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  #1  
Old 02-11-2019, 03:37 AM
ActuaryGo ActuaryGo is offline
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Default Am I underpaid?

Hi guys,

Looking at DW survey I think I am underpaid. I am an ASA plus three FSA modules with 2 year experience, working in healthcare field, get near 80k and no bonus. It only hits the bottom of DW range. Does my current salary level look normal in your company? I know I don't have much experience, but the salary survey looks pretty high compared to mine. Also, does no bonus sound normal? We had bonus last year, but it's only 1k...

My company will talk about annual raise in March/April, I am thinking to talk with my boss to match market average, at least change my title which is currently associate actuarial analyst, the lowest level in my company.

Any information/suggestions on the negotiation would be appreciated.
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Old 02-11-2019, 08:24 AM
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Keep in mind that cost of living plays a major factor in the distribution of salaries on that survey. But in any case, $80k + $1k bonus seems too low for where you are with the exams. How are you performance-wise? That'll play a big role in being able to ask for more.
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Old 02-11-2019, 11:59 AM
jominican jominican is offline
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definitely underpaid.
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Old 02-11-2019, 12:22 PM
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You should definitely clarify what's going to happen to your comp after your promotion and when you should expect to be promoted.

If a raise and bonus gets you to $100k you'd pretty much be at market. Sometimes people leave right before they were about to be promoted without knowing it, so it's important to communicate if you like your job and would prefer to stay.
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Old 02-11-2019, 12:37 PM
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Quote:
Originally Posted by Transitive Tangerine View Post
Keep in mind that cost of living plays a major factor in the distribution of salaries on that survey. But in any case, $80k + $1k bonus seems too low for where you are with the exams. How are you performance-wise? That'll play a big role in being able to ask for more.
I am living in CA, my city sales tax is 10.25%, definitely high cost of living.

My direct boss (director) and my second boss (AVP) are very satisfied with my performance, saying I am really fast without losing work quality and they are confident to give me urgent work.
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Old 02-11-2019, 12:41 PM
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Originally Posted by Colonel Smoothie View Post
You should definitely clarify what's going to happen to your comp after your promotion and when you should expect to be promoted.

If a raise and bonus gets you to $100k you'd pretty much be at market. Sometimes people leave right before they were about to be promoted without knowing it, so it's important to communicate if you like your job and would prefer to stay.
Actually, I have no idea about promotion, I don't think my company has a good structure on that, especially for entry level. One of my teammate has been here about 4 years and he has the same title with mine, but he is not an ASA.
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Old 02-11-2019, 01:04 PM
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There is more than salary as well. The entire benefits package needs to be considered. Some companies have very rich benefits that are considered an offset to dollars in your bank account. For a young entry level person, that might not carry as much weight though. For a family, it can have more bearing.
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Old 02-11-2019, 02:25 PM
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I'm going to disagree - 2 years is still within the range where your experience and title need to catch up to your designation. In other words, high variance. Some companies will say "oh yeah, you're an ASA, here's $100k" and many won't.

I am 99% certain your company will either a) not give you a raise or b) not bring you up to "market."

I was always on the low end and only this job change (4th job) brought me to the middle, in 9 years. But I was in a low COLA too. Doesn't always make a difference but some companies have different compensation mentalities. Some say "yeah, we're in Cleveland, let's be cheap" and some say "well yeah, but it's a national job market and bringing people to Cleveland is hard."

It's not always you.

I asked my last employer to bring me to market and I got $5k instead of a $3k adjustment. Woo. New company gave me $40k more. Just how it goes. My rent doubled, but I still made out okay.
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Old 02-11-2019, 02:43 PM
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Quote:
Originally Posted by mathmajor View Post
I'm going to disagree - 2 years is still within the range where your experience and title need to catch up to your designation. In other words, high variance. Some companies will say "oh yeah, you're an ASA, here's $100k" and many won't.

I am 99% certain your company will either a) not give you a raise or b) not bring you up to "market."

I was always on the low end and only this job change (4th job) brought me to the middle, in 9 years. But I was in a low COLA too. Doesn't always make a difference but some companies have different compensation mentalities. Some say "yeah, we're in Cleveland, let's be cheap" and some say "well yeah, but it's a national job market and bringing people to Cleveland is hard."

It's not always you.

I asked my last employer to bring me to market and I got $5k instead of a $3k adjustment. Woo. New company gave me $40k more. Just how it goes. My rent doubled, but I still made out okay.
Exactly. Staying at the same job for a long time is a common reason behind being underpaid.
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Old 02-11-2019, 03:06 PM
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Quote:
Originally Posted by Canadiens Fan View Post
Exactly. Staying at the same job for a long time is a common reason behind being underpaid.
Sad but true. Jumping 3 times has tripled my income. YMMV.

People complain about young folks job hopping, and yet companies are slow as dirt to promote (if they do at all) and don't have any long-term incentives to stay. There is no loyalty on either side.

Do you want employees that make irrational job decisions?
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