After passing Exam FM, which tests your knowledge of financial mathematics, you’ve laid a solid technical foundation for your actuarial career. But if you want to advance beyond entry-level roles and really stand out, developing essential soft skills is just as crucial. These skills complement your technical abilities and help you become a well-rounded professional who can communicate effectively, lead projects, and adapt to changing environments.
Let’s explore how to develop these soft skills in practical ways that will boost your actuarial career.
The first soft skill to focus on is effective communication. Actuaries often need to explain complex concepts—like risk models or financial forecasts—to non-actuaries such as clients, managers, or colleagues in other departments. Being able to translate technical jargon into clear, simple language is invaluable. For example, instead of saying “the stochastic model indicates a 5% tail risk,” you might say “there’s a small chance of a significant loss, about 5%, based on our model.” This helps your audience grasp the implications without getting lost in the math.
To improve communication, practice writing concise emails, giving presentations, and engaging in meetings. Don’t just wait to be asked questions—voice your opinions and insights confidently but respectfully. Joining professional networking events or actuarial discussion groups can also be a great way to practice conversational skills in a low-pressure setting. Some firms even offer writing workshops or presentation training tailored to actuaries—take advantage of these if available. Remember, clear communication can be the difference between winning a client’s trust or losing their business[1][3][7].
Next up is problem-solving, which goes hand-in-hand with your analytical skills but also requires creativity and persistence. The actuarial field is all about tackling uncertainty and complex challenges. Employers value actuaries who don’t just follow instructions but actively identify problems, ask the right questions, and propose innovative solutions. For instance, when pricing a new insurance product, you might notice gaps in data or regulatory changes that require alternative modeling approaches.
To sharpen problem-solving, try to work through issues independently before seeking help, but also collaborate with colleagues to get diverse perspectives. Practice breaking down big problems into smaller parts, brainstorming multiple solutions, and weighing their pros and cons. This kind of inquisitive mindset and resilience sets you apart and can open doors to leadership roles in risk management or product development[1][2][6].
Adaptability is another soft skill you’ll want to cultivate. The actuarial profession is constantly evolving—new regulations, technological advances, and market shifts mean you have to keep learning and adjusting your approach. Being flexible helps you thrive in changing environments and stay relevant. For example, when a new software tool is introduced for actuarial modeling, embracing it quickly rather than resisting will make you more efficient and valuable.
To build adaptability, develop a mindset that welcomes change as an opportunity rather than a threat. When facing unfamiliar situations, focus on problem-solving rather than frustration. Seek feedback and be willing to adjust your management or communication style depending on your team or clients. This ability is especially important if you aim for managerial roles, where leading through change is common[1][2][5].
Closely linked is the skill of team collaboration. Actuaries rarely work in isolation; you’ll be part of multi-disciplinary teams including underwriters, data scientists, and business managers. Being able to listen actively, respect others’ viewpoints, and contribute constructively improves project outcomes and workplace harmony. For example, during a product launch meeting, you might coordinate with marketing to ensure your risk assessments align with sales strategies.
To enhance collaboration, practice clear and open communication, be reliable in meeting deadlines, and offer help when colleagues face challenges. Developing empathy by understanding others’ pressures and goals also strengthens teamwork. Strong collaborators are often seen as natural leaders and are more likely to be trusted with bigger responsibilities[1][5][6].
Another important soft skill is emotional intelligence, which involves recognizing your own emotions and those of others, managing interpersonal relationships thoughtfully, and navigating workplace dynamics with tact. Emotional intelligence helps in conflict resolution, motivating teams, and building lasting professional relationships. For example, if a junior colleague is struggling with a complex task, understanding their frustration and offering patient guidance rather than criticism fosters a supportive environment.
You can develop emotional intelligence by seeking feedback on your interpersonal style, reflecting on your reactions in different situations, and practicing active listening. Reading books or attending workshops on emotional intelligence tailored for professionals can also be valuable[5].
In addition to these interpersonal skills, commercial awareness is essential for career advancement. This means understanding the broader business environment, such as market trends, regulatory impacts, and company goals. An actuary who knows how interest rate fluctuations affect product pricing or how new insurance regulations shift risk profiles can provide insights that go beyond pure numbers.
To build commercial awareness, follow industry news, attend relevant conferences, and engage with colleagues from other business functions. This knowledge positions you as a strategic partner rather than just a technical expert[4].
Finally, don’t overlook the importance of attention to detail. While it sounds basic, precision is critical in actuarial work where small mistakes can have costly consequences. Cultivate habits like double-checking your calculations, documenting assumptions clearly, and maintaining thorough records. This discipline builds trust with your team and clients and enhances your professional reputation[4].
Developing these soft skills takes time and intentional effort. Here are some actionable steps to get started right after Exam FM:
Set clear goals: Identify one or two soft skills to focus on each quarter, such as improving presentation skills or enhancing adaptability.
Seek mentorship: Find experienced actuaries or managers who can provide feedback and guidance on your communication and leadership style.
Practice regularly: Volunteer for presentations, lead small projects, or join committees to build teamwork and leadership experience.
Reflect and adjust: After meetings or projects, think about what went well and what could be improved in your interpersonal interactions.
Leverage resources: Take advantage of online courses, workshops, or firm-sponsored training in communication, leadership, or emotional intelligence.
To put this into perspective, a 2023 survey by the Society of Actuaries found that actuaries who actively develop soft skills are 30% more likely to receive promotions within five years compared to those focusing solely on technical skills. Employers increasingly look for candidates who combine actuarial expertise with strong communication and leadership abilities[1][8].
In summary, advancing your actuarial career after Exam FM isn’t just about mastering more exams or coding skills. It’s about becoming a communicator, a problem solver, a collaborator, and a leader who can adapt and thrive in a changing professional world. These soft skills are not innate—they can be learned and improved with practice, patience, and purposeful effort. Start today by identifying your growth areas and taking concrete steps to develop them. Your future self—and your career—will thank you.