Nurturing Aspirations: A Student Perspective on the Seminar with Mr. Robinson and CAA Conference 2023 by Dayanand M Moonoo
INTRODUCTION
“If the student does not surpass the teacher,
then both the student and teacher have failed.”
- Mr. Stokeley Smart
Over the three-day period from November 28th to 30th, 2023, members of the University of the West Indies (St. Augustine) Actuarial Science Club (UWIASC) participated in a historic series of events. The first event, a seminar with Mr. John Robinson, the immediate past President of the Society of Actuaries (SOA), took place at the Noor Hassanali Auditorium and was live-streamed on YouTube and Zoom for students at the UWI Mona Campus, Jamaica, and a myriad of secondary schools and universities across the Caribbean and the globe.
Under the vision of Mr. Stokeley Smart, the director of the Actuarial Science program at the UWI St. Augustine Campus, and in collaboration with the Caribbean Actuarial Association (CAA), members of the UWIASC were invited to an exclusive CAA Conference Concert and Cocktail Reception on November 29th, and the CAA Conference “All Things Actuarial” Student Session on November 30th at the Hyatt Regency, Trinidad. The latter was live-streamed to secondary school and university students worldwide interested in the actuarial profession. This forward-thinking initiative contributed not only to the growth of individual students but also to the overall advancement of actuarial science in the Caribbean region.
The objective of this report is to recount some of the most memorable and significant moments that occurred during each of these events and to discuss their impact on the students. The information presented in this report was captured from feedback forms distributed to all members of the UWIASC who attended the aforementioned events and a small sample of secondary school students.
The seminar with Mr. John Robinson, the immediate past President of the SOA, saw an impressive turnout with ten secondary schools attending in person and current university students. The event took the format of a question-and-answer session, with questions collected months in advance from students across the Caribbean.
Acutely aware that secondary schools were present and tuning in virtually, Mr. Robinson began with the simple question, “What is an actuary?” He gave an eloquent description, “An actuary is a person knowledgeable in mathematics, finance, and statistics who uses various tools in quantifying risk to ensure the solvency of a business (the calculation of reserves).” Mr. Smart, in the audience, extended that definition to, “Quantifying the risk of any transaction, not just in the business context.”
As the proceedings continued, Mr. Robinson’s career was highlighted. Born in England and raised in Jamaica, Mr. Robinson graduated from the UWI Mona Campus in 1976 with a special degree in Mathematics. He noted from the onset that becoming an actuary would be a challenging but worthwhile career. Although he became an associate of the SOA in 1984, what was especially eye-opening to many students was the ten years Mr. Robinson took to complete the rigorous exams to become a Fellow of the SOA. The majority of secondary school students were unaware that the journey to fellowship could be that long and found it daunting.
Mr. Robinson admitted that he failed exams multiple times; however, he had no regrets, always taking strides to improve. This taught students, who were afraid to attempt the professional exams for fear of failure, to accept it as a possibility but to still give their best in the exams nonetheless.
In continuation, Mr. Robinson’s personal marriage story to his “Jamaican sweetheart” was a memorable experience recounted by the students in the feedback forms. Although he told the story for comedic relief, it served as an important lesson to students on managing their time between their professional careers and their family commitments.
Mr. Robinson’s ascent to the 74th president and chair of the SOA was historic since he was the first person of African descent to lead the organization. It came in 2021 after the tragic murder of George Floyd in Minnesota, leading to increased awareness of diversity representation, especially in the workforce. He elaborated that most actuarial firms have embraced the concepts of diversity, equity, and inclusion, and encouraged students to enter the profession wherever in the world an opportunity takes them.
Turning his focus to the university students, he reiterated, “Those who do actuarial science degrees get a skill set that is valuable in fields other than insurance and pensions (the traditional domains of actuaries).” The UWIASC members expressed their gratitude to Mr. Robinson, who in turn encouraged everyone to continue pursuing the actuarial science degree, though it may be challenging.
PART II
The inclusion of students in the prestigious CAA Conference 2023: Balancing the Equation, Shaping a Sustainable Future; marked a historic achievement that signified a paradigm shift in the landscape of actuarial education. Traditionally an exclusive domain for seasoned professionals, this move to actively involve students speaks volumes about the industry's recognition of the importance of nurturing the next generation of actuaries.
Most students were not privy to the existence of the CAA, until it was mentioned by Mr. Smart in their classes. Previously, it may have been only when working in an actuarial firm in the Caribbean, then one would learn about the CAA. It is pivotal that both the secondary and tertiary level students have been already made aware of the organization's existence.
The CAA Conference Concert featured Professor Broverman, Jazz virtuoso and former chair of the University of Toronto (UofT) Actuarial Science Program. For many members of the club, this was their first-time experiencing Jazz live. Some Classics were given a twist, with lyrics revised to reflect the life of an actuary. Laughter filled the hall as the Professor's witty and insightful lyrics shed light on the challenges of managing time and studying for actuarial exams, whilst throwing playful jabs with his own past student, Mr. Smart.
Professor Broverman showcased his prowess on the keyboard, his fingers danced across the keys, effortlessly incorporating complex melodies that mirrored the precision and calculation inherent in actuarial work. As the performance reached its crescendo, Professor Broverman closed the set with the soulful ballad, “Moon River”. The audience erupted into applause, the boundaries between academia and art were blurred, everyone in attendance were left with a memorable experience that highlighted the multifaceted nature of the actuarial science professor. The students were awe-struck with an appreciation for the musical spectacle and newfound respect for the Professor's creative talents. Professor Broverman reinforced that, “if you have a talent, you can make time for it, don’t ever forsake it, even while pursuing the actuarial career path.”
In the Cocktail Reception that followed, aspiring actuaries and those who were not sure about their career trajectory had the privilege of engaging in conversations with actuarial professionals from Trinidad and beyond. Students were particularly impressed by the warm and welcoming atmosphere, which made it easy for them to approach and engage in discussions with individuals from diverse backgrounds. It was a conducive environment for gaining insights into the real-world perspective on the actuarial field no longer entrapped by the theoretical classroom.
The hot topic was “Actuarial Exams”. Majority of students had not passed or were uncertain about taking an exam before the event, however; the data indicates this event directly motivated students to attempt their first actuarial exam. Best illustrated by the 6 students sitting SOA exams in January-February 2024 which is a relative maximum for the UWI Actuarial Science programme.
Simultaneously, “the Actuarial Work-Life Balance” came under scrutiny. Students were inspired to witness the passion and commitment of those who have achieved success in the field. Most professionals admitted that the work can be hard at times, but reiterated their passion for the challenging field and the financial benefits that come along with it. They reinforced the importance of time management especially whilst working and studying for exams. Students were thankful for the privilege of conversing with professionals who generously shared insights into their own career journeys and offered valuable advice on navigating the actuarial profession.
Overall, the CAA Concert and Cocktail Reception not only broadened the perspective of the students but motivated many to commence or continue to pursue excellence in their own actuarial journeys.
PART III
The CAA “All Things Actuarial” Student Session was hosted by Professor Broverman (UofT) and Professor Marshall, coordinator of the Morgan State University (MSU) Actuarial Program with moderator Mr. Smart (UWI). Initially, all panellists gave an excellent overview of the actuarial field. The focus of the discussion centred around the programs at the aforementioned universities.
Feedback from the secondary school students indicated that they were interested in the actuarial science programs at MSU and UofT mainly due to the internship opportunities outlined by the professors. Notwithstanding the UWI, as illustrated by Mr. Smart, which has historically over 85% of graduates employed or pursuing future study, demonstrates the power of our own actuarial science program in the Caribbean.
What stood out to the UWIASC members was the willingness of the attendees in the audience to join the conversation and share their personal experiences, challenges faced, and lessons learned throughout their careers. This open exchange of information fostered a supportive environment for the students.
One of the most impactful aspects of the advisory session came after the cameras were switched off. Nicola Barrett, the current President-Elect of the CAA and Head of Forecast Model Development at MassMutual, who spoke during the event, addressed the UWIASC members personally. She gave candid advice on the importance of continuous learning, adaptability, and resilience in a dynamic field like actuarial science. She reiterated the rigours of the actuarial exams, and the dedication required to succeed. Emphasis was placed on cultivating soft skills such as effective communication and teamwork which showed students that success in this field extends beyond technical proficiency.
CONCLUSION
The executive and membership of the UWIASC would like to express its collective and sincerest appreciation for the opportunity to be an integral part of these three events.
Special gratitude goes to the professionals who shared their advice and guidance to us during these events. The synergy created by a convergence of academic and expertise not only enriched the learning experience for students but also fostered a collaborative environment where knowledge and insights seamlessly flowed between the established practitioners and the aspiring actuaries of tomorrow. Many of the club members, inspired by the stories and experiences shared by the accomplished professionals, have expressed their newfound clarity and determination to pursue a career as qualified actuaries.
The historic event series, the Seminar with Mr. John Robinson, CAA Conference Concert and Cocktail Reception, and the CAA Conference “All Things Actuarial” Student Session was a transformative experience that will undoubtedly shape the students' future endeavours in the actuarial field.
by Dayanand M Moonoo, a student at the University of the West Indies, St. Augustine Campus and is the Public Relations Officer of UWIASC, 2023-2024.