Mentors: Do you need one? How to choose one. How to be one.
What is mentoring?
Professional mentoring can take many forms, from seeking guidance from someone on a specific issue through to multi-year formal career mentoring arrangements. Investing in finding and working with the right mentors at the right time can provide great returns for your career progression and satisfaction.
A recent survey[1] of actuaries and students showed that
57% of respondents have, or want, a mentor,
30% of respondents said they have a mentor,
Of those who don’t have a mentor, 35% wanted a mentor, and
Of those who have a mentor, 25% said they need more mentoring to support their career development.
It appears that most actuaries have or want a mentor, and a sizeable proportion (including those who already have mentors) says they need more mentoring to support their career development.
So, do you need a mentor? And if so, how do you choose one, how do you become one, and how do you get the most out of your mentoring arrangements?
““Mentoring is a brain to pick, an ear to listen, and a push in the right direction” - John Crosby”
Do you need one?
Having, or serving as, a mentor can be a valuable experience for most professionals. When I qualified as an actuary, we were required to work with an experienced actuary as a “mentor” to supervise and sign off on our work experience. This was a great introduction to the benefits of mentoring.
Since then, I have had several formal and informal mentors who have helped my career. One mentor who has significantly supported my career was first assigned to me at work. We had a formal mentoring arrangement for several years, which evolved into an informal arrangement where I still call on him for help with specific challenges. The combination of trust we have built over time and his excellent ability to listen, be impartial and willing to challenge me, means that I have been able to navigate several significant career hurdles successfully.
Some of the reasons you might seek a mentor include:
You want advice from someone who has achieved something you aspire to or are about to take on, e.g. I want to become an Appointed Actuary / sit on a Board.
You need help planning and implementing actions to achieve a specific career goal, e.g. I want to prepare for a promotion.
You need help with a specific issue at work and want an impartial, confidential sounding board, e.g. I’m having trouble communicating with a team member.
You need to make a decision about something and want to talk it over with someone with a new or different perspective, e.g. What else should I consider before taking this job offer?
You need help on something you find difficult or have received feedback about e.g. I want to become more confident speaking up in meetings.
You may also want to build a support network of trusted mentors who can give you unbiassed feedback, encouragement and ongoing support to build your career.
Reflections from an experienced mentor
To bring the concept of mentoring to life, I interviewed experienced actuary and mentor, Iain Bulcraig, to find out what he has learned through years of mentoring.
Iain describes a good mentor as “someone you trust who may not know all the answers, but will excel at listening, reflecting and supporting you in making decisions to develop your career.”. I’ve synthesised the key tips from Iain’s stories and reflections from serving as a mentor, including how good mentoring works and why it’s a powerful tool to support your career.
How to choose a mentor?
Sometimes you might be assigned a mentor through a program, but what if you need to take action yourself to find a mentor? Ask yourself these questions to help find your next mentor:
What am I hoping to get out of the mentoring arrangement? For example, are you looking for general career support or do you have a specific goal that you need help achieving? Iain shared a story about a mentee who wanted to secure a new role and used a series of structured mentoring sessions for advice and a sounding board to achieve this goal. In this case you might look for a mentor who has achieved the goal you are aiming for.
Am I wanting a longer term or formal mentor, or do I need one-off help with a specific situation? For example, if you have a specific work situation you need help with, you may seek someone you think will be well placed to help you with that problem. Iain recalled one informal mentoring situation where a former colleague approached him for “one-off” mentoring advice to help her make an important decision about a new role.
Is there someone I work with, or have worked with previously, who I think would be a good mentor? Respect and trust are key components of good mentoring relationships, so it can be helpful to choose someone you already know – even if you don’t know them that well. Your boss or other colleagues may act as a mentor, or you might seek people outside your company. Iain pointed out that many of his mentoring relationships began when he changed companies and a previous team member sought him out as an external sounding board with a different perspective.
Do I have access to mentoring programs? Often a structured mentoring program can be a great way to access formal mentoring opportunities. Many workplaces offer structured mentoring programs. The Actuaries Institute has previously run mentoring programs for members and there are plans to recommence this program (see the helpful flow diagram on finding a mentor from the previous program). There are also a range of paid industry mentoring programs where you can gain access to formal mentoring support from experienced mentors.
Building a solid professional network is a great way to ensure you have access to many prospective mentors. In my experience, being mentored and mentoring others is also a great way to build your professional network.
How to be a good mentor?
Mentoring has clear benefits for those being mentored, however mentors also have a lot to gain by acting as mentors. Iain points out that he experiences a “huge sense of achievement when people grow or appreciate you supporting them – often better memories than the work done!”. He also notes that you become a better listener and gain broader perspectives from different people. “A lot of my mentees have had different backgrounds or faced different challenges”, says Iain.
So how can you be a great mentor to others?
Practise active listening. You probably have more experience than your mentee, but take care to understand the situation and don’t make assumptions that your mentee’s situation is the same as yours. Take the time to listen and ask questions. Remember you don’t have to know all the answers – just being a good listener and sounding board can help!
Share your stories and insights. Iain suggests “Tell your mentor a story from your own experience, and share some market insights which may encourage more big picture thinking (e.g. takeover, regulatory news etc).”
Set expectations and agree the way of working. Decide how and when would you prefer to conduct mentoring and communicate this to your mentee. Will you have set sessions? Are you available between sessions? Should your mentee call / text / email you if they need some urgent help?
How to get the most out of mentoring?
Mentoring requires commitment and effort. The more you put in, the more you will get out.
Some tips to get the most out of mentoring
Make sure mentor and mentee are clear on the objective. Is the mentoring arrangement to assist with a specific goal, or general career advice? What does success look like, and what’s the expected timeframe?
Respect each other’s time and confidentiality. Great mentoring is built on a foundation of trust and respect. Ethics, professionalism and confidentiality are essential to get the most out of a mentoring arrangement.
Know when it’s not the right match, or it’s time to finish. Mentoring requires good communication, honesty and for the mentor and mentee to “click”. If the match doesn’t feel right, the objective has been achieved or the value from the mentoring is diminishing, it’s important to have the courage to speak up. Mentoring requires a large investment of time from busy people, so if it’s not working then it’s a waste of everyone’s time.
Conclusion
Mentoring, when done well, can be a powerful tool in every actuary’s professional toolkit. You may have one or many mentors through formal or informal arrangements. You might also find that being a mentoring also has many benefits.
Knowing why you want a mentor, finding the right mentor and building mutual trust and respect are key to getting the most out of mentoring.
Who are your mentors, and who might benefit from your mentoring?
References
[1] Survey: What Do Actuaries Really Want? Survey of members for the 2022 All-Actuaries Summit.
