Cost of "The wait"

[djbaker77]

New to the board here, so I appologize if this has already been discussed. Here goes.....Has anybody out there calculated how much withholding the results for so long costs over time for those that end up passing the exam? Many candidates that pass can expect to see either a "bonus" or a regual raise in pay. I'm mostly curious about the future earning potential of additioanl 401k, IRA, etc. contributions that could have been made if results were given sooner (say within 3 weeks of the exam date) and therefore raises given sooner. For example, say an employee makes $50k and currenly contributes 10% pre tax to a 401k program per paycheck. Lets say if they pass they get a 5-10% raise. What would be the cost over 30 years, assuming a rate of return of 8%, of ncees withholding the results over 2-3 months . I know this sounds too much like an exam question, but I wonder if this would add up to some "real" money, or if it's just chump change.

 

[redrum]

oh hell yeah theres cost associated with it :brick:

but I recall some NCEES homer saying something about moisture in the scantron machines slowing them down or something :thatsgay:

 

[frazil]

not to mention how many billable hours are spent checking this website for 3 months!

 

[Hill William]

Shit, I still haven't gotten my "guaranteed" raise from passing it in April.

 

[FusionWhite]

I crunched some numbers really fast. Assuming a base salary of 50k per year and an instant 5% raise (just numbers I made up based on what I make now and conservative estimate of what a company would give for the PE) as well as a 6% 401(k) + 6% employer match:

Lost salary for 3 months: $625.11

Lost 401(k) after 30 years (8% ROR): $754.69

TOTAL MONEY LOST WAITING FOR EXAM RESULTS: $1379.80

 

[McEngr]

I crunched some numbers really fast. Assuming a base salary of 50k per year and an instant 5% raise (just numbers I made up based on what I make now and conservative estimate of what a company would give for the PE) as well as a 6% 401(k) + 6% employer match:
Lost salary for 3 months: $625.11

Lost 401(k) after 30 years: $754.69

TOTAL MONEY LOST WAITING FOR EXAM RESULTS: $1379.80

if u assume 12%/year, then after 30 yrs you'd have $2247.

 

[EL Nica PE]

Ok here is the low down!!!

Person making 50K

How much money do you currently have saved? 0

What is your monthly salary? $ 4,167

What percent of your salary are you contributing to your 401K plan? 10 %

What percent of your salary does your employer contribute? 0 %

What rate of return do you expect on your investment? 8 %

How many years until you retire? 30yrs

The amount in your 401K plan at retirement: $ 621,032.78

How many years until you retire? 29.75yrs (minus three months)

The amount in your 401K plan at retirement: $ 568,647.44

Difference of $ 52,385.34

Person making 50K (5% increase for passing PE)

Person making 50K

How much money do you currently have saved? 0

What is your monthly salary? $ 4,375

What percent of your salary are you contributing to your 401K plan? 10 %

What percent of your salary does your employer contribute? 0 %

What rate of return do you expect on your investment? 8 %

How many years until you retire? 30yrs

The amount in your 401K plan at retirement: $ 652,032.26

How many years until you retire? 29.75yrs (minus three months)

The amount in your 401K plan at retirement: $ 597,032.05

Difference of $ 55,000.21

for a total loss of 2,614.66

:read:

 

[McEngr]

Ok... lots of "ifs" in there. Lets just say it would be between 2 and 3 G's.

 

[NCcarguy]

Ok... lots of "ifs" in there. Lets just say it would be between 2 and 3 G's.

I could easily take that number and start to look at what it costs to fail the exam!!!! :mail:

 

[DrFranz]

Shit, I still haven't gotten my "guaranteed" raise from passing it in April.

Same here!!

No signs of ANY raise yet... the excuse: all raises kick in January 1st... :thatsgay:

 

[DVINNY]

I can up that. If someone in my company takes it in April, they won't know the results when the "ANNUAL REVIEW" comes around at the end of May. If they were to become a new PE before that review, they would get the bump in pay, since results come after that, if they pass, they must still wait 13 months from the time they took the test until they can enjoy a pay raise.

So with my company, those passing the April exam lose 13 months of the pay increase. That's much more than 2 to 3k.

 

[djbaker77]

I can up that.  If someone in my company takes it in April, they won't know the results when the "ANNUAL REVIEW" comes around at the end of May.  If they were to become a new PE before that review, they would get the bump in pay, since results come after that, if they pass, they must still wait 13 months from the time they took the test until they can enjoy a pay raise.
So with my company, those passing the April exam lose 13 months of the pay increase.  That's much more than 2 to 3k.

Sounds like a lot more than just chump change.

 

[purduegrad]

The cost of getting my sanity as soon as possible ..... Priceless. ncees Hurry uppp!!!!!

 

[FusionWhite]

I crunched some numbers really fast.  Assuming a base salary of 50k per year and an instant 5% raise (just numbers I made up based on what I make now and conservative estimate of what a company would give for the PE) as well as a 6% 401(k) + 6% employer match:
Lost salary for 3 months:  $625.11

Lost 401(k) after 30 years:  $754.69

TOTAL MONEY LOST WAITING FOR EXAM RESULTS:  $1379.80

if u assume 12%/year, then after 30 yrs you'd have $2247.

$754 is the difference based on the 5% raise over 3 months not the total generated during that time.

 

[tmckeon_PE]

Try waiting years until you get the chance to take the test. Cost is more or less incalculable. I am honored to be able to take the test and will fulfill the needs as I am able after passing the test. Let us be adults here. I don't like it one bit that some (NCEES) seem to take way more time than is needful (and would be fired if they were in the commercial sector). However, I am still pleased to be able to show that I can do what I have said I can do. Screw those other guys.

 

[djbaker77]

Try waiting years until you get the chance to take the test. Cost is more or less incalculable. I am honored to be able to take the test and will fulfill the needs as I am able after passing the test. Let us be adults here. I don't like it one bit that some (NCEES) seem to take way more time than is needful (and would be fired if they were in the commercial sector). However, I am still pleased to be able to show that I can do what I have said I can do. Screw those other guys.

I guess you may have missed my point. I'm not talking about the cost of making you wait until you meet their qualifications to sit for the exam, which I think quite reasonable, and are in place to keep the standards of the profession of engineering on par with other professions i.e. doctors, attorneys, accountants, etc.. My concern is stricly regarding the turn around time of recieving the results. I was just trying to start a discussion revolving around reasonable, concrete arguments one could make to ncees to support streamlining of the process.

By the way, does anyone out there have any idea how long results take for the medical board exams (doctors), the bar exam (attorneys), or the C.P.A. exam (accountants), ASBOG exam(professional geologists), etc.? In other words is "the wait" of 2-3 months a standard thing accorss all licenced professions?

 

[GCracker]

:rotflmao :whatever: :lmao:

 

[tmckeon_PE]

That's why I am basically leaving this board. Look at the threads on this one.

 

[tmckeon_PE]

When you guys decide to grow up, there will be a board that you can post on. www.f'tard.com will be the new board.

 

[Mike in Gastonia]

When you guys decide to grow up, there will be a board that you can post on. www.f'tard.com will be the new board.

Good luck. Although when I just tried to go to your website, my company filter blocked it as "pornography"......... :wtf: