What do you do?

I am currently employed in the field of actuarial science and am working towards achieving the designation of Fellow of the Actuarial Society of South Africa (FASSA). Having successfully completed the board exams, with a focus on Finance & Investment Principles, Enterprise Risk Management, and specialised in Investments Applications.

As a senior actuarial associate at an audit firm, my role encompasses two primary components. Firstly, I collaborate with our audit team to evaluate various instruments that necessitate specialised expertise for actuarial valuation. This entails assessing financial derivatives, complex share-based transactions, and evaluating market-related risks relevant to financial reporting. Secondly, I engage directly with external clients, providing consultancy services to aid in the valuation of financial instruments.

On a daily basis, my responsibilities encompass the following:

• Taking a leadership role in valuation projects, collaborating with associates, and providing them with guidance on methodologies and requirements as needed. I ensure clarity by defining their responsibilities, setting deadlines, and establishing key milestones throughout the process.
• Engaging in effective communication with audit teams and clients to present valuation procedures and results in a simplified manner, emphasising key risks and focal points while avoiding excessive use of technical jargon.
• Pursuing ongoing skill development and acquiring insights into regulations, industry standards, and best practices to remain current with market trends and requirements.

There's a common jest circulating about Excel being the backbone of the global financial system. In certain respects, this holds true; Excel is a tool renowned for its accessibility, comprehensibility, and versatility, making it a go-to choice for a wide range of applications. However, to address limitations like managing massive datasets and optimising model runtimes, we've integrated procedures and models developed in Python and SAS into our workflow. This ensures we overcome Excel's constraints while capitalising on its strengths.

What’s been a highlight of your career so far?

My entire experience post-qualification has been exceptionally rewarding, and I derive genuine enjoyment from both the work I undertake and the colleagues I collaborate with.

The most exciting moment for me was the day I successfully cleared my final board exam in 2023, which was a goal I pursued since 2016.

Looking back, what advice would you give to current students?

Working hard pays off eventually. Remember, failure is just a stepping stone to growth. It is acceptable to make mistakes but consider what you’ve learnt from them and how you avoid similar mistakes in the future.

Don't underestimate the importance of people skills — it's as valuable as academic success. Consider taking on leadership roles and collaborating with different people to gain valuable experience which can be directly transferable to the working environment.

What are some of the challenges you have faced in your career?

Juggling multiple projects simultaneously can be overwhelming, especially when time is tight. In addition, balancing work and studying concurrently adds an extra layer of challenge.

On a personal note, I had never failed an exam until I faced it with my final actuarial exam. This setback shook my confidence, yet it taught me a valuable lesson about accepting failure. Fortunately, I persevered and successfully passed the exam on my second attempt.

What is the most fulfilling part of your job?

• Collaborating within a young team allows mutual understanding, as we share a similar stage in life and work towards common objectives.
• Engaging in the consulting space exposes me to diverse actuarial tasks, allowing for a comprehensive understanding of the actuarial industry before specialising in a particular area.
• Observing the actions of other market participants and understanding the industry standards provides valuable insights into the finance and investment industry, enriching my understanding of the market.
• Confronting challenging problems on a regular basis gives a sense of accomplishment when suitable solutions are found, which drives personal and professional growth.
• Flexible working hours gives me the freedom to manage my schedules based on weekly workload rather than adhering to fixed 8-5 working hours.
• Earning a comfortable salary early in my career enables me to meet financial obligations and maintain a good standard of living.