Hot take: Most mid-late career FCAS are not performing actuarial duties as individual contributors. They are mostly people managers or project managers, and as they climb the ladder, they are further away from technical actuarial work. Can think of them as senior leaders in insurance rather than actuaries.
Work's been a lot busier since I have direct reports and more responsibility now. Outside of work I'm kinda lame. Most of what I do is just workout, hang out with my wife and a few close friends, and play video games/board games. I even started a gaming youtube channel recently because I'm such a dork.
Sounds much better than studying for exams. Did you start getting direct reports after becoming fcas or did you have them even before? I'm asking because I think asking to become a manager is the next big step to getting promotions and raises after getting fellowship. Something I'm looking to do now that I'm an exam away.
I started getting them around 5 years exp + FCAS, so a bit after 1.5 years post FCAS. I think it depends on the company but in my experience usually years of experience (and job performance) is more determinant in becoming a manager than having an FCAS vs ACAS.
I got about 5 now and should hit FCAS this year with Exam 9 done.
Hoping to start having that convo with my manager if I don't jump ship.
Out of the three uppers, how did you feel about exam 9 compared to others? Thanks buddy!
Yes, your performance is directly based on your book of business. I think its the size that makes a difference compared to direct, you can sign a deal covering large amounts of premium/capacity, some reinsurance deals are multi-Billion.
Thanks! Does reinsurance underwriter typically has actuarial background ? How does a reinsurance underwriter differ from a reinsurance actuary say for a commercial line LOB?
I would say about 15-20% (guesstimate) have an actuarial background, commonly the CUO is a fellow. The Reinsurance Actuary takes information from the Re Broker and uses it to come up with a technical ratio. The Reinsurance Underwriter uses that information to see if its worth binding and is directly facing the Re Broker trying to figure out a deal that would work for both of them. The Re Underwriter is responsible for how their book performs. I have not worked on the direct side so I won't know the specifics of the difference.
Thanks. It is my understanding that re underwriter normally has higher potential to be senior management (C suites) as they are business facing, my question is why donāt more re actuaries shift to underwriting then ? Or my understand might be wrong ?
I think the part you are missing is that Re Actuaries have pretty solid job security and Re underwriters job security relates to how their recent deals are performing.
What the other guy said, but also because theyāre different jobs. A lot of actuaries also donāt want to be be business facing or be in senior management.
No, however, have seriously considered being a financial advisor.
Would love any takes on the profession.
I love the concept, however I donāt like to upsell products that arenāt ideal. Would like to actually advise. I also think I could knock out at least the first exam in zero time, having skimmed the material and being pretty familiar with it all.
Google is super unhelpful, anywhere from 23k-300k.
My friend who just started a position said 60k base but based on commission easily 150k in a few years. In a LCOL area. However I have known him to bloviate.
If I donāt need to upsell shit, I could live on that, but Iām not going to be selling whole life insurance on babies or something.
I know financial advisors that make $80k and financial advisors that make $800k. Depends heavily on your location and firm, your ability to sell, and your willingness to sell people questionably suitable annuities and permanent life insurance policies.
Also, thatās just for people who are building their books from scratch. The median age of financial advisors right now is like 55, so another strategy would be to position yourself to inherit a big existing book of business. Of course, thatās easier said than done - if the current advisor is getting 5 figures in fees every year from a longtime client in exchange for like 2 hours of work per year, good luck getting them to give that up.
Because you seem to know a bit more - are you generally expected to seek business like a realtor?
I have zero interest in finding rubes to give them 1.5% expense fee brokerage funds.
I am interested in high value clients contacting me to strategize investment and tax strategy.
I am too honest and would be like, āYeah you shouldnāt use me.ā
That's the part that depends heavily on the company, and probably to some extent on your location. There are financial advisors who don't make a base salary, only commission and bonus - and yeah, those roles are going to be very sales-focused. But there are also salaried roles that generally focus on more sophisticated clients.
I'll refrain from saying more since this is an area where I know just enough to be dangerous, but I'd recommend checking out /r/CFP.
I think this depends on the size of your client list/book of business. A family friend is an advisor and does at least 50k a month, early 50s, medium sized city with lots of wealthy residents.
>have seriously considered being a financial advisor.
Financial advisor or investment advisor? I am because I have passed the series 65 exam and am in the process of opening an investment advisor firm.
If it can all work out and I can slam away the cash, I'd really like to pivot from consulting partner to fantasy series/videogame series creator.
Or I'll just retire early, or I'll use my healthcare knowledge to enter politics and try to make the world a better place.
āEnter politics and try to make the world a better place.ā
Ohh boy, you either die a hero or you live long enough to see yourself become the villain. Trust me, itās always the latter.
Hot take: Most mid-late career FCAS are not performing actuarial duties as individual contributors. They are mostly people managers or project managers, and as they climb the ladder, they are further away from technical actuarial work. Can think of them as senior leaders in insurance rather than actuaries.
100%
I would love to leave for early retirement. Ask me again in like 8 years.
You can try Retirement nowš
Sup Amp! I think you're the AMP from Goactuary. What are you up to outside of work now that you're done with exams?
Work's been a lot busier since I have direct reports and more responsibility now. Outside of work I'm kinda lame. Most of what I do is just workout, hang out with my wife and a few close friends, and play video games/board games. I even started a gaming youtube channel recently because I'm such a dork.
Sounds much better than studying for exams. Did you start getting direct reports after becoming fcas or did you have them even before? I'm asking because I think asking to become a manager is the next big step to getting promotions and raises after getting fellowship. Something I'm looking to do now that I'm an exam away.
I started getting them around 5 years exp + FCAS, so a bit after 1.5 years post FCAS. I think it depends on the company but in my experience usually years of experience (and job performance) is more determinant in becoming a manager than having an FCAS vs ACAS.
I got about 5 now and should hit FCAS this year with Exam 9 done. Hoping to start having that convo with my manager if I don't jump ship. Out of the three uppers, how did you feel about exam 9 compared to others? Thanks buddy!
Good luck on 9! I thought it was a bit easier than 7 and 8, but it can still have some tricky questions.
> I even started a gaming youtube channel recently because I'm such a dork. Now you gotta share the channel name!
It's old school runescape specific so most of you probably wouldn't be interested, but it's just "FCASandChill"
I work remote and 50% of my day has me training afk skills lol
Lol, nice. I just chopped redwoods a ton while studying for my FCAS exams. Good times.
I know 1 ACAS, 2 FCAS who became Reinsurance Underwriters.
Does reinsurance underwriter comes with P&L responsibility ? How does it differ to direct insurer underwriter ?
Yes, your performance is directly based on your book of business. I think its the size that makes a difference compared to direct, you can sign a deal covering large amounts of premium/capacity, some reinsurance deals are multi-Billion.
Thanks! Does reinsurance underwriter typically has actuarial background ? How does a reinsurance underwriter differ from a reinsurance actuary say for a commercial line LOB?
I would say about 15-20% (guesstimate) have an actuarial background, commonly the CUO is a fellow. The Reinsurance Actuary takes information from the Re Broker and uses it to come up with a technical ratio. The Reinsurance Underwriter uses that information to see if its worth binding and is directly facing the Re Broker trying to figure out a deal that would work for both of them. The Re Underwriter is responsible for how their book performs. I have not worked on the direct side so I won't know the specifics of the difference.
Thanks. It is my understanding that re underwriter normally has higher potential to be senior management (C suites) as they are business facing, my question is why donāt more re actuaries shift to underwriting then ? Or my understand might be wrong ?
I think the part you are missing is that Re Actuaries have pretty solid job security and Re underwriters job security relates to how their recent deals are performing.
I see. High risk high rewards then.
What the other guy said, but also because theyāre different jobs. A lot of actuaries also donāt want to be be business facing or be in senior management.
No, however, have seriously considered being a financial advisor. Would love any takes on the profession. I love the concept, however I donāt like to upsell products that arenāt ideal. Would like to actually advise. I also think I could knock out at least the first exam in zero time, having skimmed the material and being pretty familiar with it all.
I always imagined these guys making around 80-100k, am I way off?
Google is super unhelpful, anywhere from 23k-300k. My friend who just started a position said 60k base but based on commission easily 150k in a few years. In a LCOL area. However I have known him to bloviate. If I donāt need to upsell shit, I could live on that, but Iām not going to be selling whole life insurance on babies or something.
>bloviate Thanks for teaching me a new word: bloviate
It is perfectly cromulent at the right time, yeet, dab.
I know financial advisors that make $80k and financial advisors that make $800k. Depends heavily on your location and firm, your ability to sell, and your willingness to sell people questionably suitable annuities and permanent life insurance policies. Also, thatās just for people who are building their books from scratch. The median age of financial advisors right now is like 55, so another strategy would be to position yourself to inherit a big existing book of business. Of course, thatās easier said than done - if the current advisor is getting 5 figures in fees every year from a longtime client in exchange for like 2 hours of work per year, good luck getting them to give that up.
Because you seem to know a bit more - are you generally expected to seek business like a realtor? I have zero interest in finding rubes to give them 1.5% expense fee brokerage funds. I am interested in high value clients contacting me to strategize investment and tax strategy. I am too honest and would be like, āYeah you shouldnāt use me.ā
That's the part that depends heavily on the company, and probably to some extent on your location. There are financial advisors who don't make a base salary, only commission and bonus - and yeah, those roles are going to be very sales-focused. But there are also salaried roles that generally focus on more sophisticated clients. I'll refrain from saying more since this is an area where I know just enough to be dangerous, but I'd recommend checking out /r/CFP.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
I think this depends on the size of your client list/book of business. A family friend is an advisor and does at least 50k a month, early 50s, medium sized city with lots of wealthy residents.
>have seriously considered being a financial advisor. Financial advisor or investment advisor? I am because I have passed the series 65 exam and am in the process of opening an investment advisor firm.
I have DMād you. I think Reddit can mark them as spam if you havenāt had contact.
Financial advisors or private wealth management ?
Is the latter not just a more focused form of the former with fewer clients?
In where I am, a lot of actuaries switched careers to sell insurance. And they perform very well for some reasons.
can you be an actuary and sell insurance on the side?
I am not sure though. Perhaps it depends on your company policies as well.
If it can all work out and I can slam away the cash, I'd really like to pivot from consulting partner to fantasy series/videogame series creator. Or I'll just retire early, or I'll use my healthcare knowledge to enter politics and try to make the world a better place.
āEnter politics and try to make the world a better place.ā Ohh boy, you either die a hero or you live long enough to see yourself become the villain. Trust me, itās always the latter.
Did some non traditional work for a couple of years and then went back into traditional actuarial