US Actuarial Hiring Trends

by Taylor Dever
Managing Director, USA at Acumen Group

Actuaries are in high demand, and with near-full employment across the profession (under 1% unemployment), companies must adapt their hiring strategies to stay competitive. In addition, the employment of actuaries is projected to grow 22% from 2023 to 2033, much faster than the average of all occupations, which comes in at 4%.

Organizations that remain inflexible risk losing talent to firms offering better compensation, stronger branding, and more workplace flexibility. Here are key trends shaping actuarial recruiting today:

Flexibility on Technical Requirements

Organizations that can flex on certain technical requirements will be more successful in securing strong talent. Actuaries are known for picking up skills quickly, so don’t be afraid to soften up requirements like a specific actuarial modeling system or financial reporting framework. Instead, focus on finding someone who is a quick learner with a proven background in acquiring new technical skills.

Remote vs. Hybrid Work

Although remote work is here to stay for many organizations, a growing number of insurance companies have started shifting back to hybrid work arrangements. In addition, more candidates are open to (or even prefer) working a hybrid schedule over being fully remote.

With that said, it is harder than ever to convince actuaries to relocate. Some organizations have responded by opening additional office locations in insurance hot spots to expand the candidate pool while maintaining an in-office culture.

Compensation

Given the low unemployment rate and high demand for actuaries, competitive compensation packages are essential. Perform an annual review of compensation structures—or at least check with an actuarial recruiter—to ensure the target package for a role aligns with market standards.

Employer Branding and Job Satisfaction

Many actuaries prioritize meaningful work that aligns with their values. Companies that effectively communicate their mission, culture, and growth opportunities stand out in a competitive job market. Building a strong employer brand that resonates with these priorities is crucial for attracting and retaining talent.

Conclusion

At the end of the day, something has to give. A company that requires in-office/hybrid work, offers average or below-average compensation, and is inflexible on role requirements will struggle to attract and retain actuarial talent. Evaluate your organization’s priorities and decide where you can offer flexibility to set your company apart from the competition.