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dmw 09-06-2019 05:35 PM

Working for a consulting company as a P&C actuary
 
Hi. I'm looking into the possibility of working for a consulting company as a P&C actuary. I find the idea of consulting to be very attractive. I've always worked for insurance companies and never considered consulting until now because I just became an empty-nester. Now I'm willing to travel whereas I wasn't willing in the past b/c my children were at home. What are the pros and cons and what skills are needed to be successful as a consulting actuary. Any feedback would be appreciated. Thanks.

Colonel Smoothie 09-08-2019 10:11 AM

Quote:

Originally Posted by dmw (Post 9705389)
Hi. I'm looking into the possibility of working for a consulting company as a P&C actuary. I find the idea of consulting to be very attractive. I've always worked for insurance companies and never considered consulting until now because I just became an empty-nester. Now I'm willing to travel whereas I wasn't willing in the past b/c my children were at home. What are the pros and cons and what skills are needed to be successful as a consulting actuary. Any feedback would be appreciated. Thanks.

Some thoughts:

- Deep expertise in something. That's why clients would hire you of course.

- People skills. You need to be able to quickly learn the org structure of various clients and navigate it to get the things you need. At your level, you'll probably be expected to get into sales, so persuasive and communicative skills are important.

- Humility. If you haven't done consulting or run your own business before, you're not going to be hired in as partner. But, when you get there, there will be people who are a lot younger than you, but will be higher up or more accomplished than you are. You'll have to let that go. "I have X years of experience" won't necessarily translate into higher pay - the amount of business you can bring in/successfully execute on does.

Kalium 09-08-2019 04:47 PM

Quote:

Originally Posted by Colonel Smoothie (Post 9705688)
...Deep expertise in something.

"Something" can be quite varied: products, pricing, new developments, legislative change, software/modelling, etc. Getting the message across that you have that expertise can help, e.g presenting at conferences.

Consulting is more of a meritocracy than most companies. If you are good then opportunities will open up - but the opposite is also true.

Travel can vary a lot; it depends on where your clients are. But it can mean early starts / late finishes / nights away / etc. Some people thrive on it; others don't.

Work pressure can be more intense: in a company you can go to your boss and ask him to prioritise conflicting assignments, but you can't play off one client against another - you have to find a way of satisying both.


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