Thanks to all who posted comments about challenges over the last year. For review of the many responses that showed up on the CAS website I recommend you view the CAS Risk Management Committee’s (RMC) two previous blog posts: Challenges to the Actuarial Profession in 2014 and Threats to the Actuarial Profession (written in 2012).
Now to the current 2015 state of affairs. A lot has happened over the last twelve months. In May of this year, Bob Miccolis addressed the question “Why should the CAS exist?” in a blog post. It was an interesting discussion and some insights as to why there should remain specialization.
The RMC is charged with looking at known risks that affect the actuarial profession and the CAS, as well as making recommendations to the CAS Board as to which risks are important and what can be done about them.
The RMC has recently been discussing the following emerging challenges and considerations for the actuarial profession:
- More and more we see statistics/data scientist majors entering into the entry levels of insurance related companies doing stochastic/data research. Is this a challenge to our actuarial students trying to obtain entry level positions?
- Are employers being confused with the “Actuarial Profession” domain discussions? For example if I want to hire an actuary I have to know whether they are certified by the Casualty, Pension, Health, or the Life profession.
- Is the new discussion of what is a qualified actuary by the National Association of Insurance Commissioners for financial certification a challenge to all actuaries?
Please leave a comment below and share your thoughts and opinions about these challenges and considerations, along with any other emerging issues you think are important to identify.
