Celebrating Women’s History Month

March is Women’s History Month, a time to celebrate the achievements and contributions of women across various fields. In honor of this occasion, The Actuary is delighted to feature an interview with Ying Zhao, FSA, MAAA, FRM, a distinguished actuary who has made significant strides in the profession. Ying’s dedication to the actuarial community serves as an inspiration to many. In this Q&A, she shares her career journey and offers insights on the future direction of the actuarial profession.

Could you describe your journey to achieving FSA designation, including what motivated you to enter the field and how you overcame challenges along the way?

My journey towards obtaining my credentials, including the FSA designation, follows a traditional path. A friend’s introduction to the actuarial profession piqued my interest, blending my enthusiasm for mathematics—I was a math Olympian in middle school—with my academic background in economics, in which I majored during college, to solve risk problems. After earning a master’s degree in actuarial science from the University of Connecticut (Go Huskies!), I advanced through the exams, aided by employer-sponsored study programs.

The challenges encountered in the examination process are commonly shared among actuaries—managing work, study commitments and personal responsibilities while enduring setbacks (for instance, I faced a particular exam three times, achieving a progression of scores from 4 to 5, and finally to 7!). The most invaluable lessons I garnered were less about textbook knowledge and more about the skills and mindset critical for sustained professional success: mastery of time management, strategic prioritization, continuous learning, intrinsic motivation, resilience and embracing delayed gratification.

Women’s History Month and International Women’s Day highlight the accomplishments of women and emphasize the need for gender equality. In your view, how has the role of women in the actuarial profession changed over the years, and what further steps could the industry take to enhance inclusivity and support for women?

As a dedicated volunteer with the Society of Actuaries and a current member of the SOA Board, I have observed an encouraging trend: more women are stepping into leadership roles within our organization and the broader industry. The SOA Board has maintained a female majority for the past several years, and we have had the privilege of electing two female Chairs/Presidents in the last four years, specifically Amanda Hug for 2024–25 and Jennifer Gillespie for 2021–22. This progression underscores our members’ commitment to promoting diverse leadership as a driving force for the profession’s advancement.

However, while celebrating these strides, significant work remains. The SOA’s Diversity Report indicates that women represent only approximately 35% of our membership. From my perspective, women are still underrepresented in high-visibility roles such as business development, innovation, and mergers and acquisitions, which are key to rapid career progression.

Our profession faces the ongoing challenge of fostering environments where women can ascend to the highest echelons of success. Understanding how to effectively bring more women into the leadership pipeline remains a critical objective for top executives.

Mentorship and support networks are crucial for professional development. Have mentors or role models influenced your career, and how can mentorships empower more women to pursue and thrive in actuarial careers?

Having a robust network of mentors and advisors is an essential part of my success formula. Consider the following three key elements regarding mentorship:

1. While some mentors are lifelong, many are suited for specific moments. As you encounter distinct challenges at various career stages, it is acceptable to seek different mentors who can provide guidance tailored to those particular periods or issues.
2. Mentors are not limited by age or position; they might be peers or even younger individuals. Peer mentoring is particularly valuable in senior leadership roles, where a sounding board can offer significant support over traditional advice.
3. The pursuit of mentor advice should be intentional. You are best positioned to identify who and what can be most beneficial to you. By proactively reaching out, you may be pleasantly surprised by the willingness you encounter.

Balancing work and personal life is a challenge for many professionals. How do you manage work-life balance, and what advice do you have for women aspiring to excel in their careers while maintaining a fulfilling personal life?

Addressing work-life balance can be challenging. Stacey Abrams, a political leader and author, aptly portrays it as “work-life Jenga.” She suggests that life is inherently chaotic and unpredictable, rather than a perfectly balanced scale. This metaphor underscores the need to focus on successfully navigating each moment, piece by piece.

It is vital to establish clear boundaries for that which you consider nonnegotiable, build a supportive network with family and thoughtfully evaluate the trade-offs associated with career decisions. I have known women leaders who chose to temporarily slow their career advancement while raising young children, later accelerating their progress when their priorities evolved. Ultimately, true fulfillment is generated internally; it is important to disregard external pressures when confident that you are making the best decisions for yourself and your loved ones.

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

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