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07

Around the world in 100 years

Open-access content Wednesday 11th July 2018 — updated 5.50pm, Wednesday 29th April 2020

Jason Whalley considers the actuarial opportunities that our connected planet could bring

2

In 1918, it took months or even years to traverse the globe - and opportunities to do so were limited, to say the least. 

A century later it can be done in hours, and chances to do so are commonplace. 

Infrastructure exists around the world to allow people to travel - for a holiday, or a workplace secondment. Why stop at just a visit? Take the plunge and live in another nation; go in search of a new home.

Now, more than ever, people are tearing up their roots and putting new ones down elsewhere. Many governments from around the globe are encouraging applicants to come forward and prove that they have the skill sets needed, in exchange for residence. 

People have flocked to other countries to start new lives without looking back, and who would deny them their chance to pursue their passion? The volume of movers could help to bulldoze the wall of apprehension that holds others back.

The Institute and Faculty of Actuaries has been very successful in recent years at attracting international students. The number of actuarial students in the Institute who are based outside the United Kingdom has vastly increased in recent times. This figure continues to grow and could mean revolutionary changes to the actuarial world, increasing the opportunities in actuarial work across the globe. 

Many multinational firms offer secondments between offices, granting their staff exposure to alternative processes - the keys to unlocking new perspectives and nurturing potential. 

Differences between regulatory and tax environments require innovative solutions to risk management and opportunities for budding entrepreneurs to get to work on those gaps in the market. 

Cultural variances can accompany different methodologies, practices and solutions. A step away from the tried and tested can sometimes be a step forward to seeing the bigger picture. Original processes, accompanied with a diversified leadership with diversified viewpoints, can lead to explosive growth and market success - as we have seen many times in the past.

Many will remember July 2018 for what happened to their team in the World Cup, the biggest sporting event on the planet. It also exemplifies the vibrant strategic approaches of different nations, governing bodies, fans, players, heroes and villains. It represents a chance for communities to come together and form new bonds.

Conversely, Brexit may limit the number of internationals coming to the UK. Many British firms offer secondment opportunities for those based overseas - something that could be jeopardised by the decision to leave the EU. Uncertainty still surrounds the decision, and those seeking international opportunities should pay close attention to the developments.

Technological progress is enabling individuals to reside further and further away from their place of work. The option to work from home allows for greater flexibility and is valued when time is precious. 

It's difficult to predict where we might be in another hundred years, but historic trends and an optimistic point of view lead me to believe that the world will find itself in a better place.

Take a new path. The future is calling. 


Jason Whalley is joint student editor

This article appeared in our July 2018 issue of The Actuary.
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