2015 DW Simpson Actuarial Wage Survey Area: New York-White Plains-Wayne, NY-NJ Metropolitan Division

Transcription

1 2015 DW Simpson Actuarial Wage Survey Area: New York-White Plains-Wayne, NY-NJ Metropolitan Division DW Simpson is the largest global recruitment firm specializing in the placement of actuarial and analytical professionals. Through our vast network of actuaries and employers, we compile more actuarial salary data than anyone. Our data is comprised of salary information that we accumulate in our day-to-day operations. Having been in business over the past 25 years, DW Simpson offers the most comprehensive data and most trusted actuarial salary surveys. This particular salary survey focuses on the Actuaries employed in the New York-White Plains-Wayne, NY-NJ Metropolitan Division region. We have utilized 163 data points and can confirm that this survey meets the criteria outlined by the Department of Labor for Employer-Provided Wage Surveys. Please find our results below: Actuarial Wage Results: Average Base Salary Level 1 Wage: $33.01 hour - $63,388 year Level 2 Wage: $49.93 hour - $82,416 year Level 3 Wage: $75.54 hour - $145,027 year Level 4 Wage: $93.07 hour - $178,688 year We have outlined how we met each point of the criteria for Employer-Provided Wage Surveys below, followed by the data and graphs supporting the numbers: 1) The Survey must be recent. DW Simpson confirms that this survey is published on-line at the following address: and is the most current edition of this survey. This survey is based on data collected within 24 months from the date of publication, April 3, ) The wage data submitted by the employer must reflect the area of intended employment. DW Simpson confirms that all data points in this survey are from the applicable DOL definition of this specific metropolitan statistical area (OES metropolitan area 35644), including and limited to the following counties/townships: BERGEN; BRONX; HUDSON; KINGS; NEW YORK; PASSAIC; PUTNAM; QUEENS; RICHMOND; ROCKLAND; WESTCHESTER 3) The job description applicable to wage data submitted by the employer must be adequate to determine that the data represents works who are similarly employed. DW Simpson confirms that all data is based on actuaries employed in the OES metropolitan area 35644, divided into the following Levels: Level 1 Wage: Individuals with less than 2 years of experience who are pre-associate Level 2 Wage: Individuals with 2-5 years of experience who are pre-associate Level 3 Wage: Actuaries with 5+ years of experience and an Associateship designation (ACAS / ASA) Level 4 Wage: Actuaries with 5+ years of experience and a Fellowship designation (FCAS / FSA) The Levels in this Actuarial Wage Survey have been categorized to recognize that compensation is significantly tied to the attainment of an Associate or Fellowship designation. Before you can be called an actuary in the United States, you must become an Associate or Fellow of the Society of Actuaries (SOA) or the Casualty Actuarial Society (CAS). CAS members are largely trained to work in the property and casualty insurance field. SOA members are trained to work all branches of actuarial science. Actuaries must meet rigorous standards for 2015 DW Simpson Actuarial Wage Survey 1

2 admittance to these societies and it requires the passage of a series of professional level examinations, as well as meeting continuing education requirements throughout their career. Both professional societies have a common set of preliminary exams; the CAS has a single set of advanced exams and the SOA has six sets of advanced exams, one set for each of their six domains of competency. 4) The wage data must have been collected across industries that employ workers in the occupation. DW Simpson confirms that this data includes any actuary employed across industries in the OES metropolitan area 35644, including but not necessarily limited to consulting, insurance, health care, property and casualty firms, rating agencies and pension firms. 5) The prevailing wage determination is based on the arithmetic mean of wages for works that are similarly employed in the area of intended employment. 6) The employer must include the methodology used for the survey to show that it is reasonable and consistent with recognized statistical standards and principals in producing a prevailing wage. a. This survey includes 163 data points broken into 4 wage levels. Each data point comes from a salary in the last 24 months from either a placement made by DW Simpson or salary information obtained directly from candidates with whom DW Simpson has worked DW Simpson Actuarial Wage Survey 2

3 Level 1 Wage: Individuals with less than 2 years of experience who are pre-associate 2015 DW Simpson Actuarial Wage Survey 3

4 Level 2 Wage: Individuals with 2-5 years of experience who are pre-associate 2015 DW Simpson Actuarial Wage Survey 4

5 Level 3 Wage: Actuaries with 5+ years of experience and an Associateship designation (ACAS / ASA) 2015 DW Simpson Actuarial Wage Survey 5

6 Level 4 Wage: Actuaries with 5+ years of experience and a Fellowship designation (FCAS / FSA) 2015 DW Simpson Actuarial Wage Survey 6