 Jobs and careers with the most automation risk. That's what we're going to be talking about today, but before we get into it, make sure to gently tap the like button in order to defeat the evil YouTube algorithm. On this channel, we talk about personal finance, jobs, careers, and opportunities that will lead you to success. We also talk about avoiding some of the common personal finance traps that so many people fall into. If that sounds like something that interests you, if you haven't done it already, make sure to ring the notification bell, hit the subscribe button so that you never miss an opportunity. Now with that being said, let's jump right into it. This video was based off of an Oxford study that was done a few years back that basically measured how easy it's going to be to computerize or automate different jobs. I'll have that study pop up on the screen right now, the name of it, it's called the Future of Employment. Now in that study, they analyzed all kinds of different common jobs based on three main criteria, and then they also talked about two other criteria that were kind of important. They talked about creative intelligence tasks. So these are tasks that take a lot of creative intelligence, something like making these YouTube videos, you know, takes a lot of creative intelligence, definitely coming up with that joke or a lot of creative intelligence. Anyways, the second thing is social intelligence tasks. So social intelligence tasks obviously would be communicating with other people, understanding the nuance of communication. So an example of that would be knowing that the last joke I told was extremely cringe. The third thing would be perception and manipulation tasks. So generally speaking, this is gonna be where you have to look at something, perceive it in a certain way, and then use your hands, physically use your hands in order to, you know, fix it or change it in some sort of way. So a perfect example of this would be maybe a trade career or a technician. Somebody who has to look at an engine, figure out what's wrong with it, put the right parts in the right place in order to fix it. And then one of the other ones that the study kind of touched on, they didn't get too deep into it, maybe a career can't be automated, but can you change the main skills that you do in that career to a different job that can be automated and can be potentially scaled? So for instance, there are certain products that used to be only sold in a certain setting. So they'd only be sold in a local setting where they could be demonstrated. So you would see them being sold at fairs, at the malls, but nowhere else. You wouldn't see them being sold on a shelf just because of the fact that they have to be demonstrated. Now, that's a job that you could never automate, you know, somebody has to be there to sell them and to demonstrate them. That type of job kind of died a little bit, that particular type of sales job when late night infomercials came out. So why would companies spend tons of money on an entire sales force to go to these different fairs when they could just spend money on one really good salesman, like the OxyClean guy for instance, and then just run a million ads and pretty much reach an audience of hundreds of millions of people. And then the last question, which they didn't really touch on very much in the study, but they did mention a different study that went over that extensively is can a job be outsourced? So a great example of this is graphic design. You can actually get some really good graphic design work done by outsourcing that to other countries. It's gonna be quite a bit cheaper just because the cost of living is gonna be lower in other countries. So first one on the list is going to be data entry keyers. So there's more to it than this, but basically you are going to be looking at data in one place and then entering that data into another place. Now the study showed that this has a 99% chance of being automated and there's a really good website that actually uses this study. It's called willrobotstakemyjob.com. So they show a 99% chance of being automated. They also do a poll where people can actually vote whether they think it's gonna be automated or not and about 94% of the people who voted also agreed that it was going to be automated. So with this one, there is 159,000 jobs available and they make around $34,000 a year. So let's talk about the big categories here. Data entry, generally speaking, does not involve very much creative intelligence. It's very simple work where you take data from one place and then you key it into another place. So for instance, you might work for a financial firm and you're doing data entry. A bunch of different companies release their financial numbers and you would take the financial numbers from those companies in different sectors and then put that into a spreadsheet. This doesn't take very much creative intelligence at all. There's also a lot of apps and stuff out there where you can literally just take a picture of something and then it will put it in like a Word document format. So you can take a picture of a PDF or you can even take a picture of writing sometimes if the handwriting's not too bad and it will put that in a Word document format for you. It's getting better and better at sorting data and making sure that they have the right words. It also obviously doesn't take very much social intelligence. You're not going to be like telling anyone else. You're basically just going to be putting it from one place to another. Perception and manipulation tasks. I guess you could say that you are typing it in but the thing is is a robot wouldn't need to type it in. It would write it automatically and it would do it like 10 or 20 times faster. Can it be replaced by a better alternative that can be scaled? Absolutely it can. So like I said with those programs that just automatically put data in a certain place you can like take a picture of something and it automatically stores it. Sure those programs are going to be off sometimes but you could have somebody go in afterwards spend way less time just making sure that there's no huge errors. You could also very easily outsource this. You could teach somebody how to do this that's from another country. So basically this one has a lot of red flags. It would be very easy to automate or outsource this and it probably will be done within the next 20 years. Next one on the list is going to be library technicians. Now library technicians are basically responsible for just assisting librarians with the basic day-to-day tasks. So for instance they might help librarians put books back in the proper place that people have checked out. They have a 99% chance of being automated and the polls, the human polls say that there's about an 80% chance so still pretty high. They make around $30,000 a year. There's 184,000 jobs available and unfortunately it is declining at negative 4% over the next 10 years. So when it comes to creative intelligence tasks not much there, you're just gonna be doing really basic stuff, you know, keeping track of whether somebody's paid their late fees, putting books back, et cetera. Social intelligence tasks doesn't really need too much of that. Perception and manipulation tasks, sure you do have to like pick up the book and put it back in there but that is something that you could train a robot how to do pretty well. Can it be replaced by a better alternative that could likely be scaled? Absolutely. So for instance they could create a robot that when the library is shut down overnight it goes in and it puts books back in the right place. Wouldn't be that hard to do this. In fact I wouldn't be surprised if there's systems out there that do it already. Can it be easily outsourced? Probably not because you do have to have somebody or something like a robot be there to actually put the books back in place. Number six on the list is going to be new account clerks. So generally speaking they're going to work for different financial institutions and they're going to interview people and ask them really basic questions while they're trying to open up an account. So they'd be asking you, what's your birthday? Where do you live? They have a 99% chance of being automated and then the survey shows about a 74% chance. There's 41,000 jobs available and they pay around $36,000 a year. So when it comes to creative intelligence tasks, again this is almost like a data entry sort of position. You're basically just onboarding someone asking them basic information so you can get their account set up. Social intelligence tasks. You could argue there is a little bit of social intelligence here. There's a lot of people that are still out there that would rather talk to a physical person. An example of this would be online banks versus physical banks. I've made videos about this but online banks are way better. Like you get way better return if you put your money in a savings account for instance. However there's a lot of people that are just more comfortable with a physical bank where they can actually go there, talk to people, maybe even form relationships with the people who work there, drink their free coffee and eat their free cookies. Perception and manipulation tasks don't really need much there. They would basically just be keying information in which you could have a robot do that for you or you could have a software program. Can it be replaced by a better alternative that can more easily be scaled? Absolutely. You could have somebody just set up their own account. All you would have to do is just have them complete a short survey where they set up their own account. Can it be easily outsourced? Absolutely. Very basic and you could easily just in the same way that you outsource customer service you could outsource having people set up accounts. Number five on the list is going to be tax preparers. These are the people who prepare your taxes. Now this isn't like the high level accountants that you know big businesses have. This is just your basic everyday you know taking basic information in and preparing taxes for you. The truth is taxes are pretty simplified especially these days. For most people just taking the standard deduction is going to be the best option for them. That's why you've seen these programs like TurboTax getting so popular and this one has about a 99% chance of being automated and 77% of people agree that that's what's going to happen within the next 20 years. Now there's about 66,000 people employed here and they make around $49,000 a year. So when it comes to creative intelligence it's very, very basic here. It's almost like a data entry type of job again. Social intelligence, this is the one part where you could potentially say that there might need to be some social intelligence. Some people prefer to talk to a real person when they're doing their taxes. Perception and manipulation, again not very much it's basic data entry. Can it be replaced by a better alternative that can easily be scaled? Absolutely. What I just mentioned TurboTax. You put your own information in there it makes it super easy. You can literally do your taxes in like 30 minutes. And if your taxes are extremely simple you just work for a job and you don't have anything else going on. You don't have a mortgage, you don't have any fancy stuff like that. Most of the time it's very easy to do it and it only takes about 30 minutes. Can it easily be outsourced? Absolutely, you could easily outsource some of the basic data entry stuff that comes with this position. Number four on the list is going to be cargo and freight agents. So these are going to be the people who are moving cargo a lot of the time when you see on the flights the people that are putting your luggage into the airplane. They have a 99% chance of being automated and 73% of people agreed with that. There's around 92,000 people in this job and they make around $46,000 a year. So creative intelligence doesn't take much creative intelligence. Social intelligence, again not much social intelligence although if you're smart hopefully you're going to be nice to people's luggage so you don't break stuff. Perception and manipulation tasks this is the one spot where you could make an argument. You do have to move the luggage and try to be gentle with it so you don't break stuff. However, this does seem like a job that could be automated. I mean think about it like this. You know how when you get off the plane and then you go and there's basically a conveyor belt that brings the luggage to you? What if there was another conveyor belt that they just put next to the plane and you just dropped your luggage off on that and you could easily just set up a system where it puts the luggage directly into the plane. At the very least you would need less people to do the job, maybe you would still have to have somebody who just makes sure that everything's being done correctly but you'd probably need less people. Number three on the list is going to be insurance underwriters. So insurance underwriters are gonna be the people who evaluate insurance applications and they decide whether they are going to accept the application or not. And if they do decide to accept the application what terms are they going to use? There is a 99% chance they'll be replaced and about 71% of people agree with that. They make around $70,000 a year. There's 114,000 jobs available and it's growing at negative 6% and so it's basically going to be declining by around 7,100 jobs over the next 10 years. Now when it comes to creative intelligence not very much. It's gonna be a whole lot of data entry basically and then a computer program and algorithm is gonna figure out whether you accept or deny the person. This is actually very similar to applying for a credit card. So when you apply for a credit card they're gonna ask you a bunch of information and then a computer program software is going to tell you whether you got accepted for it or you didn't. Sometimes they'll need a little bit of extra information. Once in a while they'll even have you call in and talk to a person that will enter in that information for you. But usually it's just gonna tell you right off the bat whether you were accepted or not. So a lot of this job can be automated. They can just have a person enter this information in on their own. So it can basically be replaced by a better alternative that can be scaled. And even if there is a person who has to physically manually look at it that task could very easily be outsourced. Number two on the list is going to be title examiners, abstractors, and searchers. So these are people that will search for a lot of the time for example real estate records. They'll search both private and public records in order to compile a list or a database of people who have mortgages for instance. There's a 99% chance that they're gonna be automated but only 60% of people actually agree with that. So this is on the lower side for a lot of them on this list. Now there's about 52,000 people who are employed here and they earn around $52,000 a year. So when it comes to creative intelligence tasks this does require a little bit of creative intelligence because you have to go to different types of databases in order to search for that data. A lot of the time you're gonna be looking up county records for instance. People have to file records with the county whenever they buy a house. Not all websites are the same so it does take a little bit of creative intelligence in order to search websites to find the correct information. Social intelligence tasks doesn't really require much social intelligence. Perception and manipulation tasks. The fact that you are having to go and search for things means that you're using a mouse and that sort of thing so there's a little bit of that there but not much. Can it be replaced by a better alternative that can easily be scaled? Well there is what's known as web scraping technology and it's just getting better and better at basically finding massive amounts of data that you can scrape from different websites and then putting it into something that you can actually read. This technology is getting better and better. A lot of it is even being influenced by machine learning now. So it might not be quite as good. There might still be some advantage to doing things by hand but the fact that you can have that and it might get let's say 80% of the housing records that are out there and do it way, way, way better. In terms of the amount of time that you have to spend on it and how fast it does it means that it can kind of be replaced and then the worst one is it absolutely can be outsourced. The 20% that the web scraping data misses, you can have people go in there and manually look at that and it can absolutely be outsourced to another country. Number one on the list, this one did kind of surprise me but actually after I thought about it for a little bit it makes complete sense and that is going to be telemarketers. So with this one you've got a 99% chance of automation and 92% of people agree with this. There's 164,000 telemarketers that are employed here in the US and they make on average about 28,000 a year which is much lower than average. Now for the big categories, creative intelligence, you don't really need much creative intelligence to be a telemarketer, most of them actually read off of a script. So it's almost like word for word, they're reading off of a script, pretty much no matter what you say they can get back onto the script. Doesn't really take that much like improbability or creative intelligence just to read off of a script. Social intelligence, there is a little bit of social intelligence that's needed there. Having sales skills is always a good thing. However, the thing that is really bad for this is it can be replaced by alternatives that are very easy to scale. This is what I realized after reading the paper. So instead of hiring let's say like 1,000 telemarketers in order to sell your product, what you can do instead is you can contact a bunch of influencers out in the world that will sell your product and you will not have to pay them a full salary. Or you could just have one person do a video and then you can pay ads to different websites in order to put that video in front of like 1,000 different people. It's not that the ability to sell things over the phone isn't good, I mean it is still a good skill to know. It's just the fact that there are now alternatives where you can sell the same exact types of products in a different way that's much cheaper, easier and much easier to scale. Now on top of this a lot of these things can be outsourced. I mean I'm sure all of us get calls from telemarketers from other countries for instance. If you haven't done it already make sure to gently tap the like button but smash the subscribe button and ring the heck out of the notification bell and comment down below if you have any thoughts, comments, criticisms, et cetera and before you go make sure to check out my other videos right here. I made them just for you.