A Unique Fellowship Experience

Becoming a Fellow of the Society of Actuaries (FSA) is a professional milestone deserving of recognition and celebration for every actuary who achieves it. It’s also true that everyone’s FSA journey is unique.

Yuzhe Michael Tang, CFA, FSA, CERA, recently completed the Fellowship Admissions Course, becoming an FSA in the Quantitative Finance and Investment (QFI) track earlier this spring. He also attained the Chartered Enterprise Risk Analyst (CERA) credential. What made Tang’s experience distinctive is the time frame in which he achieved his designation and credential. He took his first SOA exam in July 2023, earning both his FSA and CERA in less than two years.

We recently caught up with Tang to gain some insight into his FSA pathway experience.

How did you learn about the actuarial profession? What inspired you to pursue credentials?

I have a relative who is an actuary, and we chatted about the profession when I was young. I grew up in China, and the actuarial profession was one of the highest-paying jobs in China at that time. Even as a youngster, I knew I needed to learn a lot of math to become an actuary. I loved math because it’s logical; a language we can use to solve business problems.

Did you take actuarial classes as an undergrad?

I earned my bachelor’s degrees in finance and international studies at Peking University in Beijing, and I took classes like financial math, probability and predictive modeling. Also, while I worked toward my master’s degrees in financial engineering and computer science, I took courses related to the QFI track. I didn’t take these courses for the sole purpose of the actuarial exams, but many of the classes I took covered the relevant topics.

What made you want to pursue actuarial credentials?

I like challenges, and a career counselor at Peking University told me that the actuarial exams are extremely difficult and passing them would be a huge accomplishment. I was busy with internships at the time, but later, after I graduated and settled down a bit with my career, I decided to take on that challenge.

I also felt that the actuarial designations were related to my current career, which is still in a relatively early stage. They provide me with additional opportunities for my future, one of which is the ability to possibly become a traditional actuary.

As you worked through the ASA and then the FSA pathways, did you receive support from your employer even though you weren’t an actuary? If so, what kind of support?

My employer offered support with continuing education credit, so I was reimbursed for the exams, modules and the preparation materials.

You currently work at Bloomberg in portfolio management and risk management. Does the actuarial knowledge you acquired through the ASA and FSA pathways help you in your current position? If so, in what ways?

The actuarial knowledge I gained through the QFI track helps me a lot with my current job responsibilities. I learned about new models and use those in my day-to-day work. The QFI Portfolio Management exam laid out a framework for me to construct and manage portfolios offering different risk-rated profiles for different clients. This is especially useful for my current role because the organization I work for offers portfolio software solutions for our clients. And of course, what I learned in the QFI track helps with the risk management side of my job. I particularly learned a lot from the Investment Risk Management exam, which I apply in my current role.

How do you think having the FSA credentials will help your career?

My current managers have praised me for earning these actuarial credentials. In the long run, the FSA will give me flexibility to switch to a more traditional actuarial career if I choose. Currently, I’m advocating for actuarial credentials to the broader financial community and showing the value of this knowledge to people with a financial background, so hopefully there will be more ASAs and FSAs in the financial market.

Do you have advice to share with current FSA candidates?

First, you need great time management and self-discipline. Most candidates are already busy with their jobs, so you’ll need to develop a study schedule to balance your work and family time. Once you have a plan, stick to it. Studying is quite time-consuming, and you need to find a way to manage the pressure.

Another piece of practical advice: Don’t wait for results. As soon as you finish one exam, start preparing for the next. Also, leverage available resources, whether it’s online study materials or asking colleagues for help. You need to do the exam by yourself, but you don’t have to go it alone with the preparation.

Video: The Actuary – Michael Tang, FSA

Statements of fact and opinions expressed herein are those of the individual authors and are not necessarily those of the Society of Actuaries or the respective authors’ employers.

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