What do you get out of your job?

[mlschop]

Sounds like most of you just want to hit the lottery and play all day. Nothing wrong with that...just saying that it isn't realistic. If that's the life you wanted, you should have picked a sport/game, perfected a skill, and tried to make a career doing that. Otherwise, most of the complaints aren't really "actuarial" based...they seem to be "having a 9-5 job" based.

[tenthring]

Originally Posted by Hooels

Well, I'm not denying their existence ... just saying they are rare. My point is only that (a) there are a lot more profit-making institutions around than folks may realise; (b) if most profit-making institutions didn't provide something people wanted, few would buy what they're peddling.

Coming from a third-world country and having seen absolute, abject poverty -- but poverty that is willing to work for a dignified living -- walk by my flat a few times every day, I can't help but think that all my country needs is the environment for honest, profit-making institutions to thrive. By profit-making institutions, I'm including the mom-and-pop vegetable store on the street (BTW, when I say on the street, I mean, literally, on the sidewalk) next to my flat, the 80-year-old woman who brings us our milk every day (who makes hardly a mistake in very complicated accounting she has to do), the newspaper re-cycle guy who shows up without fail every month to buy our old newspaper ... the list is endless. These people need to expand their business and grow. Of course, not every one will succeed, but the facilities are necessary. Corrupt, all-powerful government, unending tariffs for businesses and incredibly high costs of capital are not those facilities. True: the American model of huge corporations may not be the solution, but simply handing the poor money, or training them to be hairdressers is not, either.

All of that is really beyond the scope of the discussion though. Mainly the person is talking about his insurance job. Some insurance is useful, some isn't. In my experience the best paying insurance jobs are those introducing "innovative" (i.e. rip off) products to the marketplace because of their high commissions and fees. Also, the most profitable way to run an insurance company is take on a ton of risk selling these products, make huge profits, pay out bonuses, and then get a bailout when the tail risk hits. The most useful and basic insurance products are already well understood and routine, so jobs related to them tend to be kind of boring and lower paying while the products are highly competitive and low margin.

There will always be jobs that are bad for society but profitable. Why do these exist, etc. Those are interesting questions, but well outside the realm of where each of us lives are lives. On a personal level its a question of whether or not to do the wrong thing for money or not, not a philosophical quest for wondering why the choice exists in the first place.

1) I like solving puzzles/challenges
2) I thrive on extrernal positive feedback
3) I really like the people I work with - we have a lot of fun, actually
4) I like feeling smart and important. That may be shallow, but it's honest.

[DudeMan]

Originally Posted by tenthring

There will always be jobs that are bad for society but profitable. Why do these exist, etc.

That's an easy one: deceitful clever marketing. Next question please.

[tenthring]

Originally Posted by GraffixMan

That's an easy one: deceitful clever marketing. Next question please.

Its a bit more complicated then just that.

[Descalzo]

Don't forget that earning money to raise a family is certainly worth forgetting yourself for.

[Hooels]

Originally Posted by tenthring

All of that is really beyond the scope of the discussion though. Mainly the person is talking about his insurance job. Some insurance is useful, some isn't. In my experience the best paying insurance jobs are those introducing "innovative" (i.e. rip off) products to the marketplace because of their high commissions and fees. Also, the most profitable way to run an insurance company is take on a ton of risk selling these products, make huge profits, pay out bonuses, and then get a bailout when the tail risk hits. The most useful and basic insurance products are already well understood and routine, so jobs related to them tend to be kind of boring and lower paying while the products are highly competitive and low margin.

Yes, profit-at-all-costs is a problem. But that problem is not profit-motive, it's dishonesty. <Deleted long rant about how dishonesty has come to be known as profit-motive and how harmful that euphemism is.> The answer might be to find products that are innovative, well-managed and *not* rip-offs. Easy? No. Interesting? This career is not for those who answer "No".

[ajstudies]

I am just now, after 20 years in the industry, figuring out the parts I really love and the parts I don't. Maybe I'm a late bloomer, or maybe experience brings perspective. When I look at successful people who have been working 30 or 40 years, I find they each had a different path to end up where they are today, and none of them imagined in the beginning that they'd be doing what they are doing now. If you are not happy where you are, take a risk and send out some resumes. If the folks you interview with say you need ASA first, then get it. But don't assume you are not marketable b/c you aren't there yet.

ETA: There are a bunch of jobs that pay pittance that I think I'd enjoy. So yes, the paycheck is part of my reason for doing what I do, and always has been.

[Karisma]

Someone asked what other job interests you.

For me, it is teaching. At times I wonder if I would be happier, feel more fulfilled if I were a teacher. I see there are quit a few here who have moved to Actuary from Teacher. Are you happy you made the switch? Ever think of switching back? Why or why not. Is the money the key decision criteria?

If the money where the same, this would be a no brainer for me.

[Old Timer]

That's the problem though. The money is much less in the teaching ranks.