Corporate development vs acturial science 5 year or so pay!
Hello all I am somewhat confused between which one is better to pursue and how you get there.
Corp Dev
What I get from this is that I will prolly have to go to a BB 2 year analyst program and quit and move to some F30 company ( Cardinal Health )
Actuary
Do a specialized program in college and then work at a F120 ( Nationwide) BTW nationwide's and cardinal's HQ's are both located where I live.
Also comparing them who makes the most money in lets say 5 years and what are the levels like I hear 26 year old actuaries making 250k and 5 year corp dev guys making 300K is this true? Also what is the step by step salary in each profession?
Lifestyle wise which is better?
Thanks guys I know this might be off topic and everything but I appreciate all the help I can get
Bullshit. Not a chance. If you finish college a couple years early and are an excellent negotiator and have lateralled a couple of times, I can believe 150K. 250K for a regular 26 year old actuary is just out of the question.
Not true. Actuaries who go the consulting route and are FSAs by 24-25 (not uncommon) can earn pretty hefty bonus checks by mid to late twenties. Yes, your average life insurance actuary is not making 250K by 26, but if you're smart and have a good view of the big picture, you will be paid top dollar. An accurate figure for a top performing actuary by 26 at a consulting firm would be 250K all in. Once you're in your thirties there are a fair number of actuaries I know personally bringing in 400K-500K. Keep in mind these are 45-50 hour work weeks.
Are you talking about independent actuarial consultants? Or actuaries working for a consulting firm? If the former, then you haven't disproven my statement since those actuaries are making the big bucks as business owners. I know teachers in their mid 20s who make six figures because they run a successful tutoring business on the side. If the latter, then I would really like to know which firm you're talking about. Engagement Managers at McKinsey barely make 250K, let alone a 26 year old actuarial consultant. I also know consultants in their thirties who make a hell of a lot more than 500K (because they are partners in their firms).
There's also a pretty big chance that these people you know personally are exaggerating their incomes. Wouldn't be the first time.
k then you think corp dev can earn a lot more money? then an actuary?
check out DW simpsons salary scale, they're a actuarial headhunter, most actuaries who reach 250k+ are generally nearing or in their 40s
I see thanks does anybody have good estimates of corporate development? and how long it takes to grow etc cardinal health would be in the health sector of course thanks again guys
Actuaries typically only work ~40 hours a week too right?... seems nice but isn't the math really really hard?
No, the math is not hard. In fact, they usually don't need anything beyond vector calculus and basic linear algebra. All you need is undergraduate statistics.
yea the math is hard but doable also they typically get a day off to study for exams so prolly like 32........ btw anybody know about corporate dev? DW simpsons was awesome zeakman thanks..... also would i get paid more if i come from a BB bank to corporate dev? thanks again!
well damn... aren't there tests that they gradually take to up their pay/responsibilities? I've heard those are hard but that was based off of very little research.
manbearpig stated it correctly its just mindnumbing
Bankerz, you should consider an MFE. Financial Engineering is wayyy more interesting than Actuarial Science, wayyyyy more lucrative, and will only require a one year masters program. You can PM me if you want more info. I have an MFE so I know quite a bit about the degree and the options it'll open up for you.
What are the hours like for somebody getting a typical MFE job?
I wouldn't say that there is a typical MFE job. You can use an MFE to get into trading some of the more quanty products. If you are very strong, you can get a FO quant job where the hours are excellent and the pay is very attractive. You can use it to get into risk, where the hours are amazing but the pay is mediocre. I used my MFE to get into management consulting, where I focus on financial services clients.
Thanks manbearpig Ill take you up on that offer
thanks again!!
I see how that works.... thanks how do you believe a MFE stacks up against going to a BB after undergrad and dropping to F100 corp dev companies?
As an actuary, you will get bumped to $130k all in as soon as you get the FSA. This is at a place known to pay top dollar for actuaries. From there, it's all up to your performance. Some people do this in 1-2 years, some in 4-5. If you can get BB FO coming out of school don't even think about the actuarial track, or the MFE for that matter.
k so BB and corporate dev is prolly better than both. thanks man
Out of curiosity, your profile says you were born in 1994.... is this correct? If so, I would focus more on college/grades right now.
In terms of being an actuary at Nationwide or working in Corp Dev at Cardinal Health its a toss up. Money goes a lot further in Columbus, OH though.
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