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Will actuaries be needed in the future?

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Paul’s Answer

Yes, according to the Department of Labor Statistics, in the next decade, there will be a 23% increase in the need for actuaries.
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James Constantine’s Answer

Hello Bella,

Absolutely, the future will continue to need actuaries. Even with the rise of technology and artificial intelligence, actuaries hold a vital role across multiple sectors, especially in finance, insurance, and risk management.

Actuaries are skilled professionals who specialize in risk analysis and management. They employ their knowledge in mathematics, statistics, and financial theory to predict future events like accidents, natural disasters, or mortality. They empower businesses and organizations to make well-informed decisions by offering advice on pricing insurance policies, investment strategies, and financial risk management.

While AI and machine learning can aid in data processing and forecasting, they can't entirely substitute the human expertise and intuition that actuaries contribute. Actuaries interpret the outcomes of these algorithms and make strategic decisions based on their comprehension of the data and business scenario.

Furthermore, the demand for actuaries is set to rise in the future due to several reasons. For example, the increasing elderly population in numerous countries will drive the demand for life and health insurance products, consequently requiring more actuaries to design and price these policies. Also, the escalating complexity of financial products and the necessity for improved risk management in various sectors will open more job opportunities for actuaries.

In summary, actuaries will continue to be in demand in the future as their skills and expertise remain irreplaceable across various sectors. However, it's crucial for actuaries to evolve and keep abreast with the latest technological developments to stay competitive in the job market.

GOD BLESS!
James Constantine>
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Xiaojie Johan’s Answer

Hi Bella,

Thanks for asking. My cousin is an actuary and says the job will be extremely valuable down the road as hard math and actuarial skills will still be in high demand.

Hopefully this helps!

Best regards,

Johan
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Katrine’s Answer

Hello Bella,

Below is a link to the Bureau of Labor Statistics to back up the 23% increase in demand for Actuaries in the future mentioned in a previous answer for your question. The percentage is considered faster than the average.

I believe most professionals may wonder how the integration of AI into their fields will impact the demand for their occupation. Actuaries shouldn't be intimidated because AI will only enhance their abilities to analyze large sets of data as well as automating certain tasks. The second link below is informative piece of writing regarding the impact AI and machine learning will have within the profession from the Society of Actuaries website.

Katrine recommends the following next steps:

https://www.bls.gov/ooh/Math/Actuaries.htm#:~:text=Job%20Outlook%20Employment%20of%20actuaries%20is%20projected%20to,projected%20each%20year%2C%20on%20average%2C%20over%20the%20decade.
https://www.soa.org/globalassets/assets/files/resources/research-report/2019/ai-actuarial-work.pdf
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Donna’s Answer

Actuaries will play many valuable roles in the future. More and more we need qualified, educated people to help governments and companies to evaluate and quantify risk so informed decisions can be made in public policy and advancing corporate decisions. That is what actuaries are trained to do.

Donna recommends the following next steps:

Go to these websites: www.soa.org and www.casact.org to learn about the actuarial profession and get an overview of how to become a professional actuary (testing and other requirements for professional certifications), how to best prepare for the post-undergraduate requirements for becoming a professionat actuary while pursuing your under-graduatetuate studies, and learn about the diverse career paths actuaries can follow after graduation.
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Joel’s Answer

Absolutely!

The future looks bright for actuaries! As per the Bureau of Labor Statistics, the need for actuaries is set to soar, growing at a rate much quicker than the average for other professions from 2021 to 2031.
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