What better way to procrastinate studying for exams than to spend your time calculating the hourly rate of studying?
Let's set some basic assumptions, which you can always tailor to your situation:
PV of this salary increase is roughly $30k, with 250 study hours for roughly $120/hr. Depending on the exact raise and your study time, this figure can easily double or triple. This seems to be the standard method for calculating the value of a college degree, but I think it severely overvalues what's being measured. I'm not sure if it's correct to attribute the entire amount of the raise to the study hours, since you still have to earn it through more responsibility/stress.
Let's set some basic assumptions, which you can always tailor to your situation:
- Exam raise: $2000
- Study time: 200 hours
- Extra time loading for retake(s): 50 hours
- Actuarial career: 40 years
- Discounting rate: 6%
- Assume annual raises take care of inflation
PV of this salary increase is roughly $30k, with 250 study hours for roughly $120/hr. Depending on the exact raise and your study time, this figure can easily double or triple. This seems to be the standard method for calculating the value of a college degree, but I think it severely overvalues what's being measured. I'm not sure if it's correct to attribute the entire amount of the raise to the study hours, since you still have to earn it through more responsibility/stress.
Hourly rate of studying
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