An Interview with IABA and OLA

The lack of racial diversity in the actuarial profession is staggering – only 1 percent of CAS members are Black or African American, and only 1 percent are Hispanic or Latino. There were more CAS members who became Fellows in 2017 than there are CAS members who are Black or Latino (either Associates or Fellows). The CAS has recently recommitted itself to correcting this issue, as shown by updating its diversity strategy this year. The International Association of Black Actuaries (IABA) and the Organization of Latino Actuaries (OLA) are also working to solve this problem. Here, representatives from each organization discuss what they do and how all actuaries can get involved.

Becki Hall (BH) is a founding member and former vice president of the IABA.
Daniel Fernandez (DF) is a founding member and current secretary of the board of directors for OLA.

This interview has been condensed. You can read the full version on the Future Fellows blog.

What is the core of what your organization does?

BH: One of our key focal points is providing a safe space for personal development and workplace skill building for students at the college level. Prior to the annual meeting, IABA hosts a boot camp. Students are provided accommodation over a week-long period where they are trained in resume building, interviewing, soft skills, and technical skills and also have the opportunity to listen to speakers who work in the field. They then have the opportunity to apply these skills throughout the annual meeting including at the career fair where they have access to numerous employers. City affiliates host professional networking events including speaker series and are involved with high school and college outreach. IABA also provides scholarships, exam fee reimbursement and mentoring in various capacities by partnering with its corporate advisory council and other private employers. Value-adds for seasoned professionals include continuing education credits, networking opportunities and skillset refinement in a more relaxed setting.

DF: Most of our efforts thus far have been focused on students – either making them aware of the profession or trying to help them get an actuarial internship or entry-level position. We currently provide resume review, mock interviews and general mentorship to start. Additionally, we have been providing travel scholarships to candidates to attend Casualty Actuary Society (CAS) Student Day and Society of Actuaries (SOA) Candidate Connect events. In order to connect candidates with actuarial recruiters, OLA also awards scholarships to candidates to attend conventions that are not organized by the CAS or the SOA, but that provide the opportunity to students to connect with actuarial recruiters (STEM- or Latino-focused conventions). Our long-term goals also include mentoring young actuaries to help keep them in the actuarial profession through the credentialing process and helping seasoned actuaries attain management positions and succeed at that level. Another one of our long-term plans is to have an annual meeting.

What projects/initiatives are you excited about?

BH: As the person responsible for overseeing our affiliate leads and their activities, I am most excited about expanding our geographic reach. A Boston area Regional Affiliate is regenerating. Houston and Des Moines are two key areas where affiliates are being developed.

DF: One barrier in the career pipeline is inadequate financial support for resources. Even though students can be reimbursed for the exam fee upon passing the first two exams, candidates might not even have enough money to front these costs. One initiative I am excited about is trying to tailor some sort of scholarship to assist candidates with this.   

What do you think your organization does well? Where do you feel like you could be doing better?

BH: IABA is generally considered a valuable resource for college students. Three key areas for improvement are awareness, personal connection and financial. In terms of awareness, there is an opportunity to partner with experienced professionals and educate them on the value the organization can provide to them throughout various points in their career. A lack of personal connection to the organization can inhibit prospective partnerships, and it is incumbent on the organization to educate the actuarial community on its symbiotic nature. Finally, financial support will be instrumental to enable IABA to carry out its core mission through its formal channels as it continues to expand.

DF: One of the things we do well is creating a connection with our students. We get to know them well and what their needs are. This is also helping us in creating ways to help our students in the future based on their actual needs, not what we perceive them to be. I think that we could be doing better at trying to offload some of the work that we are doing to members who may not necessarily be members of the board of directors. Sometimes it takes a village – and taking advantage of that village helps us avoid burning out.

What are the biggest challenges that you and your base are facing right now? What are you doing, and what can actuaries outside your organization do, to help overcome those challenges?

BH: Expanding our membership has been challenging and will be instrumental to achieving the organization's mission. The corporate advisory council includes employers who provide in-kind donations and partner closely with IABA to achieve the organization's mission and vision. In particular, there is an urgent need for more property-casualty representation on our corporate advisory council. Challenges are being addressed through the affiliate channels, general marketing at professional events (such as the CAS Annual Meeting) and membership outreach efforts.

DF: I think some of the biggest challenges that we have had so far have been based on infrastructure. For example, it took a while to create a website, which has limited our ability to disseminate information to a wider audience. These are the issues that can plague young and small organizations at the outset, but we are slowly overcoming these challenges one by one.

How can actuaries outside your organization help your base?

BH: Involvement is not limited to persons of color. Outside of the formally established relationships, there are other opportunities for involvement including coaching and mentoring. Anyone who is committed to supporting the mission is welcome to join us in its pursuit. To get involved, you can email us at iaba@blackactuaries.org or call 860-906-1286.

DF: Actuaries outside of OLA can help our base by mentoring our students, considering them for any open positions that they know of, encouraging their organizations to support OLA financially, and helping us spread the word about OLA. To get involved, you can email us at LatinoActuaries@gmail.com.

To learn more about these organizations, you can visit their websites: blackactuaries.org and latinoactuaries.org.