Are actuaries needed in the future?

The actuarial profession is a growing demand in today’s competitive job market. Companies are becoming ever more aware of the importance of managing liabilities and risk exposure, resulting in the core skills an Actuary provides becoming increasingly sought after by company directors.

What is the future for actuaries?

Employment of actuaries is projected to grow 18 percent from 2019 to 2029, much faster than the average for all occupations. Actuaries will be needed to develop, price, and evaluate a variety of insurance products and calculate the costs of new risks.

Will actuaries be in demand?

Canadian actuaries are in demand around the world. The reason they are in such high demand is that Canadian universities provide extraordinarily good programs that prepare graduates to gain their professional qualification. In fact, several Canadian programs are considered to be among the best in the world.

Are actuaries going to be automated?

The combination of artificial intelligence (AI) and process automation is revolutionizing actuarial work. Actuaries will be freed up from crunching numbers and producing reports, thus freeing up time to focus on high value activities such as insightful recommendations, business development and risk management.

Are actuaries obsolete?

The short answer is no. The medium length answer is that they really can’t be replaced by computers, but much more use could be made of computers than is done today or is likely to be done in the future. Actuarial mathematics is rather well developed, although many of the calculations are cumbersome.

How long does it take to become an actuary?

It typically takes 4 to 7 years for an actuary to earn the associate-level certification, because each exam requires hundreds of hours of study and months of preparation. After becoming associates, actuaries typically take 2 to 3 more years to earn fellowship status.

Is there an over supply of Actuaries in the world?

There is an over supply of Actuaries specially the ones with 0–3 years of work experience. This is worse in developing countries because of lesser oppurtunities.

What is the work environment of an actuary?

Work Environment. Most actuaries work for insurance companies. Although most work full time in an office setting, some actuaries who work as consultants may travel to meet with clients. How to Become an Actuary. Actuaries need a bachelor’s degree and must pass a series of exams to become certified professionals.

What is the future growth rate for actuary jobs?

The US Department of Labor predicts a 26\% growth rate in actuary jobs between 2012 and 2022, which is considerably faster than the average growth rate forecasted for all jobs. According to Department of Labor statistics, actuary jobs in 2014 were distributed in the following industries: