NAWA SHAPING SUCCESS REPORT
Shaping
Success
Women’s experiences across the actuarial journey
Visibility, support and access to opportunity
shape what feels possible.
FULL STUDY
NAWA
Network of Actuarial Women and Allies
Why this study matters.
WHY THIS MATTERS
Women’s representation in actuarial work rose from 20% in the 1980s to 31% in the early 2010s.
Then progress stalled, with women remaining underrepresented in senior leadership.
The study’s purpose
Understand the barriers and identify ways to support women’s success.
WHAT WE WANT TO UNDERSTAND
DISCOVER
What shapes women’s interest�in actuarial careers?
PERSIST
What hinders exam progress?�What support helps?
ADVANCE
What helps or limits women’s�advancement into leadership?
How can the profession�address these barriers?
Source: NAWA, About / Why NAWA. Historical figures as reported by NAWA.
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ACT
ABOUT NAWA
Community is the beginning.
Change is the ambition.
The Network of Actuarial Women and Allies connects and empowers women and allies across the actuarial profession.
CONNECT
Create community across sectors, specialties and life circumstances.
EMPOWER
Offer development and support tailored to women and allies.
ADVANCE
Help make opportunity, visibility and leadership more attainable.
Evidence helps us move
from community to action.
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Learn more about NAWA
NawaActuaries.org
ABOUT THE STUDY
Women’s experiences across the actuarial journey
NAWA commissioned Shaping Success, a mixed-method study of women’s experiences from career consideration through the exam journey and career advancement.
A ROBUST EVIDENCE BASE
3,509
survey respondents
15-minute online survey
Fielded Jan. 20–Feb. 17, 2026
Qualitative research added depth
Online exploration, group discussions and one-on-one interviews added context and participant voice.
FIVE PARTICIPANT GROUPS
College first- and second-years
STEM professionals
Current actuarial candidates
Lapsed actuarial candidates
Credentialed actuaries
THREE CAREER STAGES
DISCOVER
Awareness and understanding of actuarial careers
PERSIST
Support through the credential journey
ADVANCE
Visibility, advocacy and access to opportunity
Commissioned by NAWA • Research conducted by C+R Research
Full methodology and participant definitions: Appendix, pages 30–31
WITH THANKS TO OUR STUDY SPONSORS
AMERICAN ACADEMY OF ACTUARIES
CASUALTY ACTUARIAL SOCIETY
SOCIETY OF ACTUARIES
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EXECUTIVE SUMMARY
The findings are difficult in places.
They are also hopeful.
This is not a story about a lack of talent, ability or ambition.
It is a story about the conditions surrounding the journey.
MAKE THE PATH VISIBLE
MAKE SETBACKS RECOVERABLE
MAKE OPPORTUNITY ACCESSIBLE
Conditions can change.
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EXECUTIVE OVERVIEW
The findings at a glance
Three stages. Three connected findings. Practical actions across the profession.
1
DISCOVER
MAJOR FINDING
Awareness limits consideration, and the impact story remains untold. School professionals are a proven channel with uneven reach.
WHERE TO ACT
Equip school professionals to introduce actuarial careers earlier and highlight their real-world impact.
PAGES 8–11
2
PERSIST
MAJOR FINDING
Added time, caregiving and support burdens make setbacks harder to recover from and increase persistence risk.
WHERE TO ACT
Protect study time, normalize non-linear paths and strengthen community and support.
PAGES 12–16
3
ADVANCE
MAJOR FINDING
Work-life demands, culture, visibility, advocacy and access shape whether advancement feels possible.
WHERE TO ACT
Make flexibility usable, create visibility and expand sponsorship and advocacy.
PAGES 17–22
ACT
Tell the impact story • Support the credential journey • Sponsor and advocate
PAGES 23–27
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THE STUDY
Three questions follow
one connected journey.
Can I see myself here?
Can I keep going?
Can I thrive and advance?
The story behind the findings
1
DISCOVER
Can I see myself here?
The first barrier is not fit.
It is whether the door is visible at all.
FAMILIARITY OPENS DOORS • IMPACT CREATES RELEVANCE • EQUIP SCHOOL INFLUENCERS
DISCOVER | DISCOVERING THE CAREER
Before someone can choose the career,
the career has to be visible.
THE GAP IS FAMILIARITY, NOT INTEREST
15%
Women
vs.
24%
Men
ONCE FAMILIAR
60%
Women
vs.
61%
Men
Many never reach a genuine decision point because they do not have enough familiarity to picture the work, pathway or possibilities.
FAMILIARITY OPENS THE DOOR TO CONSIDERATION
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n=300
n=300
n=149
n=177
Source: C+R Research, NAWA Shaping Success Study (2026)
Relevant first- and second-year college students�very/somewhat familiar with the actuarial career
Would consider an actuarial career, among familiar�college students and STEM professionals
DISCOVER | DISCOVERING THE CAREER
Impact matters to career choice.
The profession is not yet telling that story.
61%
college women who say making
a positive impact is very influential
to career choice
YET ONLY
21%
college students connect
actuarial work to positive impact
19%
STEM professionals connect
actuarial work to positive impact
The opportunity is not to change what students value.
It is to show how actuarial work creates impact.
TELL THE IMPACT STORY STUDENTS ALREADY VALUE
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n=300 women
n=116
n=151
Source: C+R Research, NAWA Shaping Success Study (2026)
DISCOVER | DISCOVERING THE CAREER
School influencers already open doors.
The opportunity is to widen their reach.
VERY HELPFUL DURING CAREER EXPLORATION
School professionals
47%
women
35%
men
Mentors
40%
women
32%
men
43%
Of women with Mentors, mentor was school-related
School influencers are key guides when students are exploring which careers feel possible.
FIRST AWARENESS OF THE PROFESSION
48%
of credentialed actuaries first heard
about the field through school mentors
and professionals
#1 source overall
Family + friends were second at 32%
34%
for women of color
However, only 34% of women of color first heard about the profession through school mentors and professionals.
The channel is proven. Its reach is not yet equal.
“My academic advisor introduced me to actuarial science, arranged a job shadow, and helped me secure an internship.”
EQUIP SCHOOL INFLUENCERS • EXPAND AWARENESS • EXTEND THIS PROVEN CHANNEL
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n=300
n=300
n=300
n=300
n=1,356
n=134
Source: C+R Research, NAWA Shaping Success Study (2026)
— Anonymous participant | Credentialed Actuary
ONLY
AND
2
PERSIST | THE EXAM JOURNEY
Can I keep going?
Added burdens make setbacks harder to recover from.
Together with an already demanding exam journey, they create a persistence risk.
SUPPORT KEEPS CANDIDATES MOVING • NORMALIZE THE JOURNEY • BUILD CONFIDENCE
PERSIST | THE EXAM JOURNEY
Why the burden matters.
Among lapsed candidates, exam demands and insufficient study time were more often cited by women as reasons for leaving.
EXAMS CITED AS A�REASON FOR LEAVING
74%
women
n=39*
vs.
56%
men
n=32*
INSUFFICIENT STUDY TIME�CITED AS A REASON FOR LEAVING
44%
women
n=39*
vs.
16%
men
n=32*
2.8×
the rate for men
ADDED BURDENS CAN TURN SETBACKS INTO PERSISTENCE RISK.
Source: C+R Research, NAWA Shaping Success Study (2026). *Small base under 50; interpret directionally.
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18
percentage-point gap
PERSIST | THE EXAM JOURNEY
What women carry alongside the exam journey
The actuarial path is demanding on its own. Additional responsibilities, limited support and the emotional cost of setbacks add weight around it.
WHAT WOMEN DESCRIBED IN THE QUALITATIVE RESEARCH
GENDERED�SACRIFICES
social life • family timing�caregiving • work-life responsibilities
SUPPORT�GAPS
Few female mentors • limited camaraderie�informal male-dominant networking
EMOTIONAL�TOLL
burnout • anxiety around failure�feeling behind peers • imposter syndrome
These are not isolated inconveniences. They accumulate and shape whether setbacks feel recoverable.
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Source: C+R Research, NAWA Shaping Success Study (2026), qualitative research. Themes are exploratory and not projectable.
PERSIST | THE EXAM JOURNEY
What someone carries
changes how recoverable
a setback feels.
“I had to stop working on exams when my kids were little. It was really hard, but I did what I needed to get through those years. It also didn’t help that my boss acted like I should have all of that figured out before having kids.”
— Anonymous participant | Credentialed Actuary
FAMILY TIMING • CAREGIVING • SUPPORT GAPS • LIMITED REPRESENTATION • IMPOSTER SYNDROME
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Source: C+R Research, NAWA Shaping Success Study (2026)
PERSIST | THE EXAM JOURNEY
What women said would help them persist.
1
NORMALIZE THE JOURNEY
Share retake stories and non-linear paths. Make failure part of the expected pathway.
2
BUILD COMMUNITY
Create peer cohorts, mentoring connections and visible role models.
3
REDUCE STRUCTURAL FRICTION
Protect study time. Make resources accessible. Use flexibility across life stages.
The goal is not to make
the credential easy.
It is to make the journey achievable, supported and less isolating.
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Source: C+R Research, NAWA Shaping Success Study (2026)
3
ADVANCE | CAREER ADVANCEMENT
Can I thrive and advance here?
Performance matters.
So does visibility, advocacy and access.
ADVANCEMENT DEPENDS ON MORE THAN PERFORMANCE
ADVANCE | CAREER ADVANCEMENT
Interest is shaped by the conditions�surrounding opportunity.
Women report lower promotion interest alongside work-life demands and cultural challenges.
PROMOTION INTEREST + LIFE-STAGE
57%
women
68%
men
any interest in a higher-level role among non-high-level credentialed actuaries
46%
women
33%
men
work and personal-life overload cited
WOMEN STATED FLEXIBILITY CAN SUPPORT PERSISTENCE
HELPS SUSTAIN
Part-time, remote and hybrid work can support career progression.
NOT ALWAYS SUPPORTED
Flexible arrangements are not always accepted, supported or championed.
VISIBILITY RISK REMAINS
Reduced visibility can still limit access to assignments and advancement.
Flexibility can help sustain interest in advancement.
Gender discrimination and cultural barriers remain part of the context.
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n=519
n=635
AMONG THOSE NOT INTERESTED IN A HIGHER-LEVEL ROLE
n=206
n=179
Source: C+R Research, NAWA Shaping Success Study (2026)
ADVANCE | CAREER ADVANCEMENT
Barriers compound as careers advance.
48%
women
21%
men
PRE-�ASSOC.
29%
14%
ASSOC.
42%
23%
FELLOW-�SHIP
51%
20%
HIGH LEVEL
61%
26%
*Findings hold when controlled for years of experience.
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WOMEN
MEN
n=225
n=239
n=201
n=287
n=391
n=459
n=71
n=110
n=592
n=746
Source: C+R Research, NAWA Shaping Success Study (2026)
Experienced gender discrimination or know someone who has
% agreeing completely or somewhat
Overall
Beyond work-life demands, women report greater exposure to gender discrimination across career stages.
WOMEN REPORT GREATER EXPOSURE TO GENDER DISCRIMINATION AT EVERY CAREER STAGE SHOWN
By career stage
ADVANCE | CAREER ADVANCEMENT
Cultural barriers to higher-level roles.
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Source: C+R Research, NAWA Shaping Success Study (2026)
Credentialed actuaries who had pursued a high-level role but were not currently in one
69%
women
55%
men
Cultural challenges encountered when pursuing higher-level roles
Women
Men
Work harder�to prove oneself
28%
13%
Male-dominated�high-level roles
23%
1%
Subtle�unwelcoming�behavior
19%
6%
Exclusion from�informal networks�or conversations
19%
10%
Women pursuing higher-level roles report challenges around proving themselves, belonging, and access to informal networks.
n=88
n=142
Specific challenges
n=88
n=142
n=88
n=142
n=88
n=142
n=88
n=142
Overall
WOMEN WHO HAVE PURSUED LEADERSHIP MORE OFTEN REPORT CULTURAL BARRIERS
ADVANCE | CAREER ADVANCEMENT
Interest in leadership does�not form in a vacuum.
WORK-LIFE PENALTY
Overload can reduce interest in advancement. Flexible work can help, but reduced visibility can limit opportunity.
CULTURE TAX
Microaggressions, workplace politics and the motherhood penalty accumulate, making advancement feel less sustainable. Pressure to prove oneself adds to this burden.
ADVOCACY GAP
Too few advocates, sponsors and visible role models limit access and make the path forward harder to see.
“Women are taught to be quieter. If we’re speaking up, then we’re bossy. There is still a double standard.”
— Anonymous participant | Credentialed Actuary
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Source: C+R Research, NAWA Shaping Success Study (2026), qualitative research. Themes are exploratory and not projectable.
Supporting advancement means addressing both
work-life demands and workplace barriers
People evaluate the culture and barriers surrounding the opportunity.
ADVANCE | CAREER ADVANCEMENT
Strong support systems turn capability�into opportunity.
Advancement is sustained by a connected ecosystem, not a single relationship or policy.
CAPABILITY
becomes opportunity when�support creates visibility and access
COMPANIES + MANAGERS
Enable flexibility�Assign stretch work�Create visibility
FAMILIES + PARTNERS
Share responsibilities�Keep options open�Encourage ambition
NETWORKS + SAFE SPACES
Validate experiences�Share guidance�Recognize patterns
SPONSORS + ADVOCATES
Use influence�Open doors�Challenge limiting patterns
WHY MENTORS, SPONSORS AND ADVOCATES MATTER
MENTOR
Helps someone navigate
Shares experience, perspective and guidance.
SPONSOR
Creates access
Uses influence to connect capability to opportunity.
ADVOCATE
Changes the conditions
Challenges patterns that limit visibility, credit or access.
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Source: C+R Research, NAWA Shaping Success Study (2026), qualitative research. Themes are exploratory and not projectable.
From insight to action
Change becomes real
when evidence changes a decision.
Tell the story. Support the journey. Sponsor and advocate.
ACT
TELL
Make the work visible, relevant and tangible.
Connect work to real-world decisions and outcomes.
Equip school professionals to introduce the career and credential path earlier.
Create experiences: job shadows, projects, mentoring and internships.
FOR SCHOOL PROFESSIONALS, MENTORS + ACTUARIES
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SUPPORT
Make setbacks recoverable.
Protect promised study time and adapt exam support across life stages.
Share retake stories and non-linear paths.
Build peer cohorts, mentoring and visible role models.
FOR EMPLOYERS, CREDENTIALING ORGANIZATIONS�+ SUPPORT NETWORKS
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SPONSOR +
ADVOCATE
Use influence, not only advice.
Recommend people for stretch work and leadership exposure.
Make flexibility usable without reducing visibility or access.
FOR LEADERS, MANAGERS, SPONSORS + ALLIES
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Challenge bias in assignments, evaluations and promotion decisions.
WHAT NAWA WILL DO
The report is not the end.
It is our roadmap.
PROGRAMS
Strengthen support systems across the journey
TOOLS
Help people navigate discovery, exams and advancement
PARTNERSHIPS
Translate evidence into action across the profession
Meaningful change will take time.�It starts with one decision, one action at a time.
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HELP SHAPE WHAT COMES NEXT
Build community. Expand support.
Shape the actuarial journey.
JOIN AS A MEMBER
VOLUNTEER WITH US
SPONSOR AS A COMPANY
NawaActuaries.org
Your voice, experience and action matter.
APPENDIX | SHAREABLE SUMMARY
The story to share
Shaping Success shows how visibility, support and access to opportunity shape women’s actuarial journeys.
This is not a story about a lack of talent, ability or ambition.
It is a story about the conditions surrounding the journey, and those conditions can change.
DISCOVER
Make the path visible.
Before someone can choose an actuarial career, the career must be visible and understood. Introduce it earlier, connect the work to real-world impact and equip school influencers to open the door.
PERSIST
Make setbacks recoverable.
The credentialing journey is demanding. Added time pressures, caregiving responsibilities, support gaps and the emotional cost of setbacks can make it harder to sustain. Stronger support can keep candidates moving.
ADVANCE
Make opportunity accessible.
Advancement is shaped by more than ambition or performance. Work-life demands, workplace culture, visibility, advocacy and access influence whether higher-level opportunities are possible and sustainable.
ACT
TELL the impact story • SUPPORT the credential journey • SPONSOR + ADVOCATE to expand visibility and access
Visibility opens the door. Support keeps people moving. Sponsorship and advocacy help capability become opportunity.
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APPENDIX | METHODOLOGY
How the study was conducted
C+R Research conducted qualitative and quantitative research for NAWA to examine experiences across career consideration, the exam journey and career advancement.
QUALITATIVE EXPLORATION
Two 3-day asynchronous online immersions across college students, STEM professionals, current and lapsed candidates, and credentialed professionals.
GROUPS + INTERVIEWS
Seven webcam group discussions and six one-on-one webcam interviews, including high-level and C-suite actuarial professionals.
QUANTITATIVE SURVEY
3,509 respondents completed a 15-minute self-administered online survey fielded Jan. 20–Feb. 17, 2026.
INTERPRETING THE FINDINGS
Quantitative comparisons use 95% confidence testing. In the detailed research, displayed differences are statistically significant unless marked ^ as directional. Bases under 50 are marked *; results under 30 are not shown.
Qualitative findings are exploratory and not projectable.
Source: C+R Research, NAWA Shaping Success Study final report (May 28, 2026), methodology.
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APPENDIX | SOURCE GUIDE
Quantitative audiences and definitions
617
COLLEGE FIRST + SECOND YEARS
Spring 2026 undergraduates with advanced math exposure or STEM interest; no actuarial exams.
502
STEM PROFESSIONALS
Ages 24–45; STEM bachelor’s degree or higher; full-time in an eligible STEM occupation for 3+ years.
1,280
CURRENT CANDIDATES
Currently pursuing Associateship or Fellowship credentials.
72
LAPSED CANDIDATES
Previously attempted exams; no credential; no longer pursuing Associateship.
1,365
CREDENTIALED ACTUARIES
Currently hold Associateship or Fellowship; includes 184 high-level professionals.
Slide-level source notes identify the relevant audience and base. Detailed question wording remains in the underlying research archive.
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Participant groups are not mutually exclusive; some current candidates also hold an Associateship credential.