Greetings from the Incoming E&R Chair
By Stefanos Orfanos
Expanding Horizons, April 2024
Dear members and friends of the Society of Actuaries’ (SOA’s) Education & Research (E&R) Section,
I am honored to address you as the new chairperson of the section. This role marks the culmination of my three-year journey within the section council, initially serving as secretary, then as co-vice-chair, and simultaneously as the co-editor of Expanding Horizons. I extend my sincere thanks to my predecessors, Jason Hong and Russell Hendel, for their leadership and mentorship during this period, as well as to Tianyang Wang for the smooth sharing of editorial duties, and to SOA staff members Jane Lesch, Carla Eisenberg and Karen Steib for their amazing work behind the scenes.
My tenure in the E&R Section has been driven by a commitment to place actuarial education on an equal footing with actuarial research. Working collaboratively with Russell Hendel and Fang Yang—my Georgia State University colleague and current co-vice-chair—we successfully instituted an award for outstanding actuarial educators. This initiative complements the existing Early Career Award for promising actuarial researchers, thereby recognizing excellence in both domains. Additionally, Tianyang and I were able to solicit submissions to Expanding Horizons that discussed novel approaches in the teaching of actuarial science or provided examples of successful actuarial programs of all sizes from around the country and beyond, making these valuable stories accessible to our readership.
Two years ago, the SOA launched the University-Earned Credit, arguably the most significant transformation of the US actuarial credentialing system in this century. Its emphasis on nontechnical, nonquantitative skills, like adaptability and communication, resonated with my own observations. I have witnessed time and again how young actuaries’ lack of these skills has impeded their professional advancement and diminished their effectiveness in the workplace. I was particularly pleased to see the SOA acknowledge the need for these skills to be cultivated through deliberate educational strategies in a university setting, rather than leaving their development solely in the hands of employers.
In my mind, the realm of actuarial education extends far beyond credentialing and includes pedagogy, pipelines and career readiness. This broader scope demands greater recognition and support, especially in the face of challenges such as shrinking enrollments in smaller actuarial programs and the competition for highly qualified entry-level candidates in the industry. Furthermore, the recent struggles of actuarial employers across many lines of business and the increasing difficulties faced by international students in securing employment sponsorship present another layer of complexity. While these issues might surpass the direct influence of the E&R Section Council, they remain deeply relevant to our members and warrant our attention.
As we move forward, I envision the E&R Section playing a critical advisory role in addressing these challenges and shaping the future of actuarial education and research. I encourage each of you to actively participate in this journey, sharing your insights, experiences and innovations. Together, we can build a more dynamic and inclusive actuarial community, responsive to the evolving demands of our profession and the broader society we serve. I look forward to working with all of you to make this vision a reality.
Statements of fact and opinions expressed herein are those of the individual authors and are not necessarily those of the Society of Actuaries, the editors, or the respective authors’ employers.
Stefanos Orfanos, FSA, CERA, is a clinical assistant professor and the Master of Actuarial Science program director at Georgia State University, as well as the 2024 chair for the SOA’s Education and Research Section. Stefanos can be reached at sorfanos@gsu.edu.