Those who decide to pursue actuarial careers reach that decision somewhere around their sophomore or junior year of college. They major in math or statistics and quickly realize that actuarial science is a great career path with plentiful job opportunities. They begin their job search by looking at large insurance companies and consulting firms. Firms like AIG, Prudential and Willis Towers Watson employ the vast majority of actuaries and can be a great career choice for many.
But…there are other options.
You may not know this but actuaries have integrated many industries in ways that you never thought possible. From Tech to Travel to Wall Street there are companies in these industries relying on the actuarial profession and the expertise they provide. If the traditional path isn’t something you see yourself taking, here is a quick look at some organizations you might want to consider for alternative actuarial careers.
Uber / Lyft
Most people are familiar with the ride sharing services offered by these two industry leaders, but did you know together they employ close to 20 actuaries? In speaking with one of their employees, an FCAS, it’s easy to see why. This FCAS explained that every time you set foot in one of their cars you are covered under their insurance. Thousands of drivers delivering millions of rides a year all insured by Uber or Lyft.
Goldman Sachs / Morgan Stanley
These two Wall Street giants employ up to 15 credentialed actuaries. They serve as portfolio managers, research professionals or specialize in risk mitigation. An FSA who spent much of his early career as a health care actuary turned that expertise into an equity research role. He said, “My understanding of how insurance companies and healthcare organizations turn a profit is invaluable when assessing their stock price.”
Google’s actuaries lead the Business Risk and Insurance department. Their mission, as stated on LinkedIn, is, “To create innovative, straightforward and sustainable risk solutions that protect Google and enable our partners to launch with velocity.”
Facebook / Starbucks
Both of these companies have large and highly valuable workforces. They believe it is imperative to have the best benefits possible for them. Retirement plans like pensions and equity sharing are overseen by high level actuarial professionals (FSA & EA). They also employ actuaries to manage their medical benefits.
You just booked a flight, but aren’t sure you can make it. Why not book travel insurance just in case? Who else but an actuary would be calculating that cost?