Actuaries are constantly rated as number 1 best job in the US (2018 statistics) and it has been oscillating around the 1st and 2nd best job position (Along with Stock-broking) over the last at least 12 years to 2018. Actuaries are highly regarded professionals and they are also well-remunerated with a high demand and high job security. Here in Nigeria, the situation is similar.
There are only a few actuaries practicing in Nigeria and as a result, the career prospects are equally huge in Nigeria. There are also advancing areas of practice like health and risk management, where more actuaries will be needed in the future.
As insurance companies in Nigeria expand and increase capital, they will require more actuaries to help manage the safety of the shareholder’s investments.
The introduction of accounting regulation will require actuarial skills in commercial banks (in the area of Credit Risk Modelling).
Government will also have increased role for actuaries, as it aims for stronger regulation of the relevant private companies and in analyzing the burden of pension on its budgets.