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Thread: Compare Your Company's Actuarial Exam Study & Passing Bonus/Raise Program

  1. #1
    Actuary.com - Newbie Poster
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    Cool Compare Your Company's Actuarial Exam Study & Passing Bonus/Raise Program

    I work for health insurance company. My company's actuarial student
    program supports you (paid exam fee, study materials and exam encreases) for 3 attempts. If I passed exam on 4th attempt I would not get the increase,
    they just let me back in program. Please tell me about your actuarial program.
    If possible, specify is it insurance company or consulting firm.

    Thanks a lot

  2. #2
    Actuary.com - Level VI Poster
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    Quote Originally Posted by Vasy
    I work for health insurance company. My company's actuarial student
    program supports you (paid exam fee, study materials and exam encreases) for 3 attempts. If I passed exam on 4th attempt I would not get the increase,
    they just let me back in program. Please tell me about your actuarial program.
    If possible, specify is it insurance company or consulting firm.

    Thanks a lot
    We have our exam raises and first-time passing bonuses.

    To continue in the program, you must pass P and FM in 2 years and for every remaining exam, you must pass at least 1 every 18 months. I don't think we have a policy for individuals that pass after the 18-month period - whether they're allowed back in the program or not.

  3. #3
    Actuary.com - Level III Poster
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    same as wat...

  4. #4
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    What are the pay raises and bonuses in $ amounts, and how would that compare to being hired with the exams already passed?

  5. #5
    Actuary.com - Level VI Poster
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    Quote Originally Posted by SirVLCIV
    What are the pay raises and bonuses in $ amounts, and how would that compare to being hired with the exams already passed?
    For us, it's $2000 for P, $1500 for FM, $4000 for M and C. I believe that's incorporated into your salary if you've already passed those exams.

    However, if you do not complete the program (fail out of the student program), the raises are taken back.

  6. #6
    You spam? I ban! Irish Blues's Avatar
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    $4,000 for M and C? Damn, I really am getting underpaid when I pass.

    Where I'm at (insurance), you must sit when an exam is available (but it's not a hard fast rule). You get 3 chances to pass; if you fail the 3rd time, you're out of the student program unless you get a '5', in which case you get one more chance. If you get a '0' on any exam, you lose all study time for the next sitting for that exam. Exam raises: $1500 for 1, $1000 for 2, $2000 for 3 and 4. $450 for each VEE.

    Promotions typically come after:
    -- 3 exams and minimum 1 year of experience,
    -- 5 exams and minimum 2 years of experience,
    -- 7 exams and minimum 3 years of experience

    After that, it's a matter of there being a position in the grade level above that's open for you to bump into; it's usually not a problem, but in some places it has been.
    Last edited by Irish Blues; October 4th 2007 at 03:17 PM.

  7. #7
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    I'm with a consulting firm. We have to pass one exam every 3 exam periods to stay in the program. After passing P, FM, M, and C, we have to pass one exam every 4 exam periods. We get 7 days of study time for P and FM and 13 days for M and C. The raises are $3,000 each for P and FM and $4,000 each for M and C and bonuses of $1,000 for P and FM and $1,500 for M and C. And a $1000 raise for VEE. From the sounds of it, I have it pretty good here!

  8. #8
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    Just a question - does anyone have any information regarding how their program is dealing with the new syllabus for those taking exams with the SOA? In other words, how is your study program treating the modules w.r.t. work hours allowed, raises, support, etc.

  9. #9
    Actuary.com - Level I Poster
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    I work for a major financial company in Canada.
    For the P exam, you get a 1500$ cash bonus and a 2000$ annual salary increase.
    For every subsequent exam you pass, you get 2000$ cash in your pocket and a 2000$ annual raise.
    When you get your ASA title, you get 5000$ cash and a 5000$ raise.
    Any exam you pass between ASA and Fellowship have no benefits (except all fees are covered by the company).
    Once you reach FellowShip, you get another 5000$ Cash bonus and a 12 000$ salary increase.
    Once you're a fellow, your starting annual wage is around 80K-90K.
    By getting increasing experience and responsabilities, you can get up to 135k ( In the company I work)

    I feel it's an excellent program to motivate you passing exams.

  10. #10
    Actuary.com - Level IV Poster binky_4me's Avatar
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    i work for a supplemental health/medical insurance company, i think we have a pretty good student program except we don't have any rotations...:confused-:

    we don't exactly have a direct correlation between exam hrs and study hrs but we get 90 hrs for P, 70 for FM, 90 for MFC, 60 for MLE, 120 for C, 25 for VEE, and 100+ for each FAP module and exam. 2nd atempt is 20-30 less hrs, and 3rd attempt is another 20-30 hr deduction. 4th attempt you're on your own.

    raises are $200 for each VEE, $1000-$2000 for certain exams including FAP stuff, $4000 for FSA stuff, $2500 for ASA, and $5000 for FSA.

    i think that's good motivation, too.:laugh:
    binky

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