Have anyone heard about QKA, QPA, CPC or APA designation?

[tvset]

People who are working on those designation are also working on the pension area. Do they get similar pay as people who on SOA designation? Thanks!

[Malik Shabazz]

QKA is a 401(k) specialist. I don't know about the others.

I don't know anything about their compensation.

[Kenshiro]

Originally Posted by tvset

People who are working on those designation are also working on the pension area. Do they get similar pay as people who on SOA designation? Thanks!

On average and other factors being the same, no. However, in consulting, technical ability isn't necessarily the most valuable skill to have.

[tvset]

SOA actuaries? How big the difference would be?

[Pills]

My boss (who has a CPC) has essentailly told me not to bother with QKA, QPA or any other designations besides EA and what comes with it (e.g. designations for joining ASPPA). Maybe you'll look more valuable if you're switching jobs.

There's no reason for an EA to get a QPA - it's the same as a QKA with a DB test (which you should be passing!).

[IMP]

btw, if you are not doing true actuarial work, like me, ASPA offers a few worthwhile designations.

[tvset]

What do you mean by" not doing true actuarial work"? Do you mean that people who are working on those ASPA designations are not doing real actuarial work? I'm a little confused.

[Kenny]

Originally Posted by tvset

What do you mean by" not doing true actuarial work"? Do you mean that people who are working on those ASPA designations are not doing real actuarial work? I'm a little confused.

Those are not actuarial designations. They are benefit plan administration designations. They in no way imply that you have any actuarial knowledge, nor do they qualify you to sign any type of actuarial opinion. In the US you need an EA or ASA/FSA. In order to sign the annual required filings for the IRS you must have your EA designation.

The EA will suffice as long as you work for small employers or if you are a rainmaker (and if you are your employer won't care about an actuarial designation bc you won't actually need to sign anything).

The ASA will suffice if you work in non-traditional areas and/or do not need to sign a Schedule B.

[tvset]

Thank you for your reply. It's very helpful. Do you happen to know the compensation for people who are working on benefit plan administration designations? i know pension actuaries are well compensated. But how about pension administrators?

[Pills]

Originally Posted by tvset

Thank you for your reply. It's very helpful. Do you happen to know the compensation for people who are working on benefit plan administration designations? i know pension actuaries are well compensated. But how about pension administrators?

It's a very wide spectrum, and completely depends on your place of business, as well as experience. Someone who recently got a QKA after being the business after 12 years is going to have a substantially higher compensation than someone who has it after 2. Someone in NYC is going to have a higher compensation than that same person in Iowa.

Oh, and IMP, it's ASPPA now. They're not all claiming to be actuaries anymore.