You didn’t address the question of why data science students would want to become actuaries.
I disagree with you. The problem came before the solution and I think that is very plain to see. The SOA has repeatedly stated that we are losing potential members to a career in data science. Do you see any evidence that the declining exam numbers are a mere correction in the market because there are too many actuaries? Do you see bloated actuarial departments at insurance companies? I sure don’t. I see insurance companies trying their darndest to figure out how to utilize rapidly changing technology to not fall behind and maybe even get an edge on the competition. I see them hiring data scientists that know how to interpret the vast amounts of data they have amassed. I see them putting these data scientists on actuarial teams because it overlaps with the actuarys’ work. We should be good at those things. We should be the solution. The way I see it is that data scientists are encroaching on our territory.
You may say that you see no problem with data scientists working in an actuarial role and I would urge you to reconsider. Because that is the greatest threat to your credentials losing their value, which seems to be everyone’s concern with these changes. What if our roles are reduced down to what is mandated by regulation? Signing off on SAOs, Actuarial Reports and the like. How long before regulation changes? How long before the data scientist figures out how to use machine learning to make a pricing algo that makes your excel class plan analysis completely irrelevant? How long before AI can be proven to set reserves at much greater accuracy than your lag triangle method? I’m not saying our profession is dying I’m just saying we can see these things taking shape right now and we need to be at the front of these changes so that we are the solution, not some other profession.
Mr. Goldman, I am pleased you have made it to this forum to express your views.
I guess I think that is self evident. That are closely enough related if you are looking for a career that utilizes those skills.
Students become actuaries because there is a career path which provides automatic raises and promotions by passing exams and becoming credentialed. Until data science positions provide similar incentives I don’t see the attraction to attain a credential which is very expensive to maintain. Your claim mimics the claim made in the article that you said was cool. Financial engineers are closely related to actuaries, As it turned out the allure of the actuarial profession wasn’t that great.
My son has a Masters in data science and works for the IRS, Attaining an actuarial credential would have zero value for him. Once again why would someone in data science not working in insurance want an actuarial credential. .
Agreed. Again talking about students trying to figure out what their profession will be, not trying to get other professions credentialed. If someone likes data science then there will be a lot to like about the actuarial science profession. So there is potential to recruit an actuary there.
Ok, so recruit data science students. Tell them that they will have to spend the next several years trying to pass exams that actuarial students at so CAE schools will graduate with. Or possibly create a whole new track for data science that will prove as successful as the Casualty Insurance track. .
Thats what I’m saying! The UEC/CAE thing alienates other majors. That’s why I think they have something up their sleeve to recruit those guys. I don’t think it will be a whole different credential but maybe alternate exams that can replace exam P and others. Exams with more data sciencey elements in it. Maybe something akin to micro badges that someone majoring in Data Science will be interested in that will at least get them in the door.
I am glad you used the term up their sleeves. I find the SOA to be a duplicitous organization. Let Me give an example. Earlier this year academics were invited to a webinar which was supposed to lay out the SOA plan for education modernization. Not one mention was made of UEC.
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Yeah, a little more transparency would do wonders for their PR. They keep things so close the vest and operate like they are regulated by the SEC or something.
I think this is a better analogy:
Cabal – Def. Wikipedia, “A small group of people, united in some design, usually to promote their private views or the interests of an ideology, state, or other community; often by intrigue and usually unbeknownst to those outside their group.”
Here’s your answer:
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It seems to me that the approach to education issues should always be modernized based on what needs and requirements are currently presented to educational systems. For example, at asa college miami, where I graduated, there was a need for practical training for future doctors. Therefore, students had a lot of practical classes, and teachers usually experienced surgeons, therapists, etc. It allowed us to get high-quality knowledge and know that we are doing everything right from the first stages of work in the hospital.