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Old 06-22-2017, 10:59 AM
Lorenzo Von Matterhorn's Avatar
Lorenzo Von Matterhorn Lorenzo Von Matterhorn is offline
Join Date: May 2014
Studying for ILA-LRM
Posts: 700

Setting aside study time for a second. I'm assuming if the company doesn't have a program, then they also won't pay for your exam fees or offer bonuses/raises upon successful attempts? If so, sounds pretty brutal. I'd try to leave ASAP.
FSA Mods: Reg/Tax | ERM | FinEcon | DMAC
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Old 06-22-2017, 11:05 AM
kadsura kadsura is offline
Join Date: Oct 2016
Studying for the heck of it
Posts: 613

Asking for a friend?

For what it's worth, this is probably how I'd go about it, if I'm faced with needing to choose one with and one without study programs.

With a number of over-simplifying assumptions:

Annual Value of study program =
[Study hours (hr) x Opportunity cost per hour ($/hr) + First-time bonus + PV (expected value of instant raises)] / Expected # of exams passed per year

All in all, I value a study program at 8-15K a year, at the the level you are at, hja.

Side note: last time I presented some kind of formula in this sub-forum, I was trolled hard. There were definitely more trolls in this forum than I thought. I'd appreciate constructive comments any day, but most replies were not.
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Old 06-22-2017, 11:24 AM
terrytao terrytao is offline
Join Date: May 2014
Posts: 30

Take a few prelims and decide for yourself. If you can pass them quite comfortably, best route is to become an associate then switch jobs where you can get some support for fellowship exams.

I have seen folks who barely study (study time = round of golf), and get FSA within 2 years of ASA. Also, I have seen plenty of people who spend hundreds of hours with all the support they can get, but have hard time passing.
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Old 06-22-2017, 11:35 AM
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Quasi Quasi is offline
Join Date: Dec 2001
Location: underneath the hump
Posts: 7,254

No study program means more than just no study hours... you have to pay for your own study materials? You can't do exam seminars unless you pay yourself and take vacation days for them? (I'm old, I assume there are still exam seminars and some materials you have to buy)

You have to take a vacation day to take the exam?
Hard work often pays off after time, but laziness always pays off now.
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Old 06-22-2017, 01:06 PM
newts newts is offline
Join Date: Jul 2007
Posts: 271

I'm assuming you're entry-level, and that this is an actuarial job. If that's the case, I'd consider this job a slight step up compared to a non-actuarial job. Non-actuarial jobs aren't going to pay for your exams or give you study time, either. At least you'd be getting some relevant job experience. If it's your only option, I'd take it, but I wouldn't stay there for more than a year.

If you're experienced, screw that.
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Old 06-22-2017, 01:54 PM
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snikelfritz snikelfritz is offline
Join Date: Jun 2011
Location: Yep
Studying for Nope
Favorite beer: Yep
Posts: 27,409

Plan to use all your vacation time studying.
The universe is a cruel uncaring void, the key to being happy isn't the search for meaning, it's to just keep yourself busy with unimportant nonsense and eventually, you'll be dead.
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Old 06-22-2017, 02:51 PM
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ALivelySedative ALivelySedative is offline
Join Date: Dec 2013
Location: Land of the Pine
College: UNC-Chapel Hill Alum
Favorite beer: Red Oak
Posts: 2,732

I didn't start taking exams until after graduation. 1 was taken before starting work; 2,LC,ST were all done without any study program while an underwriter and it was very tiresome. They did at least still reimburse materials and exam fees though. 4 would've been tough without study time at work. I still don't actually get any time to just not go to work that is 'study time'. I probably wouldn't use it efficiently though, so that's ok, but it would reduce life stress...

In short, if they don't offer any form of study time, you can get through 3/MFE, but look to move on beyond that point.
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Old 06-22-2017, 02:53 PM
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ichbinnreine ichbinnreine is offline
Join Date: Apr 2014
Studying for ever.
Favorite beer: Long Trail Ale
Posts: 1,706

How do I get one of these jobs with downtime???
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Old 06-22-2017, 07:02 PM
hjacjswo hjacjswo is offline
Join Date: Dec 2009
College: About to be a super senior
Posts: 1,414

thanks for the feedback guys. I figured there would be a few who have done it. But, I guess that's rarer than I thought. Also, expected consulting folks to chime in, since some of them work so much overtime that they practically don't have a study program.
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Old 06-22-2017, 08:00 PM
Jim Bob Cooter Jim Bob Cooter is offline
Join Date: Jan 2017
Posts: 2,554

Originally Posted by ichbinnreine View Post
How do I get one of these jobs with downtime???
This so hard
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