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 Actuarial science career, Free Discussion

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goldconnection
post Jun 27 2013, 07:41 PM

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QUOTE(Pistachio Lim @ Jun 27 2013, 07:12 PM)
Hey, I already read it before, but I need a qualified actuary to share some opinions before I venture into it.
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Qualified actuary don't hang out in this forum lah...go do your homework and you'll know which forum to hit.

goldconnection
post Jun 27 2013, 08:33 PM

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QUOTE(Pistachio Lim @ Jun 27 2013, 08:05 PM)
Ok, thx for your useful opinion ~Anyway, what is the differences between internal and external actuary? Somemore, how many actuaries do a company need averagely?I also heard some people say that getting a fellowship can get salary up to 5 figure, is it true?  Thx.
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You might get increment faster in your early career stage compared to your peers since your increment will based on your exam progression. But that doesn't mean that getting a fellowship will guarantee you a 5-figure salary immediately. Once you are qualified, it means that the increment based on your exam progression will stop if you're not promoted to a higher rank.

Some people get qualified younger like 2-3 years into their job, some might not even make it after 30 years old. For those that get qualified very young, their rank in the company might only be AM or Manager and I doubt they can make 5-figure. But say if you're above 30 and qualified, most probably your experience, rank and qualification warrant you a 5-figure salary.

If you go for actuarial science because of money, then probably that's not the best one. A lot of jobs out there can give you better rewards in the long term. Ppl generally choose it as a career because it gives job security, work-life balance, intellectual challenge, and a bit above-average rewards. It's the combination of these factors that make it appealing.
goldconnection
post Jun 27 2013, 11:28 PM

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QUOTE(H2O3 @ Jun 27 2013, 10:37 PM)
i am agree with wat sekkee and gold connection say.
my ex roomate is making more than 6k per month at the age of 24. You can get faster increament by passing exam.

general insurance does not have enough qualified actuary, you can try to go for p&c track. Most of the general/reinsurance company outsource their actuarial function.
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6K @ the age of 24? A bit on the high side. I heard even if you pass a lot of papers upon graduation, you wouldn't get much different pay than you peers who pass fewer exams as starting pay kind of standard at entry level and starting pay only 2.5K - 3.5K for any graduates? Or he passed exam aggressively after joining workforce?

 

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