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Thread: Entry Salary?

  1. #1
    Actuary.com - Newbie Poster
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    Entry Salary?

    Hello,

    I am currently in college studying actuarial science, and considering a double major in finance as well. I've researched the salary expectations for actuaries in in the mid-to-long run I love what I see. However I am curious about the entry level pay. While the entry level pay I see on DWSimpson is an excellent level for a true "out of college" kid, I'm in a little different boat.

    I am an experienced software developer and I currently make 62k a year. By the time I graduate college (2011-2012) with my Actuarial Science degree, I expect to also have 10 years of programming experience as well, making about 75k+. I also fully intend to have at least one if not two of the actuarial exams passed.

    Knowing all of this, can anyone tell me what my salary expectations are? I need my salary in the actuarial industry to be around the same as what I will be making at the time. I am willing to take a small pay cut, especially if the benefits make up for it. I am currently in the Mid-South area if that helps. Would getting a Finance major along with Actuarial Science boost my salary? Should I try taking even more of the exams before I make the industry switch? I've seen a position called "Actuarial Programmer". Would that be a good transitional position to shoot for?

    Thanks for any advice.
    Last edited by drinkgreen; August 18th 2008 at 07:30 PM.

  2. #2
    Actuary.com - Level IV Poster
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    Please don't be offended but your experience isn't so unique. Starting salaries really don't vary by your non-actuarial experience. There are people with Phd's and years of experience but with only two actuarial exams making just as much as some kid straight out of college with two exams. The only consolation I can offer is that actuarial salaries increase very quickly. Pass your exams quickly and within a couple of years you could be making over 100k. Good luck.

  3. #3
    Actuary.com - Newbie Poster
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    Don't worry, I'm not offended.

    If its not unique, then other people must have experienced this same issue. How do people who are already living at a level of pay, able to make ends meet with entry level actuary pay?

    I see on actuaryjobs.com that someone with 3-4 tests with 0-2.5yrs experience can make 57k-78k for Property and Casualty insurance. Is this true or are the figures bloated?

    I mentioned the position of actuarial programmer. What I had in mind was a I.T. position who works on actuarial software. Is this true and would a position like this count towards actuarial experience? If not, is there a good transitional position from I.T. to Actuary?

    Thanks again!

  4. #4
    Actuary.com - Level IV Poster dmbfan41's Avatar
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    Quote Originally Posted by drinkgreen View Post
    Don't worry, I'm not offended.

    If its not unique, then other people must have experienced this same issue. How do people who are already living at a level of pay, able to make ends meet with entry level actuary pay?


    Thanks again!

    you'd have to take a pay cut, there's no way around it. as said before, if you don't have previous actuarial experience, you're going to start around entry-level regardless of what your previous jobs were. if you are married, perhaps you can rely on your spouses income until you work your way up. or you could lower your standard of living.
    "i find it hard
    to explain
    how i got here"

  5. #5
    Actuary.com - Level V Poster
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    Actuarial exams are harder than college math finals. Without knowing if you can pass the exams, it's futile to worry about actuarial pay. Pass a couple of exams, then talk to a recruiter (like DWS).
    I thought this WAS a real job

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