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Actuary Career Interview
Wesley Griffiths is a senior actuary at Travelers Insurance in Virginia. He has worked as an actuary for ten years.
Actuary Career Path
“I learned about actuarial science while working with a graduate student teaching assistant in college,” says Wesley. “Prior to that discussion, I felt as though the only career one could have as a math major was a teacher or statistician.”
At that time, Wesley was a business major, but math was actually his favorite subject because it came easily to him.
“Once he turned me on to actuarial work, I decided to major in math and keep a business focus via a minor,” he continues.
Actuary Experiences
Wesley attended the University of Minnesota at Duluth for his undergraduate education.
“I interned between my junior and senior years in college at St. Paul Companies in Minnesota,” he explains. “I started full-time at that company following graduation and have worked at the company ever since.”
“It has now been ten years,” he adds, “and the company has gone through a merger since that time. It is now known as Travelers Insurance.”
Actuary Degree Programs
Actuaries need strong mathematics and statistical skills, plus knowledge in computer programming and finance/economics.
“An individual can get by without majoring in the above disciplines,” Wesley explains, “as long as they have a strong grounding in several of them.”
Actuary Job Description
Wesley is the senior actuary for one of the business segments at Travelers Insurance, which is located in Virginia. Actuaries in the health and life insurance field develop policies by predicting the likelihood of occurrence of diseases and ailments based on statistics of applicable groups of people.
“I specifically support pricing and reserving functions for the global business written by Travelers,” he says. “I have a staff of four who have varying level of experience in the industry.”
Actuary Daily Routine
“I usually begin my day organizing my schedule and preparing for the days meetings and tasks,” Wesley explains. “Much of my day is spent working on a one-on-one as well as group basis with those on my team. We not only discuss actual work projects but also personal and professional development opportunities for the staff.“
Actuary: Steps to Success
In addition to math skills, an actuary needs an unquenchable desire to learn more.
“Success is attributable to one’s ability to exhibit intellectual curiosity,” says Wesley. “We are generally presented with problems to solve within the businesses we support. Anyone with an analytical background can run a program or some statistics on a block of data.”
He continues, “A successful actuary brings to the table a strong business acumen and a strong interest in wanting to know ‘why’ certain things occur as they discuss the issue and problem solve potential solutions.”
Actuary Job Opportunities
“While the demand for actuaries is very strong for those with experience, it can be a tough field to get into,” Wesley explains. “A large barrier to entry is the completion of an actuarial exam coupled with relevant analysis experience.”
Actuarial Career Favorite Aspect
Wesley enjoys combining his love of math with a business setting.
“While I don’t use calculus or integrals explicitly every day,” he says, “I do use the concepts routinely and work to influence others in the business world that may be less familiar with technical concepts.”
Actuary’s Future Ambitions
“I hope that the career continues to grow and evolve into industries other than insurance,” Wesley explains. “The forecasting and analysis that actuaries do are assets in any industry with variability in prices or demand.”
Advice for Prospective Actuaries
Because of the uniqueness of an actuarial career, Wesley recommends thinking outside the textbooks.
“Seek out practicing actuaries and participate in job shadowing experiences early in college,” he advises. “Ask lots of questions and work towards an internship opportunity prior to graduation. Research the exam process and understand academic qualifications necessary for preparatory purposes.”
Wesley adds, “If this career is right for you, commit for the long haul. Getting through the exam process can be a challenge.”
