How quickly does your company raise your salary? Starting following payday, next month, etc?
Thanks.
For my last one, I think it was the following month.
Hi ao_fan! I remember you from the old AO. I see you’re still using the cute doggo pic 
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The Monday following the official announcement.
hmmm it looks like that’s how it should be. I’m currently with a company with no official actuarial program so for my last exam, my raise happened a few months after when the raise for all employees was happening.
The raise that I got was pretty nice in that it was more than what people normally get for passing that exam but I dislike that I have to bring it up and the loss of income from not getting the raise immediately.
I’m so old that I took exams when they were only offered 1-2 times a year.
When I was taking exams my employer made exam raises for fall exams effective 1/1, and for spring exams, effective 7/1. Since results came out after those dates that often meant that the raise was backdated and you got two pay periods worth of raise on your 1/31 or 7/31 paycheck. But sometimes the raise would get through in time to be reflected on your 1/15 or 7/15 paycheck.
ASA & FSA raises effective the beginning of the pay period in which the designation was earned. BUT… you had the have the diploma for payroll. Which took an eternity when I got my ASA because the SOA had changed vendors and we were waiting months for our diplomas. There was an active thread on AO bitching about it at the time. (A non-issue for FSAs since you walk away from the FAC with your diploma in hand.)
When I was supervising actuarial students it was weird. For written-answer exams and FAP where you had to wait for the results the raise was effective at the beginning of the pay period where you learned the results. For exams where you got the results instantly, the raise went into effect at the beginning of the following pay period. There was a weird incentive when the testing window spanned a pay period boundary. If you took the exam in the early part of the testing window then your raise went into effect a pay period earlier than if you took the exam in the late part of the testing window.
I don’t recall which way VEE went. ASA & FSA raises went into effect the pay period after you got the designation.
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So basically Im getting screwed over by being made to wait a few months after passing?
We need our transcript to show the pass for the raise to take effect (don’t remember about the designations- maybe the list of names?). It’s simple and straightforward.
I don’t recall the process at all for some reason. Time flies.
I think it was a standardized date for all passers for a given exam period
Ours are effecting the first pay period after official results.
There is a freeze around annual bonus/raise time, but it gets applied retroactively once it goes into effect.
Back when I started here raises were actually back-dated to the date of exams but they got rid of that at some point.
with my first actuarial employer, you got the raise with the annual raise. i don’t think this is totally outlandish.
with my current one it’s more immediate since it’s more of an actuarial employer to begin with.
Gawd, we had an issue whereby candidates got screwed out of one of their raises… I can’t remember how many actuarial students were affected, but a bunch.
HR has one form showing $60,000 salary + 3% merit increase = $61,800 salary.
Then they had another form showing $60,000 salary + $2,500 exam raise = $62,500 salary.
I can’t remember if the salary got changed to $61,800 or $62,500 but it was definitely NOT the $64,300 that the student was actually entitled to. I actually think it might have gone to $62,500 for one pay period and then down to $61,800.
And if those numbers seem small, this was in the Po and a while ago and I also don’t really remember, so those are made-up numbers to illustrate the concept.
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Every company I have been at the raise has been effective next pay period or next month. On the rich side I know of one smaller health company that backdates the raise to the date of the exam itself (at least they did that 10 years ago)
My first job did this, but I think it was a function of my boss not having had students in a while (guessing 3 years since the last update to the exam policy was 3 years before my start date), and then he got two. He thought it was unfair that we had an instant pass/fail (even if unofficial) result, but no raise until it actually came out on the transcript, so he always put in for backdated raises, and they were approved. There were a grand total of 5 of us though, two FSAs, two actuarial students, and one analyst who I’m not sure ever even took an exam… small life insurance company.
ah yes, I think this was the case for me as well.
First pay period following the date the exam was taken. So yes, back pay is involved.
Thank you all to that have responded.
Now I’d like to ask what is a reasonable range of salary for ACAS and FCAS in NYC area in insurance with about 5 years of experience.
Sorry if this is a loaded question.
probably 120-180k pre bonus, depending on what kind of a star you are.
This is fcas? Or acas?
Thank you.