No one will declare a track for you to pursue a particular practice area. In Actuarial Science, This is done implicitly the first time you takes an exam or module that is unique to a particular track after completing the common requirements to start Actuarial work
Examples Of Actuarial Work
| Area | Application |
| Banking and Financial Services | help banks and financial services companies with product portfolio, capital management and risk analysis |
| Consulting | advise clients on actuarial financial risks, usually associated with employee benefits and insurance |
| Enterprise Risk Management | provide tools, techniques and perspective to manage operational risks at an enterprise or corporate level |
| Entrepreneurial Actuaries | represents a wide range of opportunities for actuaries who desire to set up and run their own business |
| Environmental Finance | apply finance techniques and practices to environmental issues |
| Health and Retirement Financing | offer advice on aspects of social insurance including funding levels and population projections |
| Investments and Fund Management | focus on asset risks for asset managers but also contribute in areas such as hedging strategy, derivatives structuring and structured finance |
| Pension | certify the contributions needed to fund a pension plan |
| Predictive Analytics | use modeling and data analysis techniques on large data sets to discover predictive patterns and relationships for business use |
| Pricing | determine product features and pricing |
| Product Line or Segment Risk Management | perform risk management functions for a specific line of business for an insurance company |
| Reinsurance | perform traditional actuarial duties for a reinsurer that would accept risk from a direct insurance company |
| Sales and Marketing | help set policies, messages and compensation levels for those directly involved in marketing |
| Senior Management | provide broad business and management oversight for an organization’s most senior decision makers |
| Valuation | perform experience studies, cash flow testing and other tasks to set the amount of reserve and capital held by an insurer |
| Wealth Management and Financial Planning | contribute skills and expertise to wealth management firms and individuals (rather than to insurance companies) |
Source: SOA