Recognizing Excellence: The SOA Outstanding Educator Award in Actuarial Science

By Russell Jay Hendel, Stefanos Orfanos and Fang Yang

Expanding Horizons, August 2023

Education plays a crucial role in shaping the future of any profession. In the field of actuarial science, exceptional educators make a significant impact on aspiring actuaries by equipping them with the knowledge and skills necessary for success, instilling in them the confidence to face the challenge of the exams and mentoring them as they embark in their nascent careers.

The Education & Research (E&R) Section Council of the Society of Actuaries (SOA) acknowledges the invaluable contributions of these educators through its newly created Outstanding Educator Award, which is scheduled to commence in spring 2024. This award recognizes influential educators who have demonstrated excellence in teaching, scholarly output and overall impact on students’ actuarial careers. Through this award, we hope to highlight effective teaching practices and strategies, identify role models and mentors for other teachers, and foster a culture of collaboration and knowledge-sharing within the actuarial education community.

In this article, we will delve into the eligibility, selection criteria, application process, goals and intended impacts of the award.

Eligibility Criteria

The SOA Outstanding Educator Award is merit-based and requires self-nomination. It is open to any actively employed individual (not retirees or organizations) in the United States or abroad, whose primary job is in the field of actuarial science education and who has at least 10 years of experience. Previous award recipients may not nominate themselves again.

Each year, the SOA will select one recipient of the award, which is accompanied by a monetary prize as a token of appreciation for the recipient’s outstanding efforts and contributions to actuarial science education.

The selection committee may decide against granting the award if they determine that no candidate meets the award criteria that year. This is to ensure that the award maintains its prestige and is given only to deserving individuals who have made significant contributions to actuarial science education.

Goals and Motivations

The main goal of the SOA Outstanding Educator Award is to honor influential educators on the basis of their contributions to the education of actuarial science students. The E&R council’s intentions are threefold:

• To encourage a healthy balance of disciplinary research and pedagogical scholarship by setting appropriate criteria of excellence for the latter
• To help shape the future direction of actuarial education by rewarding innovation and pedagogical leadership
• To provide role models to junior actuarial teachers and practitioners with an interest in education

Selection Criteria

Recipients of the SOA Outstanding Educator Award will demonstrate excellence in at least two of the following three broad categories:

1. Scholarly output in actuarial science pedagogy. Scholarly output is interpreted broadly and includes peer-reviewed research articles, contributions to newsletters, conference or seminar presentations, actuarial science textbooks, exam study guides, educational software development and the creation of case studies and datasets for use by actuarial science educators.
2. Actuarial science teaching. The committee’s evaluation of candidates’ teaching abilities and strategies includes diverse indicators, such as the development of actuarial curricula and programs, the range of courses taught, innovative teaching methods and instruments, video lectures and online tutorials, as well as testimonies from college chairs or other administrators, peer educators, and former and current students regarding the candidate’s teaching effectiveness.
3. Impact. Impact is measured in a variety of ways, including the number of actuarial science students taught and advised; the success of former and current students in both actuarial exams and their professional careers; media contributions highlighting the actuarial profession; active promotion of the actuarial profession at career events, college admissions events and similar platforms; and service to the educational mission of any actuarial organization.

Application Procedures

A completed application for the award will include the following documents:

• Personal statement. Candidates must provide a personal statement that highlights their achievements and addresses the eligibility criteria. The length of the statement should not exceed five pages.
• Curriculum vitae. A comprehensive curriculum vitae should be submitted, outlining the candidate’s educational background, work experience, publications and professional involvement.
• Letters of recommendation. Candidates should include at least two letters of recommendation that directly address their educational contributions. These letters can come from institutions, supervisors, peers or former students who have firsthand experience with the candidate’s teaching and mentoring abilities.
• Supporting documentation. Candidates are encouraged to include any additional supporting evidence that showcases their contributions to actuarial science education. Supporting documents should not exceed twenty pages in total.

All application materials must be submitted in English, the official language of the award. More information and an application form will be available in early 2024.

Conclusion

As the actuarial profession continues to evolve, the need for passionate educators who can innovate and lead will increase. The SOA Outstanding Educator Award was established to promote excellence in actuarial science education and to recognize the impact of such scholar-teachers. We believe this award will generate positive energy among individuals, institutions of higher education and professional organizations, and create a focus on the educational process and its importance as a primary contributor to the minting of future actuaries.

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

Russell Jay Hendel, Ph.D., ASA, currently serves as the chair of the Education & Research Section Council. He actively participates in the Actuarial Science and Research Management concentration in the department of mathematics at Towson University. Russell can be reached at RHendel@Towson.edu.

Stefanos Orfanos, Ph.D., FSA, is currently a co-vice-chair of the Education & Research Section Council and co-editor of Expanding Horizons. He directs the Actuarial Science programs in the Maurice R. Greenberg School of Risk Science at Georgia State University. Stefanos can be reached at sorfanos@gsu.edu.

Fang Yang, Ph.D., ASA, is currently the treasurer of the Education & Research Section Council. She is also a teaching professor at West Virginia University, where she serves as the coordinator of the Actuarial Science program, advisor to the actuarial student club and founder of the WVU Actuarial Science Advisory Board. Fang can be reached at fang.yang@mail.wvu.edu.