"axHarmony" Mentorship Program–Creating Actuarial Community, not Competition, at the University of Waterloo

By Ilya Eidenzon, Shirley Song and Rachel Zhang

"How many exams have you passed?" We've heard this question so often that it might as well be a pick–up line. A student in the University of Waterloo's Actuarial Science program should be prepared to give a good answer as these are the likely reactions to the response you give:

It is a common misconception that the number of exams you have under your belt is all that matters. The competitive nature at the University of Waterloo stems from the fact that we have one of the largest university–based actuarial science programs in the world. We are fortunate to have access to the co–operative program that allows us to experience up to six internships, but the reality is that there are simply not enough jobs for everyone. This has become especially true during the current economic situation. Passing exams has naturally become a means of differentiating yourself from others, but at what cost?

There are sacrifices that students are forced to make in order to succeed in the exam writing process that have fueled the stereotype of a one–dimensional actuary. At Waterloo, we believe that the actuary is multidimensional, intelligent, and fun. It's not hard to bring these qualities out once there is an infrastructure that nurtures a sense of community not competition.

In 2009, the University of Waterloo's Actuarial Science Club introduced a re–energized mentorship program—axHarmony—our own spin on the popular dating site. We presented actuarial students with the opportunity to get matched for a mentor/mentee relationship and really become a part of the actuarial community at the University of Waterloo.

We matched pairs up based on their compatibilities (in this case: regular vs. co–operative streams, lower year with upper year, and other such characteristics). The first and second year students had the opportunity to meet their mentors at our first event called "Meet your Match" in mid–February. We provided mentors with packages to give to their mentees which contained helpful information that many students only acquire further along in their studies. Furthermore, the event allowed for pairs to break the ice. We also instructed mentors to bring their resumes to help them share their experiences, and mentees to bring their energy and questions.

By the numbers, this was a statistically significant success as nearly 100 students participated. More importantly, the most value was seen by the large congregation of actuarial science students in a room (not under the obligation of a class or exam), striking up conversations that went past "How many exams have you passed?"

Here is what some axHarmony network members had to say about their experiences with the program:

"I think it goes unsaid that for every profession there are tricks of the trade that cannot be found or learnt anywhere except through experience. axHarmony provides just that. Thanks to axHarmony, I believe that I am more prepared than many others just beginning to learn about Actuarial Science: information about exam processes, the key traits employers are seeking on resumes and in interviews, and knowledge and insight into the various actuarial sub–fields are all key questions that have been answered through axHarmony.

axHarmony has shown me the greatest resource available—people. It has unlocked avenues of aid—I can easily ask seniors what courses to take when, which study manuals to buy, and anything about actuaries that still mystifies me—but more than just help, axHarmony has introduced me to great people. Great people I hope to keep in touch with and continue to be inspired by."
–Terrence Chin, 1st year, Mentee

"As a third year student who switched from Engineering into Math, I was blown away by how much valuable information I gained from my fourth year mentor and other upper–years. I felt a real sense of community start to blossom in what I felt was an introverted program. This inspired me to run a study session to help SOA P–Exam hopefuls in their upcoming March exams. But moreover I wanted to participate in the advancement of the network that helps bring the knowledge and experiences of upper–year students to those in need of SOA exam preparation. "
–Aaron Fattori, 3rd year, Mentee

"Many students don't realize that over the duration of their career, they will cross paths with many of their classmates. All of the networking that I've done through the ActSci club has made me realize how prominent Waterloo students and alumni are in the actuarial community."
– Minnie Green, 3rd year, Mentor

Our goal is to inspire change in the image of the actuary. We understand that the traditional image of the actuary is skewed. We are not the depressed dorks portrayed within popular culture by the likes of the uptight Reuben in "Along Came Polly" or the miserable Warren in "About Schmidt."

We were able to start a snowball effect by simply re–energizing our mentorship program and providing the median to strengthen the University of Waterloo Actuarial network. Additionally, a greater variety of actuarial students have been brought together through events such as basketball and poker tournaments hosted by the UW Actuarial Science Club.

Our next steps include a "Speed Networking" event that hopes to further open the lines of communication and promote the actuarial community. This term has been about laying the foundations to create a harmonious infrastructure. We leave it up to future terms to build upon our momentum

So the next time someone asks you how many exams you've passed, let them know they need to work harder than that to get your number.

The views and opinions expressed in this article belong to the author and interviewees alone. They do not represent the views or opinions of the Society of Actuaries or its staff, nor do they represent the views and opinions of any entity of, or affiliated with, the Society of Actuaries.