My name is Derek and I am an actuary. I work at CNA Insurance headquartered in Chicago. I recently took a role in London, England so I live there now. Hello from 4,000 miles away!

Today, I am writing my first blog post with a career tip for you curious future actuaries. Being my first blog, I did some research, and learned Rule Number 1 of Blogging:

Catchy Headlines – simple, powerful, useful, and bold

I hope I chose a good title.

Some of you may already think you know the answer to how coffee can make your career:

“Duh, Derek! Coffee has caffeine!”

Sure. Coffee and its caffeine content do indeed give you super powers. Heightened awareness. Enhanced focus. Three extra hours of sleep. Flight.

But today isn’t about caffeine.

Today, I’ll be talking about coffee’s most important property – the company it brings.

In my five year career so far, I’m quickly learning the importance of having good mentors to career success.

Mentors

Just what exactly is a mentor? A mentor is someone who acts as an experienced and trusted advisor to you, with vested interest in helping you grow. Examples being Yoda, Mr. Miyagi, or Master Shifu (except not as awesome).

   

You can find one through a formal mentoring pairing program at work, or an informal connection you keep in touch with such as past managers, or even from people outside your company or profession.

Typically, you meet with your mentor to catch-up every so often. Once a month is probably typical.

A Story of Why Mentors Rock

I’ll start with a true story starring me.

???? 9:00 a.m. – I get to work. Just a normal day so far. All’s gravy.

???? 10:00 a.m. – Something’s not adding up with the Excel pricing model I created. Other people already rely on this model for their work. I investigate further. Let’s not rush to conclusions here.

???? 10:30 a.m. – Uh oh. I found my mistake. Something is definitely wrong. But wait, if it’s immaterial, then this might not be a big deal! Let’s check!?

???? 11:00 a.m. – IT’S MATERIAL.

???? 12:00 p.m. – I tell my boss the issue. We agree to prioritize getting it fixed and to talk about what happened at the end of the day. I feel TERRIBLE that it is my fault and that it affects other people’s work.

???? 1:00 p.m. – No update. Still feel TERRIBLE.

☕   2:00 p.m. – I grab coffee with my mentor we had already scheduled for that afternoon. My mentor puts the issue into perspective, tells me about times they made their own mistakes, and gives me advice on how to approach my later conversation with my boss. I still feel badly, but considerably less stressed and now more prepared for the meeting later.

 

 

There are days where you will just feel stressed. Maybe it’s exams, maybe you’re about to give a big presentation, maybe you just had a real rough day at work, or maybe it’s something personal outside of work.

The first thing mentors rock for are giving support and encouragement. In the form of advice from their experience, or a sounding board to hear what’s on your mind, or just someone that’s there that has your back. It’s a good feeling.

Opening Doors

When I first started working, I had this impression that your manager is your only means of communication to senior management about your work. This isn’t the case at all.

Having good mentors across the organization doubles as a networking base. There will be times where your manager won’t be able to speak best on your behalf. In this case, a mentor can recommend your work and reference you to others, thus helping give you opportunities and other connections.

Changing managers every couple years is very common in early entry level years, especially in a rotation program. But establishing a good mentoring relationship early and sticking together will provide a constant, no matter where your two careers take you.

Now, that I’ve discussed a few benefits, let’s talk about how to get the most out of your mentoring.

Building a Good Relationship

Play me: https://www.youtube.com/watch?v=HuGIgf-ICHM

One of my favourite scenes from The Office is when Michael Scott (Steve Carrell, Agent Michael Scarn) having faced recent financial issues, declares bankruptcy to the office, and shows shortcuts don’t exist.

Nothing’s ever quite that easy, is it? How much you get out of your mentoring relationships depends on how much effort you put into it.  Here are some helpful tips to get the most out of mentor meetings:

1. Be prepared with topics to discuss
2. Consider your meetings as a priority
3. Be authentic and show your personality
4. Build trust and open up
5. Have fun

Final Mentor Perk

I asked colleagues at CNA if anyone had any mentoring experiences to share. I was happy to connect with Tim Fleming, our VP of Specialty Reserving on his experiences. He wrote:

I first met with my mentor right after I got my FCAS and well before I took on any leadership role. The relationship I have had with this individual has evolved over the 8+ years since then as we have both grown our careers. Now I am proud to call my mentor a friend, a colleague, and in a new chapter of our working relationship I call him boss (ok, I don’t really call him boss, but he is my direct supervisor). I know that the support I have received from this relationship has been critical to my success so far and will continue to be for the next 8+ years and hopefully many more.

I really like Tim’s story. He met his mentor early in his career at CNA, over 8+ years ago. And since then, he and his mentor have both found success moving up through the company into more senior leadership positions.

But, what I like most about his story?

He sought and found a career mentor, but also found a friend. And that’s pretty cool.

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