Sparking Actuarial Career Aspirations

One actuary’s mission to ignite passion for the profession Arun Paul September 2024

Photo: Getty Images/izusek

On a storm-cloudy Thursday morning this past spring, I arrived at the front doors of Downingtown West High School in Downingtown, Pennsylvania. It started to rain; I felt a few drops land on me and then watched as drops softly splattered on the ground.

I was there to talk to Advanced Placement (AP) math and statistics students about actuarial science as a career. My goal was to kindle an actuarial science spark in their minds, with the hope that it would lead to some future actuarial stars burning bright.

Christine Wick, the school district’s career resources coach, greeted me at the door and led me to the auditorium. I was a few minutes early, and students from the earlier period’s study hall were there. I quietly proceeded to the front of the auditorium to prepare for my presentation.

Wick was accommodating and brought me a bottle of water. She must have known I would need it, as I ended up consuming most of it by the time my talk was finished. After the bell rang, the students started shuffling toward their next class, and second-period students entered the auditorium. As you would expect at any high school, there was a hubbub of conversation all around as the students settled in.

Shedding Light on Actuarial Science

Lana McMichael, the AP statistics teacher, approached me to introduce herself and conveyed that her students were eager to hear about actuarial science. More than 100 grade 11-12 AP math and statistics students were present. Once everyone was settled, I asked how many students were familiar with actuarial science. Four hands went up.

I proceeded to educate them on actuarial science, providing information on job rankings, salary surveys, actuarial exams, work-life balance, diversity, equity and inclusion (DEI) awareness within the actuarial space, and employment opportunities. I also talked about the intersectionality between actuarial science and data science. There were quite a few curious faces soaking in all the information.

To help keep the students engaged, I introduced a game where they would decide whether or not to purchase insurance for their phones. Although shy at first, the students quickly became actively involved in the game. Some students purchased insurance and reaped rewards when their phones broke. Others took the risk of not having insurance protection—it worked for some, while others ended up spending most of their funds on a replacement phone. This game helped them understand the concept of insurance and the process of pricing an insurance product.

I ended my presentation with additional resources to help them determine whether an actuarial career would be right for them. A few students stopped to talk with me and thanked me for helping them learn about the profession. One student indicated that he had been considering data science as a profession and would now give serious thought to actuarial science.

The Role of Individual Actuaries

After leaving the school grounds, I contemplated the role of actuaries in helping grow the actuarial profession. In my experience, I hadn’t even been aware of the actuarial profession during high school or college. My career started in finance, but I soon realized it wasn’t fulfilling for me. After eight years of working in finance, I embarked on a quest to find a career that would allow me to leverage my math and quantitative skills alongside my networking and communication abilities. That’s when I discovered my true calling as an actuary.

For More Information

The help and support of the South Asian Network of Actuaries (SANA) has been beneficial in developing my career and writing this article. Learn more about SANA.

Listen to the SOA’s Actuary of the Future Section’s podcasts on starting an actuarial career.

Switching from working in finance to actuarial science wasn’t straightforward. Along the way, I often wished I had known about the actuarial career path earlier—back when I was in high school or college.

My mission now is to reduce the number of students who, at some point in life, might wish they came across someone like me to introduce them to the actuarial profession during their formative years. Did I help create at least one future actuary through my talk at Downingtown West High School? I would like to think so. Perhaps one of those faces will someday calculate risk premiums or unravel the mysteries of mortality tables. I will continue this effort to raise awareness about the actuarial profession in high schools and do my part in making tomorrow’s actuarial stars.

Programs Supporting Actuarial Growth

There are a number of programs geared toward high school and college students that support and promote the actuarial profession. They include the following:

The Society of Actuaries’ (SOA’s) Affiliate Membership program might be of interest to students deciding on a STEM major, a counselor helping a student, or a parent trying to point their child in the right direction. This program is free and open to anyone interested in the actuarial profession. Students can access a library of relevant content, including videos, and find out about virtual and live events and more.
BeAnActuary.org, from the SOA and Casualty Actuarial Society (CAS), helps students answer the question “How can I prepare in high school?” and provides information on actuarial summer programs. There’s also a link to sign up for a free Fundamentals of Actuarial Practice (FAP) trial account with the SOA’s e-Learning system and explore available scholarships.
The Actuarial Foundation’s Math Motivators Tutoring Program is a free (in-person or virtual) math tutoring program that pairs underserved students in grades 5 to 12 with math professionals and college students. The program uses a 2:1 model; two students of similar ability are paired with one tutor who works with the students to help them become proficient in math.
The Actuarial Foundation’s Modeling the Future Challenge is a national academic competition that teaches high school students real-world data analytics, mathematical modeling and actuarial science. To compete, students conduct research projects modeling real-world data to analyze risks and make recommendations to companies, governments organizations and so on. It includes an Underserved Engagement Initiative to increase access for traditionally underserved students through targeted outreach. Challengers have the opportunity to compete for $60,000 in scholarships.

Arun Paul, FSA, MAAA, is a pricing actuary, structured reinsurance, for Canada Life Reinsurance. He is based in Blue Bell, Pennsylvania.

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.