Actuaries of the Future: A Guide for Aspiring and Entry-level Actuaries in Today’s Work Environment

By Ryan Wodarski

Actuary of the Future, July 2024

In an ever-changing world of technology and workplace norms, actuaries of the future will undoubtedly deal with different challenges than past and present actuaries. Nonetheless, I believe some professional best practices will translate well regardless of new challenges to the profession. This guide is intended to summarize some observations that I’ve found most important in the first seven years of my actuarial career; from attaining an entry-level actuarial position to settling into the role and making the most of actuarial rotational programs. I hope it is of use to the actuaries of the future.

Career Fairs

Prior to entering the workforce, most pre-career actuaries will participate—with prospective employers—in a fairly standard recruiting cycle. This typically involves some combination of applying for internships and entry-level actuarial rotational program positions. Additionally, it often involves attending career fairs with prospective employers looking to recruit emerging talent. Actuarial career fairs are usually hosted by local universities, specifically to serve their actuarial science program. These career fairs are a tremendous way to make a first impression on potential employers, while also offering an opportunity to learn more about what industry and what type of corporate culture you want to explore deeper through employment opportunities. During my time as a candidate looking for prospective employers and more recently recruiting on behalf of my employer, I believe the following points of emphasis are critical to leaving a lasting impression in a pool of highly competitive actuarial talent:

• Most importantly, take care of your academics and exams: The field is as competitive as ever and exams are the path to actuarial credentials. Passing actuarial exams demonstrates to employers a proof of knowledge, ambition, and determination to succeed. Progress on exams combined with academic success in the classroom are a must in today’s competitive environment.
• If you are interested in employment at specific companies, ask questions that show company-specific knowledge: While actuarial work relies on several common skills, there are a wide range of industries and employers to which actuaries can apply their knowledge. Find out what qualities in an employer motivate you and ask questions around those qualities. Maybe you are eager to make the health care system more equitable in your country; find publicized work that prospective employers have done to achieve this and ask their representatives at a career fair about that specific work.
• Get involved in something that strengthens your communication and leadership skills which you can showcase to a potential employer: An often mentioned trait of what makes a good actuary goes something like “being able to communicate technical topics to a non-technical audience in a clear and meaningful way.” An ability to extend strengths beyond the classroom and exam setting and into the realm of communication, leadership and relationships goes a long way. Whether it is being a math tutor on campus, minoring in communication related studies, playing a role in student government, running a club on campus, or so many unmentioned alternatives; it shows a direct ability to plan, maintain relationships, and communicate well with others. I want to be clear; it is not simply having the involvement on a resume that is important. It is being able to talk about exactly how the involvement has enhanced your ability to communicate, lead, build and maintain professional relationships.

Rotational Programs

Rotational programs are a common method for actuarial employers to provide actuaries with a way to obtain a diverse range of work experience as they pursue their actuarial credentials. Rotational programs can be daunting, due to the uneasiness that often comes with leaving a role you’ve gotten to know well for a role you know little to nothing about. Here are some thoughts on how to make the most out of rotational programs while pursuing actuarial credentials:

• Cast a wide net early: As an entry-level actuary you will likely have little to no say in the team you are on and the work you will be focused on for your first full time role. When it comes time to rotate, you should have a better understanding of the different actuarial functions that exist within your organization. Identify which actuarial functions you gained experience in during your first rotation. For your second rotation try to do something that both interests you but has almost nothing to do with the actuarial functions you gained experience with in your first role. Cast a wide net early in your career, before deciding you want to focus on a specific aspect of actuarial work. Not only will this give you a better understanding of how the organization operates as a whole, it will grow your network, and teach you what you are good at and what you enjoy the most.
• Lean on your manager for feedback on solutions, not problems related to projects: Something I struggled with early in my career was too frequently leaning on my manager to learn how to remove roadblocks. In my opinion, the best way to avoid over-relying on a manager is to teach yourself to be consistently solution oriented. When a problem or roadblock arises in your work—even if you have no idea how to solve it—stop, think and develop a proposed solution before you have any conversation looking for help from your manager. From there you can approach your manager with not just the problem or roadblock, but the way you think it should be solved or accounted for. Even if your solution is not the best one, your manager will appreciate the thoughtfulness on how to move forward and you will train your mind to be solution oriented. This will translate from one rotation to the next.
• Reflect and challenge yourself as you near obtaining credentials: As you near obtaining actuarial credentials, structured rotations come to an end, and it becomes your job to determine where your career goes. Compile the facts about what kind of work you enjoyed and what kind of work you found less appealing. Don’t settle for a role where you enjoy the subject matter but have already mastered the role’s scope. Strive for roles that allow you to work on those topics you enjoyed in a manner that stretches you beyond your current level of expertise and comfort. When opportunities arise to work on something new and unknown within your current role, raise your hand and expand your knowledge.

Internal Network Growth

The last topic I’d like to touch on is internal network growth. In today’s work environment, I find much less face-to--face interaction than when I first entered the workforce in 2016. This makes growing your network a challenge, but doesn’t make it any less important. Without knowing actuaries and co-workers beyond your team, a clear knowledge gap exists as you consider what area you want to work in or what subject matter you want to focus on. Here are some thoughts on how to maximize your ability to grow your internal network at a given employer, even in a heavily remote work environment.

• Lean heavily on your manager’s network: Your manager has likely been through different areas of the company than you, been at the company longer than you, and has a broad network of their own. Speak up on subject matter of interest that you don’t necessarily get to work on in your current role. Ask them if they know anyone in the company that could teach you more about what the company is doing related to that topic. Come with questions and stay in touch after the initial connection, even if it is only a handful of times a year. You will be shocked by what you can learn from someone in a totally different area that directly applies to your work and career.
• Find a subject area you want to learn more about, identify an expert, and cold IM or email them: I have rarely found people unwilling to have a conversation about what they do and how they do it, especially with those that are eager to learn. If you want to learn more about how something gets done within your company—actuarial or not—identify the person who knows that function inside and out and reach out to them introducing yourself and expressing your curiosity. This will not only grow your network, but it will help connect the dots on how different functions of the organization depend on each other and interact.

Whether you are looking to approach career fairs in the upcoming fall recruiting cycle with confidence, make decisions around what you want the focus of your next rotation to be, or grow your network within your employer, I hope this article serves as a useful tool. I look forward to the profession continuing to evolve and grow and for actuaries of the future to take on new and existing challenges within actuarial work.

Statements of fact and opinions expressed herein are those of the individual authors and are not necessarily those of the Society of Actuaries, the newsletter editors, or the respective authors’ employers.

Ryan Wodarski, FSA, MAAA, is an associate director of actuarial services at UnitedHealthcare. Ryan can be contacted at ryan_e_wodarski@uhc.com.