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Old 09-06-2007, 06:39 AM
cmore cmore is offline
 
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Default Making big bucks in actuarial

Hi, I have been working as an actuarial analyst in a consulting firm for about a year. The job is pretty cruisy and interesting, but i've begun to wonder about remuneration down the line.

I can see from the salary survey that the pay rises pretty quickly as you do exams and when you qualify you'd expect to be on around $100k. What I'm wondering about is if it's possible to continue down the actuarial path and make really big bucks, and by that I mean high 6 figures.

Sure, when making 200-300k until retirement you can't really complain, but I'm greedy and want to buy fast cars etc. It seems to me that the only actuaries who get really rich are the ones who switch out of the actuarial role. I notice that the big earners in the salary survey are managerial roles that could have been earned other paths. I also find it odd that public perception seems like actuaries makes loads of money when really junior investment bankers could be making as much as a senior actuary.

So yea, are there many actuaries that actually make big bucks and if so what are their roles?

Edit: Whoops this was meant to be in careers, oh well.

Last edited by cmore; 09-06-2007 at 06:52 AM..
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Old 09-06-2007, 07:04 AM
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Like most careers, making money that big is not easy or usual. Ins Co vp's would make that money, but you can't expect to get there for atleast 15 years.
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Old 09-06-2007, 07:30 AM
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Quote:
Originally Posted by cmore View Post
Hi, I have been working as an actuarial analyst in a consulting firm for about a year. The job is pretty cruisy and interesting, but i've begun to wonder about remuneration down the line.

I can see from the salary survey that the pay rises pretty quickly as you do exams and when you qualify you'd expect to be on around $100k. What I'm wondering about is if it's possible to continue down the actuarial path and make really big bucks, and by that I mean high 6 figures.

Sure, when making 200-300k until retirement you can't really complain, but I'm greedy and want to buy fast cars etc. It seems to me that the only actuaries who get really rich are the ones who switch out of the actuarial role. I notice that the big earners in the salary survey are managerial roles that could have been earned other paths. I also find it odd that public perception seems like actuaries makes loads of money when really junior investment bankers could be making as much as a senior actuary.

So yea, are there many actuaries that actually make big bucks and if so what are their roles?

Edit: Whoops this was meant to be in careers, oh well.
Move up to CEO/CFO/COO/CUO.

Or

Become partner in a consulting/audit firm.

Or

Start your own business and succeed.
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  #4  
Old 09-06-2007, 07:37 AM
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Only one of us on the AO is really making the big bucks, living the dream, and owning the cars and the babes. His name is MattTheSkywalker. I would suggest PMing him.
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  #5  
Old 09-06-2007, 07:53 AM
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Move up to CEO/CFO/COO/CUO.

Or

Become partner in a consulting/audit firm.

Or

Start your own business and succeed.
1st and 3rd aren't actuarial jobs though... and very rarely do I see actuaries in those Cxx roles. How would actuarial skills translate to running a business?

2nd one.. that's what I thought but I don't get the impression from the principals in my firm that they are making big bucks. What would be an expected remuneration range for partners? I'd expect maybe 500k all up, not an amazing amount for people working extra hard and sharing the risk of the company.

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Only one of us on the AO is really making the big bucks, living the dream, and owning the cars and the babes. His name is MattTheSkywalker. I would suggest PMing him.
I'm not sure if you're joking or not!
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Old 09-06-2007, 08:14 AM
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To make the really big bucks, (in almost any career) you need to have the entrepreneurial mindset. This may lead to forming your own business (and why can't that be actuarial?) or it may lead to pursuing upper management jobs. It could lead you toward being a consulting principle with a truly impressive client roster.

Lots of actuaries, including me, don't get there because they do not really want to go there (without the strong entrepreneurial spirit, the benefits are not worth the price), but if you have that kind of very intense drive, you can certainly do it.

----------------------------

(pssst. He's joking.)
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Old 09-06-2007, 08:15 AM
DW Simpson DW Simpson is offline
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Originally Posted by cmore View Post
I don't get the impression from the principals in my firm that they are making big bucks. What would be an expected remuneration range for partners? I'd expect maybe 500k all up, not an amazing amount for people working extra hard and sharing the risk of the company.
Depends on the actuarial discipline and what it is they're actually doing.

Many of them are clearing considerably more than that.

Which discipline do you work in?
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Old 09-06-2007, 08:24 AM
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How would actuarial skills translate to running a business?
This is a very sad commentary on the image of the actuary. Our whole purpose in life is managing risk. And running a business deals with managing a lot of risks. (See Maine-iacs comments below for what else is required to run a business.)

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I'm not sure if you're joking or not!
Matt the Skywalker may be making a lot of money, but he's NOT doing it as an actuary.
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Old 09-06-2007, 08:49 AM
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Depends on the actuarial discipline and what it is they're actually doing.

Many of them are clearing considerably more than that.

Which discipline do you work in?
I work in life insurance & financial services. By the way, I figure they can't be making that much money from the gross contribution and revenue figures.

Quote:
To make the really big bucks, (in almost any career) you need to have the entrepreneurial mindset. This may lead to forming your own business (and why can't that be actuarial?) or it may lead to pursuing upper management jobs. It could lead you toward being a consulting principle with a truly impressive client roster.
But this is really just saying that anyone can make money by being entrepreneurial. Would you say the hairdressing profession has the potential to earn big bucks because you could maybe set up a successful hairdressing business? Doubt it.

Quote:
This is a very sad commentary on the image of the actuary. Our whole purpose in life is managing risk. And running a business deals with managing a lot of risks. (See Maine-iacs comments below for what else is required to run a business.)
I'm not sure I understand what you're saying but risk management is only a small part of running a company. Seems to be the type of thing a CEO would delegate someone else to do.

Quote:
Matt the Skywalker may be making a lot of money, but he's NOT doing it as an actuary.
So what's he do?
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  #10  
Old 09-06-2007, 08:53 AM
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What partners are your firm make != what partners are other firms make.

And I think when people say "start a business" they mean your own actuarial consultancy or something like that, not a fortune 500 publicly traded kinda thing.
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