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How does consultancy compare to working for a life insurer?

M

M Willis

Active Member
Since graduating in 2018 I have worked for a UK life insurer. Recently, however, I have had several recruiters asking me whether I'd be interested in applying for roles with large consultancies.

Can anyone tell me how the culture might differ between the two? I've heard that the work-life balance at consultancies can be pretty poor, which has always scared me away from the idea (not least because I need time to study in the evenings). I also dislike the idea of every working hour of my day being accounted for - which I believe is the case with a consultancy?

I'm not work-shy (I do currently work evenings and some weekends), but I don't want to find myself subject to unrealistic expectations which might hinder my exam progress.
 
Consultancy is not as bad as you may think. Most days in the year I work till about 6pm. However the problem with consultancy is the hours can be very unpredictable and sometimes closer to exams you could find yourself working till 11pm or later and missing study days. In my experience this has never lasted for more than three weeks in a row, and usually only occurs when there is a really tight deadline or when we are working on a transaction. Also consulting hours varies from practice to practice, and it all depends on the culture set by the "partner" you work for.

I imagine that working late happens at insurance firms as well, although this can be planned for well in advance of the busy weeks. I think consultancy is really good post qualification, the job becomes more "salesy" and you really start to pick up more soft skills by presenting at conferences and trying to build out your reputation. I think the pay is roughly the same or better at an insurance company up until about 5 years PQE, and only then will you start to see the gap widen between pay.

If I were you I would pass the exams first and then think about moving, the grass does always appear greener on the other side. However, if you think you are the type of person who has a really good chance of making partner, and that is your dream role, then maybe make the move now knowing that you will have to sacrifice some WLB. Moving now will speed up your chances of making partner and in my opinion, working in consultancy is only worth it if you eventually reach the top.
 
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