CAS Profile: Dan Watt, FCAS

Dan Watt, is a Fellow of the CAS and a dedicated volunteer, having begun his volunteer journey with the CAS in 2015. Over the years, he has contributed to various volunteer groups including the Syllabus and Examination Working Group, the Candidate Advocate Working Group, and the Casualty Actuaries of New England (CANE), among other volunteer roles.

Where do you work and what is your position?

I’m a professor at the University of Connecticut and also an actuary at The Hartford.

• UConn: I teach P&C courses as well as predictive analytics.
• Hartford: I help run the actuarial rotational student program, lead actuarial training, help with DEI and college outreach efforts, and help with various innovative actuarial projects.

Where did you attend college?

I received a B.S. in Mathematics from Utah Valley University.

Why did you decide to become an actuary?

Free pizza! A few actuaries came and presented on the profession at a nearby university. I heard there was free pizza, so I showed up, and the rest is history. They convinced me with their presentation. I decided to pursue the career because I wanted to continue learning for the rest of my life. It was challenging. It was also a clear path to apply my love for Math and Statistics in an impactful way.

What aspects of the field do you love?

The constant need to learn and grow. I’ve never done the same thing twice – it is definitely not monotonous. I love the level of creativity and innovation needed. I love the communication and collaboration with business partners. It’s consistently interesting and challenging. Such a great career!

What is the best career advice you have ever received?

Work on your personal brand by being polished, by volunteering, and by networking. In the workspace, when someone hears your name, do they know you and do they have a good impression of you?

• Being Polished: Practice before any presentation. Be prepared for meetings with your manager, mentors, and business partners. Be yourself at work, but also consistently professional. Us the “3 T’s” in presentations and most professional interactions (“Tell them what you’re going to tell them, tell them, then tell them what you just told them.”).
• Volunteering: Raise your hand when folks ask for volunteers, whether it be a special project, a committee within your professional organization, and/or a charitable event. With special projects, it may be scary at first – you may experience Imposter Syndrome a bit, but the opportunity to network and learn is worth it.
• Networking: Promotions, job placements, etc. can be both objective and subjective. It’s very difficult to get an opportunity if nobody knows who you are or can vouch for your skills. Most networking will happen naturally through volunteering for projects and events, but it’s also good to set up coffee chats with folks. A personal brand must be built. It’s not passively earned.

Do you have any advice for those just starting out?

Seven things I wish I knew at the start of my career:

1. The exam process is a marathon, not a sprint. Manage your expectations accordingly.
2. Study the material for the exams as if you needed it for your career – get to know it so well you could teach it, and then subsequently pass the exam. i.e. Study for the knowledge, not just to pass the exams.
3. Compartmentalize your life, with a focus on physical, emotional, and mental health. When you’re at work, be fully at work. When you’re studying, be fully studying. Most importantly, when it’s your personal or family time, be fully present. Juggling all of it is a simple math problem of time management, as well as maintaining proper boundaries and expectations.
4. Maintain mentor relationships with folks about two years ahead of you in progression (e.g. when first starting out, get a mentor that is an associate and still taking exams. Later, get a mentor that is a recent fellow. After that, get a mentor that is a director, AVP, etc.).
5. You are going to feel Imposter Syndrome for the first 5-10 years of your career. Just expect it. It’s okay.
6. Actively work on your personal brand.
7. Always keep your 401k contributions at the percentage your company matches. It’s basically free money for your older self.

Why would you recommend a career in the P&C insurance industry to current college students?

P&C is super fun! Every actuary will tell you they love what they do, so I’m sure life/health are perfectly fine paths to follow, but I have found P&C endlessly interesting. It requires creativity, innovation, predictive analytics, and more on a plethora of interesting puzzles. For example – the weather, climate change, self-driving cars, cyber security, anti-terrorism, artificial intelligence impacts, and the list goes on and on. So many analytically delicious topics!

What can students do now to prepare for a career in the industry?

Three pieces of advice:

1. Start learning how to study with a thirst for knowledge, rather than focusing solely on grades. If you find yourself memorizing a list or formula without truly understanding it, take some time to figure out why someone invented it in the first place. If you know the guts of the material well enough to explain it to a stranger on a bus, you’ll get good grades anyway, and know the knowledge belongs to you. (Don’t talk to strangers on buses…)
2. Network! Network! Network! Go to career fairs. Attend actuarial nerd conferences. Sign up for volunteer opportunities with professional societies. Join affiliate groups like the International Association of Black Actuaries (IABA), the Organization of Latino Actuaries  (OLA), the Sexuality and Gender Alliance of Actuaries  (SAGAA), etc. Use LinkedIn.
3. In addition to actively studying for exams, take the time to build other needed skills. Vital skills for newbies include: Excel, presentation skills, Excel, communication skills, Excel, Excel, and Excel. You really need to know Excel.