Career prospects of an Actuary in Hong Kong
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Today, finance professionals in Hong Kong have a range of options for career specialisation. From accounting and auditing to risk management and compliance, choosing a field that matches your strengths and talents is the key to success.
If you’re suitably qualified, have an eye for detail, and strong mathematical and analytical skills, an actuarial career can be a great option.
Currently the career prospects of an Actuary in Hong Kong are going from strength to strength, with high demand for the specialised skills leading to attractive remuneration.
So if a challenging and rewarding role as an Actuary sounds appealing, read on to learn what they do, which skills and qualifications are required and what the career prospects are in the current market.
What does an actuary in Hong Kong do?
An Actuary works within an organisation, conducting research and performing data analysis that will help the company to understand the cost of future risks.
They often work within insurance companies, using their research and analytical skills to determine appropriate premiums and reserves, but they are also employed across other sectors, including accounting firms, banks and government.
Within an insurance company, some of the main actuary roles include:
Valuation
Actuarial valuation requires actuaries to use data and estimations to calculate the value of the company’s reserves that are available for future coverage of policy payouts.
Valuation modelling provides vital insight into the appropriate price ranges for premiums.
Pricing
Actuarial pricing involves looking closely at all of the factors that impact the potential risk of insuring clients, including past trends and predicted future events, to calculate the value of the premiums.
The goal is to analyse the information to find a price range for premiums that strikes the right balance between accepting the risk and making a profit.
Modelling
Modelling is an essential part of an actuarial function, as it provides valuation models that inform pricing, assess risk and project payout scenarios.
Actuaries are required to update models as assumptions or estimates change, to ensure the projections are as accurate as possible at all times.
What are the career prospects of an actuary in Hong Kong?
According to Talent List Hong Kong, there is increasing demand for experienced professional actuaries to meet market development, and actuaries are listed on the talent list as one of the 13 professions that Hong Kong needs the most in the immediate to medium term for the development of the economy.
This increase in demand is in part related to the specialised skills required, along with recent developments in international regulatory standards.
Skills and qualifications for success
To succeed as an actuary, you will typically need to hold a bachelor’s degree in a related field such as mathematics, economics or business administration, and have a minimum of three years of experience in a related field. Relevant experience could include assets and liabilities management, valuations or risk management.
Typical duties and responsibilities
Depending on the size of the organisation and team, and the scope of the role, actuaries may be responsible for a range of tasks relating to valuation, pricing or modelling.
This can include collecting, compiling and analysing statistical data, undertaking computer modelling to understand risks, and communicating findings to leaders via presentations and reports.
How to become an actuary in Hong Kong
To become an Actuary in Hong Kong, you will need to pass a series of professional examinations, and it will generally take at least four years to become fully qualified.
In many cases, employers will support you in achieving your qualification, either by providing study leave or providing financial assistance toward correspondence courses.
If you are a finance professional with advanced mathematical, analytical, communication and project management skills, and have the relevant tertiary qualifications, the Robert Half team can help you secure a role in this exciting field.
Keen to learn more about the career prospects of an actuary in Hong Kong? Our experienced team of recruiters can help you understand the requirements and opportunities, and find the right path for you. Get in touch on +852 3653 7300 today, for expert advice, guidance and support that will help you secure a rewarding role as an actuary in the financial sector in Hong Kong.
