Inspiring Diversity in Actuarial Science for Women & Non-Binary Individuals in STEM
Meet an Actuary whose championing diversity and shattering stereotypes
The actuarial field is an area of STEM that remains dominated by men and maintains a gender wage gap. But despite this, one woman was able to make waves in the field for decades and now teaches other young people how to do the same.
Mandy Hammell is many things. She is a Fellow of the Society of Actuaries and a Certified Life Underwriter in the workforce, a Professor of Practice and Faculty-in-Charge in academia, and a loving wife, mother, and friend at home. She loves math, logistics, and fostering human relationships, and she has been lucky enough to find a career path that allows her to do all of these things. Now, she brings her passion to students aspiring to do the same.
What Is An Actuary?
Actuarial science is a niche field at the intersection of data analytics and statistics within the business world. There are over 25,000 actuaries in the United States, with only 25.7% (or approximately 6,400) of them identifying as women.
The field boasts an average of women making 94￠ on every $1 their male counterparts make, and, while not equal, this gender pay gap is still proportionately better than the national average of women making 83￠ on a man’s $1. So even as there is an overall lack of women in the actuarial field, the women that are in the field are at least making better money than some of their female STEM counterparts.
Although, the statistics of racial diversity among actuaries are far less promising. According to Zippia, 71.4% of actuaries in the U.S. self-identified as White, with another 17.3% identifying as Asian, and only 11.3% making up the Hispanic or Latino, Black or African American, Unknown, or American Indian and Alaska Native populations. The source also identifies Asian actuaries to have the highest annual income at an average of $94,046 and Black or African American actuaries earning only $88,402.
Where It Started
Hammell has always been interested in STEM. From the time she was a little girl she loved to do puzzles and connect numbers. Growing up in State College, PA, she did not have many options for specialized science, technology, engineering, or math programs during her primary education.
Not knowing exactly what she wanted to do, Hammell went to The Pennsylvania State University (where her dad worked) in an initial pursuit of a Computer Science degree. She quickly figured out that the program made her feel isolated and uninspired, so her dad set up a meeting between her and a female actuary who worked for the University.
The woman explained to Hammell that the career had been very suitable for her, as a woman, in that “your advancement was based upon your advancement through the exams… very much at your own control. As opposed to… in a lot of places getting ahead (means) you have to get the right opportunities and get exposed to things by the right people (which) is sometimes harder to navigate.”
Hamell was so intrigued by this woman’s experience working as an actuary that she changed her major to a Bachelor of Science in Applied Mathematics and quickly fell in love with her actuarial courses.
A Solid Career Foundation
Hammell graduated from Penn State and began working full time for Prudential Financial while she finished her course of (then) 10 exams required to become a member of the Society of Actuaries (SOA). She completed all of her exams and was able to formally join the SOA within five years of graduating college.
Over these five years Hammell focused on making connections, building her network, and finding new opportunities for herself within Prudential. She worked with financial analysis, financial reporting, and mergers and acquisitions, eventually being able to travel the world through work.
Hammell worked her way up to a Vice President position within the company and was able to work remote and part-time while her children were young simultaneously. The flexibility and understanding of her personal life allowed her to maintain a passionate career while not having to set back any of her personal goals.
Shifting To Academia
Hammell left her VP role at Prudential after working nearly 30 years with the company. She discovered that even the connections she had made back when she was in undergrad were still valuable when she got a call from one of her old professors in the Actuarial Department. He wanted her to come back to the University to teach one of the same classes that she had taken years ago.
Ready for a shift in her career, Hammell took the position as an Adjunct Professor. After only one semester (notably over the peak of Covid) she was promoted to the titles of Professor of Practice and Faculty-in-Charge of the Actuarial Science Program. Today she is the head of Penn State’s Actuarial Science program, where she is also a professor.
Hammell’s Reflections
Hammell enjoys teaching her students not only about the skills needed to be an actuary, but also how the career path can be so beneficial. She is sure to pass onto her students the same message of promoting flexibility and passion in the workplace that her father’s colleague had expressed to her years prior.
For students that do not quite know what they want to do with their careers, she emphasizes the importance of “trying to learn about the environment that you would be operating in and whether or not it's going to be one where you're going to have those opportunities to advance.” Even though the course of education and exams needed to be an actuary were ideal for her situation, she encourages her students to evaluate that for themselves.
In thinking about what traits employers hiring actuaries are looking for, she explained that they prioritize “those students who really are interested in understanding why (something) works the way it works. That's the difference between somebody who's going to be able to sit in a meeting and (someone who knows) how to solve a problem.”
All in all, Hammell describes feeling satisfied with her career thus far and thankful for those that guided her along the way. She remains eager to teach her students and inspire them to follow their passion for STEM.
Advice For Aspiring Actuaries
Doing your research on the field can give clarity to young people and students questioning their place in actuarial science. Majoring in the topic or something closely related can be useful for setting students up to take their certification exams, but a college degree is not entirely necessary. Some employers do prefer candidates who have a degree in the field, but many will accept relevant internships and progress on exams as sufficient demonstrated interest as well.
Hammell advises that in the case of any career, students should “try to learn about the environment that you would be operating in and whether or not it's going to be one where you're going to have those applications to advance.” By doing so students are able to predict their satisfaction with a profession before investing time, money, and other resources into its pursuit. She notes that “all the big companies are looking to attract what they believe is going to be the top talent so that they can sort of, you know, blow up their next generation of leaders.” So once a student feels sparked interest in a career as an actuary, or otherwise, it is advisable to make yourself known among recruiters.
Hammell also recommends that students considering going into the actuarial field look into organizations like The International Association of Black Actuaries (IABA) or the Sexuality and Gender Alliance of Actuaries that can provide context and support for actuaries affiliated with certain marginalized demographics. There are also specific scholarships that work to promote diversity within the field.
Even if you end up switching paths later on, an actuarial background can provide a STEM mindset of problem solving that can be applied elsewhere. If the flexibility, laid out career progression, and ability to work with numbers and logic appeal to you, then you should definitely consider a career in actuarial science.
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Katelyn Lewicky is a first-year undergraduate student at American University studying Business Administration with a concentration in Marketing and a minor in Graphic Design. She is passionate about uplifting small businesses and people in her community through social media marketing and blog writing.
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