Diversify Your Guides: The Power of Multiple Mentors
Disclaimer: the opinions expressed by the author of this article don’t necessarily represent the opinions of NAWA as an organization.
I realized recently how unlikely my entrance into actuarial science was. No one in my family had a math background. No actuary worked in my hometown. I attended a liberal arts school without an actuarial program. And it wasn't until I was in graduate school that I even considered an actuarial internship.
No wonder I felt like I was behind even before I was shown my cubicle on the first day of my first job. Luckily, one of my early managers became an informal mentor to me. Conversations with her helped me to see a path forward where I had no line of sight.
For women creating dynamic and sustainable actuarial careers, mentorship plays a vital role at all stages. A supportive mentor can offer guidance, perspective, and be an advocate for you.
There is also strength in numbers. We know that having one dedicated mentor is beneficial. Consider the power of establishing a network of mentors, each offering unique perspectives to propel you forward.
Why Multiple Mentors?
In a study of the impact of mentoring for lawyers [1], having either a series of mentors at different stages in one’s career or multiple mentors at one time was found to have a significantly greater impact than having one sole mentor. With a single mentor, job satisfaction did increase. However, with multiple mentors, individuals found increased earnings and faster career progression as well as increased job satisfaction.
Like law, the actuarial profession encompasses a broad range of specialties – from pricing to reserving, product development to strategic market decisions. We, as actuaries and humans, move through many seasons in our careers and our lives. It makes sense that no one mentor will be equipped to offer us what we need at every step. A diverse network of mentors may be just the ticket.
The Benefits of Multiple Mentors
There are many advantages of having multiple mentors.
Broader Perspective: Gain insights from various actuarial disciplines and career paths. This makes it less likely that you will take a mentor's story as a playbook to follow step by step.
Filling Skill Gaps: Identify mentors who complement your existing skillset and address specific areas for development.
Tailored Advice: Receive guidance relevant to your unique goals, interests, and season of life.
Expanded Network: Different mentors can connect you with a broader network, potentially opening doors to new opportunities.
Reduced Reliance on One Person: If a mentor's schedule changes or they move on from their role, you still have a strong support system in place.
Building Your Mentorship Network
Are you ready to expand your mentorship circle? Whether you are looking for your next mentor or an additional mentor, there are a few things you can be doing today.
Appreciate Your Current Mentor: If you already have a mentor, that's fantastic! Take stock of the many areas that they have positively impacted your career. Let them know what impact they are having.
Identify Your Needs: Reflect on your career journey, your aspirations, and the challenges you face. What expertise or guidance do you need that your current mentor might not be able to provide?
Seek Diversity: Look for potential mentors who have diverse actuarial specialties, work styles, or backgrounds. These unique perspectives will enrich your learning and growth.
Network & Connect: Leverage professional organizations like NAWA, industry events, and alumni networks to meet potential mentors.
Be Intentional: Reach out to potential mentors with a clear and concise request. Explain your goals and what you hope to learn from them.
By embracing the power of multiple mentors, you're not just expanding your network - you're getting an even better return for your career. Start building your dream team of mentors today.
In order to offer more opportunities to connect and partner with a diverse set of mentors, we are excited to be working on launching the next phase of NAWA’s mentor program. We heard great feedback from the pilot that some of you may have participated in. Watch for more information on the relaunch later this year.
NAWA Book Club Pick August 2023: “Dare to Lead” by Brené Brown
Disclaimer: the opinions expressed by the author of this article don’t necessarily represent the opinions of NAWA as an organization.
“It is not the critic who counts: not the man who points out how the strong man stumbles or where the doer of deeds could have done better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood, who strives valiantly, who errs and comes up short again and again, because there is no effort without error or shortcoming, but who knows the great enthusiasms, the great devotions, who spends himself in a worthy cause; who, at the best, knows, in the end, the triumph of high achievement, and who, at the worst, if he fails, at least he fails while daring greatly, so that his place shall never be with those cold and timid souls who knew neither victory nor defeat.”
—Theodore Roosevelt
Speech at the Sorbonne, Paris, April 23, 1910
I fell in love with Brené Brown over 10 years ago when her iconic Ted Ex talks on shame and vulnerability blazed the internet (1). Then the Netflix special in 2019 (2). She is so real and down to earth. Why does she feel so real? Because she talks about all the things no one wants to talk about. She, herself, is vulnerable. She gets deep into the corners of everything that is uncomfortable, or embarrassing, or shameful, shall I say. Brené shines light in those corners and gives people tools to do this themselves. She convinces them why they should want to be vulnerable in the first place.
Now, what if you could do this at work? Yes, I said at work. With your coworkers, your boss, their boss, and the team you manage. What if you could manage your people in a way that they bring their authentic selves to the table, every time? Brené shows us how to do this in “Dare to Lead”.
She shows us how to really get to know the folks we work with by understanding the values most important to them. For example, out of Brené ’s big long list of values3, you ask your assistant actuary what she values most and she says, “fun”. “Okay..”, you may think. But now you know that she is willing to work a deadline if there is a celebration at the end, or attend all your meetings for you, if, somehow you can make it fun for her – like taking her out for coffee to summarize. Perhaps she has some ideas for how to liven up those meetings? Now you know.
Learning how to “rumble” (i.e. discuss hard and awkward subjects) the way Brené Brown does is almost like learning a new language, a necessary one. By rephrasing things you really DO want to know, her methods make it so these doors will open up to you.
“Dare to Lead” teaches to be clear and concise. Sugar coating news is not nice, it’s vague. This reminded me of another book the NAWA book club read this year, “Myth of the Nice Girl” by Fran Hauser. She says:
Clear is Kind.
Unclear is Unkind.
I recommend reading this book with the workbook. I enjoyed the Audible, because Brené herself reads it, but be prepared to do some work along the way.
The NAWA book club makes it possible to grow personally and professionally, consistently through out the year. In case you missed it, check out some of the awesome books we read in 2023:
Mindset by Carol Dweck
The Rabbit Factor by Antti Tuomainen
Caste by Isabel Wilkerson
Drop the Ball by Tiffany Dufu
The Leader's Guide to Unconscious Bias by Pamela Fuller, Mark Murphy, Anne Chow
Dare to Lead by Brene Brown
Invisible Women by Caroline Criado Perez
Drop the Ball by Tiffany Dufu
The Myth of the Nice Girl by Fran Hauser
References:
(1) The power of vulnerability
(2) Netflix Special: Brené Brown: The Call to Courage
(3) Dare to Lead List of Values
Additional Resources:
Other NAWA Book Club books:
The Myth of the Nice Girl
The Virtual Revolution: NAWA Book Club — Network of Actuarial Women and Allies (nawaactuaries.org)
Real-Life Risk Taking with Christine Hofbeck
Disclaimer: the opinions expressed by the author of this article don’t necessarily represent the opinions of NAWA as an organization.
As actuaries, so much of our time is spent thinking about and quantifying risk. How can that influence our behavior when it comes to real-life risk taking? At the 2023 NAWA Annual Meeting, Christine Hofbeck spoke to attendees about this topic, sharing examples from her life and guidelines for thinking about risks and possible outcomes.
Risk is anything we do that has an uncertain outcome and an impact on us financially, emotionally, reputationally, or physically. At work, we generally think of risk as downside risk or something negative that we need to manage and mitigate, but applying this view to real life can limit us from achieving our dreams. What if you challenged yourself to consider risk both in the form of taking action and not taking action? What might you accomplish if you redefined risk to include things with potentially positive unknown outcomes? Instead of risk, we might label these as dreams, decisions, opportunities, or possibilities.
We tend to think of people as static points on the risk averse <-> risk seeking spectrum, with actuaries having a reputation for being risk averse. However, as individuals we might find ourselves at different points on this spectrum depending on the situation. Challenge yourself to reframe your mindset here, too: do you have a different perspective if you think of it as dream averse <-> dream seeking?
Christine shared a quadrant system for categorizing risks.
As actuaries, so much of our time is spent thinking about and quantifying risk. How can that influence our behavior when it comes to real-life risk taking? At the 2023 NAWA Annual Meeting, Christine Hofbeck spoke to attendees about this topic, sharing examples from her life and guidelines for thinking about risks and possible outcomes.
Risk is anything we do that has an uncertain outcome and an impact on us financially, emotionally, reputationally, or physically. At work, we generally think of risk as downside risk or something negative that we need to manage and mitigate, but applying this view to real life can limit us from achieving our dreams. What if you challenged yourself to consider risk both in the form of taking action and not taking action? What might you accomplish if you redefined risk to include things with potentially positive unknown outcomes? Instead of risk, we might label these as dreams, decisions, opportunities, or possibilities.
We tend to think of people as static points on the risk averse <-> risk seeking spectrum, with actuaries having a reputation for being risk averse. However, as individuals we might find ourselves at different points on this spectrum depending on the situation. Challenge yourself to reframe your mindset here, too: do you have a different perspective if you think of it as dream averse <-> dream seeking?
Christine shared a quadrant system for categorizing risks.
Both quadrants 2 and 4 could lead to regret. When you’re evaluating a risk, it can be helpful to determine which regret is bigger- the regret of doing something and failing, or the regret of not doing something you might have succeeded at but never tried? Even if you take a risk and face challenges or ultimately fail, simply by taking the risk you give yourself the opportunity to move from quadrant 4 to quadrant 1; that is, by taking the chance, you allow yourself the opportunity to succeed.
Sometimes risks are put upon us and we are forced to make a decision. In these situations, we may have to figure out the best path forward and how to minimize the risk of regret. Here are a few ideas for how to mitigate risk:
Lean on a trusted ally (ideally one that has a similar risk tolerance to you)
Don’t burn bridges (for example, if you are leaving a job, do it in a thoughtful way)
Build a network (for example, NAWA!)
Write it down
Plan
Alternatively, if you reclassify risks as dreams, you can use these tools to maximize possibility:
Take action
Tell a friend (like working out, posting it makes you more accountable!)
Research
Make time
Believe
At the end of the day, risks are uniquely personal, and accumulated happiness or your version of it should drive your decisions. Accumulated happiness might look different for everyone and may even be different for you at different points in your life. As you’re thinking about risk, think about the dreams you have and which of those might bring you the most accumulated happiness, and let this be your guide to real-life risk taking.
Bio:
Christine Hofbeck, FSA, MAAA is the Vice President of Actuarial Development at Fortitude Re. In this role, she leads the intern and actuarial development (exams) programs, rotations, and continuing education initiatives. Her non-fiction business book "Winning Conditions: How To Achieve by Managing the Details That Matter" (Simon & Schuster) became a bestseller and is available on four continents in two languages. She holds degrees from the University of Pennsylvania and MIT, and formerly served on the Society of Actuaries Board of Directors. In 2017 she was the runner-up on CBS's hit reality television show Survivor.
GALs Just Wanna Feel Connected
Disclaimer: the opinions expressed by the author of this article don’t necessarily represent the opinions of NAWA as an organization.
Have you ever looked around a meeting and realized you were the only woman in the room?
It certainly can feel that way when women are still a minority in the actuarial profession and STEM careers overall. The most recent diversity reports from the Casualty Actuarial Society and the Society of Actuaries show that today, just over 30% of worldwide members self-identify as female [1]. While this represents a dramatic improvement over time for both organizations [2], women are still generally underrepresented in the actuarial profession. Societally, there is a focus on improving diversity in the corporate workforce, but change does take time. In the interim, female actuaries may still feel a bit isolated.
At Lincoln Financial Group, a cohort of female actuaries is working to make sure that isn’t the case. At an annual gathering of Lincoln’s actuarial talent in 2022, female employees found themselves naturally discussing some of their desires at the company, like paying forward good mentoring experiences and bringing women together to spur more organic connections. These various one-off discussions developed into a grassroots effort to create a women’s actuarial group within Lincoln, which would later become known as the Group of Actuarial Ladies and Allies (GALA).
Grassroots is not an understatement, either. GALA came to be because 10 women were motivated to make it happen. Their small group chats turned into regular meetings, and those 10 women became the GALA Leadership Group – an appropriate name as it did indeed require a great deal of leadership to work through a few key challenges.
Solution
Challenge
The Leadership Group felt strongly that GALA should be tied to NAWA yet have a Lincoln-specific mission. They agreed that GALA would be designed to help women and allies in the actuarial profession feel a sense of community and inclusiveness, provide guidance and support to individuals of all backgrounds, and bolster the female presence in the actuarial field.
#1: Creating a Vision
To avoid feeling overwhelmed and enable progress, the Leadership Group found it helpful to identify top priorities and start with small, manageable steps.
#2: Setting Realistic Goals
Without a preexisting directory to pull from, the Leadership Group took it upon itself to pool its various networks within the company and create an email list of female actuaries and allies.
#3: Identifying Membership Base
The Leadership Group identified and officially recruited a woman actuarial executive who could act as a sponsor for GALA.
#4: Gaining Buy-In at a Company Level
To create company-level distinction from NAWA while adhering to the same principles, the Leadership Group landed on the name GALA for the Lincoln-specific women’s actuarial group.
#5: Determining Branding
It was critical to have clear definitions of roles amid the Leadership Group to support a clean rollout of GALA. Each member of the Leadership Group voiced their preference for responsibility and was given a specific role, such as NAWA Liaison, Administration Lead, or Marketing and Communications Lead.
#6: Holding Leadership Group Accountable
With planning and preparation complete, the Leadership Group hosted a January 2023 kickoff meeting to share goals for GALA and gauge interest in the group. Attendance was high, and the momentum flowed into the first official event, the “GALA-ntine’s Day” networking event held on February 13. This event helped the Leadership Group better identify the needs of members, who were in search of networking, mentorship, and opportunities to share their perspectives as women in the actuarial field.
GALA has used feedback to tailor events to the specific needs of members ever since. From discussing a short article related to Women’s History Month, to sponsoring different threads on a Teams channel, all GALA-sponsored activities in 2023 incorporated networking in some way. The member-focused strategy proves to be working, with members sharing positive sentiments at every event. One such comment came from a summer intern who attended a career stages networking event. The intern shared that their classes feel male-dominated and that they were so happy Lincoln had a group connecting women in the profession.
So, what’s next for GALA?
Although networking events have been successful at starting conversations, these conversations sometimes get cut short, and people may not take the opportunity to reconnect. In the first quarter of 2024, GALA is planning to pilot a coffee chat series aimed at creating regular opportunities for members to meet with the same small group over the course of six months. Topics will be provided to start conversations, but groups are welcome to discuss whatever comes to mind.
In 2022 Lincoln formally appointed a female actuary, Ellen Cooper, to CEO, and it has been a source of pride and motivation for other female actuaries. It is one of GALA’s goals to include her in a future event.
Other ideas the GALA Leadership Group would like to explore include a mentoring program, a speaker series, recruiting or community outreach events, and NAWA event watch parties or post-meeting discussions.
GALA is only in its beginning stages, but the connectedness of women in the Lincoln workplace has already improved substantially. GALA at Lincoln is a testament to advocating for a cause you believe in, and the group hopes to inspire others inside and outside the company! If you share any of the same feelings or have similar goals for your place of work, consider what you can do to improve your environment.
Author Bios:
Jacqueline (Brimley) Ennes, FSA, (right) is a Life actuary for Lincoln Financial Group in the Boston metro area. She graduated from Fairfield University in 2013 with a major in mathematics and a minor in computer science, and she achieved fellowship with the Society of Actuaries in 2022. Jacquie started her career in IT at another life insurer before pursuing actuarial accreditation, and that has influenced her passion for diversity and representation within the actuarial field. She is currently focused on life product development at Lincoln, and outside of work, she enjoys cooking and traveling with her husband and mini dachshund.
Lindsey Moyer, FSA (left) is a Senior Actuarial Consultant with Lincoln Financial Group. She graduated from Clemson University in 2016 and obtained her fellowship in 2022. Lindsey is engaged with the Network of Actuarial Women and Allies (NAWA) as a member of the Community and Connection Committee and is passionate about mentoring and empowering others!
Outside of work, Lindsey enjoys hiking, playing with her nieces and nephews, and traveling. She has spent the last year as a digital nomad and has enjoyed visiting over 15 national parks this year!
[1] As of December 2022, 31.0% of Casualty Actuarial Society members reported as female (https://www.casact.org/sites/default/files/2023-02/2022-Women-in-the-CAS.pdf). According to the June 2023 Society of Actuaries Diversity report, 33.0% of worldwide members and 32.2% of US members reported as female (https://www.soa.org/4a8d9f/globalassets/assets/files/static-pages/about/diversity-inclusion/2023-diversity-report.pdf).
[2] Author’s note: It was difficult to get historical information for both societies on the same basis. In 1992, 19.0% of CAS members reported as female (https://www.casact.org/sites/default/files/2023-02/2022-Worldwide-Membership-Over-Time.pdf). In 1960, 2.2% of SOA members reported as female. (https://digitalcommons.bryant.edu/cgi/viewcontent.cgi?article=1008&context=honors_mathematics).
Becoming a Better Role Model by Working Less
Disclaimer: the opinions expressed by the author of this article don’t necessarily represent the opinions of NAWA as an organization.
I started my actuarial career after graduating from the University of Wisconsin in 2016 full of excitement and energy about my new job. Having previously interned with this company, I knew that I loved the work, the culture, and the coworkers. However, I also entered the job market with a deep sense of insecurity and a strong need to “prove myself.” I felt this, in part, because I was a woman entering a male-dominated STEM field. I fought this imposter syndrome by working extremely hard: I billed a lot of hours, studied as much as possible, frequently worked late at night and weekends, and generally put everything outside of my career – hobbies, friends, family, and health – off to the side.
It's important that I clarify this was entirely self-imposed; my family, friends, mentors, and colleagues all encouraged me to find a better balance and work less. However, I was driven by a strong desire and need to achieve what I now consider to be superficial measures of success.
I have been extremely fortunate to have great mentors and role models throughout the last seven years, and over time I recognized three very important things:
Sacrificing work / life balance and working long hours generally does not lead to higher performance (and in many cases actually deteriorates performance).
Prioritizing short-term and superficial measures of success (such as promotions, raises, and billable hours targets) over personal interests and goals would likely lead to lower performance over the long-term.
The people who I respect and identify as role models do not sacrifice everything for their career; rather, they have the confidence to identify their own goals and priorities and set boundaries with work and with colleagues.
NAWA’s mission is to “connect and empower women of all backgrounds, races, ethnicities, and life circumstances to be successful in the actuarial profession.” As we continue to work towards this mission, it is important that we all – at every level of the organization or exam process – consider how we can empower women by serving as mentors and role models.
In my opinion, one of the best ways we can act as role models is to establish a healthy work / life balance while also working hard and maintaining strong performance throughout our career. We’ve all heard the debate on whether women can “have it all,” and people continue to argue that it’s not possible. As a result, many women in the workforce may look to others (particularly in leadership and mentorship positions) to provide an answer on whether it is possible. A lack of role models with success and work / life balance may deter women from wanting to pursue more from their career. However, as many of us know, it is possible to do both, and we can serve as examples for both our peers and the next generation.
I have plenty to learn on this topic, and I’m confident I’ll never fully perfect this at any point in my career. However, here are a few pieces of advice based on my experiences and mentorships so far.
Work / life balance is unique. The optimal boundaries and work / life balance vary between individuals and over time. No two people are the same, and every person encounters different challenges. Additionally, circumstances change from year to year and even month to month. I found significant improvement in my performance and attitude toward work when I started defining and tracking my own goals and metrics, rather than relying on others to define them for me.
Health and relationships are crucial. One of the hardest aspects of work / life balance for me has been maintaining healthy habits and relationships consistently. It is too easy to skip a workout, order food delivery, or call my mom tomorrow when an urgent client email comes in at 5:00 PM. I now realize there’s not really a point to a successful career if I don’t have my health or any relationships. Additionally, better health and relationships actually improve my performance as I have more energy and I am more confident at my job.
Short-term and long-term success does not always correlate. I recently received great advice from a mentor pointing out that short-term achievements do not always lead to long-term success. In many cases, the steps we take to maximize short-term success can actually be detrimental to our long-term goals. This mentor encouraged me to identify my long-term priorities and focus on the actions I need to achieve those goals. For example, I now spend more of my time on team and staff development and less time maximizing my billable hours. In some cases, short-term outcomes may be less than optimal, but over time we will achieve more for both ourselves and our organizations.
Values can reduce the never-ending to-do list: One way I’ve cut back on my workload is by first identifying my own values and interests and then saying no to any request that doesn’t fit. A mentor once told me “Everything should be a hell yes or a no.” Every person in a corporate environment will always have some uninteresting but unavoidable tasks, but I suspect that many, if not all, of us could reduce our commitment to these types of tasks by saying no more frequently. After adopting this approach in both my work and my personal life, I’ve been much happier and more excited about my schedule.
It is possible to establish boundaries and still succeed. I expected my work performance to suffer after I started setting boundaries and pursuing activities and hobbies outside of work. However, this never happened. As my billable hours decreased, other areas of my performance improved. Making time for rest, hobbies, and healthy habits allowed me to have better creativity, problem-solving, stress management, and leadership skills.
Most emails aren’t as important as everyone thinks. I’ve occasionally been subject to clients and bosses expressing dissatisfaction because I didn’t respond to an email fast enough. However, looking back on those events a year or so later, they really didn’t matter. Those clients still hire me, and my bosses recognize that the long-term goals drive more value. I encourage everyone to be more comfortable with letting a few things slip in the short-term in the interest of prioritizing the most essential projects and better work / life balance. Ultimately, I think you will find that it’s beneficial for all involved if you make space for meaningful activities at the expense of the noise and “urgent” emails that we all encounter every day.
For anyone interested in exploring this topic further, I’ve found the following books to be extremely helpful and insightful:
Bio: Jessi Kildow is a senior actuarial manager with Milliman in Milwaukee, Wisconsin. She graduated from the University of Wisconsin – Madison and obtained her Fellowship with the Society of Actuaries in 2020. She works in a non-traditional actuarial role and is passionate about improving the cost and quality of healthcare in the United States through alternative payment models. Jessi supports the Network of Actuarial Women and Allies (NAWA) through her role on NAWA’s Leadership Council, and volunteers each week with Braven, an organization with a mission to empower promising, underrepresented young people. Outside of her career and volunteer commitments, Jessi enjoys running and hiking with her dog Moose.