Actuarial Agony with Jen & Jean
01 November, 2007
Aptitude tests
Student, know thyself: a tale of two sittings
Having graduated in 1976 I startedactuarial life full of hope andenthusiasm. I had chosen the‘ideal’ career – prestige and responsibilityall seemed alluring. I joineda firm of consulting actuaries inthe UK, and soon afterwards thereality dawned on me that I didn’tenjoy what I was doing. I hadalready passed just over half theexams and my life seemed to be ata desperate, hopeless crossroads.Should I reject several years ofexam successes and good careerprospects and start afresh? I didn’twant to admit defeat – I desperatelywanted to qualify. I didn’twant to go backwards when myfriends had already moved rapidlyforward in their careers.So I did what I would adviseevery frustrated student to do – Iwent for an aptitude test. Theresults were shocking. My skills laynot in the actuarial profession butin an entrepreneurial role. Thisrevelation provided some respiteto my state of emotional turmoilbut questions remained. What if Ididn’t like my new career – howaccurate could the aptitude resultsbe? Where would I find a suitableoutlet for my ambition? Howwould I survive financially while Isearched for my destiny?Starting overAfter much agonising I decided topursue happiness and uncertaintyover drudgery and security. I founda position as export manager witha South African lighting company.(I knew nothing of lighting, andeven less about exports.)I was ecstatic; I loved my new joband knew exactly what needed tobe done. Three years later at theage of 28 I was appointed managingdirector. Shortly afterwards anew opportunity as the CEO of aconstruction group took me backto Europe, where a whole new setof challenges greeted me – includinghaving to learn French, anddealing with French labour unions.It had dawned on me that Iwanted to run my own business,but at the age of 38 did I want tostart at the bottom again? A newbusiness venture could jeopardisemy family’s financial security. In atime of great political uncertaintyfor South Africa, I chose to return.I began two businesses from scratchin a small garage in Johannesburg:one in electronics, the other inwater treatment, both about whichI knew little apart from in-depthresearch into the macro issues. Iwas determined to succeed.Good fortune and 15 years ofhard work paid off, and in 2005 Isold my water treatment companyto an investment bank. I now consultto a large life assurer on strategic(not actuarial!) issues as wellas representing an internationalbank and a major internationalhealthcare provider in South Africa.Second attemptNow what has all this got to dowith the actuarial profession?In 2000 my younger son challengedme to finish the exams. (‘…practise what you preach dad, andfinish what you’ve started…’). To(dis)prove a point I resolved to finishthe exams I had started 20years before. With the exams I hadpassed I was left with the equivalentof CA, ST, and SA to go.The next six years were taxing;however, I passed my final examsin 2006. Becoming FIA was one ofthe happiest moments of my life.My eternal gratitude must go tomy wife Liz, who deserves a prizefor coaxing me through two setsof actuarial exams (12 years in all);and to my two sons, who patientlywatched me studying when Ishould have spent a bit more timethrowing a ball to them.Get to know yourselfMy advice to frustrated students/actuaries who feel they’re notmaking progress is as follows:u Seek professional counsellingand understand where your realtalents lie. Good aptitude and personalitytests can help identify acareer path that will build on yourstrengths.u Recognise that your personalitytype may not suit an actuarialcareer. If you thrive on accuracyand order, are analytical and logical,and dislike disorganisationthen being an actuary may suityou. If, however, you prefer peopleinvolvement and are enthusiasticand persuasive then you mayfind other opportunities equallyrewarding.u Actuarial skills require an analyticaland rational mindset, whilemany senior managerial positionsrequire a combination of strategicand people skills. The actuarialprofession doesn’t test or place apriority on these latter skills butmany other jobs do.u Qualifying doesn’t mean youhave to remain in the traditionalfields of actuarial science. Actuarialskills are highly transportableand adaptable to many industries.I recently met a student who gotstuck on CA1; he joined a strategyconsultancy firm and is happyand doing really well.u There are thousands of differentcareer opportunities. I promisethat if you keep looking you’ll findthe one that makes you happy. Soif you’re unhappy in your job, takeimmediate steps to find a newone.u Have faith and belief in yourself.Even passing one exam means youmust have considerable talent.Outside of the profession yourskills and ability will be recognised(and appreciated).u Consider going back a step tosecure an easier way forward.Go for it!
