Navigating the Actuarial Career Path

Tommy Ouellet, FSA, FCIA, CFA, CQF, received his FSA designation in 2009, the same year he graduated from Université Laval (a public research university in Quebec City, Quebec, Canada). Ouellet started his career journey as a pension actuary and has worked in different financial fields for the past 15 years. Using his skills and experience, he cofounded BeeQuest, an asset management company based in Montreal, in 2021.

This interview begins by revealing interesting stories behind pivotal points along Ouellet’s career path, then continues by highlighting his unique perspective on the actuarial profession. Finally, Ouellet shares insights for those considering or currently navigating a similar career path.

How did you get into the actuarial profession?

One of my favorite high school math teachers had a friend studying actuarial science at that time. He recommended that I look into the actuarial field because he knew how much I loved math. I did some research and found that it’s an amazing math-centric profession that offers an exciting career path. I then decided to pursue a degree in actuarial science and went to Laval University in Quebec for my bachelor’s.

I went through the actuarial curriculum while I was taking college courses, and I obtained my FSA at age 21. I picked the pension track for my FSA because I was working as an intern in a pension consulting firm during my university years.

Can you please walk us through your journey and identify some pivotal points on your actuarial career path?

Immediately after my graduation, I started working full time in pension consulting. I had clients in private pension funds, municipalities, universities and so forth, and for about seven years, I mostly focused on pension liabilities. I was recognized as an expert in the pension field, but I wanted to learn new things as well.

During that time, I obtained other credentials that were more on the investment side, such as Chartered Financial Analyst (CFA) and Certificate in Quantitative Finance (CQF). I started to look around and decided to try working in investments, initially as an analyst within a liability-driven investment team. In that role, I applied my knowledge in pension and combined it with actual investment markets through the portfolios we managed for our clients. This work exposed me to several types of institutional clients, such as pension funds, insurance companies, foundations, endowments and others. I worked in investment for about six-and-a-half years, and I had the opportunity to work with market experts, actuaries, CFOs and presidents of numerous companies across different fields, which extended my expertise and knowledge of various actuarial fields and industries.

Before I left my last position, I managed more than $15 billion of financial assets for more than 100 institutional clients. Over the course of my journey, I realized that I’m passionate about designing and coming up with creative solutions to help clients by figuring out new ways to attain their various objectives in an optimal manner. I enjoyed this aspect of the role, and I think this is where my skills lie. This was also when I began to think about starting my own business, BeeQuest, which I cofounded at the beginning of 2021.

How did your actuarial background help with starting and working for your own company?

As actuaries, we are uniquely positioned to understand risks and financial needs, which means we are good at designing and coming up with investment solutions because of our broad understanding of our clients’ liabilities. We have a fully diversified and extensive skill set suited to designing all aspects of strategies that clients are possibly looking for. It is my aim as an actuary to build sustainable, customized and optimized investment strategies for clients based on their unique financial needs and values—essentially a 3D optimization framework (risk, returns, values). And I would not be able to do this without solid foundations built from my actuarial background and experience.

In your words, what is an actuary—and how have you seen the profession evolve over the past 15 years?

I would say that actuaries are experts in mathematics and statistical modeling who are skilled at using different tools and techniques to help clients understand and manage their risks. Over the years, I’ve seen actuaries working in broader industries and more nontraditional areas. It’s not only about mortality risk, longevity risk and so forth; the key is to utilize actuarial knowledge to help clients navigate complex risks and achieve their goals. I’m proud to be an actuary, and I’m glad to see it’s being recognized more in all different kinds of industries.

Would you like to share anything with someone considering an actuarial career or starting a business?

In terms of going through the actuarial curriculum, I would recommend completing the exams as soon as possible—if this is your objective and priority—as, often, your professional and personal responsibilities will only grow over time. Look for a company that would help you grow because having a supportive environment is critical to a good learning experience.

As for creating your own company, I’d say it’s important to identify the business needs, have a general idea of all aspects of a business, know what you are good at and truly love what you are doing. Then it’s a matter of building a good business plan, sticking to it, embracing the challenges and laying down your foundations. Last but not least, just be patient and open-minded, build connections, help people and be ready to learn.

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.

Copyright © 2024 by the Society of Actuaries, Chicago, Illinois.