How much can an actuary make?
 

I've heard many rumors that actuaries make tonnes of money. Now I'm wondering whether I should choose that as my major in uni. Anyone knows what the job is like and what the pay range is like? Can't find much info online in a Singapore context. Don't know any actuary in real life that I can talk to either. Tks.

i've seen the following job ads:

actuarial associate: 8K per month
actuarial manager: 12K per month
actuarial director: 17K per month

wow how true is this?

Im quite interested in an actuarial job as well. I've heard that it is a job that is growing in demand, is this true?

the best paying jobs are engineering jobs.
Junior Engineer: 5k
Senior Engineer: 8k
Staff Engineer: 10k
Principal Engineer: 12k
Engineering Manager: 16k
Engineering Director: 30k + shares benefits

Yeah... Right..
In your dreams !!!!

I am a Senior Engineer in Semicon Sector..
My base pay is a mere 3.5k only...

true - see the job ads here:

http://www.headhunt.com.sg/documents...Issue%2064.pdf

http://www.headhunt.com.sg/documents...HIssue66LR.pdf

Actuarial Jobs
 

I am now working in the actuarial dept. The salary is good if you can pass the exams quickly and is technically competent. Another good thing about being an actuary is that you get to do interesting work with reasonable stress level. On the down side, do note that the exams are not easy at all and many intelligent people can get stuck for years and many if not most eventually give up and change profession. Also, the competition for entry level jobs is extremely fierce and the Singapore actuarial industry usually hire about than 5 - 7 fresh grads each year only. Each year, we already have about 100 act science grads and other majors interested in the profession from our local unis. We also receive lots and lots of resumes from other nationalities from unis all over the world. In that sense, it is really risky because you will likely not find an actuarial job and even if you get one, you will likely not be able to pass all exams. On the bright side, there are still many actuaries completing their exams each year and can look forward to a life of relatively high income and "guaranteed" employment.

check out tan kin lian's answers to some questions related to actuarial science.

Tan Kin Lian's Blog: Can an actuary work in financial engineering?

too bad, he didn't talk about the pay.

Are you talking in terms of Singapore context ?? If it is, you must be dreaming. Junior engineer can even start off at $2K with a diploma. An admin officer, with GCE 'O' levels in stat boards earn way higher than that!!!

In Singapore? No. It is well known that the best paying jobs in SINGAPORE are those in banking and finance.

base pay is about $2,400 (if you do not have any actuarial exams, or if the company does not reimburse you straight up for your IOA/IAA exemptions)

end 2008: starting pay was $3,300 (i have passed Exam P/1 and Exam F/2 and am an overseas graduate)
2009: no promotion/increment (bad financial situation), remain at $3,300
passed Exam MLC/3L and MFE/3F: $3,600
2010: no promotion, token increment to $3,672
2011: passed FAP-IA: $4,122
no promotion, token increment to $4,251

doesn't look like i will be a millionaire any time soon, now, does it?

I would say, that's very good progression. You have gotten $900 increment in just a little over 2 years.

Co-Op ENGR STUDENT
 

I'm gonna go with the Engineering as highest paid, heck I'm only a co-op student and my base salary is 5K, I have another year left of schooling.

you most probably not from singapore!!!

qualified actuary experience
 

As a qualified actuary from the UK, I was offered a role in Singapore in 2010 with a salary in the region of 150k p.a. while this seemed a lot, once I had factored in things like accomodation and schooling for my kids, the salary swan't as inviting.

Actuaries, even fairly junior ones, can make significantly more money in the UK just now due to EU regulatory change. Once that dries up I'll look again at Singapore.

150k pa for an expat is considered way too low. Remember that the spouse usually doesn't work and that the kids' education is relatively more expensive even if they attend local schools. Rental will be another major burden. I would say overall quality of life will be worse than that of a typical Singaporean family living in a 5-room HDB flat.

The most pathetic pay of all professional is enginering which is why nowadays fewer ppl choose engineering for their tertiary education ,u can see the trend now every youngsters jumping to finance and banking ..

Soon the whole world will be full of bankers and finance professionals, lending money to one another and investing money in each other's investment firms, which in turn invest money in banks and other financial firms. Finance will account for 100% of GDP. Everyone will be a billionaire.

The guy who posted this must be an engineer who has gone mad from poverty.... Ha, ha... either that or perharps the numbers are for annual income instead or monthly salary... Hilarious joke indeed!! ha, ha, ha......

What's wrong with his post?

Thanks for the info. I'll be sure not to sell myself short when the time comes. What level of salary would an expat family of 2+2 need for a very comfortable life in Singapore ?

For you to ask this question clearly implies that you are not working in engineering.... There is no way a junior engineer can start by earning 5k... The average junior engineer earns only about 2.5k - 3.5k... Engineers can earn so much... Nobody will be jumping into finance from engineering......

Depends on how comfortable, and how much savings u need, and whether housing and schooling is covered by your expat package.

The key costs are:
- housing : approx $70k pa. $5.5k (for mid tier expat) to $25k (for orchard living) per month
- international schools : $30k per kid per annum
- maid : $12k to 15k per annum (including food for maid, and misc)
- car : $25k per annum (for mid tier car, including petrol. Insurance, rd tax, parking etc)
- taxes : can assume 10 to 15% in aggregate
- living expenses : $25k pa. 2k per month for the family if you aren't extravagant

So as u can see, just basic expenses for a mid tier expat putting kids thru international school are approx $190k pa, excluding taxes. If u dun mind living in hdb, no car, no maid, cheaper schools, u can get by on more local terms.

I'm sorry but this is accurate at least in a context of civil engineering consultancy, MNC. I don't know what's "staff engineer" but Engineer makes 5k-6k, Senior Engineer 7k - 10k. Other higher levels e.g. Prinicpals accurate as well. I am a senior engineer in an MNC engineering consultancy and my other friends in the same field, also MNC make similar money. 13 month bonus only.

However compared to my friends in the civil service, their base pay is close to 7k and with the 4-6 months bonus, they actually make more than I do.

was nascanc
 

I an quoting the below posted earlier - like I mentioned this is accurate. Engineers may not make the most but it's good living.

Junior Engineer: 5k
Senior Engineer: 8k
Staff Engineer: 10k
Principal Engineer: 12k
Engineering Manager: 16k
Engineering Director: 30k + shares benefits

Are you in HR? The figures you provided are in the ball park for engineers in the civil service, defense industries and military service. A freshie engineer with good honors and NS joining the Civil service would be getting $4k-$4.5k pm. With just the ave bonus, he would be getting >$60k pa first year.

Nowadays they don't publicise the salary scales, but practicing engineers in the government and military are expected to be earning more than engineering poly lecturers (for same cohort). From below (extracted from some other forum poster) you can have a feel of the pay scale for the lecturers. A senior practicing engineer would be like a Pax 5 to Pax 4 poly lecturer. A principal or staff engineer would be like the poly Pax 3 and Pax 2.

I find it strange that people say engineers are poor. They may be "poor", but I know many are staying in condos and quite a few also have another condo earning rental income.

If husband and wife are both engineers and are in the profession for over 10 yrs, as a household they would be earning >$200k pa and save $100k pa easily.

PAX Salary Range (effective 1 Sep 2012) in all Polys -

PAX 2 : $10,920 - 14,910 / 16,900
PAX 3 : $ 7,060 - 9,670 / 10,980
PAX 4A/4E : $ 5,120 - 7,690 / 8,980
PAX 5A/5E : $ 3,750 - 5,740 / 6,740
PAX 6A/6E : $ 2,410 - 4,270 / 5,200