Exam Raise/Bonus?

[thequackdaddy]

At my company, after you pass three exams, you get a copy of "Foundations of Casualty Actuarial Science"

You get money too. But that's not why I try to pass. The real prize is of course the all-you-can-stuff-down-your-throat trip to a local restaurant.

[Hachover]

Originally Posted by Ohel Moed

Wow, the raises in NewYorkLife are pretty huge, IMO. Then again, the cost of living in NY is pretty huge, too. In my company, here in the southern half of the States, there's a $2xxx.00 raise (i'd rather not get too specific) for each of the first four exams. (In case you're wondering (like GraffixMan was) about VEE or the split Course M, you have to pass the VEEs to get the raise for their associated exam, and you have to pass the complete "M" set to get the single raise.) There are only bonuses for the FAP and beyond -- an immediate and a deferred bonus.

Oh, and I almost forgot. My boss took me out to lunch for passing course M.

There are other companies in New York that do not give as much in exam raises. I think that NYL raises can be attributed to the company's program only. I found, when I was job hunting, that the P&C companies gave lower exam raises but had more potential for promotions, merit increases, etc. So if you are looking for monetary rewards for exams, then Life insurance usually does better (in my experience). But in the overall, there is so much more that can go into your total salary that the exam raises should not be your only focus.

At the P&C company, the highest raise was under $3000 (not counting FCAS or ACAS raises). Most were 2000 - 2400. At the life company, it was more like 4000 for each of the prelims, and more for the written exams. However, based on info from friends at the other company, counting in merit bonus + promotion opportunity + end of year bonus + COL increase (annual raise %), the CAS company pays almost $20,000 better after one year. Without doing market value adjustment.

One more note - if the company has a "Market Value" adjustment, then the salaries are below market value, regardless of how good you think the raises/bonuses are.

[captn]

At my current company

No bonuses for passing

P: 1920
FM: 1500
C: 1920
M: 1920

kind of liek wtf