Experienced actuarial talent can be difficult to recruit for a simple reason: many of the professionals employers want to hire are already established in their careers. They may have strong compensation, meaningful responsibilities, valued relationships, and a clear path forward with their current organization.
For employers, competing for this talent requires more than simply opening a position. The opportunity needs to give an experienced actuary a compelling reason to consider making a move.
Compensation is an important part of that equation, but it is not the only one. The scope of the role, opportunities for growth and influence, flexibility, and the hiring experience all contribute to how an opportunity compares with what a candidate already has.
Create an Opportunity Worth Considering
For an experienced actuary, changing organizations can be a significant career decision and increased compensation. A new title alone may not provide enough reason to leave a strong position.
Employers should be prepared to clearly communicate what makes the opportunity different. That may include greater responsibility, exposure to new areas of the business, leadership opportunities, a broader strategic role, or a clearer path for advancement.
The specifics will vary considerably by position. An experienced actuary working in pricing, reserving, risk management, valuation, modeling, or another specialized function will evaluate an opportunity through the lens of their own background and career goals.
That makes role definition particularly important. Instead of relying on a long list of qualifications and responsibilities, employers should be able to explain what the person will own, how the role contributes to the organization, and where it could lead.
This is especially important when approaching professionals who are not actively looking for a new position. The question is not simply whether they are qualified for the job. The opportunity also has to be strong enough for them to consider leaving a position where they may already be successful.
Make Sure Compensation Reflects the Market
Experienced actuarial professionals bring a more complex compensation profile than an entry-level hire. Credentials, years of experience, practice area, industry background, geography, leadership responsibilities, and technical specialization can all influence compensation.
Employers entering a search should understand how their compensation range compares with the market for the specific type of actuarial professional they hope to recruit.
DW Simpson’s Actuarial Salary Survey can provide a useful starting point for benchmarking actuarial compensation. Market data can help employers establish realistic expectations and identify potential gaps before they begin speaking with candidates.
Compensation should also be considered beyond base salary. Depending on the organization and level of the role, bonuses, long-term incentives, retirement benefits, and other elements of total compensation may influence how one opportunity compares with another.
The objective is not necessarily to offer the highest compensation in the market. It is to understand the market well enough to present a competitive package that makes sense for the level and requirements of the position.
Consider How Flexibility Affects the Talent Pool
Work arrangements have become another important consideration in actuarial recruiting.
Remote, hybrid, and in-office requirements can influence both the number of professionals available for a search and the opportunities an employer is competing against. A highly specialized candidate may be comparing positions across a much broader geographic market than employers encountered when most actuarial hiring was locally based.
Not every organization can offer the same degree of flexibility, and not every position is suited to fully remote work. Employers should instead be clear about what the role requires and understand how those requirements may affect the available candidate pool.
Where flexibility is possible, it can expand the geographic reach of a search. Where regular office attendance is important, employers may need to consider how the rest of the opportunity, including compensation, responsibilities, advancement, and location, compares with alternatives available to experienced candidates.
Don’t Let the Hiring Process Weaken a Strong Opportunity
An attractive role can lose momentum when the hiring process becomes unnecessarily complicated or slow.
Experienced actuarial professionals may be exploring an opportunity while managing significant responsibilities in their current positions. Clear communication about the interview process, decision makers, expectations, and timing helps candidates evaluate the opportunity without unnecessary uncertainty.
Employers do not need to sacrifice a thorough evaluation to move efficiently. The goal is to make each stage purposeful and avoid delays that do not add value to the decision.
Responsiveness matters as well. When questions about the position, compensation, work arrangements, or responsibilities arise, candidates should be able to get clear answers. Inconsistent information or prolonged gaps in communication can make it harder to maintain interest, particularly when a candidate is considering other opportunities or was not actively looking to move in the first place.
A well-managed process reinforces the same message as a well-defined role: the organization understands what it needs and is serious about the hire.
Understand the Actuarial Market You’re Competing In
What constitutes a competitive opportunity depends on the talent an employer is trying to attract.
The actuarial profession includes distinct credentialing paths, practice areas, industries, and specialties. As requirements become more specific, the relevant candidate pool can become considerably narrower.
An employer seeking an experienced actuary with a particular combination of credentials, practice-area expertise, industry knowledge, technical skills, and leadership experience may be competing for a relatively small group of professionals.
This is where actuarial market knowledge becomes particularly valuable.
Understanding candidate availability, compensation, career paths, and how a position compares with other opportunities can help employers determine where they are competitive and where expectations may need to be reconsidered. It can also help distinguish requirements that are essential to the position from preferences that unnecessarily narrow the search.
For employers, this perspective is difficult to gain from a job posting or compensation range alone. It comes from understanding the professionals in the market and the opportunities available to them.
Competing for Experienced Actuaries Requires the Complete Picture
There is no single compensation level, work arrangement, title, or benefit that will attract every experienced actuary.
A competitive opportunity brings several pieces together: compensation that reflects the market, meaningful responsibilities, room for professional growth, appropriate flexibility, and a hiring process that respects the candidate’s experience and time.
The more specialized the search, the more important it becomes to understand how those factors compare with the broader actuarial talent market.
DW Simpson has spent decades recruiting within the actuarial profession, giving our team perspective into compensation, career paths, specialized talent markets, and the factors shaping actuarial searches. We help employers understand the market they are entering and connect with experienced professionals whose backgrounds align with their needs.
Looking for experienced actuarial talent? Contact DW Simpson to discuss your hiring needs.