By Tricia Matson
Since this issue includes the topic of Academy membership value, I decided to share my own story about why I chose to join the Academy, and what I have learned over time about the value of my membership
since joining.
I received my associateship from the Society of Actuaries in 1996. I was working in consulting at the time and was very excited about the prospect of being able to sign actuarial opinions! I was lucky to be working at an employer (Arthur Andersen) that strongly encouraged Academy membership. So I joined right away, and added those very desirable letters after my name—Patricia Matson, MAAA, FSA. It was not long after that I signed my first actuarial report.
Volunteering Accelerated My Learning
What I did not appreciate at the time was how significant my Academy membership would be to my overall career growth. Five years after becoming a member, I started my volunteer journey, becoming a member of the Life Practice Council’s Life Financial Reporting Committee (LFRC). I quickly learned that I knew very little about life financial reporting—at least compared to the amazing volunteers on the committee. Regardless, I was welcomed into that role with open arms, and I did my best to be useful. I didn’t have deep technical expertise but was able to do research, read and critique documents, and volunteer for any tasks I felt capable of taking on.
At the same time, I was starting to do more and more life financial reporting work. I changed roles (this was not my choice; it was the Enron era!), moving to Deloitte Consulting. We had a lot of work involving technical GAAP (Generally Accepted Accounting Principles) issues, and my time on the LFRC gave me great information to leverage. I also found the reverse—my consulting work helped me gain expertise so I could play a more technical and significant role on the committee. Having the combination of my day-job knowledge and LFRC knowledge made me better at both roles. The education I received by working side by side with industry experts was really second to none—I could not have learned as much, or as fast, if I had tried to do it with my day job alone. This continued to be true for the next 25 years—working side-by-side with industry experts on topics such as fair value, economic capital, IFRS (International Financial Reporting Standards), principle-based reserving, risk-based capital, asset modeling, and so on, has been critical to my career-learning journey, and I am very grateful to the Academy for providing this to me.
Leadership, Networking, and Giving Back
But wait, there’s more! Another huge benefit has been the people I have worked with through my 25-year volunteer journey. I have served on about 20 different Academy and Actuarial Standards Board (ASB) committees, and I would guess that this has resulted in adding more than 100 actuaries to my network. Having a strong professional network is critical for all of us. These are people whom I have hired and who have hired me. They have given me career advice, technical advice, and personal advice. They have been my clients and my consultants. We have given each other recommendations and helped each other find jobs. And there is something special about Academy volunteers. Because we all have a passion about serving the public and the profession, we are naturally helpful and professional. These are some of my best “actuarial” friends.
Now, about leadership. Obviously, I have a very significant leadership role now. I’ve not been in it very long, and it is already giving more to me than I am giving to it. To be a part of such a meaningful mission—serving the public and the profession through objective, independent, and balanced advice on actuarial issues—is incredibly rewarding. But this is only one of many incredible leadership opportunities the Academy has given me. Getting back to that first committee, the LFRC, I watched the chairpersons in action and thought that I could do that one day. I asked my committee peers for advice, and eventually I was asked to lead the committee. It was hard—the other members had more experience and more knowledge—but it was a great experience and everyone was wonderful to me. I proceeded to chair a wide range of Academy and ASB committees. I learned a lot about how to lead and reach consensus despite disagreement, how to manage a group with varied levels of commitment, how to ensure all voices are heard, how to produce work products aligned with strategy and mission, and how to turn complicated actuarial discussions into something enjoyable for volunteers.
In my current day job, I lead a team of actuaries across all disciplines. All of our actuaries are Academy members. Many are active volunteers. I want my team to grow and develop—for the sake of our firm, our clients, and for their own career goals. One of the best ways to do this is through Academy membership. Even those who aren’t active on Academy committees can leverage the vast array of learning opportunities on Academy Learning and access the Academy’s many free or low-cost practice-area and professionalism webinars. Some find ways to micro-volunteer, which is a great way to learn and grow without a significant time commitment. I would encourage every employer to look into the value of the membership for their actuarial team, whether they are already members or considering becoming members.
If you want to learn more about these amazing career development opportunities for you or your team, visit the Membership Benefits and Volunteer Center drop-down links in the Membership section of the Academy’s actuary.org homepage, and please do not hesitate to contact me at president@actuary.org.
TRICIA MATSON is president of the Academy.