The Actuaries Institute aims to review the profession’s educational needs and improve its brand this year.

“Our traditional approach to education – along industry lines and without a deep focus on broader business aspects – is no longer serving our graduates as well as it should,” last year’s president David Goodsall says in the institute’s annual review.

Many members have entered the broader banking industry, data consulting and policy making, he says.

“We run the risk that actuaries are seen as professionals who work in insurance and superannuation, when the reality is we have much to offer outside these areas.”

About 20.1% of members work in general insurance and 17.5% are in life insurance, the review says.