Rather than add to an already overheated thread, I’ll make a new one.
Let’s just put down what the dues are:
FWIW, I actually don’t pay $725 as a U.S. FSA – I’m a member of the Academy, so my dues are: $670.
I note that the CAS does not put the AAA-related charge in their dues table as default, and the SOA does.
Anyway, comparable SOA dues are 9% higher than the CAS. ($670 vs $615)
Just for people to know: ASAs/CERAs w/ 5 years of membership have similar voting rights to FSAs, except for amendment to bylaws, iirc.
Oh, and if you’re not an Academy member, and you’re a fellow, that’s:
Only 4% difference.
Fortunately for retired actuaries the dues are far lower. OTOH, I get almost no benefits other than the opportunity to provide free volunteer labor to the SOA for E&E activities.
Hey, I’ve gotten so many nifty tchotchkes for my SOA activities! (and a few trips to nice places)
I don’t remember even getting a volunteer gift in 2020. I have gotten trips to many locations I enjoyed, but most of those were while I, really my employer, was paying full dues. The current policies for E&E work locations are not as appealing as in the past. Due to COVID, no E&E travel for me since Jan 2020; no idea when it might resume. My volunteer time has not decreased, increased a little in fact, despite no in-person meetings.
My time for E&E has been less since 2017 myself, because of Stu’s cancer.
I don’t know what the current policies for E&E are, but grading has been distance for the last couple sittings, obviously. Distance grading went pretty well, but we obviously had to change procedures.
Almost all my work has been on question setting (involvement in some question setting capacity in every exam session since 1978 except one; almost always with just one exam per session). I graded papers for the first time, distance grading, for Fall 2020. No reward at all* for that grading work, but I did enjoy it and will volunteer to continue grading. It went well, IMO.
- They did reimburse $9.53 for an app to let me grade pdfs, an app I would not have bought otherwise and may never use for any other purpose. So not a reward.
now do exam costs and syllabus material costs.
Last I checked, all the syllabus materials for which the CAS owned the copyright were all free as a PDF. Obviously, 3rd party textbooks cost whatever they cost. But I know situations where the CA chose one textbook instead of two because they were concerned about the total cost to candidates.
I just got a $30 gift certificate as a thank-you for grading. I spent about 15 hours grading. So… $2/hour.
I think it was sort of to make up for not taking us out to dinner at the grading meeting.
thanks for volunteering despite the abuse
Not disagreeing – exam fees are a bigger source of revenue for the SOA than membership dues, iirc.
So I decided to dig into the SOA 990s I already had (don’t you go grab them?) and my most recent one is 2017.
Program service revenue for 2017 was $59.1 million
Ugh, whatever they used to file the 990 is very poorly aligned… or perhaps the PDFs got screwed up somehow.
Exam fees for 2017: $33.7 mil
Membership dues: $14.7
Meeting fees: $7.6
And the remaining $3 mil looks like grants and things like that.
So that’s the SOA’s revenue structure.
IFoA is £715, or just over $1000. Why?
Probably because it’s really two orgs that got merged.
If SOA & CAS merge, we should expect the same. Watch out!
More seriously, in the U.S., we have a third major actuarial org: the AAA.
To be sure, many American actuaries don’t join the AAA, even though they’re qualified to. Very few actuarial jobs actually require being an MAAA (signing off on reserves, etc.) – AAA dues are $720 right now.
I had $670 for SOA (as I’m an MAAA) & $720 for AAA – $1390.
We’re still more expensive than the IFoA! WOOO!
CAD 1346 = USD 1060
What a rip off
FCIA + FSA/FCAS = $1755 to $1785
And just to, um, increase the the margin of that Canadian “victory”… at least for casualty actuaries, don’t the CAS’s CE requirements effectively require actuaries who live and practice in Canada to be members of the CIA, as the CIA requires membership to access the professionalism module required under Canadian CE standards?
At least in the US, Academy membership isn’t actually required.
Although I think of it as the CIA’s requirement that you be a member to be allowed to get critical Canadian CE.