Discussion with an actuary

By Society of Actuaries

Why did you become an actuary?

After my junior year of college, I had a good experience as an actuarial intern at a firm down the road from my parents' home. So the profession basically fell in my lap.

Who or what influenced your decision?

My boss at my internship was an alumnus of my college, and I could relate to his experience. Also, the starting salary without an actuarial exam (at the time) was impressive. I interviewed for many math–related jobs and this one looked like the best choice.

What is your educational background?
I have a B.S. in applied math from Johns Hopkins University with a concentration in economics.

What classes did you take in college that helped prepare you for the career? What classes outside of math and statistics (such as communications) were helpful?
I took at least a dozen writing and social sciences classes and those were the most helpful. Even though my curriculum was "applied" math, I found out in taking the exams that I basically had to relearn much of the material because it had been pretty theoretical.

What was your first job in the profession?
I sent my resume via snail mail to one of the top actuaries at CIGNA Property & Casualty. The first few years, I worked in the special risk pricing unit pricing large corporate accounts' insurance and writing reports.

What are the skills needed to become a successful actuary?
Besides the obvious technical skills needed (math, stat, computer), I think that intellectual curiosity, an understanding of how the technical actuarial work fits into the business environment and the ability to explain actuarial concepts to and work with non–actuaries are all components that help an actuary become more successful.

With what types of positions do you have contact? (Such as statisticians, CEOs/CFOs, marketing staff, etc.)
I have contact with recruiters, other webmasters, and all levels of actuaries who contact me to discuss questions/comments they have. I have occasional contact with hiring managers and HR people who have questions about our company's salary survey.

How are promotional or growth opportunities for actuaries in general?
As a Web site manager, I have a unique perspective in viewing the opportunities in the field. I actually get to see job descriptions as they come in. I have noticed that the role of the actuary has become much more broad, encompassing risk management, ALM management, investment (asset side) work, product management and has become more strategic in nature. The market is much more global now (we have as many positions in China/Asia as we have in NYC), and I think non–North American locations will provide a lot of new challenges and growth opportunities for actuaries. Lastly, I have noticed that more actuaries are running insurance companies. That is good for the profession.

Into what positions can an actuary be promoted (or grow)?

I see actuaries leading insurance companies, running consulting firms, becoming underwriters, product managers, investment managers, etc. My actuarial skill set and experience are even valuable in my current role. Much of what we learn as actuaries is transferable to other roles and fields.

What was your career path from your first job to your current position?

In addition to large account pricing, I spent a few years in claims reserving. From there, I quit my job to drive around the country for the summer. After that I worked in New York, pricing nontraditional insurance risks for AIG and later consulting at Milliman & Robertson. After fiddling with the Web for a little while, I was hooked and some informal discussions with my current employer, an actuarial recruiter, led to my current position. I am the only actuary that I know of that does what I do.

What type of work do you do on a day–to–day basis in your current position?

I manage several Web sites, among them DWSimpson.com and On–Campus.com. I am personally responsible for our online presence, including making the user experience as beneficial as possible, negotiating advertising on other Web sites, everything. I can also usually be found answering questions at the Actuary.ca (dot–CA) discussion forum.

When did you take your first exam? Where are you currently in the exam process?

I passed Course 1 the month that I was hired in 1990. I received my ACAS five years later.

What advice would you give to someone starting down the path of an actuarial career?

It will probably take you a few thousand hours of study to obtain your Associateship or Fellowship. To get a feel for what 2,000 hours represents, buy that many paper clips and dump them on your desk. If you're prepared to study for as many hours as paper clips, go for it.

Always ask "Why?" regardless of how you think the person across from you will take the question. Begin building a personal network from your very first day.

More interviews with actuaries...are available at BeAnActuary.org/onthejob/ask/.