State Fund Today

Meet Ethel Wang, State Fund’s new Chief Financial Officer and the driving force behind our financial strategy and operations. Since joining the Executive Committee last year, she has made it her mission to ensure the organization stays strong, stable, and well-positioned to serve California’s businesses. Ethel oversees core finance functions with a focus on clarity and consistency, making sure financial decisions always support our long-term goals.

Ethel has been part of our family since 2005, building her career across actuarial, finance, and executive leadership roles. Over the years, she has played a key role in strengthening financial planning, modernizing reporting, and improving the systems that support smarter, data driven decisions. Her work is grounded in collaboration and transparency, with regular engagement alongside state oversight partners and auditors.

What has kept Ethel with us for two decades is the culture and sense of purpose. Early in her career, the organization’s leadership stepped up during a critical moment, reinforcing her belief in State Fund as a place that values people as much as performance. She continues to lead with that mindset today, believing that strong outcomes come from shared perspectives and teamwork. As she puts it, “No matter how consciously you’re trying to build a holistic view, you will always be blindsided if you’re only working on things by yourself.”

Ethel brings prior actuarial experience from Argonaut Insurance and Farmers Insurance. She holds a master’s degree in international economics from UC Santa Cruz and a bachelor’s degree in mathematics and economics from Wuhan University. She has served twice as President of the Casualty Actuarial Bay Area Regional Affiliate Group and has contributed to the University of the Pacific’s Actuarial Science Advisory Board.