MSc ACTUARIAL AND RISK ANALYTICS

One Degree, Diverse Careers: How An Actuarial Science Degree Opens Doors Across Industries

When you think of an actuary, you might picture someone pricing policies at an insurance firm or crunching numbers to design pension schemes. But while actuaries are essential in their traditional fields of insurance and pensions, many are venturing off the beaten path and stepping into exciting new industries.

Today’s organisations face risks that didn’t exist two decades ago: artificial intelligence (AI), cybersecurity threats, climate crisis, and more. This has fuelled a widespread need for professionals who can analyse and manage these risks – such as actuaries. In fact, the Actuaries Institute reports that 40% of its members were working in sectors outside insurance in 2024.

With new doors opening across industries, the right actuarial training can help you seize these opportunities. Here’s a look at the diverse career paths that await actuaries today, and how the MSc Actuarial and Risk Analytics programme at Nanyang Business School (NBS) equips graduates with the skill sets to pursue them.

The Rise of Non-Traditional Actuarial Roles

Actuarial science applies mathematical and statistical methods to assess future risks. For example, a company offering pension benefits would need an actuary to advise on investment risk, inflation risk, and longevity risk in order to ensure sufficient funding for future payouts.

Many actuarial science graduates go straight from the classroom to careers in insurance, reinsurance, and pensions. But over the last decade, demand for actuaries has dramatically evolved across industries. New technologies and trends are creating increasingly complex risks, pushing businesses to find talent with the skills to make sense of uncertainty.

Actuaries have a strong foundation in quantitative and analytical skills, from financial analysis to risk modelling. In an increasingly data-driven world, these skills translate well to all sorts of roles that turn numbers into insight: data science, enterprise risk management, public policy, and even sustainability.

Take Dr Nie Ciyu, Academic Director of the MSc Actuarial and Risk Analytics (MARA) programme at NBS, as an example. After completing her PhD in Actuarial Studies, she joined Ernst & Young as an Actuarial Consultant in general insurance. Not long after, she took the leap to become a Data Scientist with popular e-commerce platform Alibaba.

“That was a bit of a career shift, from actuarial practice to data mining,” Dr Nie recalls. “It definitely gave me a more complex understanding of actuarial skills and how important they can be in broader risk management.”

The MSc Actuarial and Risk Analytics: A uniquely interdisciplinary programme

Drawing from her industry experience, Dr Nie has designed an actuarial science curriculum that moves beyond traditional models.

The MARA programme is deeply interdisciplinary, combining strong actuarial fundamentals with risk management, and sustainability thinking. Modules like AI and advanced analytics will give participants a solid foundation in new tools shaping the future of risk.

Participants can also choose to specialise in key areas like climate risk management and financial risk management, preparing them to build a career in these fast-growing fields.

To connect classroom learning with industry problems, participants will work on real-world case studies and projects in collaboration with industry partners. “This will allow students to tackle real issues and gain practical experience,” she says.

Building the Soft Skills for Bold Career Moves

Technical know-how isn’t the only factor in a successful career, especially for those carving out non-traditional paths. Actuarial professionals highlight that communication and collaboration skills are key to moving beyond conventional actuarial roles.

These skills are no less important in core actuarial work – actuaries need to work closely with different business teams and share insights with stakeholders.

Knowing the importance of these soft skills from her own industry experiences, Dr Nie has built a programme that primes participants to effectively express their ideas and work in teams. “Instead of just focusing on mathematics, the MARA programme trains students to communicate clearly and solve problems collaboratively with other teams like marketing, HR, or management,” she shares.

Participants can look forward to a fast-paced, interactive curriculum with plenty of group projects, honing their confidence to navigate different perspectives. “The faculty here is highly supportive, and you’ll also work closely with professors and mentors on specific tasks,” she adds.

One Degree, Diverse Career Opportunities

Armed with both interdisciplinary knowledge and industry-ready soft skills, MARA graduates will have what it takes to enter a wide range of roles and sectors.

Actuaries continue to be in demand across traditional roles: insurance, reinsurance, pensions, finance, and consultancy. “All of these are still very important,” Dr Nie affirms. At the same time, graduates have the flexibility to chart career paths outside core actuarial roles.

For example, having knowledge of AI and advanced analytics enable graduates to potentially transition into a data scientist role. The programme’s solid training in risk analytics opens up possibilities in risk management, from cyber risk to climate risk. Regulatory policy is another option, allowing graduates to apply their strategic skills to develop and implement public policies.

“We’re seeing a lot of demand among regulatory bodies for professionals who can manage risk and build a sustainable society. So, there are opportunities in the governmental decision-making area as well,” Dr Nie shares.

“We’ve also observed that some students go on to join tech startups. They are very highly skilled in numbers, data modelling, as well as AI and machine learning, so they have the capabilities sought after by tech firms.”

In a world defined by constant change, the MARA programme aims to help graduates stay agile and relevant in the long run. “The skills you’ll learn here are highly versatile,” Dr Nie sums up. “This will open up a lot of choices in your future career.”

Ready to seize new career opportunities? Learn more about the MSc Actuarial and Risk Analytics programme here.

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