Insurance careers vs accounting/banking

I am currently doing some research in the perceptions towards careers in the insurance industry, as opposed to careers in accounting and banking (this is from a careers perspective).

At present, the insurance industry is not as sought after or seen as prestigous as the accounting or banking industry when it comes to young grads applying for jobs.

I would like to take the views of different people, and would be very grateful if some members could give me some insight into how the insurance industry differs when it comes to careers when put against accounting/banking.

Why do you guys think this is the case?

What lacks in the insurance industry?

What is it specifically in the insurance/banking industry that makes them elite/highly sought after?

What areas can insurance extentuate and emphasise to raise its image?

If anyone thinks that the perception differs from what I have put here then do say, I want to hear different views and opinions to get a full picture of the perception towards Insurance careers and how this can be improved.

I look forward to hearing lots of opinions!!

Reply 1

Shillington

I work in actuarial (pensions) and (still) don't really have a good idea about the different jobs involved in Insurance. With Accounting and Banking, the roles are more clear cut and you can understand the differences (e.g. accounting will be auditing companies and carrying out calculations etc, M&A work is self explanatory, trading etc...). Whereas in insurance, you have brokers, underwriters, actuaries, claims handlers etc. I don't think I ever saw a clear cut career path within any of these individual specialisms (except perhaps actuarial).

Reply 2

Londonburger

Insurance is a very prestigious area and a very rapidly growing industry. And UK is the 3rd largest insurance market in the world. UK insurance companies in 2013 invested 1.8 trillion in the financial markets, representing 28% of the UK's total.

I think working in insurance is much more than what you may think - you will as well get an insight of how the insurance firm invest and manage their portfolio. I think you may also have chance to work with asset managers etc.

Reply 3

qas786

Thanks both for the responses.

Londonburger - you make some valid points, however the issue is that many people do not know of them facts, so how can we make careers in insurance more attractive?

Reply 4

Londonburger

Original post by qas786

Thanks both for the responses.

Londonburger - you make some valid points, however the issue is that many people do not know of them facts, so how can we make careers in insurance more attractive?