Celebrating Black History Month

As we celebrate Black History Month 2025, we honor the resilience, achievements, and contributions of Black professionals across industries. As reports show, representation of Black actuaries within the actuarial profession remains modest, at less than 3% of all credentialed actuaries across North America. Black History Month serves as a powerful reminder of the progress made and the work still ahead in creating a more diverse and inclusive profession.

The International Association of Black Actuaries (IABA) is a professional organization dedicated to increasing the representation and success of Black actuaries. Founded in 1992, IABA provides a platform for networking, mentorship, professional development, and advocacy to support Black actuarial professionals and students at all stages of their careers. Starting with 65 founding members at it’s inaugural meeting in 1992, IABA has grown to more than 600 participants (as of its 2024 annual meeting in Philadelphia) and continues to break barriers and open doors for aspiring and established Black actuaries alike.

As we look ahead to 2025 and beyond, let this month inspire us to support, uplift and celebrate the Black actuarial community—not just in February but all year round. Having previously attended IABA annual meetings and assisted with recruiting efforts of actuaries of color, I am fortunate to connect with Stephen Abrokwah, FSA, CERA, MAAA, Ph.D., current president and board chair of IABA, for a Q&A:

What inspired you to take on the role of president of the IABA and what are your goals?

Stephen Abrokwah: After more than a decade of volunteering with IABA, I have witnessed the profound impact our organization has had on aspiring actuaries and professionals. The sense of community, the opportunity to give back and being part of a movement that drives positive change have been incredibly rewarding. This journey has meaningfully contributed to my own leadership development.

My inspiration to take on the role of President comes from a deep desire to give back to an organization that has given so much to me. I am committed to paying it forward by supporting the career growth of students and professional members, helping them succeed in their career journeys.

My vision aligns with our mission and strategic plan, focusing on three key areas:

• Raising awareness of the profession and organically growing the pipeline of Black actuarial talent through tailored programs.

• Providing professional and leadership development to propel our members’ careers and create impact in the profession through thought leadership and contributions to key industry topics.

• Using data-driven approaches to highlight our progress, tell our stories of impact, and thoughtfully engage with our corporate partners and members.

How do you define leadership, and how does this definition shape your vision and purpose as president of IABA?

SA: There are many definitions of leadership, but one that resonates deeply with me is from the late Dr. Myles Munroe. In his book, “The Spirit of Leadership,” he describes leadership as “the capacity to influence others through inspiration motivated by passion, generated by vision, produced by a conviction, ignited by a purpose.”

This definition encapsulates the essence of true leadership. For me, leadership is not about holding a title or position but about serving others and creating a lasting impact. As president of IABA, this definition shapes my vision of empowering our members, fostering a culture of collaboration and driving meaningful change. My goal is to lead by example and create opportunities for growth and development for minorities within the actuarial profession through IABA’s impactful programming.

How does IABA support the professional development of its members, and what initiatives are you most excited about?

SA: The IABA supports the professional development of its members through a variety of impactful programs under our newly established Impact & Member Development pillar, which is dedicated to developing our membership and creating impact within the profession.

Some tangible examples of these programs include webinars, mentorship, speaking engagements, and publications.

I am particularly excited about two new initiatives: Coffee Conversations with industry executives and our new Leadership Development Program. These initiatives will provide our members with valuable opportunities for networking, learning and growth. The Leadership Development Program aims to equip experienced members with the requisite leadership skills to help increase representation of Black actuaries in middle and senior management. By providing valuable training and mentorship, we will help our members reach their full potential and make a meaningful impact on their careers.

Where do you see the IABA in the next 10 years?

SA: The IABA’s growth story is remarkable thanks to the commitment of our members and support from our corporate sponsors. From 65 passionate founding members at our inaugural annual meeting in 1992 to over 600 participants at the 2024 annual meeting and from 80 credentialed Black actuaries in 1992 to 693 as of the end of 2024; our journey has been inspiring. However, despite this growth, our representation within the profession remains modest, less than 3% of all credentialed actuaries, reports show.

Looking ahead to the next 10 years, I see the IABA reaching new heights. By delivering on our strategy and increasing the field’s exposure to minority communities, we aim to increase in the percentage of credentialed Black actuaries from approximately 2.5% to 6 – 7%. I also foresee greater representation in middle and senior management roles across the industry. Additionally, I hope to see our annual meeting exceed 1,000 participants, a number that reflects our expanding influence and the strong community.

While these goals are ambitious, I am confident that with our collective efforts and the support of our corporate sponsors, we can achieve a future of increased representation at all levels.

What message do you have for minority students considering a career in actuarial science?

SA: My message to students considering a career in actuarial science is one of encouragement and optimism. The actuarial profession offers rewarding opportunities and career for those with a passion for mathematics, problem-solving and data analytics. The IABA is here to support you every step of the way, from education and mentorship to professional development and networking. Believe in your abilities, stay determined and know that you have a community ready to help you succeed. Your unique perspectives and experiences are invaluable, and together, we can build a more inclusive and impactful profession.

As we celebrate Black History Month, what message would you like to share with the actuarial community about the importance of diversity and inclusion?

SA: As we celebrate Black History Month, it’s important to emphasize the significance of diversity and inclusion in the actuarial profession. Diversity in all its forms — race, gender, age, educational background, etc., brings valuable perspectives that enrich our industry and drives innovation. Research from Harvard Business Review found that diverse teams are more innovative and better at problem-solving, with companies with above-average diversity in their leadership teams reporting 19% higher innovation revenues and 9% higher EBIT margins. By embracing diversity and fostering an inclusive environment, we build a profession that better serves society and helps create a resilient future.

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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