On the Move!

Emerald Group’s 2024 Young Talent Survey highlighted that 40% of young professionals are looking to leave their current role within the next year. Surprised? We’re not! We spoke to Gemma Hosking, Consultant Life Actuarial, about why this widespread ambition to change roles is a positive indication of how the market works, and what clients can do to keep top talent.

At first glance, hearing that 40% of young actuarial professionals are actively planning to find a new job within the next twelve months might be surprising. In many job markets, that would feel extremely disruptive and employers would rightly be concerned. However, at Emerald Group, we recognise that this is actually a positive indication of how the actuarial talent pool evolves. Gemma explains, “Actuaries tend to be ambitious at all stages of their careers, and young professionals are no exception. Most students come into the profession at a general level: they want to get a job, finish their exams and qualify. Early career choices rarely consider specialisms. Inevitably, when experience grows, people gravitate to areas that interest them. Often, changing jobs is the best way to select and test a specialist option.”

A Constructive Choice

Early job changes can be a positive step that helps people find the roles that suit them. Gemma continues, “Once they’re in the workplace, young professionals start to make choices between different areas. They may switch between GI, Life or Pensions, or try consulting. Some prefer more technical or back-office roles, while others want to be more commercial or client facing. Changing roles gives them the exposure and experience they need to choose the right part of the profession to focus on.”

How soon do young actuaries need to choose a specialist area? Gemma explains, “Most young actuaries don’t start to specialise until they have completed their exams. They then have another two or three years before they become a subject matter expert. From then on, it becomes increasingly difficult to switch areas. If someone is driven to qualify quickly, this can speed up the timeframe for them to make their choice, giving maybe four to five years to make a decision that can impact the rest of their career.”

There are some other clear benefits of changing jobs in the early part of your career. “With the support of a good recruiter like Emerald Group, you will almost certainly get a salary increase with a new employer, and you should be able to maintain your study leave and protected time off for exams. You may also be able to negotiate a bonus buy-out as part of the discussion around your offer package. However, it’s worth remembering that things can be different if you’re contracting. It’s always a good idea to talk to us if you plan to make a big change before you qualify.”

Retaining Talent

How do employers manage such a chaotic employment pattern for this essential group of employees? Gemma shares some positive steps clients can take to retain staff, “Young professionals want to test different areas to understand where their skills and interests will fit. Offering roles that rotate between different areas or giving them the option to move teams will allow them to experience different areas without having to leave. Advertising internal vacancies and opening up secondments to young talent is also key, so that they can pursue internal opportunities.”

Supporting individual career progression will also make a difference, “Giving young professionals a clear progression route before and after qualification ensures they see a future with you. As well as training and qualifications, this can include mentoring, career advice, and exposure to the wider business, enhancing their general experience.”

The pattern of job moves for young actuaries is clearly complex. For young actuarial candidates unsure about how to take the right steps for their personal career journey, a conversation with Emerald Group will bring industry-leading expertise to support and guide your choices as you find your perfect role. 

Emerald Group recruitment consultants use their market knowledge and sector experience to place the right candidates in the best roles. If you’re looking for a new job, a new team member or even a career in recruitment, Emerald Group can help. For the best recruitment solutions in the actuarial and financial services sectors, call us on +44 (0)207 283 2520.

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