By Darrell Knapp
The July/August issue of Contingencies is focused on member value, with several American Academy of Actuaries members discussing what being an MAAA means to them. This caused me to reflect on my own journey as an MAAA and how my perception of the credential has changed over time.
Like many actuaries, I initially joined the Academy as soon as I became eligible largely because it was my employer’s policy. I applied and paid my dues without giving it much thought about what I was gaining beyond the credential.
My first real appreciation for the Academy’s role came in the public policy sphere. In the late 1980s and early 1990s, there was a lot of discussion around nationalized health insurance. I was somewhat disillusioned at the quality of thought but was very much heartened that the Academy was able to weigh in on the subject with well-thought-out implications of potential public policy initiatives. I was thrilled that the profession I loved so much had a way, through the Academy, to effectively participate in the public policy debate and was able to produce the sound, unbiased analysis I would expect from my profession.
As my career advanced, I became more focused on the value of the professionalism efforts advanced by the Academy. I was fortunate to have wonderful mentors early on who emphasized not just on how things should be done, but the importance of—paraphrasing a popular movie of the time—“doing the right thing.” Over time, I realized the guidance wasn’t just good advice; it was part of my professional requirements outlined in the Code of Professional Conduct and the actuarial standards of practice (ASOPs). I was amazed at the importance that our profession and the Academy puts on professionalism. Throughout my career, returning to the Code, the U.S. Qualification Standards, and the ASOPs, all supported by the Academy, has provided a solid framework whenever I have faced difficult ethical and professional dilemmas.
I’ve written on the value of volunteering in the March/April issue of Contingencies. For me, the opportunity to volunteer for the Academy, and do something where I am making a difference, is a significant part of my membership experience and journey. Recently, another actuary asked me to reflect on moments in my career where I truly felt I was making a difference to society or to the profession. To my surprise, many of the highlights that came to mind were largely my volunteer efforts with the Academy. Whether it was participating in the Health Risk-Based Capital Work Group, developing a white paper on the Affordable Care Act, or serving on the Actuarial Standards Board, these experiences have been deeply fulfilling. Without my Academy membership, I may not have had these memorable career experiences. Not only do I get to be proud of a profession that serves the public through the Academy’s efforts, but I also get to be part of that service and help our profession’s voice be heard!
One area where the value of Academy membership has significantly grown is continuing education (CE). For years, the Academy has offered high-quality CE events such as the Casualty Loss Reserve Seminar (co-sponsored with the Casualty Actuarial Society), the annual Life and Health Qualifications Seminar, the Seminar on Effective P/C Loss Reserve Opinions, and the Academy’s annual meetings, as well as webinars on professionalism, public policy, and other topical issues. Recently, the Academy has added several symposia events and greatly expanded its webinar offerings. At just $55 for individual members or $500 for a group registration (and free replays available to members), these webinars represent one of the best CE values available to actuaries and their employers.
The Academy’s mission is to serve the public and the U.S. actuarial profession. As such, I am going to sum up this column by looking at value from the perspective of several stakeholders:
- Through the Academy’s public policy efforts, the public receives balanced, objective input on a number of policy initiatives. In addition, the public benefits from a sound financial security system that is enabled by the professionalism of actuaries.
- Actuaries who are not members still benefit from the professionalism efforts of the Academy. Financially, they may get the best value—they pay nothing at all but still reap many benefits that the Academy provides.
- Employers benefit from knowing that when they hire or engage an actuary with an MAAA designation, they are engaging a professional who adheres to the Code and performs work in accordance with accepted ASOPs. In addition, employers of actuaries benefit from the Academy’s continuing education offerings, as well as the enrichment their employees gain through volunteering and participating in the development of public policy.
- As an MAAA, I get the greatest value of all—a credential that is widely recognized in laws and regulations, professionalism to help me fulfill my job responsibilities in an appropriate manner, a vast array of continuing education opportunities, and an opportunity to give back to the public and support a profession I dearly love!
It’s clear that I have benefitted extensively from my membership in the Academy, and I would assume there are many more like me given the 20,000-plus members today! As members, let’s not forget our own voices and the need for each of us to be advocates for our profession and the important role played by the Academy. Be sure to spread the word and share your own unique membership experience and journey so others—current and future actuaries—can benefit as well.
Darrell Knapp is president of the Academy.