Frequently Asked Questions
Contents
General and Member Q&A
- Why is the SOA now committing to these changes? Artificial Intelligence (AI) and automation have been around for a while and posing a threat to actuaries’ careers for the past couple of years.
- It is true that the rapid developments in technological advancements and a changing economic landscape are rapidly altering insurance and the work of actuaries.
- The SOA Board is working today to position our members and candidates to adapt to the future landscape. We want them to take advantage of the many opportunities that change will offer and to help them be successful throughout their careers.
- What does the AI and automation mean for entry-level actuaries? Will their jobs become extinct?
- Early in actuaries’ careers – the first five years or so – it appears that companies are going to transition some of what was the basic analytical work to data science-based analytical work. So, if you’re an actuary early in your career, it will be important to learn data science techniques. The SOA is offering opportunities to do so and will add more.
- There are huge opportunities to leverage the insights of data science, but they require both data science knowledge AND strong EQ skills. As a starting actuary, your goal should be to get on the teams working with data science to understand and to apply your company’s data.
- How will the changes the SOA is making create value for the actuary and the companies where actuaries work?
- Basic cognitive skills will decline in value as machines take over straightforward data input tasks and the need shifts to higher cognitive skills.
- Therefore, there will be a rise in demand for workers with creativity and complex information processing skills. Essentially, AI creates additional information and complexity, and companies will need people who know what to do with it.
- The SOA is taking all these factors into consideration as we work to position our members and candidates to adapt to the future landscape, take advantage of the many opportunities that these changes will offer and be successful throughout their careers.
- Our aim as an organization is to evolve our education and professional development programs to empower innovation and adaptability, which will elevate influence and impact.
- What would happen if the SOA didn’t change?
- Change is imminent, so we need to adapt to the future landscape and take advantage of the many opportunities that change will offer.
- Organizations and professions that don’t change may get left behind.
- Can you give me any specifics about the changes?
- While we are still working on the details of the changes, what we can tell you is, as an organization, we are committing to:
- Education that focuses on the new skills employers want, like data science, solving business problems, EQ/AQ development;
- Education delivery that focuses on new ways to demonstrate skills like certificates & micro-credentials;
- Expanded reach internationally to focus on the fastest growing insurance markets around the world;
- Leverage research to create new value for members and the profession, and drive more learning opportunities;
- Broaden the type of professional development opportunities in a form that fits with busy professional lives.
- Foster a more diverse, equitable and inclusive profession.
- Visit soa.org/exponential-opportunities for more information on what is happening now and the phases for implementation.
- You say this is Phase One. When are the other phases happening, and how can I learn more about this initiative during this process?
- This initiative is a several year journey, from analysis to full implementation, with some changes happening sooner than others. We will keep you informed of updates and official changes in advance of implementation.
- We are currently providing information on SOA.org and other communications channels.
- We will also be communicating about the changes through our weekly member and candidate newsletter, as well as ongoing email and social media.
- Sign up for our monthly Exponential Opportunities newsletter to get the latest developments delivered direction to your inbox.
- Should I be worried about AI and automation replacing my work? What can I do to help stop that from happening?
- Due to the rise of AI and machine learning, it’s very likely that your job, like almost all other jobs, will change.
- Your technical knowledge – your ability to analyze data and make a prediction – will become less important because machines will do that for you. What then becomes important is what to do with that information: your judgement in addressing what to do with the predictions AI will provide you, your creativity skills, your problem solving, your ability to design new solutions, communicate them to others, and influence them to adopt them are of the utmost importance right now.
- This is also a period of great change. It’s important that you continue to grow and adapt with this change. This creates an opportunity for those who can adapt and change, and who can learn new skills with time.
- I believe that the institution of the actuarial profession is sacred and making too many changes will water down the credential. How can you be sure this won’t happen?
- Change is imminent, so we need to adapt to the future landscape and take advantage of the many opportunities that change will offer.
- Insights driven by AI could give actuaries opportunities to revolutionize the world of insurance. As a profession, we seek to adapt in the face of change.
- The SOA provides training and education that focus on technical excellence and business acumen. In order to earn credentials, candidates must meet the rigorous standards signaling achievement and expertise in the actuarial profession. Additionally, our professional development programs are designed to support the full progression of an actuary’s career.
- With all of this in mind, we have previously made changes to the exams and modules such as for the associate designation. The changes, such as the previous addition of the predictive analytics module, is based on feedback from employers, candidates and educators on the skills needed.
- What’s next for me as a member of the Society of Actuaries? How can I get involved?
- Thanks for your interest! Visit soa.org/exponential-opportunities for resources, updates, a feedback survey, and find out what’s happening now regarding Exponential Opportunities in Education, Global, Development & Engagement and Research.
- Sign up for our monthly Exponential Opportunities newsletter to get the latest developments delivered direction to your inbox.
- I have follow-up questions and concerns. Who can I reach out to in order to find answers?
- Thanks for your interest in these efforts. Please contact the SOA at membercomms@soa.org.
- I would like to get involved in this effort as a volunteer. How can I join others who are spearheading this work?
- Thanks for your interest in these efforts. Please contact the SOA at membercomms@soa.org.
Candidate/Student Q&A
- Should I reconsider becoming an actuary amid so much change? Should I follow a different career path?
- We see this time of change as a huge opportunity for actuaries to innovate, if actuaries have the right skills to meet the challenge.
- There’s a huge need and opportunity to transform insurance.
- The challenge will be to think more broadly about what insurance is, and what it means to measure and manage risk.
- As an actuary you’ll combine your knowledge of insurance and data science with your EQ skills.
- If I decide to stay on my current pathway to SOA membership, will my travel time to ASA take more time? Less time?
- While we don’t yet have the specifics about how travel time to membership will be impacted by these changes, what we can tell you is that over the coming months and year, as an organization, we are committing to:
- Education that focuses on the new skills employers want, like data science, solving business problems, EQ/AQ development;
- Education delivery that focuses on new ways to demonstrate skills like certificates & micro-credentials;
- Expanded reach internationally to focus on the fastest growing insurance markets around the world;
- Leverage research to create new value for members and the profession; and,
- Broaden the type of professional development opportunities in a form that fits with busy professional lives.
- Foster a more diverse, equitable and inclusive profession.
- The SOA Board is working today to position our members and candidates to adapt to the future landscape, take advantage of the many opportunities that change will offer and be successful throughout their careers.
- Our aim as an organization is to evolve education and development to empower innovation and adaptability, which will elevate influence and impact.
- What’s next for me as a candidate of the Society of Actuaries? How can I get involved?
- Thanks for your interest! Visit soa.org/exponential-opportunities for resources, updates, a feedback survey, and find out what’s happening now regarding Exponential Opportunities in Education, Global, Development & Engagement and Research.
- Sign up for our monthly Exponential Opportunities newsletter to get the latest developments delivered direction to your inbox.
- I have follow-up questions and concerns. Who can I reach out to in order to find answers?
- Thanks for your interest in these efforts. Please contact the SOA at membercomms@soa.org.
Employer Q&A
- How can I help ensure that my actuary employees are staying ahead of the AI and automation ‘curve,’ using the latest technologies and business practices to positively impact our bottom line?
- Over the coming months and year, as an organization, we are committing to:
- Education that focuses on the new skills employers want, like data science, solving business problems, EQ/AQ development;
- Education delivery that focuses on new ways to demonstrate skills like certificates & micro-credentials;
- Expanded reach internationally to focus on the fastest growing insurance markets around the world;
- Leverage research to create new value for members and the profession; and,
- Broaden the type of professional development opportunities in a form that fits with busy professional lives.
- Foster a more diverse, equitable and inclusive profession.
- The SOA Board is working today to position our members and candidates to adapt to the future landscape, take advantage of the many opportunities that change will offer and be successful throughout their careers.
- Our aim as an organization is to evolve education and development to empower innovation and adaptability, which will elevate influence and impact.
- We need your support to ensure members and candidates are aware of the new educational offerings.
- What are the goals for the upcoming organizational changes?
- With the changes the SOA is planning to make, our goal is to position our members and candidates to adapt to the future landscape, take advantage of the many opportunities that change will offer and be successful throughout their careers.
- Our aim as an organization is to evolve education and development to empower innovation and adaptability, which will elevate influence and impact.
- Do you think these changes will help recruit more of Gen Z to the actuarial profession?
- As we work to position our candidates to adapt to the future landscape, we’re confident that the changes we’re committing to making over the coming months will help ensure a healthy pipeline of candidates entering the profession.
- What’s next for employers of members and candidates of the Society of Actuaries? How can we get involved?
- Thanks for your interest! Visit soa.org/exponential-opportunities for resources, updates, a feedback survey, and find out what’s happening now regarding Exponential Opportunities in Education, Global, Development & Engagement and Research.
- Sign up for our monthly Exponential Opportunities newsletter to get the latest developments delivered direction to your inbox.
- I have follow-up questions and concerns. Who can I reach out to in order to find answers?
- Thanks for your interest in these efforts. Please contact the SOA at membercomms@soa.org.