Salary for FCAS

[deathfrombelow]

Originally Posted by Darkness Falls

If you include my target bonus, my PoS salary (the wonders of deciding to stay in Quebec, where you can get by massively underpaying) is higher than yours and I only have 3 years of exp. Definitely call a recruiter!

If they can "get by" doing it, then by definition, it's not "massively underpaying." That's how the labor market works, bro.

[Happy Skunk]

Originally Posted by Westley

Are you sure you aren't thinking of the one done on the CAS Water Cooler?

I believe it had credentials, exams, years of experience, with factors for insurance, consulting, and regulators (I don't recall reinsurance being an option) and high/low/medium COL. Seems like there was one more factor, but I can't think of it right now.

Very memorable was that the first data point was $175k with 3 exams by a poster named "Robin Banks" which I thought was amusing and a good pseudonym.

JT Grimes did that right?

[notreallyme]

I voted with my salary from when I was in your position.

And yeah that is very low.

[Buck]

You have no bonus -- that says alot about the problem. People who are highly compensated also got those "plans" that are even bigger.

[tometom]

I'm in a similar situation to the OP. Personally, the salary doesn't bother me because my COL is so low. Obviously, I'd like more money, but with no options for job switching, what's a guy to do? Do you just straight out ask for more? I don't really want to cause any sort of divide between myself and my manager. I know I'm highly valued and should be paid more, but I just don't know how to bring it up in conversation. How do you handle it if your manager says no?

[Happy Skunk]

Originally Posted by tometom

I'm in a similar situation to the OP. Personally, the salary doesn't bother me because my COL is so low. Obviously, I'd like more money, but with no options for job switching, what's a guy to do? Do you just straight out ask for more? I don't really want to cause any sort of divide between myself and my manager. I know I'm highly valued and should be paid more, but I just don't know how to bring it up in conversation. How do you handle it if your manager says no?

I guess the question is what are the details and what leverage do you have? Is your company desperate for actuaries? Are you a superstar? Are you ready to walk away if they tell you to screw off? How important is an extra hundred bucks a paycheck to you?

[Happy Skunk]

I'm guessing that your best option is to simply plant a seed that you would like a raise politely.

[Abnormal]

Originally Posted by Happy Skunk

I'm guessing that your best option is to simply plant a seed that you would like a raise politely.

The key is "politely" - how exactly you do that is up to you since you know the people you have to deal with. It always helps if, as part of that discussion, you can provide evidence that your comp is below market. [BTW, the time to do this is not when you're having your performance review and being told what your raise/bonus will be - by then the decision has been made and budgets have been set and agreed to - you have to have that discussion when department heads are being asked to submit their recommendations to HR which is usually at least a couple of months before that.]

[Arthur Itas]

Originally Posted by Happy Skunk

JT Grimes did that right?

The original one I remember was done by "Shaggy". He created an online salary calculator based on the results and the link was still working for many years. I just tried it, and it no longer works.

Here's a link to a discussion on the old CAS Water cooler:
https://discussionforum.casact.org/y...y-formula.aspx

I think the Shaggy formula at the time is below, which I think was vintage 1998. As a result, I'd adjust the base constant for inflation.
Average Salary = 29,415 * (1.0493^Y) * (1.0846^E) * (.6636^S) * (1.3307^C) * (1.0072^CHI) * (1.2423^NY) *(1.3616^SF) where Y=years of actuarial experience, E=number of actuarial exams passed; S=1 for state insurance department employees and 0 otherwise; C=1 for consultants and 0 otherwise; CHI=1 for working in Chicago and 0 otherwise; NY=1 for working in New York City and 0 otherwise; SF=1 for working in San Francisco and 0 otherwise.

JT Grimes was working on updating it a couple years after Shaggy's work. Here's an old thread on that:
https://discussionforum.casact.org/y...-Salaries.aspx

It's funny for me to look back on those discussions.

[Bobby]

Originally Posted by Arthur Itas

It's funny for me to look back on those discussions.

Yeah it is. So is Redhead still underpaid? Did Poolshark really know Redhead's identity? And did Arlie ever perfect that formula?

That was a whole 12 years ago... yikes. 2000 doesn't feel like that long ago.