www.the-actuary.org.uk
Autumn for actuaries?
Comment Ronnie Bowie
Faculty president Ronnie Bowie says that actuaries must
evolve to meet the new challenges ahead
6 October 2008
A
s our largely non-existent summer
draws to a close, the employment
climate for actuaries may also be
cooling. Some large employers
have implemented a recruitment freeze and
others have announced rationalisations of
departments or sites.
Is this simply part of the seasonal cycle
for actuaries or is it part of a more general
(and more worrying) `global cooling' in
the demand for actuaries? If demand is
indeed cooling, what can we do about it?
We cannot know for sure what the answer
is to the first question. However, would
we be foolish to ignore the possibility that
these recent announcements are part of a
more worrying trend?
A professional body cannot reverse an
economic tide but there are at least two
things we can do -- firstly, equip ourselves
with the skills that markets demand and,
secondly, highlight the skills and added
value that actuaries bring.
We know that a particular type of
actuary is always in demand. Key words
to describe that type of actuary would
include solution-driven, communicative,
business-orientated, practical, analytical
and objective.
As a profession, we need to offer the
right sort of development opportunities.
Given the skills the market demands,
this needs to include as many personal
development opportunities as possible
alongside our more traditional technical
development. Each of the executive
committees covering the main disciplines
within the profession has been asked to
include more of these `professionalism/
softer skills' sessions in their Continuous
Professional Development (CPD) and
convention programmes.
There are already some excellent
examples; for example the forthcoming
Momentum Convention (formerly known
as Younger Members Convention). This
�A reputation for mathematical
excellence and dogged determination
is not enough in itself to maintain
our standing as an eminent
and relevant profession �
runs several technical sessions but also
includes slots on emotional intelligence
and client relationships. Demand for
this convention is growing; it seems that
younger members are increasingly well
tuned in to the need to develop their
personal skills.
I know that phrases such as `emotional
intelligence' and `client relationships'
cause some actuaries to recoil, appalled
at any suggestion of dumbing down
and fearful of a drop in professional
standards as the price of making ourselves
more `market friendly'. Yet our Strategic
Concepts Seminar -- in which we partner
with an outside firm -- is regularly
over-subscribed and clearly addresses a
perceived need. We intend to make more
events like this available.
My personal view is that these
additional skills and training should not
be a substitute for our technical skills but
rather that they should be an addition.
In the past we were regarded as,
"exceptionally good at maths with the
stamina to plough through a long and
arduous training...". Now it often comes
with the add-on, "...and the profession
that caused the problems in pensions
and insurance".
A reputation for mathematical
excellence and dogged determination
is not enough in itself to maintain our
standing as an eminent and relevant
profession. How much more effective and
relevant could we be if the add-on was,
"...and who are renowned for exceptional
levels of problem-solving, business
awareness and communication"?
Our CPD regime already requires
that we should include some hours of
`professionalism' within our overall annual
allocation. My plea is that we view this
not as a chore but as an opportunity to
enhance our skills
in a way that the
market is likely
to reward.
The second thing
the Profession can
do is to market the
skills and added
value that actuaries
can bring. The Profession is working on
ways of repositioning ourselves towards
a broader `risk management' reputation.
We will draw attention to the work of the
increasing number of actuaries outside our
traditional areas whose skills and training
bring something to those fields which
other professions do not.
Our goal is that the actuarial
qualification should become a highly
regarded passport to an ever-widening
circle within the financial world.
We can all learn from the enthusiasm
which younger actuaries typically exhibit
for their `professionalism/softer skills'
development and their understanding of
the portfolio of skills the market requires.
The more that we all embrace this
enthusiasm, the better able will we be to
face our new challenges.
The Profession will do its best to offer
the right development opportunities.
It is up to each of us to exploit those
opportunities. Perhaps the silver lining
to the current clouds may be that they
will create the external stimulus needed
to encourage members to review their
personal development needs and to act
upon that review. If so, spring may not be
so far away!

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