Aiming high: What Could a C-Suite Skill Set for Actuaries Look Like?

A current discussion about the future requirements for C-suite executives shows that a deep quantitative understanding and regulatory competences are becoming increasingly important. For actuaries who often work in risk management and finance, this results in specific requirements for roles such as CEO (Chief Executive Officer), CFO (Chief Financial Officer), COO (Chief Operating Officer) or CRO (Chief Revenue Officer).

The CEO position requires a unique combination of strategic foresight, leadership strength, and the ability to drive innovation. CEOs must develop and effectively communicate a clear vision for the company, both internally and externally. For actuaries, this means combining their analytical skills with a deep understanding of market trends and business strategy. CEOs should also be able to anticipate technological changes and adapt their organizations accordingly, demanding high flexibility and decisiveness. These competencies are increasingly vital as the CEO role focuses more on growth and innovation. For instance, 79% of CEOs prioritize growth promotion, while 72% emphasize the need to enhance innovation processes. These figures highlight the strong focus on growth and innovation in the CEO role. Additionally, the importance of data analytics in C-suite decisions has risen from 34% in 2018 to 54% in 2023, underscoring the growing relevance of analytical skills.

A modern CFO requires not only financial expertise but also deep analytical skills and regulatory knowledge. The demand for risk management skills in CFO roles has significantly increased, with 19% of job postings in 2023 emphasizing this requirement, up from 9% in 2018. 

For COOs, a deep understanding of technology, especially AI and automation, is becoming crucial, along with the ability to manage regulatory risks in a constantly evolving legal environment.
CROs, traditionally focused on revenue growth, now also need to integrate regulatory considerations into their strategic planning. The need for problem-solving skills and critical thinking in CRO roles has grown from 33% in 2018 to 53% in 2023.

These trends suggest that actuaries aspiring to C-suite roles must expand their expertise beyond traditional risk management. A solid grasp of quantitative methods, technological trends, and regulatory frameworks is essential for tackling modern leadership challenges. Additionally, soft skills like leadership, communication, and collaboration in an increasingly interdisciplinary environment are indispensable; around 70% of job advertisements now emphasise leadership and communication skills, a marked increase compared to recent years.

In summary, the skill set required for C-suite positions – particularly for CFOs, COOs, and CROs – is becoming more diversified and complex. Actuaries aiming for these career paths must enhance their abilities to effectively support their organization’s strategic goals. This development presents a valuable opportunity for actuaries to apply their analytical and risk-based thinking to holistic corporate leadership.

Even if your personal ambition is to reach a position in middle or senior management, but not at board level, it can be helpful to gradually align your own performance profile with higher requirements.

For the study ‘Designing for growth in the C-suite’, Deloitte analysed around 46,000 C-suite job vacancies between 2018 and 2023. You can find all the results here