Shaping Tomorrow: Promoting Progression and Driving Diversity in the Actuarial Profession

Promote progression and drive diversity by focusing on the future

It has only been 100 years since the first women qualified as actuaries[1]. Although we have come a long way since then, we still have work to do to increase the diversity of the actuarial profession, particularly the diversity profile of individuals in senior leadership positions.

One way to achieve this is to look to the future and consider how we can act now to grow and inspire the next generation of actuaries.

If we invest in people at the beginning of their career journeys, showing that we are building an actuarial profession that is genuinely inclusive and accessible, we are putting ourselves in a stronger position to promote progression and drive diversity at senior levels too.

Data Driven Futures

The Data Driven Futures programme was launched this August by the Institute and Faculty of Actuaries (IFoA) in collaboration with the EY Foundation[2].

The programme aims to widen access to the actuarial profession, by providing two weeks of paid employability skills training, work experience with an actuarial employer, and mentoring opportunities for young people who may face barriers into employment. With Progress Together’s own research[3] showing socio-economic background is more likely to impact a person’s route to success in financial services than gender or ethnicity, this is one of our priority areas to address.

I had the privilege of introducing the participants to the programme at the start of week one. It was truly heartwarming to see so many young people eager to learn about our profession, and to see how many actuaries, IFoA members and employers worked together to make the programme a success.

We have received so many positive feedback from participants, commenting on how educational and supportive they found the programme, which is crucial for their career awareness moving forward. Employers who hosted participants said that the programme supported young people to focus on their careers at an early age, which develops the necessary foundations for progression to senior roles from the start.

Data Driven Futures was also an opportunity for current actuaries to improve their own skillsets. Some volunteered to participate in panels, sharing stories about their career paths as actuaries and teaching participants the fundamentals of what being an actuary means. Others have taken on mentoring roles stretching over the next twelve months.

The power of mentoring

One way to increase diversity in senior leadership is broadening access, but we can also support those currently in the profession to progress and develop. Through its focus on mentoring, Data Driven Futures serves both of these goals.

Each participant will now have one year’s worth of mentoring from an actuary to build long term success, confidence and provide support with their development, learning and career goals. Mentors will be able to share their insights, expertise and experience.

From personal experience, having both had a mentor and been a mentor, I know how valuable it is to have someone to go to for guidance and advice, and just to have someone to talk to. Being a mentor is an opportunity to help others, as well as to build confidence, leadership, communication skills. These are all crucial qualities needed to progress to senior roles.

Mentoring is proven to help people progress their careers. For example, from 2021-22 the Actuarial Mentoring Programme saw a tangible impact, with 65% of mentees progressing in their career following involvement in the programme[4]. This programme, delivered by Moving Ahead with the support of the IFoA, and sponsorship from the Pension Insurance Corporation, is a pioneering global mentoring initiative designed to improve diversity within the actuarial profession.

Setting a strategy

Putting in place DEI strategies is increasingly important for businesses[5]. DEI strategies can support companies to make sure they are fit for the future, have high performing teams, and gain commercial advantage. On top of this, DEI strategies are simply the right thing to do.

A strategy is a great starting point, but we must make sure we are following through with action and initiatives that will help us achieve our goals.

The Data Driven Futures programme is an example of this. In 2022, the IFoA set out its own DEI strategy[6]. Specific strategy actions for the IFoA commit us to widening existing, and introducing new, IFoA initiatives promoting actuarial careers. Likewise, this activity supports us to fulfil to some extent other actions, including commitments to increase access into the profession, and supporting employers in recruiting from diverse sources.

Looking to the future

Embracing diverse perspectives is essential to the role of an actuary. There is no quick fix to promoting diversity in senior leadership. But with strategies in place supported by robust programmes, and a spirit of collaboration to deliver these aims, we can positively impact the diversity and inclusiveness of the profession and wider society.