Title – Arial Bold 35 - New Zealand Society of Actuaries
advertisement
Personality Types of Actuaries Associate Professor Leonie Tickle Macquarie University, Sydney 1 The Actuarial Stereotype • Marketing audit of the Australian actuarial profession: – Perception: “technical”, “conservative”, “specialist” and “respected” – Actual: “technical”, “respected”, “specialist”, “challenging” – Ideal: “respected”, “creative”, “ethical” and “influential”. (Gale et al. 1995) 2 Overview • Why study personality types of actuaries and accountants? • Myers-Briggs Type Indicator • Personality types of accountants and accounting students • Personality types of actuaries • Personality types of actuarial students • Implications 3 Why Study Personality Types of Actuaries? • Students and careers advisers: Career decisions • Academics: Students’ learning styles; curriculum that encourages diversity • Employers: Fully utilising talents of staff • Actuarial Profession: Health and vibrancy of the profession • All individuals: Personal development; working with others 4 Myers-Briggs Type Indicator 5 Myers-Briggs Type Indicator (MBTI) Energy orientation Extraversion Introversion Energised by interaction, and direct energy outward Energised by inner world, and direct energy inward Information perception Sensing Focus on reality observed through the senses iNtuition Focus on pattern, context and interrelationships Thinking Feeling Decisions are based on objective, logical analysis Decisions are based on personal, subjective values Decisionmaking Judging Dealing with the outer world Like to make decisions and come to closure Perception Like to continue collecting information and exploring 6 MBTI - Energy orientation Extraversion Introversion Energised by interaction, and direct energy outward Energised by inner world, and direct energy inward energised by interaction energised by internal world expressive contained learn and work best through discussion with others learn and work best by processing information alone think out loud think before speaking (not “loud” or “talkative”) (not “shy” or “inhibited”) 7 MBTI – Information perception Sensing iNtuition Focus on reality observed through the senses Focus on pattern, context and interrelationships “facts speak for themselves” “facts illustrate principles” focus on facts before broad concepts focus on broad concepts before facts concrete, practical, specific, detailed conceptual, creative, theoretical, general oriented to present reality oriented to future possibility 8 MBTI – Decision-making Thinking Feeling Decisions are based on objective, logical analysis Decisions are based on personal, subjective values critique and analyse empathise and honour justice mercy fair = everyone treated equally fair = everyone treated as an individual (not “cold-hearted”) (not “emotional” or “irrational”) 9 MBTI – Dealing with the outer world Judging Perceiving Like to make decisions and come to closure Like to continue collecting information and exploring like to finish things like things open-ended scheduled, organised spontaneous, flexible like to make decisions and complete tasks like to postpone decisions and continue exploring (not “judgmental”) (not “perceptive”) 10 MBTI - Type Table ISTJ ISFJ INFJ INTJ Inspector Protector Counsellor Mastermind ISTP ISFP INFP INTP Crafter Composer Healer Architect ESTP ESFP ENFP ENTP Promoter Performer Champion Inventor ESTJ ESFJ ENFJ ENTJ Supervisor Provider Teacher Field Marshall Type names are from Keirsey (1998) 11 MBTI - Type Table ISTJ ISFJ INFJ INTJ Inspector Protector Counsellor Mastermind ISTP ISFP INFP INTP Crafter Composer Healer Architect ESTP ESFP ENFP ENTP Promoter Performer Champion Inventor ESTJ ESFJ ENFJ ENTJ Supervisor Provider Teacher Field Marshall 12 MBTI - Type Table ISTJ ISFJ INFJ INTJ Inspector Protector Counsellor Mastermind ISTP ISFP INFP INTP Crafter Composer Healer Architect ESTP ESFP ENFP ENTP Promoter Performer Champion Inventor ESTJ ESFJ ENFJ ENTJ Supervisor Provider Teacher Field Marshall 13 MBTI - Type Table ISTJ ISFJ INFJ INTJ Inspector Protector Counsellor Mastermind ISTP ISFP INFP INTP Crafter Composer Healer Architect ESTP ESFP ENFP ENTP Promoter Performer Champion Inventor ESTJ ESFJ ENFJ ENTJ Supervisor Provider Teacher Field Marshall 14 MBTI - Type Table ISTJ ISFJ INFJ INTJ Inspector Protector Counsellor Mastermind ISTP ISFP INFP INTP Crafter Composer Healer Architect ESTP ESFP ENFP ENTP Promoter Performer Champion Inventor ESTJ ESFJ ENFJ ENTJ Supervisor Provider Teacher Field Marshall 15 ISTJ ISFJ INFJ INTJ Inspector Protector Counsellor Mastermind ISTP ISFP INFP INTP Crafter Composer Healer Architect ESTP ESFP ENFP ENTP Promoter Performer Champion Inventor ESTJ ESFJ ENFJ ENTJ Supervisor Provider Teacher Field Marshall = Population (Myers, I.B. et al, 1998). Each represents 1%. 16 Personality Types of Accountants and Accounting Students 17 ISTJ ISFJ INFJ INTJ Inspector Protector Counsellor Mastermind ISTP ISFP INFP INTP Crafter Composer Healer Architect ESTP ESFP ENFP ENTP Promoter Performer Champion Inventor ESTJ ESFJ ENFJ ENTJ Supervisor Provider Teacher Field Marshall = Population (Myers, I.B. et al, 1998) = Accountants (Satava, 1996) 18 ISTJ ISFJ INFJ INTJ Inspector Protector Counsellor Mastermind ISTP ISFP INFP INTP Crafter Composer Healer Architect ESTP ESFP ENFP ENTP Promoter Performer Champion Inventor ESTJ ESFJ ENFJ ENTJ Supervisor Provider Teacher Field Marshall = Population (Myers, I.B. et al, 1998) = Accountants (Satava, 1996) 19 ISTJ ISFJ INFJ INTJ Inspector Protector Counsellor Mastermind ISTP ISFP INFP INTP Crafter Composer Healer Architect ESTP ESFP ENFP ENTP Promoter Performer Champion Inventor ESTJ ESFJ ENFJ ENTJ Supervisor Provider Teacher Field Marshall = Population (Myers, I.B. et al, 1998) = Accountants (Satava, 1996) 20 Personality types of accountants ISTJ Inspector (18% - 27% of accountants, 12% of population) • • • • • • Practical, matter-of-fact and realistic Logical, analytical, objective Dependable, dutiful, trustworthy, loyal Value tradition and accepted methods May overlook the big picture and new possibilities May not consider the impact of decisions on people 21 Personality types of accountants ESTJ Supervisor (14% - 19% of accountants, 9% of population) • • • • • • Practical, matter-of-fact and realistic Decisive, assertive in implementing plans, confident Organised, efficient, dependable Logical, systematic, pragmatic May overlook wider ramifications of actions May not consider the impact of decisions on people 22 Personality types of accountants • Lack of diversity? 35–46% -STJ (21% in pop) • Filtering out of E-, N-, F-, P- (Laribee, 1994) • Type and role: Managers and senior partners more often N- than S- (Schloemer et al, 1997) • “Perhaps we are not attracting and retaining what the accounting profession needs, or not giving students the opportunity to develop the skills required… We need a better mix of personality NOW.” (Briggs et al, 2007) 23 Personality Types of Actuaries 24 ISTJ ISFJ INFJ INTJ Inspector Protector Counsellor Mastermind ISTP ISFP INFP INTP Crafter Composer Healer Architect ESTP ESFP ENFP ENTP Promoter Performer Champion Inventor ESTJ ESFJ ENFJ ENTJ Supervisor Provider Teacher Field Marshall = Population = Accountants (Satava, 1996) = Actuaries (Patrick, 1996) 25 ISTJ ISFJ INFJ INTJ Inspector Protector Counsellor Mastermind ISTP ISFP INFP INTP Crafter Composer Healer Architect ESTP ESFP ENFP ENTP Promoter Performer Champion Inventor ESTJ ESFJ ENFJ ENTJ Supervisor Provider Teacher Field Marshall = Population = Accountants (Satava, 1996) = Actuaries (Patrick, 1996) 26 Personality types of actuaries ISTJ Inspector (23% of actuaries, 18-27% of accountants, 12% of population) • • • • • • Practical, matter-of-fact and realistic Logical, analytical, objective Dependable, dutiful, trustworthy, loyal Value tradition and accepted methods May overlook the big picture and new possibilities May not consider the impact of decisions on people 27 Personality types of actuaries INTJ Mastermind (16% of actuaries, 2% of population) • Global, creative, conceptual, long-range thinkers • Concise, rational, objective, critical • Value innovation over authority or accepted methods • May overlook practical details, engage in abstractions • May not see impact of decisions on people, give praise 28 Personality types of actuaries INTP Architect (12% of actuaries, 3% of population) • Curious, insightful, ingenious • Logical, analytical, objective, critical, skeptical • Flexible, dislike routine problems • May be impractical • May not consider the impact of ideas on people 29 Is the actuarial stereotype justified? • More Introverts (70%: accountants 50%, pop 50%) • More Thinkers (80%: accountants 70%, pop 40%) • More Intuitives (50%: accountants 30%, pop 30%) • Stereotype of meticulous, detail-oriented not supported • More diverse than accountants?: ISTJ (23%), INTJ (16%), INTP (12%), ESTJ (9%) 30 Personality Types of Actuarial Students 31 Study of actuarial students (Tickle, 2009) • 109 first year Macquarie University actuarial students (60% response rate) • Sex: Male (57%), Female (43%) • Country of birth: Australia (27%), China (31%), Hong Kong (3%), Malaysia (15%), Korea (7%), India (5%), Pakistan (3%), Vietnam (3%) - also Taiwan, Kenya, Singapore, Egypt, Russia, Sri Lanka. • English is first language for only 24%. • English is spoken at home for only 32%. • Age of decision to study actuarial studies: <15 (2%), 1517 (8%), 17-18 (45%), 18-21 (27%), 22-23 (10%), 24+ (8%). 32 ISTJ ISFJ INFJ INTJ Inspector Protector Counsellor Mastermind ISTP ISFP INFP INTP Crafter Composer Healer Architect ESTP ESFP ENFP ENTP Promoter Performer Champion Inventor ESTJ ESFJ ENFJ ENTJ Supervisor Provider Teacher Field Marshall = Population = Actuaries (Patrick, 1996) = Actuarial students (Tickle, 2009) 33 ISTJ ISFJ INFJ INTJ Inspector Protector Counsellor Mastermind ISTP ISFP INFP INTP Crafter Composer Healer Architect ESTP ESFP ENFP ENTP Promoter Performer Champion Inventor ESTJ ESFJ ENFJ ENTJ Supervisor Provider Teacher Field Marshall = Population = Actuaries (Patrick, 1996) = Actuarial students (Tickle, 2009) 34 Recap of MBTI Profiles MBTI Dimension Overall E I S N T F J P Population Accountants –STJ Actuaries I–T– Actuarial students ––T– References: Myers, I.B. et al (1998); Kovar et al (2003); Patrick (1996); Tickle (2009). 35 Factors in choosing actuarial program very imp s/w imp mod s/w unimp very unimp Strong job prospects 46 46 8 0 0 Actuarial career is highly paid 45 48 8 1 0 Good at mathematics (N) 51 33 13 3 0 Intellectually challenging (N, T) 46 33 18 3 0 Prestige / actuaries are highly respected 42 35 17 6 0 Opportunities to work overseas 30 29 27 11 3 Avoid career requiring very good English 12 22 18 16 31 Didn't know what else to do 5 16 29 17 34 Family pressure 3 16 13 28 41 Didn't get marks for first preference 5 5 9 16 66 36 Alignment between personality and … very close s/w close mod not very close not close at all …degree subject matter, at time of choice 13 57 18 9 2 …degree subject matter, now (first year) 17 50 23 8 0 …future career 17 50 28 4 0 • Significant shift between alignment now and in career • ENTP and ESTJ reported closest alignment • INFP, INFJ and ISFP (and F types in general) reported the least alignment (but reasonably high satisfaction) 37 Satisfaction with degree • Choice to major in Actuarial Studies: – – – – 40% very satisfied 41% somewhat satisfied 14% neutral 5% somewhat dissatisfied • Satisfaction rated higher than alignment • ENTJ and ENTP most satisfied • ENFJ and ESFP (and F types in general) least satisfied 38 Discontinuance Choice of major • 72% would choose Actuarial Studies again • Low for ENFJ, ESFJ, ENFP, ESFP (F types in general) Discontinuance • 3% have seriously considered discontinuing, and a further 26% have considered it but not seriously. • Types most often reporting considering discontinuance are ESFP, ESFJ, ENFP, INFP (F types in general) • Main reasons cited – workload and difficulty 39 Career Plans Intend to complete Part III Yes No Not sure 79% 18% 3% Role Using actuarial skills in a traditional actuarial role 42% Using actuarial skills in a non-traditional actuarial role 50% Not using actuarial skills but in the financial sector 6% Not using actuarial skills and not in the financial sector 2% INTP, ENTJ, INFJ, INFP more inclined toward non-traditional roles 40 Career Plans - continued Intended practice area Investments 23% Banking and finance 20% Life insurance 15% Risk management 7% Superannuation 3% GI / health 3% Not sure 27% E and N types most inclined towards investments and banking 41 Summary of study • Personality profile of actuarial students similar to the general population. • Job prospects and pay are important factors in choosing actuarial studies. • Limited evidence that F-types are less satisfied, feel less alignment and are more likely to discontinue. • Limited evidence that INTP, ENTJ, INFJ, INFP types are more inclined toward non-traditional roles, and E and N types toward investment and banking. 42 Implications 43 Implications: Careers Advice • Are students choosing the degree because of pay and job prospects rather than alignment with interests? • Interest in maths is important for students and probably also emphasised by careers advisers – need to also promote problem-solving skills and business judgement. • Importance of communication skills needs emphasis. • Positive IAAust developments (e.g. More than Maths). • Differences between actuarial studies and accounting. 44 Implications: Learning and Teaching • NT students: are analytical, logical, critical; like to work independently; like challenge; enjoy being creative; are concerned with relevance and meaning. • ST students: want concrete, specific information; learn from actual experience; like a structured environment; want immediate feedback and lose interest if not practical. • SF students: process information based on personal experience; respond to collegiality, trust and encouragement; learn best by talking and group activity. • NF students: look for possibilities and patterns, uniqueness, originality, personal relevance; like a flexible and innovative environment; bored by routine. Silver and Hanson (1996) 45 Implications: Learning and Teaching It wasn't what I expected… I’m used to having someone in every subject or in anything I do and I love company, I hate being by myself. I find it very hard to motivate myself to do the work as it is very challenging and I have no one to make it more enjoyable. [However, the] subjects are thoughtprovoking and testing, which keeps me interested and appeals to my curious and determined nature. (ESFP) 46 Implications: Learning and Teaching [Actuarial studies] is so interesting and sparks my passion and curiosity. However, I dislike it as I struggle to make friends with people in the course … I would definitely be loving university life if I had one or two people to come along for the ride. However, the high expectations I have in myself … and being able to provide for my future family, is too strong of a drive for me to give up. (ESFP) 47 Implications: Learning and Teaching Appears boring, with a concentration on known facts rather than theories. (INTP) In 5-10 years time, I hope to be a well respected professional actuary, and admired for my abilities and talents, as well as my ability to think outside the square. (ENTP) 48 Implications: Actuarial Profession • What is the “ideal” personality profile for actuaries? Is diversity a good thing? • Could we be attracting a diverse range of people into the profession but failing to retain them? 49 Acknowledgements QED NZ Society of Actuaries Consulting Psychologists Press Macquarie University Department of Actuarial Studies Maree Moses, Sharon Collett and Alison Petto-Hamilton 50 References Briggs, S.P., Copeland, S. & Haynes, D. (2007). Accountants for the 21st Century, where are you? A five-year study of accounting students' personality preferences. Critical Perspectives on Accounting, 18, 511-537. Gale, A.C., Ballantyne, M.R., Lyon, J.A., Merten, A.E., Shuttleworth, D. & Torrance, D.M. (1995). A marketing audit of the actuarial profession. Transactions of the Institute of Actuaries of Australia, 636-712. Keirsey, D. (1998). Please Understand Me II: Temperament, Character, Intelligence. Prometheus Nemesis:. Kovar, S.E., Ott, R.L. & Fisher, D.G. (2003). Personality preferences of accounting students: A longitudinal case study. Journal of Accounting Eduction, 21, 75-94. Laribee, S.F. (1994). The psychological types of college accounting students. Journal of Psychological Type, 28, 6. Myers, I.B. (1999). Introduction to Type, (Sixth edition edn) Palo Alto, CA: Consulting Psychologists Press. Myers, I.B., McCaulley, M.H., Quenk, N.L. & Hammer, A.L. (1998). MBTI Manual: a Guide to the Development and Use of the Myers-Briggs Type Indicator (3rd edition). Melbourne: Consulting Psychologists Press. Patrick, M.C. (1996). Actuarial Profile Research Project Canada. In Institute of Insurance and Pension Research. University of Waterloo, Ontario. Satava, D. (1996). Personality types of CPAs: National vs. local firms. Journal of Psychological Type, 36, 3641. Schloemer, P.G. & Schloemer, M.S. (1997). The personality types and preferences of CPA firm professions: An analysis of changes in the profession. Accounting Horizons, 11(4), 24-39 Silver, H. F. and Hanson, J. R. (1996). Learning Styles and Strategies. Silver, Strong and Associates. Tickle, L. T. (2009). Survey of first year actuarial students. Unpublished. 51 Thank you 52 Links Accountants: The Lion Tamer http://www.youtube.com/watch?v=XMOmB1q8W4Y 53 New Zealand Society of Actuaries Financial Services Forum 27 November 2009
