Let me be clear – this is for a government position. Not for one of the many private firms in the city.
A former deputy chief actuary has sued the City of New York alleging he was denied a promotion to the top job because of his race and sexual orientation — not his ability to handle billions of dollars of pension and retirement investments.
Craig Chu, 41, began working at the NYC Office of the Actuary in 2017 after years of working in the world of actuarial science, focusing on pension investments, he wrote in a federal bias suit filed in November.
The former chief actuary, Sherry Chan, left the job in January 2022, and Chu applied for the position when it was listed that May — writing in the lawsuit that he had been praised “for his credentials, work product, personnel management experience, and track record with the city.”
More at the link.
While it is mentioned that political issues are involved, yadda yadda, I have a feeling that this may be relevant:
But the job eventually went to the other candidate, Marek Tyszkiewicz, who has 33 years of actuarial experience and moved to the city for the job from Cincinnati, Ohio, according to his LinkedIn profile and the July press release announcing the hiring.
Chu may have all sorts of credentials, but I doubt he has 33 years of experience. And yes, actually doing work through a few credit cycles is relevant.
But let me bring up credentialism:
Chu said he believes he is more qualified than Tyszkiewicz on paper. For example, there are different levels once becoming an actuary: The first level is an associate, which requires passing seven preliminary actuarial exams and then meeting a few other requirements.
Chu is a fellow, which comes after passing three additional fellowship exams, he said. He is listed with the qualification by the Society of Actuaries, with a specialty in the public sector and pensions.
Tyszkiewicz, though, is only at the lower apprentice level, according to the SOA.
“He is substantially less qualified,” Chu said. “He has never worked for a public sector employer or managed public sector employees.”
Are career associates up to snuff?
Have at it!
[“lower apprentice level” hmmmmm]