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My Path to Getting Enrolled

ASEA Monthly

When I got into the defined benefit space almost 20 years ago, I was a wide-eyed college graduate excited about making more money than I had ever known and with a firm belief that I would fly through the exam process. I was working for one of the top consulting firms in the business, and the corporate culture was quickly shoved down my throat: long hours at work, and free time spent prepping for exams. I was also beaten over the head with the idea that the only way to succeed in the actuarial business was to: (1) get credentialed; and (2) work for a huge consulting firm.

After three years I was already burned out and disillusioned, and had flamed out of the exam program. I had excelled at test-taking my whole life, and friends and family unfamiliar with the complexity of the SOA exams were left dumbfounded by my exam failures, which just added to my disappointment.

Luckily I was able to maintain a foothold in the business by performing well at the work itself. I may have not had letters after my name, but I could run a valuation efficiently, manage deadlines, prepare a benefit calculation, or do a multi-year projection of accounting costs. I carved a niche for myself by becoming a FASB guru and a point person for company software systems. My lack of credentials (and thus lower salary) actually probably saved my position at least once as a subsequent employer went through round after round of cost-cutting RIFs several years later.

But at some point I felt pigeon-holed in an almost perpetual analyst state. After entertaining the idea of starting over in a new career, I resolved to refocus and work on getting my Enrolled Actuary designation. The thought of having to only pass two exams was much less daunting than returning to the ASA track. 

Although there were a couple more failures along the way, which always hurt because each EA exam is offered only once a year, I finally got those letters in 2016. By that point I had joined a small plan TPA owned by another actuary (and former manager) who brought me onboard as his business was growing rapidly. While my career had not taken the path I had anticipated, it felt like things were falling into place. Those letters after my name provided a sense of security and confidence in being a subject matter expert. But I use the term “expert” with care, as I continue to learn new things every day.

Working in the small-plan industry helped me dispel some of those myths of my early career. You can be successful without working at a huge consulting firm. The DB industry isn’t dying—it’s thriving. Sure, the big firms are always fighting for clients and merging in order to preserve market share, but the small-employer market is a huge growth area, in a way that I don’t think anyone would have thought 20 years ago.

You can make your mark in this business without letters after your name—although I must admit that being enrolled makes me feel pretty grEAt.

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