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  #1  
Old 05-03-2018, 09:38 PM
ActualScientist ActualScientist is offline
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Default Raises After Fellowship

As a student actuary, I'm used to getting regular raises due to exam passes, end of year inflation adjustments (give or take a little), and promotions. After achieving fellowship, the exam raises are gone and promotions seem less frequent. It seems like that's about the time careers plateau, unless you do exceptionally well.

On the other hand, DW Simpson seems to show that fellow salaries just keep increasing. Is it normal to get decent end of year raises without a promotion?

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Old 05-03-2018, 09:51 PM
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As a student actuary, I'm used to getting regular raises due to exam passes, end of year inflation adjustments (give or take a little), and promotions. After achieving fellowship, the exam raises are gone and promotions seem less frequent. It seems like that's about the time careers plateau, unless you do exceptionally well.

On the other hand, DW Simpson seems to show that fellow salaries just keep increasing. Is it normal to get decent end of year raises without a promotion?

Asking for a friend.
At least in consulting your pay just goes up as you get more clients/more lucrative projects. Then once your workload gets real high you start adding staff to take on the more technical work and you start spending more time chasing clients. Then at some point you become partner and then after that you start managing other partners. I feel like exams can be more of a burden than a pro in consulting (depending on where you are and what you do), which is why some consultants don't progress very quickly though exams. It's like "hey I can get $3k if I spend 150 hours of study time trying to pass an exam or I can spend 150 hours on an additional client and add $25k to my bonus."

In insurance the career path is pretty typical...you finish exams, then you start managing a small team, then you become AVP and then VP etc. until you plateau at the point where you're either not capable of moving up any further/don't want to move up any further.
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Old 05-03-2018, 09:53 PM
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You need to keep increasing responsibility/productivity if you want more money. Don't expect big raises if your plan is to keep doing the same work you did upon reaching fellowship for the rest of your career.
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Old 05-03-2018, 10:14 PM
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Yeah, at least in consulting, your salary is a function of your billing rate, and your billing rate is a function of the value that you provide to clients (either externally or internally).
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Old 05-03-2018, 10:21 PM
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I know some people who make around $200k (give or take $50k or so) with no direct reports or very few direct reports, so it's possible to keep moving up if you aren't interested in managing people. They may still be doing analytical work, but their work makes much larger impact than the work they did as analysts. For example, they may be responsible for critical decisions over a multi billion dollar book of business that can have a large influence on profitability and get them fired if they turn out to be wrong.
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Old 05-04-2018, 09:10 AM
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agree with the above. add "changing employers" to the mix for increasing pay

becoming an important component of the revenue stream increases your chances of making more $$$
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Old 05-04-2018, 10:11 AM
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Yeah, at least in consulting, your salary is a function of your billing rate, and your billing rate is a function of the value that you provide to clients (either externally or internally).
Uh depends on where you are. I was paid a salary and there was no guarantee of extra money for surpassing sales and hour goals.
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Old 05-04-2018, 10:18 AM
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?

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lol...
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Old 05-04-2018, 10:19 AM
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I'm making "FSA money" with no reports but managing processes and making higher level decisions than analysts
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Old 05-04-2018, 01:02 PM
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Uh depends on where you are. I was paid a salary and there was no guarantee of extra money for surpassing sales and hour goals.
I was speaking more in broad terms. Over the long term, your salary is determined by your value to your team, which is determined by the contributions that you make to that success.

If there's a consulting firm who's genuinely not doing this (again, over the long term), then I have some ideas for them.
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