Yasmeen Husain had never heard the word 鈥榓ctuary鈥� until she was in her mid-twenties. Even then, she wasn鈥檛 sure exactly what an actuary was.
鈥淚 was working in underwriting,鈥� she says. 鈥淚 never heard the word 鈥榓ctuary鈥� until I asked who comes up with the rates we apply to price risks.
鈥淚 was told 鈥榮omething called an actuary鈥�. Not a person, a thing. When I looked into it, I realised it was a field aligned with things I enjoy, like mathematics and problem solving. Plus it has a reputation of being attained by intelligent people.
鈥淪o I thought: 鈥榃ell, I鈥檓 intelligent, I like mathematics, I like a challenge.鈥� And that鈥檚 how I decided to go into the actuarial field.鈥�
Today Yasmeen is self-employed. While there鈥檚 no such thing as a typical day, there are certain key elements that apply to every job.
鈥淲hat I do day-to-day always depends on what my clients need,鈥� she says. 鈥淏ut there is always an element of digesting their methodologies and issuing independent challenge, or being a technical translator to non-actuaries 鈥� in transformation projects, for example. And there is always stakeholder management.鈥�
Along with those key elements come some key challenges, and to Yasmeen they transcend the mechanics of the job.
鈥淏ecause we are intelligent, high achieving individuals, I can feel that I always need to be better,鈥� she says. 鈥淚mpostor syndrome is very real. To me that鈥檚 the biggest challenge, along with keeping up with industry developments and regulation as they are the potential needs of my clients.鈥�
The nature of Yasmeen鈥檚 work means taking on different roles with every job. 鈥淢y next project doesn鈥檛 have to be like my last project,鈥� says Yasmeen. 鈥淪o I need to be resourceful with my expertise.
鈥淲hen you鈥檙e a self-employed professional, unless you鈥檙e working in a niche specialist area, you need to be adaptable and for your skills to be transferable, so you can effectively and competently apply your accumulated experience and knowledge to different types of institutions or problems.
鈥淚n fact, my next step is to expand my actuarial and risk offering to the non-financial sector, where I know we can add value.鈥�
“My next step is to expand my actuarial and risk offering to the non-financial sector, where I know we can add value.” – Yasmeen Husain, Chartered Actuary
As someone who loves a challenge, Yasmeen was well-placed to be part of the team reviewing the way a large UK bank had sold interest rate derivatives to mortgage customers.
鈥淚t was a multidisciplinary project involving actuaries, lawyers, accountants, forensic accountants and IT professionals,鈥� she says.
鈥淲e were brought in to assess whether those who were sold interest rate derivatives understood what they were entering into, and also whether they needed it in the first place. If we assessed there was mis-selling, we had to arrive at the value of the damage and remediation that person or business was entitled to.
鈥淎 significant amount of money was paid to a large number of people and businesses. It was a very rewarding project to work on: public interest, complex cases, and applying my actuarial and risk expertise to specific individuals rather than a sample of a population.鈥�
Yasmeen, already a Chartered Enterprise Risk Actuary and Chartered Insurance Practitioner, was on the fence during the Chartered Actuary debate. 鈥淚鈥檓 one of those people who didn鈥檛 belong to either camp,鈥� she says.
鈥淣ow that I understand more, I realise being a Chartered Actuary will be useful for me as I venture into non-traditional spaces and gain more exposure in the international marketplace.
鈥淒ifferent places have different standards when it comes to actuarial qualifications. Chartered Actuary designation is an unequivocal way to say 鈥業 have passed certain exams, met certain standards and will adhere to a code of conduct鈥�.
鈥淎chieving that stand out is very important, especially as a self-employed person. It could be the quality stamp that gets me through the door. But if not, it鈥檚 still a demonstration of commitment to my chosen field. And that鈥檚 good to have too.鈥�
We鈥檒l be sharing member stories from around the world on a regular basis, so keep an eye out for updates. If you鈥檝e chosen to adopt Chartered Actuary status, or if you鈥檝e employed an actuary who is helping to transform your organisation, we鈥檇 love to hear from you.
