By William J. Michalisin
One of the things I value most about the American Academy of Actuaries is the way our members bring actuarial expertise and passion to life in service of the Academy’s mission, which is to serve the public and the U.S. actuarial profession. The work our members do through the Academy demonstrates the powerful impact that actuarial insight and professionalism can have on some of the most complex financial and policy challenges facing our nation, while also reinforcing the value of membership and the credibility of the MAAA designation.
For all actuaries practicing in the United States, the Academy provides a unique opportunity to join the national organization focused solely on the actuarial profession in the United States and to contribute their knowledge and experience beyond their daily roles. An investment made in Academy membership is an investment in the U.S. profession. Academy membership empowers actuaries to help inform public policy, strengthen the U.S. profession and the structures that support it, build community and connection, and engage with stakeholders on issues that affect the financial security of millions of Americans.
This work takes many forms, but at its core, it reflects the profession’s commitment to bringing objective, independent, and balanced expertise to real-world issues while reinforcing professionalism and member value.
Ensuring Actuarial Expertise Informs Public Policy
The issues actuaries engage with today are increasingly complex and interconnected. From health care affordability and retirement sustainability to climate risk and emerging technologies such as artificial intelligence and cyber risks, policymakers and stakeholders are grappling with decisions that carry significant long-term financial implications.
The Academy helps ensure that actuarial perspectives are part of these conversations at the state, federal, and sometimes global level. Through issue briefs, comment letters, research, and public policy discussions, our volunteers contribute thoughtful, data-driven analysis that helps illuminate potential risks, tradeoffs, and solutions, and educates stakeholders about the critical role played by the actuarial profession.
Recently, Academy staff and volunteers visited Capitol Hill offices and committees for our Annual Hill Visits. As the voice on professionalism and public policy for the U.S. actuarial profession, Hill Visits are a direct manifestation of how the Academy brings its role to life, connecting actuarial expertise with the issues impacting policymakers and regulators today. Such activities reinforce direct value for the members who are able to participate and broader value for all actuaries and their employers, who benefit from the enhanced positioning and reputation-building that result, along with the greater recognition of the actuarial perspective on real-world issues.
These conversations are an important way the Academy helps ensure that policymakers and regulators have access to objective, nonpartisan actuarial analysis as they consider policy decisions with long-term implications. Actuaries are uniquely positioned to help illuminate how demographic trends, financial risks, and policy choices interact over time.
For our members, these visits and other stakeholder outreach provide a powerful opportunity to see firsthand how actuarial expertise contributes to policy discussions at various levels of government. This work also reflects the profession’s broader role in helping society understand and manage financial uncertainty and underscores the reach and impact of the actuarial perspective. For policymakers and regulators, these interactions provide access to Academy members who bring a credible, nonpartisan perspective and trusted, data-driven insight that can help inform better decision-making.
Supporting the Structures That Uphold Professionalism
Professionalism is the foundation of the actuarial profession, and the Academy plays a leading role in housing and supporting the structures that sustain the profession’s self-regulatory status in the United States.
Through our support of the U.S. actuarial professionalism framework, including the Code of Professional Conduct, the Actuarial Standards Board, the Actuarial Board for Counseling and Discipline, and the U.S. Qualification Standards, the Academy helps ensure that actuarial work continues to be guided by rigorous standards, ethical conduct, and accountability.
These structures help maintain the credibility and trust that policymakers, regulators, and the public place in actuarial work and in the profession itself. They also provide opportunities for actuaries to get involved in the Academy and contribute their expertise in developing and stewarding the professional standards that guide practice across the profession through volunteer activities.
Maintaining the Standing of the MAAA Designation
Another important aspect of the Academy’s work is promoting and defending recognition of the MAAA designation in more than 1,400 U.S. laws and regulations.
The MAAA signifies that an actuary meets the Academy’s membership requirements and the competency framework, which outlines critical baseline knowledge of core competencies, U.S. laws and regulations, and professionalism on which principals, employers, and stakeholders rely. Maintaining recognition of the designation helps ensure that policymakers and regulators can rely on the professionalism structures housed within the Academy that support the profession’s system of self-regulation, as well as the independent and objective actuarial expertise brought to bear when addressing complex financial issues.
The Academy works closely with regulators, policymakers, and other stakeholders to support continued recognition of the MAAA, to increase awareness of the critical role played by the actuarial profession in the United States, and to reinforce the value that Academy membership represents for the profession and the public.
A Community of Volunteers Making an Impact
A significant and meaningful expression of the Academy’s membership value is the dedication and impact of our volunteers.
More than 1,200 actuaries contribute their time and expertise through Academy councils, committees, task forces, and leadership roles. These volunteers develop policy analysis, help support professionalism structures, enhance the member and volunteer experience, and advance the Academy’s mission to serve the public and the U.S. actuarial profession.
In doing so, they also strengthen the actuarial community, including the employers of actuaries and actuarial science programs that educate and prepare the next generation of actuaries. Volunteers share that their involvement with the Academy deepens their understanding of public policy, broadens their professional networks, and provides valuable leadership experience, all of which makes them grow as actuaries and professionals.
Most importantly, it gives them the opportunity to see how actuarial expertise can help address real-world challenges and contribute to the financial security of individuals, families, and institutions across the country.
Strengthening the Profession Through Service
The Academy’s 60 years of work reflects the best traditions of the U.S. actuarial profession—bringing objective and independent expertise, professional rigor, and a commitment to the public good to the issues that matter most.
Every time an actuary volunteers, meets with a policymaker or regulator, contributes to a policy analysis, comments on an ASOP exposure, or helps uphold the profession’s standards through practice, that actuary is helping bring the Academy’s mission to life.
And together, these efforts ensure that the actuarial profession continues to play a vital role in shaping the financial systems and policies that support long-term security and stability in our society.
WILLIAM J. MICHALISIN is the Academy’s executive director and CEO.