Expat or Stay Put? Career Trade-offs for Young Actuaries
The upside of working abroad
Broader market access and signaling: International roles give you exposure to different regulatory regimes, pricing philosophies, and asset-liability practices – experience that employers often reward when filling senior roles. Studies show that time abroad is frequently linked with higher early-career wages and faster access to global firms, although the impact depends on your profile and the markets involved.
Strong demand in many countries: Data from OECD and other international bodies indicate that employment among immigrants has reached record levels in recent years. That suggests a solid demand for internationally mobile talent, including actuaries.
Financial packages: Many companies still provide international-assignment premiums, tax support, and cost-of-living allowances. These can significantly boost overall compensation – though the exact benefit depends on the structure of the package (home-based, host-based, or split pay).
The downside of working abroad
Cost-of-living shocks: In popular destinations like London, Zurich, or Singapore, rising living costs can quickly erode salary gains if allowances are not well designed. It is important to calculate your real purchasing power after tax and housing.
Policy and visa challenges: Work opportunities abroad depend heavily on current visa regimes and immigration policies, which can change quickly. An attractive destination today may introduce new restrictions tomorrow.
Re-entry risk: Returning home can be harder than expected. Networks at home may have moved on, and your international experience may not always be valued as highly as you expect. Having a clear plan with your employer for your role after returning is key.
Staying domestic: the case for depth
Specialist credibility: Staying in one market allows you to build strong expertise in local areas like pensions, health insurance, or regulatory compliance. This creates a reputation for depth and reliability.
But mind the ceiling: If your local market is small or concentrated, you might encounter fewer senior roles or limited exposure to global frameworks.
Smart alternatives for young actuaries
- Short-term assignments or secondments (3 – 12 months): Gain international experience without committing to a full relocation.
- Cross-border remote roles: Some companies now offer international projects without relocation – an option that gained traction during the pandemic.
- Regional hubs: Base yourself in a city with moderate costs while covering several markets in your role.
- Project-based international work: Volunteer for projects in your company that involve global reporting, reinsurance, or M&A, even if you stay local.
- Study-abroad or professional training programs: Short academic or professional stints (exam modules, summer schools, international conferences) provide global exposure with less disruption.
A practical checklist for young actuaries
- Career capital: Which skills will most boost your long-term career value – regulatory breadth, modeling leadership, or management experience?
- Net economics: Compare total reward with total costs (tax, rent, schooling, housing).
- Visa durability: Check how stable the work route is for you and your dependents.
- Exit option: Secure a plan for returning home or moving on.
- Network strategy: Build and maintain contacts both locally and abroad.
Bottom line: Working abroad can give young actuaries a career boost when the package, learning opportunities, and exit plan are clear. Staying domestic can be just as powerful where there are strong pathways for specialization and leadership. Often, the smartest move is a stepwise path: try short-term projects or training abroad first, then consider relocation once the return on investment is clear.
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