Overview
1. Automation Risk
2. User Poll
3. Growth
4. Wages
5. Volume
Decription
Comments

Actuaries

AUTOMATION RISK
CALCULATED
61%
risk level
POLLING
36%
Based on 797 votes
LABOR DEMAND
GROWTH
20.8%
by year 2032
WAGES
$120,000
or $57.69 per hour
Volume
25,470
as of 2023
SUMMARY
JOB SCORE
6.8/10

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Comments (16)

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Automation risk

61% (High Risk)

High Risk (61-80%): Jobs in this category face a significant threat from automation, as many of their tasks can be easily automated using current or near-future technologies.

More information on what this score is, and how it is calculated is available here.

Some quite important qualities of the job are difficult to automate:

  • Social Perceptiveness

User poll

36% chance of full automation within the next two decades

Our visitors have voted there's a low chance this occupation will be automated. However, the automation risk level we have generated suggests a much higher chance of automation: 61% chance of automation.

What do you think the risk of automation is?

What is the likelihood that Actuaries will be replaced by robots or artificial intelligence within the next 20 years?






Sentiment

The following graph(s) are included wherever there is a substantial amount of votes to render meaningful data. These visual representations display user poll results over time, providing a significant indication of sentiment trends.

Sentiment over time (yearly)

Growth

Very fast growth relative to other professions

The number of 'Actuaries' job openings is expected to rise 20.8% by 2032

Total employment, and estimated job openings

* Data from the Bureau of Labor Statistics for the period between 2021 and 2031
Updated projections are due 09-2023.

Wages

Very high paid relative to other professions

In 2023, the median annual wage for 'Actuaries' was $120,000, or $57 per hour

'Actuaries' were paid 149.7% higher than the national median wage, which stood at $48,060

Wages over time

* Data from the Bureau of Labor Statistics

Volume

Lower range of job opportunities compared to other professions

As of 2023 there were 25,470 people employed as 'Actuaries' within the United States.

This represents around < 0.001% of the employed workforce across the country

Put another way, around 1 in 5 thousand people are employed as 'Actuaries'.

Job description

Analyze statistical data, such as mortality, accident, sickness, disability, and retirement rates and construct probability tables to forecast risk and liability for payment of future benefits. May ascertain insurance rates required and cash reserves necessary to ensure payment of future benefits.

SOC Code: 15-2011.00

Comments

Leave a comment

Alex (No chance) 2 months ago
When it comes to economics, AI has an upper hand in understanding statistics and mathematics, with that said: The general economy suffers from a 100% secure stance in economy. For that reason it's extremely unlikely that AI takes the place of an actuary.
0 0 Reply
Frank Chang (Low) 2 months ago
Too much of actuarial work requires judgment, including commercial pricing and reserving.
If AI will be able to determine the outcome of lawsuits, actuaries might be at greater risk
0 0 Reply
Vittorio (Low) 1 year ago
It is based on expert judgement and a holistic comprehension of technical, but also massive qualitative and strategic choices
0 0 Reply
;P (Highly likely) 1 year ago
I don’t think AI is going to replace this job completely but def gonna lower the average salary. Some of the actuarial jobs are getting paid absurd amount of money for rather simple work lol
0 0 Reply
JohnQ (No chance) 1 year ago
GPT 4 has failed all of the actuarial exams by a large margin.
0 0 Reply
Harsha Rajendran (Highly likely) 1 year ago
Because it mostly involves mathematical calculations and actuarial techniques, these can only be done using computers due to the vast data. Once programmed to reckon the necessary sequence of steps required, from small to complex, inclusive of advising the stakeholders with reasonable output, decisions can be easily automated.
0 0 Reply
Anon (Highly likely) 2 years ago
A job that’s both repetitive and centered around statistics and numbers. Easily replaceable by robots. No need to hire a human and pay such a large salary. Cuts costs massively
0 0 Reply
human (No chance) 3 years ago
The automation of analysis and modeling is a great and useful tool for actuaries. There will always be a need for humans to study actuarial science because we will never achieve a final, perfect model (and if we did, we could let the robots take over!). To achieve a perfect model, all relevant pieces of information regarding how every individual human being will make every future decision must be known. This is obviously impossible, so sorry robots.

Because more data is being generated and analysis tools are improving constantly, the practice of improving actuarial models will be profitable for employers of actuaries. As long as actuaries continue to study and update actuarial assumptions and modeling techniques they will have a very important and well-compensated role in the workforce.
0 0 Reply
Nearly obsolete human 1 year ago
You claim that robots will not be able to replace humans because "all relevant pieces of information regarding how every individual human being will make every future decision must be known" in order for this to happen. This does not make a lot of sense to me. Human actuaries do not have access to this information, so why would a robotic actuary need to have access to this information in order to replace humans? An AI model would not have to be perfect in order to be better than humans. For example, I suspect that chess programs do not play perfectly, but they play better than humans.

Regarding your second paragraph, I see no reason why a sufficiently advanced AI couldn't update actuarial assumptions based on new data, and it seems possible that an advanced AGI might be able to actually develop better models than humans.
0 0 Reply
Bernard Everstein (Highly likely) 3 years ago
Its literally a job focussed around data analysis... that's what computers are for
0 0 Reply
momo 2 years ago
lol I know right. People are so delusional when it comes to automation. Reminds me of the truckers saying "ai will never make the tough decisions from moment to moment"

There is no job ai cannot replace. Imagine an AI that models the human brain inside a perfect humanoid body. Why couldn't it do job x? Or are you convinced such a simulacrum could never be achieved?
0 0 Reply
Kakkask 1 year ago
You know nothing about actuarial science. They have to analyze data and predict the financial risk for the future. Ever heard of dy/dx. That's what actuary does a lot in a daily basis.
0 0 Reply
sarina tang 4 years ago
Its analysing statistical data which AI's can already do
0 0 Reply
Mario 3 years ago
There's a lot of common sense behind it that you need someone there for
0 0 Reply
Rob the Robot 4 years ago
101010101010101010101010101010101010101010101010101010101010010101010101beep beep, I would not be so sure beep boop. I am coming for your job. beep beep
101010101000110001110001001001-100101001001001010101010
0 0 Reply

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