The more exam papers you pass, the higher the salary.
- Jul 14
- 3 min read
Nowadays, every actuary probably knows about SOA and CAS (the U.S. organizations that organize actuarial exams), and many are likely familiar with the 1st exam, Exam P, and the 2nd exam, Exam FM. But today, I am going to tell you how worthwhile it is to invest in courses or study manuals to pass these exams.
Here are the links to the various entities mentioned: SOA - https://www.soa.org/Asia
CAS - https://www.casact.org/
We will be talking about the salaries that insurance companies or employers pay to actuaries.
Salaries in Life Insurance Companies
By international standards, every life insurance company must pay a stipend to actuaries based on an exam pay scale.
An exam pay scale is a chart indicating that if you pass Exam P, your salary immediately increases by X baht, and if you pass Exam FM, it immediately increases by Y baht. Each company has a different scale, and it is a secret that cannot be disclosed to outsiders. The approximate figures for X and Y are 3,000-5,000 baht per month.
A salary consists of 3 components: Base + Exam Pay + Experience.
For example, Mr. A is a fresh graduate who has passed Exam P and Exam FM. If he applies for a job, he will receive (approximate figures): Base = 18,000 (anywhere that offers a lower base than this is considered low), and 4,000 baht per exam paper. The total comes to 18,000 + 4,000 + 4,000 = 26,000 baht. This is considered high, given that the starting salary for a bachelor's degree is 15,000 baht.
Salaries in Consulting Firms
Every consulting firm, except ABS, offers higher salaries than life and non-life insurance companies (I will share more about this when I write the company reviews). They also offer exam pay and experience pay just like life insurance companies. However, the workload is much heavier because it is client-driven. If there are many clients, the employees have to take on a heavier workload accordingly.
Salaries in Non-Life Insurance Companies
Most non-life insurance companies do not have a structured exam pay scale like life insurance companies. Nevertheless, the number of passed exams still impacts the salary. Other contributing factors include timing (such as applying when they are short-staffed), experience, salary negotiation, and interview performance.
Conclusion
The salaries mentioned apply only if you are already hired. However, you must first pass the first hurdle, which is the interview. I will write about this another day. How to pass and exam paper, or how to pass more if you already have some?
Every actuary needs to read books to prepare for the exams. The recommended methods are as follows:
Self-study entirely: If you choose to self-study completely, a study manual is a must-have. For example, if you are taking Exam P, you must buy or find a study manual. A brand-new, authentic one can cost up to 10,000 baht. take a look at the link below: https://www.actuarialbookstore.com/index.aspx Try searching for Exam P to see the price for yourself.
If anyone is looking for a study manual, feel free to contact me. I have several second-hand copies available, which will save you a lot of money.
Let us tutor you: I can tutor all exam components (prior to ASA). The prices for Exam P and Exam FM are: - One-on-one: 400 baht per hour - One-on-one (30 hours prepaid): 12,500 baht - Unlimited hours via Video course: 2250 baht - See more pricing at: https://www.actuarialtutor.net/lessons
Finally, if anyone has questions or is interested in joining a class, please contact:
line:yodharin
0831301926
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