Advice for Actuarial Students

The October 2024 issue of The Actuary Canada delves into the topics of communication and leadership within the actuarial profession. Abigiel Utomo, a third-year student at the University of Calgary, and Simran Kalsi, ASA, a Boston-based consultant for MassMutual, engage in a discussion about the development of communication skills, managing study time alongside other responsibilities and the significance of networking.

Here, Abigiel and Simran team up to share experiences and insights that might inspire young actuaries on their career paths. Join them as they explore how effective communication and strong leadership skills can potentially lead the way to a thriving actuarial career.

Abigiel: Hello, Simran. I’ll introduce myself first. My name is Abigiel, and I’m a third-year student at the University of Calgary. I’m on an internship term at Buck right now on the quality assurance team. Previously, I interned at Aviva on the commercial property and casualty (P&C) team. I’m still working on my exams, and so far, I’ve passed exam FM. I’m looking to sit for exam P sometime this year.

Simran: Hi, Abigiel; I am Simran. I am currently working at MassMutual as a consultant on the institutional solutions team. I also am writing my exams and plan to start studying for my first FSA exam.

Abigiel: It’s a pleasure to be working with you on this article! With the theme of this month being communication and leadership, we will be exploring topics such as how communication changes as you advance in your career and how to balance study time with other responsibilities. We also will highlight the importance of networking within the actuarial community and discuss our experiences using different actuarial study platforms. I hope our conversation will address key areas that could inspire young actuaries to better navigate their path to success.

We all know that communication skills are essential in daily life. As a student myself, I’ve had class projects that involve group work, a presentation or both. To complete these types of projects, I needed to communicate effectively to brainstorm ideas with my teammates to achieve a collaborative end product. I would add that something as simple as asking questions to your professor is also a part of communicating.

I’m curious to know how your communication style has changed since joining the industry as a full-time actuary. Are there any tips for those who will be entering the workforce?

Simran: Communication skills are crucial in the actuarial profession, and I’ve experienced a significant evolution in my own communication style since my university days. I view this development as an ongoing journey, and I continue to refine my style of communication as I gain more experience.

Observing how others organize and present their thoughts has been a valuable learning experience. Reaching out to senior actuaries has been incredibly valuable for my growth. Their advice and feedback have helped me find clearer and more effective ways to explain complex ideas. I’ve also learned the importance of being concise and adaptable. When I’m communicating actuarial concepts to non-actuarial folks, I try to simplify things and tailor my message to fit different contexts. It’s an area I’m still working on, but it has made a big difference in how well I connect with others.

You mentioned you’re in the process of completing your preliminary exams. How has that been for you?

Abigiel: I remember feeling anxious when I was preparing for my first exam, so I often went straight home after classes to focus on studying. I didn’t have much time to socialize since I was mostly at home, but it’s interesting to realize that even in those moments of solitary studying, I was still using my communication skills. For example, I relied on exam prep platforms that offered video lessons, which were helpful for me as a visual and auditory learner. Some people don’t consider watching videos and comprehending the material a form of communication, but I believe that communication isn’t just about speaking; it’s also about understanding and processing information.

Another aspect of communication comes into play when taking practice exams. You have to quickly read and interpret the questions to manage your time effectively. And afterward, processing the feedback you receive helps you identify areas where you need more focus. All of this is part of the broader communication process.

Did you have a similar experience in your journey toward getting your FSA?

Simran: As I’m gearing up to start the FSA journey, I don’t have a specific strategy in place yet, but I’m committed to giving it my best effort. I am going to set up a study plan and use resources like study guides and practice exams to stay organized. I also intend to reach out to FSAs for their insights and advice on effective study techniques and strategies that worked for them. I’m confident this approach will set me up for success as I travel along the FSA path.

Because it’s an important aspect of our careers, I also wanted to talk about our networking experiences, both as students and in the workforce. As the president-elect for the Actuarial Students’ National Association (ASNA), what tips would you want to share with students who are new to the actuarial program?

Abigiel: I agree with you that networking is important whether you’re just starting out or further along in your career. As a student, being active in your actuarial communities is a great start! I used to struggle with my communication, often stuttering with nervousness when meeting new people. Then I became involved in my university’s actuarial science club, and that has helped push me to network with other people in my program, as well as the sponsors who held events with our club. It took time, but I gradually became more comfortable interacting with others.

Another incredibly valuable platform for students in North America is ASNA, Canada’s largest actuarial students’ convention, which is held every January. As the current president-elect for the next convention, I can tell you that we bring in hundreds of actuaries, students and industry professionals, creating a centralized opportunity for networking. Having attended twice, I can say it opened many doors for me. You’ll learn about the latest industry trends and build meaningful relationships with sponsors. Additionally, we offer webinars and other programs throughout the year that you should check out. These experiences will help you stand out!

Networking has had a big impact on my journey of becoming an actuary. How did networking help advance your career?

Simran: Networking has been a cornerstone of my journey toward becoming a successful actuary. During my university years, active involvement in the actuarial student association connected me with industry professionals who offered valuable insights and opportunities. My role as the head delegate for ASNA allowed me to network with actuarial students from other universities, broadening my perspective and expanding my professional circle.

In the early years of my career, I stayed engaged with local actuarial clubs and made a point to attend events and initiate one-on-one coffee chats. This approach not only helped me stay up to date with industry trends but also fostered meaningful connections with peers and mentors. My enthusiasm for annual Society of Actuaries (SOA) meetings kept me in touch with the broader actuarial community and my fellow professionals. I also have recently volunteered with actuarial clubs, focusing on providing a platform for newcomers. Through these diverse networking efforts, I’ve gained invaluable knowledge, built lasting relationships and supported both my personal growth and the growth of the actuarial community. Networking truly has been instrumental in enhancing my career and navigating the actuarial career path.

Abigiel: Thank you for sharing your journey! Listening to your story has been eye-opening and has given me a clearer picture of what to expect when I start working full-time. I hope that our conversation inspires others as much as it has inspired me and that readers can draw from our experiences to guide them along their own paths toward becoming successful actuaries.

Thank you, Simran, for this meaningful exchange!

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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