1 personality types of actuaries associate professor leonie tickle macquarie university, sydney
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Personality Types of Actuaries
Associate Professor Leonie TickleMacquarie University, Sydney
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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)
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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
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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
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Myers-Briggs Type Indicator
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Myers-Briggs Type Indicator (MBTI)Energy orientation
ExtraversionEnergised by interaction, and direct energy outward
IntroversionEnergised by inner world, and direct energy inward
Information perception
SensingFocus on reality observed through the senses
iNtuitionFocus on pattern, context and interrelationships
Decision-making
ThinkingDecisions are based on objective, logical analysis
FeelingDecisions are based on personal, subjective values
Dealing with the outer world
Judging
Like to make decisions and come to closure
Perception
Like to continue collecting information and exploring
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MBTI - Energy orientation
ExtraversionEnergised by interaction,
and direct energy outward
IntroversionEnergised 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”)
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MBTI – Information perception
SensingFocus on reality observed
through the senses
iNtuitionFocus 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
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MBTI – Decision-making
ThinkingDecisions are based on
objective, logical analysis
FeelingDecisions 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”)
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MBTI – Dealing with the outer world
JudgingLike to make decisions and
come to closure
PerceivingLike 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”)
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MBTI - Type TableISTJ
Inspector
ISFJProtector
INFJCounsellor
INTJMastermind
ISTPCrafter
ISFPComposer
INFPHealer
INTPArchitect
ESTPPromoter
ESFPPerformer
ENFPChampion
ENTPInventor
ESTJSupervisor
ESFJProvider
ENFJTeacher
ENTJField Marshall
Type names are from Keirsey (1998)
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MBTI - Type TableISTJ
Inspector
ISFJProtector
INFJCounsellor
INTJMastermind
ISTPCrafter
ISFPComposer
INFPHealer
INTPArchitect
ESTPPromoter
ESFPPerformer
ENFPChampion
ENTPInventor
ESTJSupervisor
ESFJProvider
ENFJTeacher
ENTJField Marshall
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MBTI - Type TableISTJ
Inspector
ISFJProtector
INFJCounsellor
INTJMastermind
ISTPCrafter
ISFPComposer
INFPHealer
INTPArchitect
ESTPPromoter
ESFPPerformer
ENFPChampion
ENTPInventor
ESTJSupervisor
ESFJProvider
ENFJTeacher
ENTJField Marshall
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MBTI - Type TableISTJ
Inspector
ISFJProtector
INFJCounsellor
INTJMastermind
ISTPCrafter
ISFPComposer
INFPHealer
INTPArchitect
ESTPPromoter
ESFPPerformer
ENFPChampion
ENTPInventor
ESTJSupervisor
ESFJProvider
ENFJTeacher
ENTJField Marshall
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MBTI - Type TableISTJ
Inspector
ISFJProtector
INFJCounsellor
INTJMastermind
ISTPCrafter
ISFPComposer
INFPHealer
INTPArchitect
ESTPPromoter
ESFPPerformer
ENFPChampion
ENTPInventor
ESTJSupervisor
ESFJProvider
ENFJTeacher
ENTJField Marshall
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= Population (Myers, I.B. et al, 1998). Each represents 1%.
ISTJ Inspector
ISFJProtector
INFJCounsellor
INTJMastermind
ISTPCrafter
ISFPComposer
INFPHealer
INTPArchitect
ESTPPromoter
ESFPPerformer
ENFPChampion
ENTPInventor
ESTJSupervisor
ESFJProvider
ENFJTeacher
ENTJField Marshall
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Personality Types of Accountants and Accounting Students
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= Population (Myers, I.B. et al, 1998) = Accountants (Satava, 1996)
ISTJ Inspector
ISFJProtector
INFJCounsellor
INTJMastermind
ISTPCrafter
ISFPComposer
INFPHealer
INTPArchitect
ESTPPromoter
ESFPPerformer
ENFPChampion
ENTPInventor
ESTJSupervisor
ESFJProvider
ENFJTeacher
ENTJField Marshall
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= Population (Myers, I.B. et al, 1998) = Accountants (Satava, 1996)
ISTJ Inspector
ISFJProtector
INFJCounsellor
INTJMastermind
ISTPCrafter
ISFPComposer
INFPHealer
INTPArchitect
ESTPPromoter
ESFPPerformer
ENFPChampion
ENTPInventor
ESTJSupervisor
ESFJProvider
ENFJTeacher
ENTJField Marshall
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= Population (Myers, I.B. et al, 1998) = Accountants (Satava, 1996)
ISTJ Inspector
ISFJProtector
INFJCounsellor
INTJMastermind
ISTPCrafter
ISFPComposer
INFPHealer
INTPArchitect
ESTPPromoter
ESFPPerformer
ENFPChampion
ENTPInventor
ESTJSupervisor
ESFJProvider
ENFJTeacher
ENTJField Marshall
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I S T J 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
Personality types of accountants
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Personality types of accountants
E S T J 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
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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)
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Personality Types of Actuaries
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= Population = Accountants (Satava, 1996) = Actuaries (Patrick, 1996)
ISTJ Inspector
ISFJProtector
INFJCounsellor
INTJMastermind
ISTPCrafter
ISFPComposer
INFPHealer
INTPArchitect
ESTPPromoter
ESFPPerformer
ENFPChampion
ENTPInventor
ESTJSupervisor
ESFJProvider
ENFJTeacher
ENTJField Marshall
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= Population = Accountants (Satava, 1996) = Actuaries (Patrick, 1996)
ISTJ Inspector
ISFJProtector
INFJCounsellor
INTJMastermind
ISTPCrafter
ISFPComposer
INFPHealer
INTPArchitect
ESTPPromoter
ESFPPerformer
ENFPChampion
ENTPInventor
ESTJSupervisor
ESFJProvider
ENFJTeacher
ENTJField Marshall
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Personality types of actuaries
I S T J 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
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Personality types of actuaries
I N T J 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
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Personality types of actuaries
I N T P 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
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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%)
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Personality Types of Actuarial Students
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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%), 15-17 (8%), 17-18 (45%), 18-21 (27%), 22-23 (10%), 24+ (8%).
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= Population = Actuaries (Patrick, 1996) = Actuarial students (Tickle, 2009)
ISTJ Inspector
ISFJProtector
INFJCounsellor
INTJMastermind
ISTPCrafter
ISFPComposer
INFPHealer
INTPArchitect
ESTPPromoter
ESFPPerformer
ENFPChampion
ENTPInventor
ESTJSupervisor
ESFJProvider
ENFJTeacher
ENTJField Marshall
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= Population = Actuaries (Patrick, 1996) = Actuarial students (Tickle, 2009)
ISTJ Inspector
ISFJProtector
INFJCounsellor
INTJMastermind
ISTPCrafter
ISFPComposer
INFPHealer
INTPArchitect
ESTPPromoter
ESFPPerformer
ENFPChampion
ENTPInventor
ESTJSupervisor
ESFJProvider
ENFJTeacher
ENTJField Marshall
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Recap of MBTI Profiles
MBTI Dimension Overall
E I S N T F J PPopulation
Accountants – S T J
Actuaries I – T –
Actuarial students
– – T –
References: Myers, I.B. et al (1998); Kovar et al (2003); Patrick (1996); Tickle (2009).
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Factors in choosing actuarial program very
imps/w imp
mod s/w unim
p
very unim
p
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
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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)
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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
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DiscontinuanceChoice 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
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Career PlansIntend to complete Part III
Yes 79%No 18%Not sure 3%
RoleUsing 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
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Career Plans - continuedIntended 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
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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.
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Implications
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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.
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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)
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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 thought-provoking and testing, which keeps me interested and appeals to my curious and determined nature.
(ESFP)
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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)
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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)
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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?
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Acknowledgements
QED
NZ Society of Actuaries
Consulting Psychologists Press
Macquarie University Department of Actuarial Studies
Maree Moses, Sharon Collett and Alison Petto-Hamilton
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ReferencesBriggs, 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, 36-41.
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.
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Thank you
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LinksAccountants: The Lion Tamer http://www.youtube.com/watch?v
=XMOmB1q8W4Y
New Zealand Society of Actuaries Financial Services Forum
27 November 2009