We continue our Paul's Author's Circle series. This time with the story of Rubén Nova. Here it is:
I'll start with a spoiler: when I started college, I had no idea what an actuary was. In fact, although I had heard the word before, I didn't associate it with a real profession. And I certainly didn't imagine that I would end up dedicating my life to it.
I chose to study finance and accounting. I liked economics, analysis, and the financial world. It was a degree with many career opportunities, and that appealed to me.
In my senior year, I was lucky enough to study at TEC in Monterrey, Mexico. There, I took several finance courses, and while I was thinking about what to do after graduation, I had a conversation that would change my life.
A friend from Spain told me about actuarial studies. My curiosity was piqued. I started researching... and the more I read, the more hooked I became.
It was two more years of training, yes, but the subjects were powerful: statistics, risk, financial analysis, programming... And one promise caught my attention: 100% employability. I thought, “Could it be true?”
I discovered that actuaries model insurance, calculate financial risks, help ensure the solvency of companies, and make data-driven decisions to protect the future. So, from Mexico, I decided to apply for the Master's Degree in Actuarial and Financial Sciences in Madrid.
I returned to Spain with great enthusiasm. What I didn't know then was that, almost ten years later, not only would I still be on this path, but I would also be facing new challenges every day.
During the master's program, I understood why actuaries are in such high demand. First, because there aren't that many of us. And second, because our profile is not limited to insurance or banking.
In my second year, we founded an alumni association at the Carlos III University in Madrid. There were 10 or 15 of us. Today, we are more than 500 actuaries connected across generations, sharing experiences and growing a community.
I also started working as an intern: first in non-life insurance, then in pensions, and later at a 100% actuarial consulting firm.
In this way, in my early years I discovered the diversity of actuarial work: pricing, reserves, solvency, risks, mergers, new products... It's impossible to get bored!
These years have been an awakening for me. I never thought that a profile could be so important within a company and have such an impact on its bottom line and strategy.
Some examples: the simplest is the influence on the company's pricing and reserving, which allows us to generate a technical result and make the income statement sustainable. You might say that Google already tells you that, and yes, what Google doesn't tell you is that an actuarial profile has the ability to extract data, process it, calculate the inherent risks, understand the results, and explain them to other areas and committees for proper processing.
As part of this process, I joined Telefónica, a world leader in telecommunications, as an actuary. And as had happened to me in previous years, a whole new world opened up around me. And if you think that actuarial sciences and telecommunications have nothing to do with each other... you'd be surprised.
What is my day-to-day like? One word: different. Different because no two days are the same, because every day I learn something new, and because every day we face new challenges.
I haven't answered your question, have I? Well, I'm currently involved in everything I mentioned before (pricing, reserving, solvency, risk management, etc.) from a different perspective, as well as managing new risks. As a telecommunications company, Telefónica faces risks related to climate change, such as floods and earthquakes that affect communication centers and towers, risks of damage to submarine cables or space satellites, cyber risks, regulatory risks, and risks to life, such as longevity or mortality.
And also in investments. I am part of the committee that manages the company's investment portfolio and participate in a venture capital fund specializing in Insurtechs.
All this work is presented to management committees and boards of directors. And there, once again, we actuaries are present, helping to define strategy and shape the future with data and experience.
As you can see, being an actuary goes far beyond calculating rates in Excel.
It is a versatile, dynamic and meaningful profession. A career with impact, allowing you to work in very different sectors, from insurance and finance to healthcare, technology, sustainability and energy.
If you're listening to this and still don't know which path to follow, I can only say one thing:
“Do your research. Ask questions.
Find out what's behind this profession.”
Because being an actuary isn't just about formulas.
It's about understanding the world, anticipating risks, making responsible decisions...
And, above all, helping to build a more stable and fair future.
Are you up for it?
Paul.
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