By Sam Gutterman
Fifty years!
Has it really been 50 years since my first day as a summer actuarial intern at New York Life? Back then, I didn’t know what an actuary did, although the math and business angles sounded neat. My, how work-and life-have gone by fast (although I admit that some days and projects never seemed to end).
As I look back, there have been a lot of life lessons experienced, and even some learned. Here are a few of the big ones:
- Do what interests you. Of course, I wasn’t passionate about all of my activities (like some staff meetings, expense reports, and time sheets), but mostly I enjoyed what I did-one way or another.
- Get to know your colleagues. Especially for the people I worked with extensively, I would like to have been and be in better touch with those I valued most.
- Figure out your weaknesses and how to overcome or avoid as many as you can. I have always tried to realistically assess my strengths-they are there, although they may be hard to find.
- When it came to career, long-term planning just didn’t work for me-I had to take it one step at a time.
- Give back to your profession or community. Don’t wait till tomorrow! The actuarial profession provided me with tons of opportunities. (Bonus: This can help with your networking and friendships.)
- Asking the “why” question is important. I always liked being challenged with contrary views and considerations I hadn’t thought of. “The difficulty lies, not in the new ideas, but in escaping from the old ones.”-John M. Keynes.
- Be curious and observe. Many of my best creative and useful thoughts came while running-too bad I didn’t run with my Notes app in pre-iPhone days. Not everyone is creative, but by asking the “why” question rather than just the “what” or “how,” I have tried to learn from mistakes, small and large.
- Keep learning-it is a process. How often did I use the stuff I learned at school or through exams-not often, but I admit I was quite proud when I applied geometry to a mortgage guarantee insurance problem. The importance of facts is often overstated; understanding basic concepts and processes is far more important than regurgitating the memorized details that are soon forgotten.
- Remember fundamental actuarial principles, such as the risk management process and pervasiveness of uncertainty, and think before you extrapolate.
- Be a generalist and be flexible. Otherwise, you risk becoming cubbyholed (although these days this is not easy). Organizations have historically not been kind to specialists-being a manager or in charge of a team may be much more rewarding over the long term.
- Speak up, but not only to self-promote or market-not everything has to be earth-shattering.
- Work should support your personal life, not vice versa. Family is all-important, although sometimes this can be overlooked if not careful. I got my actuarial exams out of the way before I got married and had children. I don’t know how I could have had children and still passed any professional exams-I admire those who have.
- Keep physically active. Everyone should do something, supported by your family, though many such activities can be time-demanding. In my case it has been running, Do your best to have a well-rounded life.
- Give yourself honest personal appraisals-at work and in your personal life. You may not be comfortable with setting long-term goals; one step at a time may be just as successful. But do everything you do as well as you can-of course, that doesn’t imply you need to be a perfectionist. I have had a tendency to seek comprehensive solutions, which can interfere with timely and useful deliverables.
- Check your work, whether in an email or super-important report. It’s worth the time.
- Personal integrity is way too important to compromise. If in doubt, talk it over with someone you respect. Your name is your brand-don’t screw around with it.
As we all travel different paths, our trajectories differ, usually dramatically. I hope some of my thoughts end up benefiting others, as well as serving as a reminder to myself.