Would I still become an actuary in 2024?

This post discusses whether I’d still choose to become an actuary, in 2024. I’ll share my perspectives from 2 decades of work experience and offer my assessment of how future proof the actuarial career is.

Read on if you are in
• high school, trying to decide on whether to take an actuarial science major
• university, trying to figure out whether to pursue an actuarial career
• a job, but interested in switching to an actuarial career

For context, I qualified as an actuary in 2007, through writing the Institute of Actuaries exams. I’ve practiced as a health actuary and analytics professional for over 2 decades.

It’s a Top job (Still is!)

The actuary is in 2023, still, recognized as one of the top jobs, as it was 20 years ago. Reasons cited were high upward mobility, below average stress level, flexibility and work life balance.

BLS is projecting a 23% increase in jobs for actuaries over the next 10 years. A casual search on job posting sites will reveal dozens of actuarial positions awaiting to be filled.

$ Pay is good!

Entry level actuarial analysts earn from a very respectable $80k. The salary for actuaries rise with more exam completion and through merit based promotions. ASAs start at $120k, while experienced FSAs earn $300k+. I personally know people who make much more. There is plenty room for career growth working as an actuary.

DW Simpson does an annual actuary salary survey

FSA = Fellow of the Society of Actuaries (done all exams and experience requirements) ASA = Associate of the Society of Actuaries (completed technical exams, but not the FSA specialization exams)

Job satisfaction/Quality of life

In my 2 decades of professional experience, I found working as an actuary offered great job satisfaction. Our opinions are respected, because actuaries are usually the experts in the room, with our analyses/recommendations carrying significant financial and strategic importance. We do not usually have to deal with irate customers. Our work is usually not subject to crazy deadlines that are outside of our control.

Yes there were moments when the work was very mentally challenging (boring), and you do spend a lot of time in front of a computer, alone. On the whole, I’d say the positives far outweigh the negatives. My balance of work has shifted more towards management over the years. So you can evolve the nature of your work.

I’ve no complaints about the quality of life. I’ve found a high degree of flexibility, esp in the era of remote work. I can usually run errands, do school pick up duties without much meeting/calendar hassles. I’ve never heard of actuaries needing to be on call (work evenings/weekends), like doctors and engineers do.

How Future proof is the actuary profession?

This is an important consideration given how fast our world is changing.

Insurers will remain the dominant employers for actuaries. Unlike some other industries that have experienced significant disruptions in recent decades, the insurance field will likely remain relevant to consumers, complex/highly regulated, and will continue to hire actuaries.

Mutual recognition across governing organizations across the world gives you global mobility. I completed the British exams and can practice in the US.

Actuary AI and Data Science

• Data science is super hot right now. My view is that the actuarial skills are highly complementary, not overlapping to those of Data Scientists.
• The amount of ambiguity that actuaries are trained to analyze is often well beyond what AI can handle today. Put another way, engineering a specific AI solution to solve problems actuaries typically handle, will require a lot more resources than what actuaries’ salaries cost. I do not see this balance changing materially in the next 10 years.
• Furthermore, in my view, more use of GenAI/GPT agents already is elevating the level at which actuaries can practice at, stripping away dull, repetitive tasks and letting us focus on higher value and more interesting problems.
• (However AI/automation does come with some drawbacks… I’ll be writing specifically on this topic soon. So sign up to my newsletter!)

So would I still choose to become an actuary in 2024?

YES!

The problem solving techniques through the rigorous qualification process laid a solid foundation, that has given me much optionality. From that foundation, I was able to capitalize on many opportunities and enjoyed my 20 years of professional life.

Lastly, by choosing an actuarial career, you are joining a highly selective group of professionals. To date, I’ve not met a single dumb actuary!

Future posts will more topics like these below. So sign up to my newsletter!

• What strengths you need to become and excel as an actuary
• Tips on how to effectively ace those exams
• Day in the life of an actuary
• How to land your first job as an actuary
• How to excel in your first job working as an actuary
• Actuary and AI