In Search of the Elusive Female Actuary. Context Actuarial profession heavily male dominated (85%)...
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![Page 1: In Search of the Elusive Female Actuary. Context Actuarial profession heavily male dominated (85%) At UCT we attract a relatively high proportion of women.](https://reader036.fdocuments.net/reader036/viewer/2022062321/56649f2a5503460f94c45102/html5/thumbnails/1.jpg)
In Search of the Elusive Female
Actuary
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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 themMaterial presented today is exploratory – still at initial
stages of researchQuantitative material: some initial figures – both for the
profession and for UCTQualitative material: 2 in-depth interviews held with
qualified actuaries, 1 panel discussion held with current senior students
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Comparable Professions?
Actuarial Professional
Skill set: mathematical,
statistical, analytical, problem
solving
Work environment: corporate, financial services, consulting
Qualification time: 7-10 years
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The Profession
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Data
Data obtained from the Actuarial Society of South AfricaNo 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)
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15% of qualified actuaries in SA are women
6%
33%
27%
50%
5%
16% 15%
0%
10%
20%
30%
40%
50%
60%
Black Coloured Indian Oriental Unknown White Overall
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Proportions higher amongst student members
27%
34% 35%
52%
27%32% 31%
0%
10%
20%
30%
40%
50%
60%
Black Coloured Indian Oriental Unknown White Overall
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Numbers of women actuaries by race
2 312
2 6
111
136
0
20
40
60
80
100
120
140
160
Black Coloured Indian Oriental Unknown White Overall
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Again: pipeline looks more promising
57
11
5312
60
213
406
0
50
100
150
200
250
300
350
400
450
Black Coloured Indian Oriental Unknown White Overall
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Actuaries Student members of profession
Proportion of women by race
14% 3%
13%
3%15%
52%
Black Coloured Indian Oriental Unknown White
2% 2%
9% 1%
4%
82%
Black Coloured Indian Oriental Unknown White
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Improvements over time (qualified)
0%
5%
10%
15%
20%
25%
30%
Under 30 30-39 40-49 50-59 60+
Prop
orti
on F
emal
e
Age
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Number of Women by Year of Qualification
0
20
40
60
80
100
120
140
1948
1952
1958
1963
1967
1970
1973
1976
1979
1982
1985
1988
1991
1994
1997
2000
2003
2006
Tota
l Num
ber
of W
omen
Fel
low
s
Year
Pat Potgieter
Margaret Carey - UK
Heather McLeod - NZ
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Number of Women by Race and Year
0
2
4
6
8
10
12
14
2000 2001 2002 2004 2005 2006 2007
Num
ber o
f Bla
ck,
Indi
an, C
olou
red
and
Ori
enta
l Wom
en
Year
First Black SA Women
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Differences by Age for Students
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
Under 25 25-29 30-34 35+ Unknown
Prop
orti
on F
emal
e
Age
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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
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UCT Students
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Raw Data – Proportion of Females in Class
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
First Year Second Year Third Year Fourth Year
19941995199619971998199920002001200220032004200520062007200820092010
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Smoothed Data – 5 Year Rolling Average
0%5%
10%15%20%25%30%35%40%
94-9
8
95-9
9
96-0
0
97-0
1
98-0
2
99-0
3
00-0
4
01-0
5
02-0
6
03-0
7
04-0
8
05-0
9
06-1
0
Prop
orti
on F
emal
e
Rolling 5 Year Period
First Year Fourth Year
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Relative Persistency of Female Students
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
94-98 95-99 96-00 97-01 98-02 99-03 00-04 01-05 02-06 03-07
Crud
e 4
Year
Per
sist
ency
of
fem
ale
stud
ents
Rolling 5 Year Period
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Cohort Analysis
02468
10121416
1994
1995
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Possible explanations for declining relative persistency
Declining bursariesRelative attractiveness of the QF programFeel less of a need to stick with it just because you
started?
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Some Qualitative Input
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Reasons for choosing Actuarial ScienceInformed 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
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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
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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?”
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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 programOld 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”
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Where to from here?
Literature reviewFigures from comparable disciplines/professionsFurther interrogation of UCT data – cohort analysis, time
to qualification, comparative stats with male students
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The 1989 Class