-office cost and governance function. The modern actuary helps improve the bottom line. You optimise capital usage and returns while helping enforce a healthy level of risk appetite. Remember that exceptional hard skills are a prerequisite for an actuarial career. It is the soft skills that make you stand out.
If you are looking to advance your actuarial career or simply seek advice on improving your skill set, we are here to help.
