working in a consultancy firm

Hi,

I am deciding which field I should plan to work in…

Mainly 3 choices: Life insurance, pension or consultancy

I think consultancy is the biggest actuarial employer.
However, I only have a little understanding in working in a consultancy firm.

Could you please answer my following 2 questions?

(1) Is there any example for why working in consultancy firm is better than working in other field?

(2) Any different between working in a consultancy firm and working in a life insurance company or working in pension field?

 

You'll probably end up working longer hours in a consultancy role. Also, from my experience it is a less friendly environment (although they have much better marketing which will make you think otherwise). Some students in consutancies complain about being stuck on the same job for years. Also, there have been a large number of redundancies in consultancies recently.

I have heard that smaller consultancies are a lot better place to work than larger ones. My experience comes from a big GI consultancy and also jobs at two insurance companies. I much prefer working for an insurance company.

 

no advanage for working in a consultancy firm ?

I worry I can't tell the interviewer why I choose to work in a consultancy firm

 

Avanbuiten - Could you shed some light on the "large numbers of redundancies in consultancies"? Actuarial redundancies are something I expect in the medium term.

 

You'll get paid more (although possibly not per hour worked) and the work might be more interesting/varied/challenging.

 

I'm not going to start naming firms as it may damage their reputation. The one i used to wok for is now less than 70% the size it was when I left in 2008, also a friend of mine in a pension consultancy told me they just layed off some actuarial people where he works. It's the more junior staff that seem to be the first to go (I especially feel sorry for the recent graduates).

Consultancies don't get as much work during recessions, so it stands to reason they need to reduce their head count, especially those that went on a massive recruitement drive in early 2008.

 

You can just repeat their own propaganda back to them. Here, let me help you!

I'd like to work for a consultancy because:

+ I will get the chance to work with some of the most intelligent and capable people in the actuarial industry

+ I like the idea of being able to work on many different projects and with different clients

+ I feel a consultancy role would offer me the chance to develop my people and soft skills, and also give me the chance to interact with a diverse range of clients

+ I want to work somewhere where success & hard-work is rewarded

Please consider that just because I don't have a great opinion of the one big consultancy i worked for does not mean that all consultancies are terrible palces to work, because they're not. I know a couple of people at some medium sized consultancies who like their job a lot & describe a nice and fun place to work. Plus it may be that some personalities are better suited than others. Good luck whatever you decide.

But here are a couple of key questions to ask (if you dare!!!):

+ What time do most people leave the office at night?

+ Do you pay overtime?

+ What is your staff turnover like? How long do people stay?

 

Thanks and I certainly wasn't expecting you to name any companies.

As this crisis inevitably continues, there will be much much more liquidation of debt and consequently much less risk mitigation amongst lower leveraged companies and individuals. This will inevitably lead to less work for actuaries.

 

The only large GI consultancy I have heard that have laid people off are Deloittes.

The other big few are doing OK.

I worked at a large GI consultancy and really enjoyed it. Smart and friendly people, interesting work but lots of admin to do.

I also really enjoyed the flexibility of the company in terms of working from home, (informal) flexible hours and long lunches

But at the end of the day you will work more hours than in most companies but at least you can do it on your time. But the work can get repetitive after a while. I would definitely consider going back at some point.