Name: Mitchell Stephenson
Designation: Fellow in the Society of Actuaries and Member in the American Academy of Actuaries
Years in the field: 25
Current Company: Fannie Mae
1. How/ When did you find out about Actuarial Science
I was a junior at Rutgers University. I double majored in history and math. I thought I might teach history at the college level. Then, in my junior year, a friend of mine encouraged me to join the Student Actuarial Society at Rutgers. I went to one meeting and became instantly interested in the field.
Small world story – that same friend became one of my key stakeholders twenty years later when we worked together at the same company. I am still grateful to him for introducing me to the actuarial profession all those years ago.
2. Why did you want to be an actuary?
Two of my favorite courses in college were statistics and probability. Along with interest rate theory and actuarial math, which I studied as part of the preliminary actuarial exams, I found myself very much enjoying the subject matter.
I liked the fact that actuaries solve business problems with math, expertise, and judgement. The idea that actuaries can become business leaders also intrigued me.
These are the factors that motivated me to study for actuarial exams and to become a credentialed actuary.
3. What was your first actuarial job or internship? What made you switch to non-actuarial later in your career?
My first job was as a data analyst. I took data from plan sponsors and checked it for quality. I loaded it in the record keeping system for use in pension plan calculations.
I changed companies and joined an actuarial rotational program. I held roles in modeling, pricing, product development, valuation, and assumption setting. I got my Fellowship in the Society of Actuaries.
Then I took an opportunity at a company that was standing up a model risk framework. I worked in the actuarial function but specialized in model governance, risk, and controls.
It was this specialization that led me to do something completely different for an actuary. Most large financial institutions have dedicated resources in model governance, risk, and control functions. I enjoy this line of work. Learning these skills in the context of an actuarial function enabled me to port them outside of the insurance industry. I head the Model Governance Solutions team at Fannie Mae, which is a secondary mortgage company.
4. What made you decide to join the Society of Actuaries (SOA) vs. the Casualty Actuarial Society (CAS)?
I spoke with one of my mentors when it was time to decide. He helped me consider the options.
Both organizations have interesting and compelling opportunities. I felt the SOA had more opportunities to choose from across life, annuities, health, specialty fields like long-term care and long-term disability, and retirement. I looked at the exam topics for both the SOA and CAS track and found I was more interested in the topics on the SOA track.
I am sure I would have enjoyed a career as a casualty actuarial just as much, but those are the reasons I chose the SOA track.
5. Personal experience/journey with exam track? How long did it take you to get designated?
In my first seven attempts, I passed four exams and failed three. Then, there was another actuarial student taking the same exam as me. We both went on a hot streak and passed four in a row, all together. It helped to have a study partner and friendly competition.
All in, I passed eight out of eleven as well as a pre-test for a seminar and a professional development paper on the first try. All in, that process took six years. I studied continuously – with breaks only between exam sittings during which time I waited to find out my results – during those years!
I still remember getting the email from the SOA informing me my last education and examination requirement was complete. It is a special day for any actuary.
6. What is something you’ve done in your actuarial career that you’ve found particularly exciting?
I worked for a company that was going through an initial public offering. That meant we were doing work to value all aspects of the company.
I got to run projection models on blocks of business that we tended not to focus on as much in our day-to-day activities. It made me appreciate the importance of assumption setting and in communicating process and results, as governed by ASOP 41 Actuarial Communications.
This was an exciting opportunity to apply the actuarial skill set to solve business problems which were a priority for the company to address.
7 A. How did you get involved with The Actuary magazine?
The first time I contributed to an article was in partnership with another author. Kelly Hennigan, who was the Master of Ceremonies at the 2024 SOA ImpAct conference, asked me to author a piece with her for The Actuary magazine. We published that in early 2017.
After that, I got confident in my ability to create content and publish. Since that first article, I have had the opportunity to write about forty others to multiple publications. This includes The Actuary, The Modeling Platform, and most frequently The Stepping Stone.
B. What have you contributed to The Actuary Magazine?
My favorite topic to write about for actuaries and technical professionals is the importance of soft skills. Some of my favorite contributions are Upskill Those Soft Skills and Thriving in a Technical Field. I researched these extensively. I emphasize the importance for actuaries and technical professionals to combine soft skills with technical expertise to develop skills that are 1) most valuable to organizations, and 2) least vulnerable to automation.
I’ve written about the roles of introverts and extroverts in group dynamics and about the opportunities for the actuarial profession in The Case for Diversity. I contributed pieces on the past, present, and future of model governance, and on artificial intelligence principles, standards, and best practices. Most recently, I published a piece called 10 career myths. This is about things people tell you about your career that are not true.
These have all been topics on which I had done a fair amount of studying and upskilling myself. Writing them down in article form was the fun part.
8. Why do you think it’s beneficial for the actuarial community to have access to this information?
When I started my journey to improve my soft skills, I read The Stepping Stone for leadership and development topics. Every month, I would find something inspiring that gave me motivation to try something new and to establish new habits to improve on communication, time management, leadership, relationship building, and other skills.
Author James Clear wrote, “Habits are the compound interest of self-improvement.” What I have gleaned from other writers and presenters has often come from one key insight or takeaway. That takeaway can turn into something I practice, which eventually becomes a habit. My hope is that for people that read something I have written, or attend a presentation I have given, they walk away with one meaningful tip to incorporate into their daily practice and to form into habit.
9. Any other thoughts you’d like to share? Or advice for other actuaries?
Three things.
Do not rely on your technical abilities alone. They will get you only so far.
Have intentionality to learn new, and relevant skills. As leadership expert John Maxwell wrote, “Growth doesn’t just happen.” He called this the law of intentionality. This means we all must have intentionality to grow and develop in our careers. It does not just happen.
Embrace change and learn to adapt to it. The ability to adapt to change is a key determinant in promotions, career growth, and in driving value for your employer.