How Did I Get Here? An Interview with Sherry Chan, Chief Actuary for the City of New York
By Ying Zhao
The Stepping Stone, December 2021
Sherry Chan, FSA, EA, MAAA, FCA, is chief actuary for the City of New York. She is the vice president of Pension, an executive officer, and is on the board of directors of the American Academy of Actuaries. She is also a co-founder of Abacus Actuaries, a non-profit organization supporting Asian actuaries to achieve equal representation in the highest ranks of the actuarial profession.
Sherry Chan, FSA, EA, MAAA,
FCA, chief actuary for the
City of New York
Q: Was there an educator who influenced you during your school years?
A: My high school calculus teacher not only taught me math, which is the core foundation of what I use in my job today, but also life lessons that helped me throughout my professional life:
- Approach projects and assignments a little bit at a time so not to get overwhelmed. (We don’t learn calculus overnight nor do we complete big projects overnight!)
- Do your homework so you’re prepared to be the most productive in class (or that big board meeting!).
- Pay attention to details (One decimal place can make a large difference when working with multi-billion dollar operations!).
Q: What was your first full-time job?
A: Towers Perrin (now Willis Towers Watson), pension actuarial.
Q: What led you to choose the actuarial profession?
A: I realized early on in elementary school that I very much enjoyed my math classes. I knew I wanted math to be the focal point of my career path and I also knew I wanted to utilize my math skills in real-world applications. The actuarial profession allows me to precisely do that. It was a perfect fit!
Q: What occasions helped shape your career trajectory
A: Pivoting to the public sector has undoubtedly changed the trajectory of my career. The industry has suggested the future of defined benefit plans is in the public sector. Public pension actuarial work is an enormous responsibility (e.g., the impact that sound actuarial practice has on ensuring the retirements of public workforces in states and municipalities across the country, as well as the responsible use of taxpayers’ monies) but a very gratifying one!
Serving as the City of New York’s chief actuary has also professionally enriched me, due to the unique nature of the position. Not only am I a practicing actuary, I also run a city agency, essentially performing as a chief executive officer overseeing everything from data security to staff morale during a global pandemic, to delivering multi-billion dollar decisions to boards of trustees, to signing GASB reports! This role is also a public face because of the position’s tendency to solicit media interest, to interact with members of the New York State Legislature when determining pension legislation costs, and to testify before the New York City Council on city pension issues. These varied responsibilities have allowed me to develop in areas both inside and outside the actuarial realm to be the leader I am today.
Q: What are your proudest career accomplishments?
A: I am very proud of attaining my FSA. Taking actuarial exams are personal journeys for all actuaries. They are hard-fought accomplishments and earning actuarial credentials is a product of dedication and perseverance!
Another proud accomplishment to date is serving as the fifth-ever chief actuary for the City of New York and being the first Asian and female chief actuary for the city. The New York City Retirement Systems is the largest municipal pension plan in the country. I have the honor to serve over 800,000 current and former public servants and help with World Trade Center and COVID-19 pension benefits, both historical events that hit this city hard. I’m only in the middle of my career, so I hope my list of proudest accomplishments continues to grow!
Q: What was one of your biggest challenges and how did you overcome it?
A: Reporting to the 60 trustees of the retirement systems I service, all of whom report to different constituencies, often results in having to navigate extremely complex political situations, many of which have nothing to directly do with my actuarial services. The challenge is to make sure I continue to maintain my strong ethics but also reach the goal of ensuring the retirements of the 800,000+ New York City workers I am responsible for. My dedication to those relying on me and my office to receive the pensions they worked so hard for, is what always guides me, despite the political noise.
Q: How did you prepare yourself for your current leadership role?
A: Every step of my career journey prepared me for where I am today. My educational background and actuarial credentials, volunteer experiences, participating in and serving on boards, my executive MBA, attending industry conferences, running a city agency, navigating political environments, relationship management with those in my profession and industry, all collectively enabled me to take on my current leadership role. I always believe each day prepares me for tomorrow, so each piece of my experiences helped me serve in this leadership role today.
Q: What do you wish you could have done in your career but didn’t?
A: Having spent 18 years working toward my actuarial credentials, I wish I could have gotten through the exams at a much more rapid pace! Despite the length of time it took (attributed to repeated failures on some exams, but also major job changes and pursuing my executive MBA), the whole experience taught me an important life lesson of what you can accomplish with grit!
Q: What volunteer initiatives have you taken on during your career, and why those?
A: As I am very grateful for the education I received at The Ohio State University (OSU), I made a conscious decision to give back to my alma mater. I’m a member of OSU’s College of Arts & Sciences Dean Advisory Committee and have also established the Sherry S. Chan Actuarial Endowment, a scholarship fund dedicated to developing future actuaries—the university’s first actuarial endowment in its 150+ year history. Through my advisory board work, I helped shape the actuarial curriculum and created a summer girls math camp at OSU.
Additionally, I am a founder of Abacus Actuaries which was formed to develop Asian actuaries for leadership positions. This idea first came about when I was trying to find a similar replacement as myself to a volunteer leadership position I served and realized there was a small network. This needs to change and I am hoping that Abacus Actuaries will make this happen!
Q: What career/life lessons can you share?
A: The quote that you “don’t have to be great to start, but you have to start to be great” represents a lesson I have learned and I practice throughout my career. When faced with a daunting goal, it is my willingness to take that first step and then to just focus on one step at a time after that, that allows me to see progress and eventually reach my goal.
I enjoy learning and I have made it a priority in my life. The more you are willing to learn new things or take on new challenges, the more confidence, additional skills and knowledge you develop, all of which helps you in the future.
We all move forward in life because someone, in some way, helped us. It’s important to always recognize and honor that by giving back, helping people advance in their own career, or simply letting people know you appreciate them. A simple thank you goes a long way!
Q: What qualities do you look for when hiring a new team member?
A: My best team members always have kindness in their hearts. This attribute, combined with their contributions to an inclusive culture, ability to perform, work ethic, passion for their work, willingness to learn, and drive to succeed, are qualities that always leave a lasting impression on me.
Q: What advice would you give to people who are starting their actuarial careers?
A: Make sure you have the determination to complete the actuarial exams and be sure to devote some time to exploring internships. Internships are a way to test-drive various specialties before committing to one.
Be your own cheerleader by advocating for yourself about what you bring to the table. Being your own advocate does not mean you are being arrogant. It just means you are making sure the organization you work for is aware of your unique talents. We all bring different things to our workplace, so don’t hold back on sharing your gifts!
Q: How do you like to spend your leisure time?
A: Practicing yoga, playing golf, and restoring the mind by engaging in activities that let it rest and “download” (e.g., journaling, sleeping, mindless strolls, etc.), since it spends so much time “uploading” (e.g., attending meetings, consuming news and information at work, reading emails, etc.). The brain is a muscle that deserves its rest after so much use, just as one is advised to let your muscles rest between workouts.
Q: What recent or classic TV show/movie/book would you recommend?
A: I would recommend, “A Rainy Day in New York.” It is a recent, nostalgic, and excellent escape-from-the-world-for-a-little-bit movie!
Q: What is a little-known fact about you?
A: I love almond flavored sweets and have never understood why almonds don’t taste anything like almond flavored things!
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.
Ying Zhao, FSA, MAAA, is a member of the Board of Directors for the Society of Actuaries and a member of the Advisory Board for Abacus Actuaries. She can be contacted at ying.zhao1@ey.com. LinkedIn: https://www.linkedin.com/in/ying-zhao-97991114/