Actuarial Salary Advice

[ThrowAwayACT]

Hi all, looking to do a bit of salary comparison for actuarial roles in Singapore.

I just attained my ASA qualification and have about 6 years of experience split equally between pricing and reserving roles, in non-managerial positions.

I current earn about 90k per annum gross, with variable bonus of 12-15% at year end. Is this considered relatively high?

My company also does not have increments for individual fellowship modules or exams, and instead an approximate 15k annual pay increment is only given at the point of fellowship qualification (i.e all exams, all modules and DMAC completed).

I know I lose out a lot by not getting an increment on each exam passed, but could anyone give me an idea of whether the 15k increment for the fellowship segment is considered low or normal in total?

Some idea on how the increment amount given for each fellowship module and exam passed in other insurance companies would be appreciated as well.

Originally Posted by ThrowAwayACT

Hi all, looking to do a bit of salary comparison for actuarial roles in Singapore.

I just attained my ASA qualification and have about 6 years of experience split equally between pricing and reserving roles, in non-managerial positions.

I current earn about 90k per annum gross, with variable bonus of 12-15% at year end. Is this considered relatively high?

My company also does not have increments for individual fellowship modules or exams, and instead an approximate 15k annual pay increment is only given at the point of fellowship qualification (i.e all exams, all modules and DMAC completed).

I know I lose out a lot by not getting an increment on each exam passed, but could anyone give me an idea of whether the 15k increment for the fellowship segment is considered low or normal in total?

Some idea on how the increment amount given for each fellowship module and exam passed in other insurance companies would be appreciated as well.

You mean all along your company doesn't give increment for any exams passed?

Did you switch jobs along the way? Or you stayed in the same company for all 6 years?

about $150 increment bro

Originally Posted by Unregistered

about $150 increment bro

Hi, I would like to know more as well.... $150 is for each FSA module? How about FSA exams?

[ThrowAwayACT]

Originally Posted by Unregistered

You mean all along your company doesn't give increment for any exams passed?

Did you switch jobs along the way? Or you stayed in the same company for all 6 years?

I've worked with multiple companies in my 6 years.
Some I worked for had the normal increments per exam, both preliminary and fellowship. But at my current company, there are only increments for preliminary exams, and the remaining increment is at the point of fellowship qualification.

I've been thinking of moving out of my current position to another company just to get the exam pay increment, but I'm not sure if my current salary is lower than, at or higher than market rate. If I am already being paid higher than market rate, I would think that potential employers might find it unpalatable during the interview/salary negotiation process.

Originally Posted by Unregistered

Hi, I would like to know more as well.... $150 is for each FSA module? How about FSA exams?

Depends on how generous your company is.

Fellowship modules are worth about 150 each.
Fellowship exams are worth about 300 each.

Actually how is the market salary for actuarial analyst, example breakdown by job title and experience?

Its hard to set expected salary without actual experience

Originally Posted by Unregistered

Actually how is the market salary for actuarial analyst, example breakdown by job title and experience?

Its hard to set expected salary without actual experience

It really depends on the company, and the number of exams you come in with.

Based on past experience, a graduate with no experience and 2-3 preliminary exams passed should start around 3.5k - 4k base. I'm not sure if that's the current market rate now.

Once you've secured a job, most of your pay increment should come from passing exams. Preliminary exams generally give about 200-250 per pass, while SOA's FAP is worth around 700-900 depending on the company. Then fellowship modules and exams follow the amount from the above post.

[mckay_1401]

Anyone happy to share the current salary scale for actuary with 13 to 15 years experience?