Another Actuary came up in a really good FT article on investment that I had honestly never heard of. Article is free to read.
Lessons from a lifetime in investment - Lessons from a lifetime in investment via @FT
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It’s an OpEd column, rather than actual news, but…
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Nice shout-out, but the question really is, “how many current teachers deserve to be paid that much, and what will those who do not deserve it do instead for work?”
I’m sure some do, but how many?
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I did a little comparison of primary teacher income to median income by country. Not quite comparing apples to apples as the teacher salary was the average gross income (for primary education with 15 years experience). I would assume that median is pretty close to mean for teachers. The median income by country is by disposable income. This would move United States up a little higher from its low position given its lower taxes. I only included countries in both lists (no UK).
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Luxembourg is generally considered to have the best public schools in the world… and small wonder. It used to be the case that teachers were better paid than doctors. I’m not sure if that’s still true. Based on what I’ve learned about Luxembourgish schools, I’m actually surprised that the teachers only make $105K. But I think they also have a pretty generous pension.
Oh, and that’s just primary… guessing secondary pays more in Luxembourg, and probably less in the US as there’s likely more burnout at the secondary level and teacher pay is a function of longevity.
You generally get what you pay for in education? Germany has excellent education so not surprised it is near the top.
Canada is about where I figured it would be: teachers are paid relatively more than in the US. I was impressed with the teachers at the public schools our kids went to.
Not really news per se, or calling out an actuary specifically, but this is … well, just watch.
[The money comment is at 7:09.]
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Wow! Maybe they finally see us! Next up, we should have a prime time drama series. Perhaps -
CSA (Crime Scene Actuarializing),
The Night Actuary
Designated Actuary
Law and Order: Actuarial Department
Next Level Actuary.
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Perhaps this is old news, but there was an actuary involved -
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I know we’ve all done the professionalism courses that tell us this is obviously the right thing to do, but I have mad respect for the actuaries put in these positions who choose to take on their employers.
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The nightmare you have in these responsible person roles if you don’t whistle-blow is that someone changes somewhere and the new person comes in and does the whistle-blowing. You then have to explain a situation as the principal respondent and everything about the problem is held together by your role as the responsible person.
Stating your position firmly and not being unduly influenced is the hardest thing in these roles. When the relationship between the responsible person and the other management team breaks down as they try to navigate a problem identified by the responsible person the chances of whistle-blowing increases.
Great article. I especially liked the part about LDI increasing overall market risk whilst reducing individual fund risk. It was not an insight I had from my training in pensions. There are insightful contrarian views in there.
Not an actuary but close enough: