Twenty one things they don’t teach actuarial students at university
Craig Saunders
We above all other professions are very much respected and we must be mindful that going forward we must maintain that respect.
The profession should never offer a view on political issues such as climate change which I call “climate-gate”. Our only role in such discussions is to provide costings on various hypothetical scenarios. If we as a profession get involved in political debates, it will debase our profession. However, what you do on your own is another matter.
Learn “Public Speaking skills”. The word you say are only 10% of the message. The tone of your voice is another 30%. However, your body language is 60%!
Be careful though about what you put on social media. Once a lady got a job and she said on social media: “I got this job, but it’s a lousy company. I just need the money” She got fired before she started work.
Potential employers will google you and check what you say on social media. Never put anything on social media that you would not want on page 1 of the Australian Financial Review. I also recommended you read that paper every day.
We live in an ageing society, which brings a whole lot of new issues for our profession to address. For example, the superannuation subject is now called Retirement Incomes I believe.
When I spent the first 20 years of my almost 40 years in the workforce, I was encouraged to work in many different areas. This avoids a “silo mentality” when is concerning to me. Many younger actuaries are only working and will only ever work in one silo. This is a bad thing for the profession. I have been fortunate to have worked in every area of the financial spectrum.
Find out who the key decision maker is. Many people can say no to a proposal. Only one has the power to say “yes”.
Once when I wanted a job in Investments at National Mutual, I was interview by the Chief Investments Manager. He did not know me from a bar of soap! I did not get the job. I then found out he was about to be appointed head of National Mutual’s “Staff Association”. I re-stood for election, got in, and volunteered for the hardest job: “Social Convenor”. Had to organise monthly Friday Drinks, Staff Annual Ball and staff Children’s Xmas Party. We also had a monthly meeting. After 6 month, he realised I was pretty smart at getting things done. Next time there was a vacancy there, I won by a country mile. It made my career.
Remember that anyone can come up with good ideas. The true skill is in the successful execution of those ideas.
Never be afraid to ask questions. Many people are.
When you are part of a value chain, tell the providers of the part completed item exactly what you need from them.
Similarly, ask the receiver of you part of the item to tell you exactly what they need from you.
Don’t be afraid to make mistakes, but learn from them.
Own up to a mistake you have immediately you realise you have made one. Seek help to get it fixed. Don’t try and blame someone else.
Go on a negotiation skills course. That way, you can learn what are the needs of the other side? People are like icebergs. Only about 11% is visible.
Learn body language skills. I had to because I was born partly deaf. It is an amazing way to see if people are truthful. Buy and read some books by Allan and Barbara Pease.
Trust people until you lose their trust. It is very hard to regain that trust again.
Learn “selling” as opposed to “marketing” skills. You can notice the difference by comparing how you are treated by the sales staff at a Ford dealership compared to a Mercedes dealership. This will help you know when you are being conned in both your corporate life and your private life.
Ask People why they are asking that question. I did not do that once, when I was asked to value a portfolio of shares. One stock had been temporarily suspended. I looked at the listing rules, and they said to use the latest traded price. I did so. I did not know we were going to buy that portfolio off a client for him to put the money into a NMLA Super Fund. I did not ask the reason for the question. No google back them. The reason it was suspended was that it was about to announce it was bankrupt. We lost money. Boss not happy.
Once when I was going for a very senior job, the boss of my boss wanted to sign off on the final interview. He asked me: “Peter, what in your professional life have you screwed up?” I told him a few things. He then said: “I am glad you told me that Peter. If you had said: “I have never made a mistake”, you would not have got the job. I want people on the team who are prepared to take “calculated risks!” Welcome to my team”