Actuarial Outpost
 
Go Back   Actuarial Outpost > Actuarial Discussion Forum > General Actuarial
FlashChat Actuarial Discussion Preliminary Exams CAS/SOA Exams Cyberchat Around the World Suggestions


General Actuarial Non-Specific Actuarial Topics - Before posting a thread, please browse over our other sections to see if there is a better fit, such as Careers - Employment, Actuarial Science Universities Forum or any of our other 100+ forums.

Reply
 
Thread Tools Search this Thread Display Modes
  #1  
Old 10-22-2013, 12:25 AM
The Drunken Actuary's Avatar
The Drunken Actuary The Drunken Actuary is offline
Member
CAS SOA Non-Actuary
 
Join Date: Nov 2001
Favorite beer: Early and Often
Posts: 86,183
Default Stupid actuarial question I need you guys's help with k thanks

Asking for a friend. Let's say he has 8 analysts working for him. Some are taking actuarial exams, some are not. There's no real distinction in the actual work performed between the two groups, it's just that some of the analysts want to pursue exams and some could not care less. I suppose once ASA is achieved they can then sign off on FASB or something but other than that there's no difference. Those taking exams are encouraged to do so via small exam bonuses but that's about it.

Employee retention is better than I would have thought but I still think this is a great way for an entry level person to gain a couple years of experience and take a higher paying job elsewhere. Since they aren't competing for a true actuarial student position the pay is a bit lower and the competition for these jobs is a little less.

My buddy's position is that this is all OK. He needs analysts and if a few of them pursue exams, and are successful, AND decide to leave he can live with that. I think he needs to shit or get off that pot and put in a real exam program with some distinction in duty between those taking exams and those not. But then he's like, what if they stop taking exams or fail out of the program? They are not in a position to get rid of people or give them pay cuts (ie get rid of them). So what should the 'penalty' be for failing out?

I've been drinking, celebrating the Giants first win in 2013 so this may not be making sense. Though it made sense when I re read it. But again, the drinking...
__________________
I think the dollar will crash irreparably by 2012.... bottom drops out of the dollar. ....Dollars are worthless, 401ks are bust, the markets are valueless...government assumes control over all industry and everything is nationalized by the end of 2012. - gomer_tree
Reply With Quote
  #2  
Old 10-22-2013, 12:31 AM
Colonel Smoothie's Avatar
Colonel Smoothie Colonel Smoothie is online now
Member
CAS
 
Join Date: Sep 2010
College: Jamba Juice University
Favorite beer: AO Amber Ale
Posts: 50,464
Default

__________________
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
  #3  
Old 10-22-2013, 12:35 AM
Colonel Smoothie's Avatar
Colonel Smoothie Colonel Smoothie is online now
Member
CAS
 
Join Date: Sep 2010
College: Jamba Juice University
Favorite beer: AO Amber Ale
Posts: 50,464
Default

If you fail out at my company, you don't get fired, but you stop getting exam support and advancement opportunities. The interesting assignments get taken up by people who are still progressing.
__________________
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
  #4  
Old 10-22-2013, 12:46 AM
Colonel Smoothie's Avatar
Colonel Smoothie Colonel Smoothie is online now
Member
CAS
 
Join Date: Sep 2010
College: Jamba Juice University
Favorite beer: AO Amber Ale
Posts: 50,464
Default

Imo, increases in responsibilities should match increases in pay. That way if anyone fails out or decides to stop taking exams, they aren't in a position where they are being vastly overpaid and need to get fired/take a pay cut.

Actually that goes for people who are still in the program as well.
__________________
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
  #5  
Old 10-22-2013, 12:49 AM
The Drunken Actuary's Avatar
The Drunken Actuary The Drunken Actuary is offline
Member
CAS SOA Non-Actuary
 
Join Date: Nov 2001
Favorite beer: Early and Often
Posts: 86,183
Default

But increased competency isn't directly correlated with exam success. Especially in health.
__________________
I think the dollar will crash irreparably by 2012.... bottom drops out of the dollar. ....Dollars are worthless, 401ks are bust, the markets are valueless...government assumes control over all industry and everything is nationalized by the end of 2012. - gomer_tree
Reply With Quote
  #6  
Old 10-22-2013, 12:53 AM
Colonel Smoothie's Avatar
Colonel Smoothie Colonel Smoothie is online now
Member
CAS
 
Join Date: Sep 2010
College: Jamba Juice University
Favorite beer: AO Amber Ale
Posts: 50,464
Default

Sorry, I misunderstood. You see, I'm in P&C where everything is sunshine and rainbows.
__________________
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
  #7  
Old 10-22-2013, 12:54 AM
Colonel Smoothie's Avatar
Colonel Smoothie Colonel Smoothie is online now
Member
CAS
 
Join Date: Sep 2010
College: Jamba Juice University
Favorite beer: AO Amber Ale
Posts: 50,464
Default

GO GIANTS
__________________
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
  #8  
Old 10-22-2013, 01:20 AM
The Drunken Actuary's Avatar
The Drunken Actuary The Drunken Actuary is offline
Member
CAS SOA Non-Actuary
 
Join Date: Nov 2001
Favorite beer: Early and Often
Posts: 86,183
Default

Quote:
Originally Posted by Colonel Smoothie View Post
Sorry, I misunderstood. You see, I'm in P&C where everything is sunshine and rainbows.
Lucky.
__________________
I think the dollar will crash irreparably by 2012.... bottom drops out of the dollar. ....Dollars are worthless, 401ks are bust, the markets are valueless...government assumes control over all industry and everything is nationalized by the end of 2012. - gomer_tree
Reply With Quote
  #9  
Old 10-22-2013, 05:36 AM
campbell's Avatar
campbell campbell is offline
Mary Pat Campbell
SOA AAA
 
Join Date: Nov 2003
Location: NY
Studying for duolingo and coursera
Favorite beer: Murphy's Irish Stout
Posts: 93,055
Blog Entries: 6
Default

Only 8 people? Not necessarily a big thing not to have an exam program. If he's prepared to take turnover when people become credentialed, then that's his decision.

The issue does become when they need to find more senior people. Will having a "broken pipeline" be an issue? Because it will be more expensive to bring people in from the outside, not just from a pay point of view, but also time wasted on the new people coming up to speed. As well as mis-hire problems, which are more expensive at higher levels
__________________
It's STUMP

LinkedIn Profile
Reply With Quote
  #10  
Old 10-22-2013, 09:15 AM
Salzmann's Avatar
Salzmann Salzmann is offline
Member
 
Join Date: Jun 2004
Location: Midwest
Posts: 5,785
Default

We've got a department like that- also small, in P&C. We have a formal study program and the salaries are higher for those progressing through exams. Both of the two people who got their credentials while working here are still here. The boss did, too, now that I think of it- came in as ACAS, swearing he was done with exams and agreed to finish up his exams when the previous department head left and he was offered the job.
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 07:37 PM.


Powered by vBulletin®
Copyright ©2000 - 2020, 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 0.25045 seconds with 11 queries