In Search of the Elusive Female Actuary

Context Actuarial profession heavily male dominated (85%) At UCT we attract a relatively high proportion of women into the program (35%), but struggle to retain them Material presented today is exploratory – still at initial stages of research Quantitative material: some initial figures – both for the profession and for UCT Qualitative material: 2 in-depth interviews held with qualified actuaries, 1 panel discussion held with current senior students

Comparable Professions? Actuarial Professional Skill set: mathematical, statistical, analytical, problem solving Work environment: corporate, financial services, consulting Qualification time: 7-10 years

The Profession

Data Data obtained from the Actuarial Society of South Africa No data cleaning was done (yet!) Four categories of members:  “Fellows” (referred to as actuaries from now on)  Associate members (only 60, ignored in this analysis)  Student members  Library members (ignored in this analysis)

15% of qualified actuaries in SA are women

Proportions higher amongst student members

Numbers of women actuaries by race

Again: pipeline looks more promising

Actuaries Student members of profession Proportion of women by race

Improvements over time (qualified)

Number of Women by Year of Qualification Pat Potgieter Margaret Carey - UK Heather McLeod - NZ

Number of Women by Race and Year

Differences by Age for Students

Lots of questions Relative probability of qualification? (will the student members become actuaries?) Will improvements continue? Or have we plateaued? Are there ways of increasing the pace of change? How do we compare to other similar professions/disciplines? Variations in time to qualification

UCT Students

Raw Data – Proportion of Females in Class

Smoothed Data – 5 Year Rolling Average

Relative Persistency of Female Students

Cohort Analysis

Possible explanations for declining relative persistency Declining bursaries Relative attractiveness of the QF program Feel less of a need to stick with it just because you started?

Some Qualitative Input

Reasons for choosing Actuarial Science Informed choice  Good at mathematics  Wanted the challenge  Wanted to do something “substantial” and different  Wanted to be part of a profession  Wanted financial security, job opportunities, status, good pay Less informed choice  By elimination... “Didn’t want to do a science degree or be a CA”  Influenced by older siblings or their friends  Parental expectations: status, professional qualification  Generally high marks, enjoyed everything at school – hard to choose a career... “Might as well give it a shot”, “Might as well start at the top”  Find out what the hype is all about Offered a bursary

Reasons for continuing with Actuarial Science Positive choice  Enjoyed it (“when I understood”, “all the way along”)  Found it empowering: wide range of skills, stepping stone, up to you what you want to do, access to a wide range of fields  Driven by challenge The default option  “Come so far”  “Stupid not to carry on”  “Might as well...”  Nothing else appealed to switch into Bursary obligation

Reasons for opting out Not wanting to put in the required hours (wanting a balance between different aspects of life) Perception of class mates – “not truly passionate” Worth the effort if you aren’t sure you want a high powered career? Lack of space to express non-rational parts of yourself (“if you want to be a girl, go do it elsewhere”) Negative comments from student advisors  “with maths marks like this is it worth continuing?”

Other issues worth noting Many moments of “this is a mistake” Opportunity for personal growth:  Learning what you’re willing to give up and what you’re not  Learning to deal with failure References to a love-hate relationship with the program Old fashioned views from families and classmates:  “Do you really want to be such a powerful woman?”  You don’t have to worry about failing... “ you can just get married”  “No one will marry you if you earn more than them”

Where to from here? Literature review Figures from comparable disciplines/professions Further interrogation of UCT data – cohort analysis, time to qualification, comparative stats with male students

The 1989 Class