My friend CL shared an interesting idea with me last night.
She said, "When you start working,
the tasks and the work itself are not that complicated.
What is complicated is the human relationships.
All the books you read may not be enough to understand it.
So the key is ---when in doubt, ask around."
Luckily, over these few years, I had met some fantastic people that I can seek advice now and in the future.
These are the groups of people that are in my "YY advisory council" for now:
1. Parents
2. Friends who are more experienced in the workforce
(or genearlly friends who are older than I am ;))
3. Classmates who have expertise in some specific areas
4. Professors (Finance, Actuarial Science, Marketing)
5. Alumni
6. Host Family
These are the people who want to see you to be successful.
More than often, they offer you invaluable advice/solution which you have never thought about.
Who is in your advisory council?
non-actuarial related events
In order to nourish my right brain,
I went to watch a play "The Importance of being Earnest" with Christy and Stacy.
I loved the humor and irony of the play.
It's always good to see some familiar faces in the play.
(Dana, your performance as Aunt Bracknell was superb!)
It's the Drake Relays weekend!
A Concern from a Hiring Actuary
Before I told you the concern from this actuary,
this is my reflection here in case you don't have time to read further.
There are two kinds of differentiation an actuarial student needs to know:
Knowing how to differentiate from Calculus helps you pass an exam,
and knowing how to differentiate yourself will get you an offer.
A hiring actuary had a concern---
about the quality of Drake students' resumes and cover letters.
He said "Typos in your resumes and emails are hard to overlook.
Even though you have a GPA 4.0 and 3 exams,
you may not receive a call from the company."
I agreed with the recruiter's comment.
Like what my professor suggested,
"The job market for actuarial students is getting more competitive,
a good GPA and exams passed are not adequate to generate multiple offers."
Lessons learned ---
1. Everything you sent to your future employer is going to be reviewed.
I still remembered someone once told me their company still had the thank-you cards I sent to them when I was a sohpomore.
2. Start your own personal branding project now.
Think about how can you stand out to be the Big Moo (to be remarkable).
Two articles on personal branding
The first article is about online personal branding.
I'm sure you have googled people's name on the web.
I did it all the time before I meet someone important.
E.g. going for a job interview.
According to the article,
"23% of professionals admit to googling people before meeting them. And a survey by Recruiters World revealed that nearly two thirds of respondents use google to research candidates."
The second article is about hotels are using scent in their branding campaigns.
How does that apply to you?
My friend DC (my image expert ;))once told me,
"you need fresh and subtle perfume to make your professional image complete."
Resources: William Arruda on Personal Branding
Thoughts after reading "When to Walk Away by Keith Ferrazzi"
Two years ago, when I was at a campus actuarial job fair,
I came across with someone who made me feel really unwelcomed.
He represented a very big insurance company,
He passed his exams very successfully,
and became a Fellow within 3-4 years after college.
But when I came up to his booth and started to introduce myself,
for the entire time, he did not look at me at all.
I thought every professional should know this basic rule by heart--
"maintain good eye contacts to people you first met" from Day 1!
(later on, I found out he treated most of the students the same way)
Like what Ferrazzi experienced last month, I also had the same question,
"when someone was really mean to you by surprise, what would you do?"
now, I know---there's always an option to walk away.
Lesson learned:
"Just because you are superior doesn't mean you can disrepect anybody."
Thank you DC for offering the quote above.
What kind of Actuary do I want to be?
I'll be working for a pension/retirement consulting firm.
I don't have any prior experience about pension consulting,
but I love the consulting business environment
and the range of locations I can choose to work at.
(James was right about the long working hours from his job interview,
I heard the same comments from different sources as well).
Working long hours does't really bother me that much
as long as I'm staying in the city I like
and I'm doing something I love.
(I'm a successaholic !;))
The experience of working in a consulting firm is very valuable
because things I'll learn from consulting are transferrable to my other future careers.
I knew a Drake alumni, who used to work for a consulting firm
and later on he became the president of an life insurance company.
I am interning in a P&C insurance company this year,
but before that I was interning with a regional accounting firm
and also with a financial service firm.
After all, I still prefer working in a smaller office setting.
I may not want to be an actuary all of my life,
But in the next 6 years (at least), I'm aspiring to be an actuarial consultant.
Plans After Graduation
Ok, a lot of people are curious what I'm going to do for my two months vocation before I start working. Here you go:
I'm planning to be a "Martha Stewart" for a week or two to decorate my new place and to learn how to cook.
Then probably I'll use another week to figure out and test drive the fastest route from my place to the office (it's about 30 minutes drive according to mapquest, but considering myself as a new driver in a big city, I'll give myself alittle bit more time at the beginning, and hence an ipod will be my best friend during my commute ;) )
Definitely I'll check out a toastmaster club in my area so I can polish up my public speaking and presentation skill to have a jump start of my consulting career.
And I'll join the Y or a gym near by to keep phsically fit. I read it from Jeffrey Fox book - "How to become a CEO", he said, "Your brain will make you money, but your body carries your brain. And 90% of all people climbing the corporate ladder are out of shape" How true it is.
I'm also planning to finish all the books written by Guy Kawasaki, he's an Venture Capitalist and he was also an Apple Evengelist. Though it seems actuaries and VCs are from two different spectrums. I'm very inspired by his passion in entrepreneurism.
And one more thing--Travelling, hopefully I can find a friend to go to the East Coast this time.
Next year, wave back to a Liberty waver please!
I always found the Liberty Wavers in West Des Moines amusing. They always smiled and waved to the drivers and passengers on the bus. Sometimes it did brighten up my day!
WSJ had an article about the Liberty wavers on Monday:
"Uncle Sam and Lady Liberty are the creations of a tax-preparation industry pioneer named John Hewitt. After building a firm called Jackson Hewitt Inc. into the industry's second-largest player behind H&R Block Inc., Mr. Hewitt orchestrated a sale of Jackson Hewitt, resigned and soon afterward started a new company, Liberty Tax Service. To get customers into Liberty's doors, he started hiring costumed wavers."
Though this "cheesy" marketing technique gained some criticisms from the competitiors, Liberty seemed doing pretty well and targeting the right customers.
"Yet Liberty and its franchisees have opened nearly 2,000 offices in nine years. That makes Liberty the industry's third-largest player after H&R Block and Jackson Hewitt, and its fastest-growing. Mr. Hewitt gives much of the credit to his costumed characters. "A lot of people carry their W-2 in their wallet, and when they see our wavers they pull right in," he says. Chicago franchisee Kalid Baste says he considered wavers "foolish" until heavy losses at his Liberty stores forced him to give them a try. Soon, he says, revenue doubled. In working-class neighborhoods -- Liberty says it serves the same market as Wal-Mart Stores Inc. -- Uncle Sam and Lady Liberty have become cultural icons."
Definitely the Big 4 would not agree with this marketing tactic since they are targeting to another kind of clients. The moral of the story here is--do something different which will get your potential customer's attentions, and this will for sure drive your competitors so mad to criticize you!
Thoughts after reading "Professionalism is the Fallback"
I just read this article on Ksblog.
Though I don't have a mentor to tell me the advice of "keeping it professional",
I learned it the hard way last year.
When I was looking for a job last year,
I always received phone calls from my prospective employers during my nap time.
Hence, whenver I saw an unfamiliar number,
I had to be awake in 3 seconds before picking up the phone.
Thanks K, for reminding me about the professionalism again!
Resources dealing with Office Politics
A dear friend of mine was having a hard time at work due to the office politics.
Though I'm not the expert on this topic since I haven't started working yet,
I found some articles and hopefully my dear friend can find something useful in these articles.
The Good Guy's and (Gal's) Guide to Office Politics
Surfing Office Politics
Office Politics in the Workplace
I don't know how actuaries deal with the office politics, but I guess office politics is pretty much everywhere and every professional will face it one way or another. So take a look and let me know what you think.
My first Easter Basket and Sunday lunch with my host family
I had my first Easter egg hunt and Easter Basket yesterday.
I also won a $1Pot Luck Lottery inside the Easter Basket ;)
According to the fine prints at the back of the ticket,
the overall odds is 1in 4.76,
so I assumed I beat against the odds yesterday huh?
Save Net Capital Expenditure to my Long Term Memory
I'm having another Finance presentation on Monday.
It's about "Merger and Acqusition" case of Compaq and DEC in 1998.
It's an interesting self-learning and discovering process--
coz the prof just assumed us to remember everything from our previous finance, econ and stat classes.
Perhaps from now on, I have to remind myself to "save" everything I learned each day into my long term memory.
At least, now I will always remember what Net Capital Expenditure is---
Change in assets plus Depreciation.
This weekend is going to be busy.
Always have room for some colors and music in life
1. The sun was out again and it's about 80 degress today!
Of course it's time to sit outside Aliber to soak up the sun again.
It's not too often to have such a nice day in Iowa,
so I'd gotta enjoy it while I could.
2. Christy and I went to downtown for a concert at a cafe this evening,
and I bought 4 CDs from Erika Luckett.
It's my first time listening to her music but somehow her music touched my soul.
3. And I met a Caucasian American who could speak fluent Mandarin (perhaps one in a thousand in my area?) at the cafe and we had a meaningful conversation (ie. we understood each other while speaking in Mandarin;) )
Life is just GREAT!
An Actuary Movie---About Schmidt's
I had a mixed feeling about this movie.
I loved it because it mentioned about Drake (for 5 seconds).
The young guy who replaced the retiring actuary said,
"The Degree from Drake has to be worth something."
I hated it because the film was so slowed and boring to me.
The image of the main character--was just boring and alittle bit depressed.
Perhaps the message of this movie is-
Don't wait til you retire to enjoy life.
Or better yet, don't be a boring actuary, be lively!
Sometimes perception is reality.
And no wonder the SOA needs an image campaign to fight against it.
Resources:
SOA comments on "About Schmidt's"
The Obvious Thing I did today
It's a wonderful day today.
Perfect weather-Sunny, 70s and not too windy.
Since I finished my speech class early,
I decided to sit under the sun and do some sunbathing.
It's just beautiful to lie down on the grass with a friend.
Thanks Sheau Chin, for sharing a sunny, precious moment with me!
I just remembered the song "Soak up the Sun" by Sheryl Crow
"I'm gonna soak up the sun
While it's still free
I'm gonna soak up the sun
Before it goes out on me"
Lalala, I'm going to sing this song if the weather is so nice again. Haha.
(Don't worry, we did put on sunblock ;))
Interesting Article:
Sun Helps Beat Breast Cancer
Actuarial Jokes
By popular demand (okay, just two people, Joel and Janine), I am going to post some actuarial jokes today--Since it's Sunday.
This is my favourite actuarial joke---
"What is the difference between an introverted actuary and an extroverted actuary?
An introverted actuary stares at his own feet during a conversation,
while an extroverted one stares at the other person's feet."
Another one:
"Of course I won't tell anyone. I'm like the exponential distribution, I have the memoryless property."
What's your favourite actuarial joke?
Another funny link:
50 Ways to fail an Actuarial Exam with Style
Dress like someone special
We were given a hand-out, "The Rules of Appearance"--some pointers to students who want to leave a well-dressed prof impage.
I was astounded when I was reading this point:
"Wear makeup. Research by two economics professors indicates that women who wear tastefully-applied makeup earn 20 to 30% more than those who wear no makeup at all."
Oh my, let say a female actuary might make 6 figures in a few years after all the exams.
If the study is universally true and can be applied to all professionals, Does it mean a female actuary who wears makeup will make about $30000 more than an actuary without makeup?
I'd better learn how to do a business makeup in 10 minutes every morning! LOL
I was trying to find the research done by these two economic professors, but I couldn't find anything on google yet.
Though I'm alittle bit doubtful for the credibility of this research quoted by this handout,
the point is---how you look matters and looking as good as you can is your business.
Ok, for guys, here's a good tip from the hand-out:
"Always match your shoes and belt."
P.S. Thanks James for the link of Dress Speak for Women. It's very helpful!
So according to this article, the rule of thumb is
"In general, business presentation make-up should add life to your face without calling attention to the fact that you are wearing make-up."
Any thoughts on it, any makeup experts out there?
Resources:
The Sideroad
Dress Speak for Women
Thoughts after reading "The ABCs of the Full-time Employee-by Erik Summers"
I just received the Future Actuary newsletter and there was a good article written by a friend of mine, Erik Summers.
Erik offered some priceless advice on what a college graduate should expect as a new hire when he starts out working. As I'm going to start working in July, I'll make sure I'm not going to make those careless mistakes that Erik brought up in the article---for example,
“inadvertently replying to all, cutting when I should have copied, and even implying that an exam score of six is somehow inferior to larger numbers. "
Particularly I liked his idea on taking control of your own career.
"A wise employer will create an environment where your contribution may be significant and your personal growth substantial, but grooming you to be CEO by age 40 is not on anyone’s to-do list."
You might be lucky enough to have a good and nurturing boss who will teach you the essence of the business, or you can also seek for mentors for advice.
Though it's nobody's agenda to prepare you to be the Chief Actuary, it should be in your agenda and look out for opportunities to advance yourself.
You are your own coach and cheerleader in this game.
How much does an Actuary make?
James from The Actuary's Progress mentioned about checking out the salary of actuarial positions in www.salary.com.
I found an Actuarial Salary Survey conducted by the D.W. Simpsons. It's pretty accurate, though you cannot find any location-specific salary information. But I think the rule of thumb is---company pay more if you work in the East or big cities.
How to use your OPT to your advantage?
This is what I came across three years ago when I was looking for a summer job:
After an interview, the HR told me,
"Your resume is very impressive, but we don't sponsor International students..Sorry."
A year later, I met this HR in another event.
"Oh, you still don't have a green card yet? Sorry, our company policy still haven't changed yet."
I really wanted to say this to this HR person ---It's all right, it is your LOSS.
Though I wanted to say it, I didn't because it's not a good idea to burn bridges in this actuarial community.
So how to you use your international student status to your advantage?
I called it the "Test Drive" technique:
"Yes, I can certainly understand your concern. But do you know that I can work in the states for one year, using my optional practical training(OPT), without the company paying for the working visa application fees?
Hence, I can work for your company for a year without the working visa. After a year, if you like my working performance, you can then initiate the working visa application process. I would see this year as a risk-free "test-driving" period of my ability.
Win-win situation. If you want to know anything more about the OPT, I can have the director of the international center of my school to contact you tomorrow. "
"All I ask is a chance to prove myself and I believe I'm the best candidate for this position."
Then you close the deal by--(an indrect close)
"What do you think? "
Thank you to Gretchen and Tom for providing the advice on the Netoworking Workshop yesterday!
Further Reference:
Six Ways to Close the Deal
Optional Practical Training
P.S. These are only my two cents. Please also seek for professional advice from your school International Center.
Exam M count down---43 days
I'm not here to give stress to anyone,
but the exam is really coming.
As usual, I've been preparing for it since January.
Of course there's no certainty that you are going to do very well if you study harder.
Yet, this is what I believe:
"Always do what you can.
Because once you do at least what you can...
no matter how seemingly insignificant,
Everything changes."
--thanks to TUT for this inspiration quote.
Chopsticks, Sushi and your Interview
This is a thought we came up with when my friends and I were in a chinese restuarant last night:
When we become a member of the recruiting team of our company, we will take the interview candidates to some ethnic restaurants (like Chinese, Japanese and Indian restaurants etc) to see if the candidates still have good table manner and also how to handle something unexpected.
Probably I will see if a candidate know how to use chopsticks ;)
If you don't know how, this is the link.
Though I couldn't find any articles to show that companies are doing this right now, my friends and I expected that it's going to happen in the next few years when China takes an even more important role in the global economy.
