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  #1  
Old 01-11-2019, 07:55 PM
mistersunnyd mistersunnyd is offline
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Default Asked to create my own exam raise schedule

I work at an insuretech startup in the Bay Area, and I just passed my first exam since I started couple months ago which means raise time. Unfortunately, we have a small actuarial department with me being the only one taking exams. Thus, we have no exam raise program, and I'm being asked to create my own. My job consists of anything from product development to programming/modeling in R. I've been looking at the DW Simpson survey which says that life ASAs even with minimal experience typically make $100k including bonuses, which honestly seems kinda high to me. Considering my location and long hours, should I be asking for something higher? If so, does anyone have suggestions on how much I should be asking for per exam?
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Old 01-11-2019, 08:10 PM
itGetsBetter itGetsBetter is offline
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This sounds like a fun project! Here's an idea: Use the DW Simpson Life Student Salary (exams) regression equation. Adjust the coefficient on the number of exams, currently $3,460, down for increasing experience, performance, and cost of living raises. You could come up with those adjustments by using the Life Student Salary Survey (years of experience) and the survey for your regional area. For fellowship level exams, pull in the ASA information. Check your work against Ezra Penland's salary surveys.

$100k seems reasonable given your location and hours (not sure about experience), but that life ASA range is quite wide. It also might be helpful to consider what the data scientists at your company are making and how additional education increases their pay.
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Old 01-11-2019, 08:27 PM
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Quote:
Originally Posted by mistersunnyd View Post
I work at an insuretech startup in the Bay Area, and I just passed my first exam since I started couple months ago which means raise time. Unfortunately, we have a small actuarial department with me being the only one taking exams. Thus, we have no exam raise program, and I'm being asked to create my own. My job consists of anything from product development to programming/modeling in R. I've been looking at the DW Simpson survey which says that life ASAs even with minimal experience typically make $100k including bonuses, which honestly seems kinda high to me. Considering my location and long hours, should I be asking for something higher? If so, does anyone have suggestions on how much I should be asking for per exam?
are you serious? You're being asked to decide your raises and you're worried about giving answers that are too high? Milk that sh*t bro! Just quote them high, and if they question tell them that SF has super high COL. Don't undersell yourself. Ever.

If someone gives you gold, don't ask why.
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Old 01-11-2019, 08:30 PM
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Also, you've made it incredibly easy to identify who you are (not necessarily in this post), so I know where you work. If you don't care about it, then great! If you do, then just be more cautious in the future. I pm'ed you your company name if you don't believe me.

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Old 01-11-2019, 08:33 PM
mistersunnyd mistersunnyd is offline
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are you serious? You're being asked to decide your raises and you're worried about giving answers that are too high? Milk that sh*t bro! Just quote them high, and if they question tell them that SF has super high COL. Don't undersell yourself. Ever.

If someone gives you gold, don't ask why.
Well when you put it that way lol... I also was asked to make the program competitive so that we can attract future actuaries, but the only data I have seen is from reddit's /r/actuary's crowd-sourced exam raise information, which could be extremely inaccurate. I just don't want to raise a high number and then have nothing to back why I chose that number. Quoting a reddit survey is probably a hell of a lot worse than quoting Wikipedia.
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Old 01-11-2019, 08:35 PM
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Well when you put it that way lol... I also was asked to make the program competitive so that we can attract future actuaries, but the only data I have seen is from reddit's /r/actuary's crowd-sourced exam raise information, which could be extremely inaccurate. I just don't want to raise a high number and then have nothing to back why I chose that number. Quoting a reddit survey is probably a hell of a lot worse than quoting Wikipedia.
use dw simpson's estimate and do COL adjustment. how expensive is bay area relative to where most actuarial jobs are?

Might not be the most reasonable method to determing salary (cause you're getting paid for what ur worth... not where you live), but you have the chance to fight for your own salary.

Good luck! And yeah, if you use reddit, it will come off as pretty unprofessional i think if you tell them that's your source (cause the sample size is pretty small when i last checked.... and its reddit).
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Old 01-11-2019, 08:37 PM
itGetsBetter itGetsBetter is offline
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Check out this thread: http://www.actuarialoutpost.com/actu...d.php?t=121602
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Old 01-11-2019, 09:14 PM
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Originally Posted by itGetsBetter View Post
This sounds like a fun project! Here's an idea: Use the DW Simpson Life Student Salary (exams) regression equation. Adjust the coefficient on the number of exams, currently $3,460, down for increasing experience, performance, and cost of living raises. You could come up with those adjustments by using the Life Student Salary Survey (years of experience) and the survey for your regional area. For fellowship level exams, pull in the ASA information. Check your work against Ezra Penland's salary surveys.

$100k seems reasonable given your location and hours (not sure about experience), but that life ASA range is quite wide. It also might be helpful to consider what the data scientists at your company are making and how additional education increases their pay.
Hmm, how did you get that past the auto-censor?
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Old 01-11-2019, 09:31 PM
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I think $1k/exam hour for prelims and $1.5k/exam hour for FSA exams should be reasonable.
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Old 01-11-2019, 10:33 PM
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Colonel Smoothie Colonel Smoothie is offline
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Quote:
Originally Posted by mistersunnyd View Post
I work at an insuretech startup in the Bay Area
resume incoming
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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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