Company actuaries may also be found in pension planning, group underwriting, investment and other departments due to the broad knowledge of insurance acquired. Some operate their own private practice, while others work for actuarial consulting firms. Consulting actuaries work with and provide advice for a fee to financial institutions and to the chief operating officers and often chief executive officers in risk management and health care fields. Pension consulting is an important field that has grown over the years. These opportunities usually deal with a particular pension plan or insurance such as the government welfare plan.
Many actuaries hold positions on the academic staffs of universities.
In many organizations, actuaries serve as key financial people, including large industrial corporations, public accounting firms, labour unions and fraternal organizations. However, of equal importance to an actuarial career is the ability to communicate effectively, to be able to work well with people and a practical business sense. Career options can be increased by taking accounting, economics, finance and computer science courses because you are preparing for a career in business. The Society of Actuaries members are involved in the areas of life and health insurance, pension planning and employee benefits. The Casualty Actuarial Society members are involved in the areas of property and casualty insurance covering such risks as fire, medical malpractice and personal injury liability.