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    I understand that actuaries at the big four have a consulting role while actuaries at insurance companies work in house, but what are the major differences in salary and exit opportunities? I only seem to find data for salaries from glassdoor which isn't really that reliable. Also, which is more competitive to get into, big4 actuarial or at an insurance company? And which one is considered to be more interesting?

    I'm not quite sure I want to be an actuary but I'm just hypothesising.
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    considered* is what I think he meant by cos die red xD
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    (Original post by FailedMyMocks)
    considered* is what I think he meant by cos die red xD
    Yeah autocorrect lol
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    (Original post by biglad2k16)
    I understand that actuaries at the big four have a consulting role while actuaries at insurance companies work in house, but what are the major differences in salary and exit opportunities? I only seem to find data for salaries from glassdoor which isn't really that reliable. Also, which is more competitive to get into, big4 actuarial or at an insurance company? And which one is considered to be more interesting?

    I'm not quite sure I want to be an actuary but I'm just hypothesising.
    Consultancies are obviously more client-focused, therefore this means tighter deadlines and usually longer hours. At the start of your career the difference in pay is minimal, but consultancies tend to pay significantly more once qualified and thereafter.

    Exit opportunities are usually down to two things; the skills you develop and your network. Working in a consultancy will allow you to build relationships with clients better, which consequently improves your network. The main difference in skill set is that consultancy actuaries demand more soft skills (communication etc) and these are highly sought after skills in most business roles, therefore actuarial consultants tend to have more (varied) exit opportunities, including management. Although this certainly does not mean to say that actuaries within insurance companies do not have these skills and thus the opportunities.

    The work in a consultancy is more varied, therefore this means you learn about everything, rather than a lot about one specific thing (pricing, reserving, modelling, solvency), although you can specialise whenever you wish to do so. Some people prefer working on one project at a time in an area they are familiar with, but others like multiple projects that are perhaps different to stuff they have worked on previously, so this will affect which you perceive as more interesting.

    Consultancies receive more applications, but then they usually have more places. I would say they are more competitive because everybody applies to them so you are usually competing against the very best candidates. In actuarial, the big-four aren't actually the main players, it's actually the big-three: Mercer, Aon and Willis Towers Watson. Although the big-four do have a lot of actuaries and perhaps the wider network (tax, audit, accountancy etc) is appealing.

    Hope this helps, any more questions feel free to PM me, although I do not come on this forum much so I may not respond quickly.
 
 
 
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