Deveikis 1

Michael Deveikis

Dr. Hoover

ENC 1101

21 November 2017

Movin On Up (1569)

Florida State University is one of the only schools in the South offering the major of

Actuarial Science. It is one of the strongest programs in the world, currently ranked 7th in the

nation by College Choice, as it designed to help students obtain a career as an actuary. This is

one of the main reasons why I chose to attend this school, as actuarial science is the career field

that I am currently interested in pursuing. I have always excelled in mathematics and have also

gained interest in the field of business. As math and business are the two main subjects that

revolve around this career, I feel like it could be a great fit. In addition, one of my aspirations in

life is to become a CFO or hold some type of executive management position for a business. This

led me to question the type of advancement opportunities actuaries have, and their ability to

reach this high-level position. After research, it is seen that while the field of actuarial science

can be deemed as a very specific career, it is indeed possible for one to obtain an executive

position after advancements within the career path.

Before exploring the potential advancement opportunities, it would be beneficial to

obtain a basic understanding of the career itself. Actuaries are essential corporate figures who

have a strong background in both mathematics and business. To be successful in the field,

individuals must be proficient in communication, computer abilities, problem solving, and

analytical skills. They utilize these technical skills to assess the risk of potential events, and
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they help businesses and clients develop policies that minimize the cost of that risk (Bureau of

Labor Statistics). Essentially, in the words of Dahna Chandler, an actuary is assigning a dollar

value to the risk of a particular situation (56). While actuarial science can benefit all types of

businesses, this career is most commonly found within the insurance industry. The outlook of

actuaries is quite promising as the job is expected to grow by 22% over the next ten years, which

is much faster than the average job outlook of 7% (Bureau of Labor Statistics). Although this job

outlook seems remarkably large, it is important to keep in mind that this career is a rather small

occupation as 22% only equates to roughly around 5,300 new jobs. Another great benefit for

actuaries is the pay. They are compensated quite well for their work, and the median pay of an

actuary is currently $100,610, significantly higher than the average salary for other jobs. This

salary is well-earned as the journey to become an actuary is quite intense.

It is recommended for actuaries to obtain a bachelors degree in actuarial science (if

offered), mathematics, finance, or economics, as they must be extremely well-versed in the art of

numbers. While education is important for aspiring actuaries, the actuarial examinations are even

more vital. These exams serve as certifications and proof of skill; it takes most actuaries

anywhere from 10-12 years to complete all the exams. The total number of exams an actuary

must take varies depending on their area of specialty (insurance, banking, consulting, etc.), but

most companies will hire an actuary after they have at least 2 exams complete. Once hired,

actuaries learn on the job and are given study time to prepare for their upcoming exams.

Becoming and having a career as an actuary is a lot work, but it can be extremely fulfilling as

this profession is currently ranked one of the top careers in the United States. When taking in

account salary, job satisfaction, stress, and work life balance, actuaries are ranked 4th for best

business jobs (U.S. News).

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One of the ways in which actuaries can advance in their career is by becoming more

knowledgeable and further certified. As stated by Institute for Career Research, advancement

within the field depends in large part on success in the actuarial examination process (27).

Completing each exam entitles an actuary to receive more money, and also further certifies them

in the career. An actuary that has completed all of their exams is given the title of a fellow. A

fellowship designation is the goal for all actuaries as it essentially symbolizes that they

completed all of the material knowledge that needs to be learned. This designation is key because

it helps open the door to more leadership and managerial opportunities within the technical field

itself. According to Dr. Stephen Paris, the coordinator of the Actuarial Science department at

Florida State University, actuaries can be promoted to what is called a Chief Actuary. Chief

Actuary is a senior management position that works side-by-side with other C-Level positions

(Interview). C-Level positions refers to senior management positions such as Chief Executive

Officer (CEO), Chief Financial Officer (CFO), and Chief Operating Officer (COO). This

demonstrates that in the field of actuarial science, the career path itself has its own executive

position. C-Level actuaries not only perform their own technical work, but also oversee the work

of the entire actuarial department and work with other executives to make corporate decisions.

This is enlightening for me to see, as this shows how an actuary can obtain significant career

advancements. By passing all of the exams and being successful on the job, it is most definitely

possible for actuaries to advance to an executive role within their career path.

While it is possible for actuaries to advance to an executive management position within

their career path, it is also possible for them to reach other C-Level positions in the business

world. In todays business world, for an individual to make it to the executive level there is a

growing premium on communication skills [and] business savvy skills, (Segal). It is a common
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misconception that actuaries work entirely independently on their computers and just crank out

numbers. Over the past few years, the job of an actuary has become largely focused on

communication and helping others to understand the meaning behind the numbers. With that in

mind, when asked about the ability of an actuary to become a CEO or CFO, Dr. Paris stated:

Oh, yeah! The ceiling is extremely high for actuaries. An actuary can stay where theyre at and

live comfortablybut those that are driven to do more most certainly can [and] it is not

uncommon to see actuaries reach these C-level positions. If an actuary aspires to reach the

executive position, it is important that they develop other business skills in addition to their the

technical skills. Having a mind for business and possessing the ability to communicate

effectively are two qualities that will most definitely help an actuary make it to the top. It may

take some extra determination, but actuaries are certainly capable of reaching executive

managerial positions outside of their of their career path.

While actuaries are able to move up the corporate ladder and reach executive roles, there

are many challenges that they face. For one, it is important to understand that there are much

fewer C-Level positions than there are actuarial positions. To be hired to executive managerial

roles one must face a flood of competitors [and] actuaries are also finding fewer and narrower

opportunities, (Segal). Actuaries have the abilities to reach and succeed at the C-Level

positions, however, they must be able to overcome an incredible amount of competition. In

addition, it is also argued that actuaries lack certain key qualities of a C-Level manager.

According to Sim Segal, in 2004 a survey was conducted showing that while actuaries

demonstrated strong quantitative skills, they were lacking qualities of business leadership and

communication. Also, it was noted that actuaries were becoming too dependent on their technical

skills. In the past, companies put actuaries with superior technical skills on a fast-track of
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promotion to the senior level, (Segal) but the business world has changed so much the past few

years. Success in todays business world is heavily dependent on collaborative group efforts and

consistent communication. An actuary with only technical skills will struggle to reach executive

management in todays business model. As mentioned early, strong communication and business

savvy skills are vital! Competition and skill-set do represent some of the struggles actuaries can

face on the path to reaching a C-Level position.

Overall, it seen that a career as an actuary allows for multiple opportunities for career

advancement. While actuaries can face some setbacks such as competition and variety of skill-

set, there are still ways in which they can advance throughout their career. Through success in

actuarial examinations and performing well on the job, actuaries can climb up the corporate

ladder. By furthering their technical skills and learning more about the business world, one can

reach the Chief Actuary managerial position and work alongside the other C-Level positions of

the company. However, actuaries are not limited to this field of work. If they are able to develop

strong communication and business skills, actuaries stand a chance to be hired for executive

management roles. These roles, such as a CEO or CFO, do not necessarily require the technical

skills an actuary possesses, but they can be extremely helpful. In general, the field of actuarial

science is seen as a very specific and technical career. While this may be true, it is without

question that an actuary can advance in their career to multiple high-level positions, including C-

Level roles. In the words of Dr. Stephen Paris: the ceiling is high.
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Reflection (394 words)

For this project, I started by brainstorming multiple topics that I thought would be

interesting to research. I ended up choosing this topic because it is currently the career I plan on

pursuing. I figured that researching this topic would be very helpful for learning more about the

career itself, and also it would help me answer my questions about the opportunities actuaries

have to advance to executive roles, which is one of my aspirations. To begin this paper, I thought

it would be most helpful to do my research first. I utilized the OneSearch tool on the FSU library

database, and this helped me to find a helpful eBook and periodical about the topic. After using

the database, I then went to the internet to find more information. In addition to the internet, I

also felt that it would extremely helpful to interview someone who has experience in the subject.

I was able to get into contact with Dr. Stephen Paris, the coordinator of the FSU Actuarial

Science program, and set-up an interview. Doing a personal interview was actually quite

enjoyable, and I found this source to be the most beneficial. Once I gathered all of my

information, I began to organize my paper into six different sections. First was the introduction

to give a brief description as to what I researched. Next, I thought it would be helpful to include

a paragraph about the actual career itself. This way it allows the reader to become knowledgeable

on the career, and I felt this background information is necessary to comprehend the rest of the

paper. Then, I wrote two paragraphs that showed support for the advancement opportunities

actuaries have. After this paragraph, I decided to add a counterargument paragraph to give the

reader a well-rounded understanding of some of the challenges actuaries face for advancement. I

then finished my paper with a conclusion paragraph to summarize all of the information. For the

next part of this project, I had my paper revised multiple times to help make it stronger. I had this

paper revised by myself, peers (in-class), a tutor at the reading-writing center, and Dr. Hoover!
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All of these revisions helped to make my paper better, and I am pleased with how this research

project came out. I found this project to be extremely beneficial in learning more about my

potential career!
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Works Cited

Bureau of Labor Statistics, U.S. Department of Labor. Actuaries. Occupational Outlook

Handbook. Web. 8 November 2017.

Chandler, Dahna M. "ACTUARY." Black Collegian, vol. 35, no. 2, Feb. 2005, p. 56. Web. 8

November 2017.

Institute for Career, Research. A Career in Life Insurance: Sales, Actuaries, Underwriters,

Claims: High Earnings Stable Profession without Graduate School, eBook, Institute for

Career Research, 2007. Institute Research. Web. 8 November 2017.

Paris, Steve. Personal Interview. 9 November 2017.

Segal, Sim. Protecting the Future Image of the Actuary. Society of Actuaries. Web. 8

November 2017.

U.S. News Best Jobs Rankings. U.S. News. Web. 11 November 2017.

35 Best Actuarial Science Degrees for 2017. College Choice. Web. 17 Nov. 2017.