Working overseas supplement: Outward bound

As an actuary, you hold an internationally recognised qualification and in a global market perhaps it’s worth taking a Sliding Doors moment and thinking about where you could be working next year. The shortage of available talent due to an increased demand for actuarial expertise means that UK firms are having to look globally for talent. The shortage isn’t just confined to the UK — recent press reports have suggested that Ireland, Europe, the US and Australia are also struggling to fill actuarial jobs. In fact, according to the UK Actuarial Profession 38% of members are based overseas — and the International Institute of Actuaries says that 30% of new actuarial graduates are coming from developing economies, signalling a growing demand from new emerging markets. The result is a global talent pool that just isn’t big enough. Consequently an individual with the right combination of commercial, technical and linguistic skills will become a sought-after international commodity.

Making the decision
Moving internationally is a risk/reward trade-off both professionally and personally and, obviously, deciding to migrate to another country is a major decision. It’s important to remember that a move abroad is not just the domain of the ‘young, free and single’. There are opportunities for actuaries at all levels of expertise and at all life stages — there is really nothing to hold you back if you have decided that an overseas move is for you.

One of the most important factors to consider is whether it is going to enhance your experience and whether it will demonstrate progression to any potential employer in the future. They will want to see that you can demonstrate how your overseas experience is relevant to any future UK post. Other things to consider include: 

>> What are your transferable skills?
>> What do you specialise in?
>> Why do you want to move?
>> Do you have a work permit or have you acquired a working visa?
>> Are you qualified or still studying?
>> What relocation help would you require and is this attainable?
>> Should you initially do telephone interviews or, at your own cost, fly to your preferred destination and work the market?
>> How long will it take for you to resign and move to the new destination?
>> Why should an employer consider you?

Who will represent me?
Talking these issues through with a reputable recruitment consultant and building a beneficial partnership between both parties will provide peace of mind and once you have decided that you want to go ahead, this partnership will ensure that you stay in control. Understanding how you will be represented is not a decision that should be taken lightly. It is after all, your career.

Global opportunities
Globally, there continues to be a shortage of actuarial skills from students through to qualified professionals. This has been driven by everevolving regulatory changes as well as future regulatory issues on the back of Solvency II.

The liberalisation of the Indian insurance sector, for example, has created an enormous demand for actuarial expertise as US and European players have launched in Mumbai and Delhi.

Malaysia is experiencing a real shortage. In fact, according to the Actuarial Society of Malaysia, an acute shortage of qualified actuarial professionals could affect the implementation of a risk-based capital model that determines an insurer’s minimum capital adequacy ratio based on its risk profile. This requires the expertise of either an in-house or external consultant actuary, both of which are in short supply locally.

In the US, the recession of 2001 led to a reduction in new students, which resulted in insufficient numbers of qualified actuaries coming out of the system at the right time leading to increased demand.

In Australia, as of September 2007, there were only 1495 qualified actuaries and, with new opportunities outside the traditional insurance and pensions sector opening up, demand is set to increase even further.

In South Africa, the demand for risk management professionals has never been higher. The UK faces similar constraints.

Globally, demand is growing outside the traditional finance arena. Opportunities for actuaries are opening up in areas such as health and education, the environment and climate change, public infrastructure, and genetics.

The right move?
The decision to move can offer challenge and reward across both your professional and personal life. Employers will give you the opportunity, the rest as they say is ‘up to you’.

We live in a shrinking world, where, thanks to rapid advances in travel and communications, businesses of all sizes can operate in global markets creating a diverse range of career opportunities. With your actuarial qualification, your career passport is assured.

Clinton Poore is an executive actuarial consultant with FSS