Actuarial Outpost
 
Go Back   Actuarial Outpost > Actuarial Discussion Forum > Actuarial Science Universities Forum > Bentley College
FlashChat Actuarial Discussion Preliminary Exams CAS/SOA Exams Cyberchat Around the World Suggestions


Not looking for a job? Tell us about your ideal job,
and we'll only contact you when it opens up.
https://www.dwsimpson.com/register


Bentley College Lucy Kimball - Associate Professor
http://www.bentley.edu/

Reply
 
Thread Tools Search this Thread Display Modes
  #11  
Old 09-03-2014, 01:39 PM
Beach Bum Beach Bum is offline
Member
CAS AAA
 
Join Date: Dec 2005
Location: Currently away from an Ocean
Favorite beer: Alpha King
Posts: 1,957
Default

Well according to DW FCAS with 4 years or less experience are making $101k at a minimum. A more reasonable 4.5 to 6.5 years has them at $123k - $194k.
Reply With Quote
  #12  
Old 09-03-2014, 01:43 PM
jdb004's Avatar
jdb004 jdb004 is offline
Member
 
Join Date: Jul 2012
Posts: 2,947
Default

Quote:
Originally Posted by Beach Bum View Post
Occasionally recruiters contact me with a resume of an ACAS/FCAS and like 5-8 years experience making barely over $100k.
a lot of people don't realize how important it is to move.

Quote:
Originally Posted by Beach Bum View Post
Can't speak too much for ASA/FSA, though based on anectodal tidbits and DWS Surveys knock off 10-20% from the figures above.
Here we go again. ASA 100k should be required. FSA 140.

A larger issue that you did not address is the student program and career progression. If actuaries came out of school like attorneys, doctors,...etc, there would be much higher salaries for the simple fact that it is incredibly difficult to get HR and self-interested line-level actuarial management to consistently apply annual/bi-annual promotions as you pass exams. As such, it is incredibly important that Actuaries move along as necessary to receive fair pay. 25-28 years old is not a time to be complacent with your career!

The exam raises have not trended on the CAS or the SOA sides like they should have, with the exception of a few companies that pay exam raises as percentages of salary. This puts the burden on promotions. In my experience the majority of companies do NOT well-emphasize a healthy career progression, with the frequent raises, that are required to get you from 60k/yr to 150k/yr in 5-8 years.

New Associates should consider moving if they haven't progressed to at least the 90s, in any number of years (2-5). New Fellows under 140, are globally overdue for a raise, in a minimum of 4 years.
Reply With Quote
  #13  
Old 09-03-2014, 01:44 PM
Colonel Smoothie's Avatar
Colonel Smoothie Colonel Smoothie is offline
Member
CAS
 
Join Date: Sep 2010
College: Jamba Juice University
Favorite beer: AO Amber Ale
Posts: 48,123
Default

Given my average annual salary changes I would get there at age 32 but I imagine that would require me to switch places and get promoted at least twice before then and that would require a lot of hard work and political maneuvering. I feel like my current pace is unsustainable.

Or, you can go work for Netflix like my friend and make 200k in your mid 20s...
__________________
Recommended Readings for the EL Actuary || Recommended Readings for the EB Actuary

Quote:
Originally Posted by Wigmeister General View Post
Don't you even think about sending me your resume. I'll turn it into an origami boulder and return it to you.
Reply With Quote
  #14  
Old 09-03-2014, 01:52 PM
jdb004's Avatar
jdb004 jdb004 is offline
Member
 
Join Date: Jul 2012
Posts: 2,947
Default

Quote:
Originally Posted by Colonel Smoothie View Post
Or, you can go work for Netflix like my friend and make 200k in your mid 20s...
I think this hits the nail on the head. Why the **** are actuaries spending their 20s taking exams to make barely 100 grand a year?

If actuaries saw the level of competence in their companies that makes twice that number, I think there would be either a mass exodus from the field, or a mass exodus from employers who take advantage of some of their most valuable talent, because they know they are good at taking it in the ***.
Reply With Quote
  #15  
Old 09-03-2014, 01:59 PM
swimmer92's Avatar
swimmer92 swimmer92 is offline
Member
SOA AAA
 
Join Date: Sep 2012
Posts: 25,061
Default

Quote:
Originally Posted by jdb004 View Post
I think this hits the nail on the head. Why the **** are actuaries spending their 20s taking exams to make barely 100 grand a year?

If actuaries saw the level of competence in their companies that makes twice that number, I think there would be either a mass exodus from the field, or a mass exodus from employers who take advantage of some of their most valuable talent, because they know they are good at taking it in the ***.
Because we get paid to take those exams and don't have to pay to get a more advanced degree.
__________________
https://www.vanityfair.com/news/2017...house-advisers

Quote:
When Bannon mentioned the 25th Amendment, Trump said, “What’s that?”
Reply With Quote
  #16  
Old 09-03-2014, 02:00 PM
swimmer92's Avatar
swimmer92 swimmer92 is offline
Member
SOA AAA
 
Join Date: Sep 2012
Posts: 25,061
Default

I guess I should've clarified: we don't have to necessarily get a more advanced degree at all.
__________________
https://www.vanityfair.com/news/2017...house-advisers

Quote:
When Bannon mentioned the 25th Amendment, Trump said, “What’s that?”
Reply With Quote
  #17  
Old 09-03-2014, 02:00 PM
pete5383's Avatar
pete5383 pete5383 is offline
Member
SOA
 
Join Date: Feb 2011
Posts: 17,272
Default

So what is the solution for more money?

Switch careers, or just switch jobs until you find someone to pay you what you're worth?
Reply With Quote
  #18  
Old 09-03-2014, 02:02 PM
Colonel Smoothie's Avatar
Colonel Smoothie Colonel Smoothie is offline
Member
CAS
 
Join Date: Sep 2010
College: Jamba Juice University
Favorite beer: AO Amber Ale
Posts: 48,123
Default

Quote:
Originally Posted by jdb004 View Post
I think this hits the nail on the head. Why the **** are actuaries spending their 20s taking exams to make barely 100 grand a year?

If actuaries saw the level of competence in their companies that makes twice that number, I think there would be either a mass exodus from the field, or a mass exodus from employers who take advantage of some of their most valuable talent, because they know they are good at taking it in the ***.
There are tradeoffs, I am guessing he has a 30%-40% chance of being fired within the first year because the work culture there is extremely demanding.

However I would do it if I were in his shoes, even if it doesn't work out there, being there and having the experience gives you opportunities.

On the other hand even though some actuaries I know aren't making nearly that much they are making a surprisingly large amount given their skill level and knowledge.
__________________
Recommended Readings for the EL Actuary || Recommended Readings for the EB Actuary

Quote:
Originally Posted by Wigmeister General View Post
Don't you even think about sending me your resume. I'll turn it into an origami boulder and return it to you.
Reply With Quote
  #19  
Old 09-03-2014, 02:03 PM
Statatak's Avatar
Statatak Statatak is offline
Member
SOA
 
Join Date: Jul 2012
Location: Pacific Ocean
Studying for GI Intro to Ratemaking
Favorite beer: Game Day
Posts: 10,915
Default

Quote:
Originally Posted by jdb004 View Post
I think this hits the nail on the head. Why the **** are actuaries spending their 20s taking exams to make barely 100 grand a year?

If actuaries saw the level of competence in their companies that makes twice that number, I think there would be either a mass exodus from the field, or a mass exodus from employers who take advantage of some of their most valuable talent, because they know they are good at taking it in the ***.
You could say this about many professions. Doctors hate their trade, the market for EL lawyers is abysmal, and youth employment and underemployment is at record highs. Nobody is making as much money nowadays.

The difference for actuaries is that there are far fewer jobs in actuarial science than to be a doctor, lawyer, indian chief etc
Reply With Quote
  #20  
Old 09-03-2014, 02:03 PM
Rising Senior's Avatar
Rising Senior Rising Senior is offline
Member
SOA
 
Join Date: Aug 2014
Posts: 63
Default

Netflix IMO
Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off


All times are GMT -4. The time now is 10:12 AM.


Powered by vBulletin®
Copyright ©2000 - 2018, Jelsoft Enterprises Ltd.
*PLEASE NOTE: Posts are not checked for accuracy, and do not
represent the views of the Actuarial Outpost or its sponsors.
Page generated in 0.44681 seconds with 9 queries