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Old 05-21-2019, 03:17 AM
eastla_student eastla_student is offline
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Default actuarial jobs being automated away?

This is an article from a year ago, but it popped up on my google search for finding actuarial jobs

The sentence of note comes in at paragraph 6:

"More and more actuarial jobs are being automated..."

What does that mean? Is the actuarial profession on the decline? Should new grads or career changers search elsewhere?

https://www.nbcnews.com/business/con...ds-get-n873056
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Old 05-21-2019, 03:57 AM
extrovertedactuary extrovertedactuary is offline
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Originally Posted by eastla_student View Post
This is an article from a year ago, but it popped up on my google search for finding actuarial jobs

The sentence of note comes in at paragraph 6:

"More and more actuarial jobs are being automated..."

What does that mean? Is the actuarial profession on the decline? Should new grads or career changers search elsewhere?

https://www.nbcnews.com/business/con...ds-get-n873056
It means if you are not willing to constantly adapt your skills to the dynamic needs of the actuarial profession then yes, your job may be automated.

No, the profession is not on the decline. The Bureau of Labor Statistics projects a growth in the number of actuarial jobs of 22% from 2016 - 2026. Additionally, if you can track growth in pay, then that would be a sign that the profession is not on the decline.

https://www.bls.gov/ooh/math/actuaries.htm

New grads or career changers should definitely search elsewhere if they are unable to obtain interviews or offers for actuarial positions.
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Old 05-21-2019, 07:04 AM
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prior threads on the same or similar subjects:

http://www.actuarialoutpost.com/actu...ight=automated

http://www.actuarialoutpost.com/actu...ight=automated

http://www.actuarialoutpost.com/actu...ight=automated

http://www.actuarialoutpost.com/actu...ight=automated

http://www.actuarialoutpost.com/actu...ight=automated

http://www.actuarialoutpost.com/actu...ight=automated
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Old 05-21-2019, 07:07 AM
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man, I wish I could write a bot that did that.

I do recommend looking at this specific thread:
http://www.actuarialoutpost.com/actu...ight=automated

That one is asking older actuaries what it was like before personal computers (yes, there were computers being used in the 1970s and earlier).

A lot of the work actuaries do now is quite different due to increased computing power..

There are things we do now that may be automated away (yay!), but the one thing that would be tough to automate away is the ability to be blamed when something goes wrong.
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Old 05-21-2019, 11:16 AM
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There are lots of actuarial departments out there that, with some modernization efforts, could be reduced by 25% - 50%.

However, that's mostly modernizing out the hillariously stupid shit that goes on in many of those places. The stuff that's left is both interesting and valuable.

So many places aren't going to modernize, and there will be lots of SQL/Excel nonsense still going on. The places that do modernize will still need actuaries, and the work that's left will be more interesting and still very valuable. I wouldn't worry about the profession seeing some big contraction, but I would look into updating your skill set.

That's my opinion, weigh it as you will.
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Old 05-21-2019, 12:14 PM
Dr T Non-Fan Dr T Non-Fan is offline
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Is this an annual autopost by some robot?




Asking for my friend Hal.

Damn! Those Ninja-Bots are good!
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Old 05-21-2019, 01:22 PM
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Quote:
Originally Posted by extrovertedactuary View Post
The Bureau of Labor Statistics projects a growth in the number of actuarial jobs of 22% from 2016 - 2026.
I don't think these BLS predictions are very accurate or meaningful. Also, growth until 2026 isn't very meaningful to somebody still in school or just graduating. Would be like getting on the pension growth train when graduating in 1990 (that person would be 52 today and probably not happy). JMO.


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Additionally, if you can track growth in pay, then that would be a sign that the profession is not on the decline.
Def true, although, have we decided that EL salaries are stagnating? Sorta think some people made the case. Regardless, I don't think the field is declining, just that the BLS numbers aren't what I would focus on.


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There are lots of actuarial departments out there that, with some modernization efforts, could be reduced by 25% - 50%.

However, that's mostly modernizing out the hillariously stupid shit that goes on in many of those places. The stuff that's left is both interesting and valuable.


Unsaid but implied: The jobs disappearing were mostly the crappy boring ones. Doesn't make you feel better if that was how you were putting food on the table, but things look good for people that can keep their skills up to date and applicable.


Haven't seen any reason to believe that actuaries' jobs are more or less immune to automation than most other fields. We will continue to see people that aren't able to adjust and grow their skills become less relevant, across all fields and industries. And people that can, will flourish. Try to be on the right side of that, whether you're an actuary or anything else.
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Old 05-21-2019, 01:52 PM
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I have known people who think they have job security because they're the only person who understands system XYZ from 30+ years ago on legacy business.

That's just asking to get replaced.

As Westley says, this is not unique to actuarial work. But pretty much anybody who thinks knowing one specific, obscure piece of knowledge means they've got it made... as AI systems get cheaper to implement, that's a juicy target.
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Old 05-21-2019, 02:17 PM
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man, I wish I could write a bot that did that.
MPC in this thread inviting someone to automate her work.
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Old 05-21-2019, 02:58 PM
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Naive but serious question:

Other than sign off on things, what is it that an actuary does that a talented data scientist, underwriter, etc. cannot do? Research, maybe?
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