There is not a standard answer to the question, Consulting or Insurance. There are numerous factors that come into play when trying to determine if consulting or insurance is the right path for you. A few of these factors include: Study time, Compensation, Comfort, and Quality of life.
1. Study Time
Exams are an important consideration for actuaries, and how study time is handled by organizations is a critical career consideration for actuaries. Generally speaking, large insurance companies can offer better benefits related to study time in comparison to consulting firms where the billable busy season frequently conflicts with the exams. Recruiters are frequently aware of how their partners handle study time, pass rates for candidates, and the flexibility needed to advance.
2. Compensation
Generally speaking, entry-level actuaries can expect slightly better monetary compensation within consulting. As you progress in your career, the wage differences tend to evaporate. There is research that on an hourly basis those professionals working for an insurance company may make more. A recruiter can guide you to the opportunity that makes the most sense for you.
3. Comfort
Do you like working with clients directly? What type of office environment do you prefer? As a consultant you will work directly with external clients rather than organizational peers. Insurance Company actuaries generally work in larger office situations. Working with clients is an important factor to discuss with a recruiter. If you are not sure, an SC International Recruiter can support you with the process and help find the right fit for you.
4.Quality of Life
Do you enjoy traveling as a component of your work? If you do, consulting might be right for you. If you would prefer some travel and would prefer consulting, a recruiter can definitely guide you to the right organization. Frequently, job descriptions are vague and often use templated language. A recruiter will know further details about specific portions beyond the job description, like how much travel there is in a specific opening.
SC International’s team of Actuarial Recruiters can find the right place for you. Do you need a position to get you the study time for the spring exams? Are you looking for a new consulting position with low to moderate travel requirements? Are you looking to make a switch to an Insurance Company? Contact us today at (630) 963-3033.