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  #31  
Old 02-08-2019, 02:34 AM
Sdorica Sdorica is offline
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Liberty's actuarial program is going through a lot of changes. Most of changes are bad for new/current students. They are adjusting requirements for promotion and also aim to slow down promotion frequency. This will effectively adjust up years of experience required at each grade level and that would also affect standards for external candidate I think. They paid really well. Good performers could have made 130k~140k base + 10~20% bonus at roughly 3.5 years of experience mark, even before FCAS.
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Old 02-08-2019, 08:55 AM
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Liberty's actuarial program is going through a lot of changes. Most of changes are bad for new/current students. They are adjusting requirements for promotion and also aim to slow down promotion frequency. This will effectively adjust up years of experience required at each grade level and that would also affect standards for external candidate I think. They paid really well. Good performers could have made 130k~140k base + 10~20% bonus at roughly 3.5 years of experience mark, even before FCAS.
What happens to the bad, or maybe even just okay performers

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Don't you even think about sending me your resume. I'll turn it into an origami boulder and return it to you.
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  #33  
Old 02-08-2019, 09:46 AM
Anonymous Grader Anonymous Grader is offline
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Liberty Mutual has regular re-organizations, accompanied by layoffs. In some recent re-orgs, Liberty has given notice to every person in a group, and then had them apply for the new jobs. Liberty regularly lays off both poor performers and good performers who are in the wrong place at the wrong time. There are advantages and disadvantages to working for an employer that regularly selects for excellence.

Also, Liberty may publish a salary range, but it doesn't publish the distribution of salaries within that range.
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  #34  
Old 02-08-2019, 10:12 AM
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This cost of living calculator could help you compare your salary to one of those similar positions. I am surprised at how high the cost of living is in Boston. https://www.bankrate.com/calculators...alculator.aspx
I was jealous at those salary ranges for about 3 seconds. Then I looked at a cost of living calculator and realized I'm better off here. Unless you don't mind living in a complete shack in Boston, since that's the biggest driver.
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Old 02-08-2019, 01:18 PM
CowboyGuy CowboyGuy is offline
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Liberty Mutual has regular re-organizations, accompanied by layoffs. In some recent re-orgs, Liberty has given notice to every person in a group, and then had them apply for the new jobs. Liberty regularly lays off both poor performers and good performers who are in the wrong place at the wrong time. There are advantages and disadvantages to working for an employer that regularly selects for excellence.

Also, Liberty may publish a salary range, but it doesn't publish the distribution of salaries within that range.
Bingo, this is the catch!

Most of the re-orgs that I've seen in the insurance world don't impact actuaries. If Liberty regularly lays off actuaries or asks them to re-apply, this would be a big deal breaker for me. One of the best features about this profession is the safety and stability that comes with it. I ain't working for a company where you have a constant fear of being fired due to not performing up to their standards.
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  #36  
Old 02-08-2019, 02:11 PM
hjacjswo hjacjswo is offline
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Originally Posted by Anonymous Grader View Post
Liberty Mutual has regular re-organizations, accompanied by layoffs. In some recent re-orgs, Liberty has given notice to every person in a group, and then had them apply for the new jobs. Liberty regularly lays off both poor performers and good performers who are in the wrong place at the wrong time. There are advantages and disadvantages to working for an employer that regularly selects for excellence.

Also, Liberty may publish a salary range, but it doesn't publish the distribution of salaries within that range.
So do actuaries get laid off at pretty much every layoff cycle? Or are they selected once in the blue moon?
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  #37  
Old 02-08-2019, 02:13 PM
hjacjswo hjacjswo is offline
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I got an Actuarial Analyst offer from Arch when I had 5 exams for 75K. Of course ya boi tried to negotiate a higher salary and the best they could offer up was a 3K sign on bonus. I was a bit shocked since I was always under the impression that reinsurance paid better.

FWIW they do put 10% of your salary towards your retirement account and an additional 5% for every dollar above 130K.

Anyways I respect Liberty Mutual's salary range transparency and NYL student program transparency. Very few companies are as open.
Since we are all being transparent, this is similar to the range I was told from the hr as well. I was non entry level and had the same number of exams. This was at arch capital (not re)
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  #38  
Old 02-10-2019, 11:07 AM
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That's why it seems high. There are only top performers, those expected to become top performers, and those who will not be with the company for long.
They have always had a strong pay-for-performance philosophy and implemented the philosophy in a way that they really do pay top performers much better than average performers. And they have always had very high standards for entry level college hires. Over the past few years, they have also moved to a much more aggressive stance on average or sub-par performers.

If you feel that you are not exceptional, it is not an environment to go to just for the higher pay.
In a way, you have to wonder if this is the best business strategy. If you only have people who are way above average, won't some of them get bored if they all have leadership ambitions and can't all be leaders?

You should hire above average talent but is there enough above average talent that will be happy without climbing the ranks?

I have no solution to this btw and am not advocating hiring substandard talent.
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  #39  
Old 02-10-2019, 02:16 PM
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Colonel Smoothie Colonel Smoothie is offline
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In a way, you have to wonder if this is the best business strategy. If you only have people who are way above average, won't some of them get bored if they all have leadership ambitions and can't all be leaders?

You should hire above average talent but is there enough above average talent that will be happy without climbing the ranks?

I have no solution to this btw and am not advocating hiring substandard talent.
Imo the idea is that if you hire ambitious people, the company will grow and that growth will drive the need for new divisions and employees, so the people you hire will be leading their own departments fueled by that growth. There also ought to be challenging individual roles as well, so even if you're not managing people, the value-add and pay are commensurate with what you'd be getting as a manager elsewhere.
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  #40  
Old 02-10-2019, 07:55 PM
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actuarialgenes actuarialgenes is offline
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Originally Posted by Colonel Smoothie View Post
Imo the idea is that if you hire ambitious people, the company will grow and that growth will drive the need for new divisions and employees, so the people you hire will be leading their own departments fueled by that growth. There also ought to be challenging individual roles as well, so even if you're not managing people, the value-add and pay are commensurate with what you'd be getting as a manager elsewhere.
I think this is a good point. I think the strategy here is to grow, and have the growth extend downwards, so the existing employees essentially get “promoted” just by staying where they are as new employees are brought aboard below them. As the company grows, so too will the responsibilities of the more tenured employees, even though their distance to the C-suite is unchanged.
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