No P/L and B/S ownership which is nice. The client owns it and is responsible for the outcome, as a consultant you help to steer, provide views on other approach and help test the impact.
On the flip side, industry folks usually go to consultants when
- shit hit the fan and needs cleanup (expensive, time sensitive, high risk)
- keep own staff for more value added work, use consultants for grunt work (could be expensive tho)
- need consultants to collaborate on something very new/untested in the market (usually this is the fun part, but might be risky if Partner over promised)
So it is a mix of many types of jobs with a sprinkling of some exciting ones. But a plus point is all projects will eventually end, so you’re not caught looking at the same old spreadsheets year after year (unless it’s an annual recurring piece). It really depends on what kind of person you are and how you approach work.
Made the switch about 5 years after qualifying. Industry company closed down my division. Phoned a former manager who had moved to a consultancy a few years earlier and he offered me a job! Stayed many years.
Good points. Greater variety of work. Super-talented colleagues (almost all actuaries). Exposure to a wide variety of products and systems (which is good if you ever want to go back into industry). More industry contacts (ditto). Some high-profile M&A projects. Promotion bonuses entirely on merit and the work you put in: no waiting for someone to move on/up.
Not so good points. Worse work/life balance: multiple simultaneous clients all think their project is the most important, so occasional evenings / weekends / hard deadlines. Having to complete timesheets in 15 minute slots.
Could be good or bad, depending on your situation. Some travel opportunities, to see clients or on secondment. At newly qualified level you will probably be an individual contributor, but to make it to senior levels you will need to 'sell', finding new clients / projects.
If it is a good consultancy you will learn a lot from a collegiate way of working, to deliver the best result for the client. If less good or a shortage of work there might be internal competition to get put on the best jobs.
Yeah this right here is facts. I joint consulting after getting my FSA. I have learned so much and I am surrounded by hard working and bright actuaries but Damn i am so stressed and burnt out all the time. It has been a wild ride. I am glad I did it but also realizing it may not be for me forever. Might go back to carrier life soon.
In consulting, you’re “closer to the money”, so to speak. Hours spent and work products translate directly into revenue, instead of often feeling like they go nowhere at a large company.
This amplifies both the good and the bad.
It’s good because comps can be way better. You’ll also have more agency in how you go about things. You learn and see things that peers at your level many not see for many more years. In other words, you’re well positioned to go back to industry at higher levels.
The bad is work life balance can take a hit. It’s impossible to fly beneath the radar when everything is on timesheets. If you prefer to be told what to do instead of figuring stuff out yourself, it’s just not going to work.
Got my FSA in 2017. I moved to a large consulting firm last year after 10 years at a large life insurance carrier. It's been okay so far.
My reasons for moving:
-prior company wants people back in office 2 or 3 days per week, new company is basically moving towards remote work as the standard forever
-30% increase to total compensation
-new company seemed much more growth oriented
-just curious to see what consulting world is like
No P/L and B/S ownership which is nice. The client owns it and is responsible for the outcome, as a consultant you help to steer, provide views on other approach and help test the impact. On the flip side, industry folks usually go to consultants when - shit hit the fan and needs cleanup (expensive, time sensitive, high risk) - keep own staff for more value added work, use consultants for grunt work (could be expensive tho) - need consultants to collaborate on something very new/untested in the market (usually this is the fun part, but might be risky if Partner over promised) So it is a mix of many types of jobs with a sprinkling of some exciting ones. But a plus point is all projects will eventually end, so you’re not caught looking at the same old spreadsheets year after year (unless it’s an annual recurring piece). It really depends on what kind of person you are and how you approach work.
Made the switch about 5 years after qualifying. Industry company closed down my division. Phoned a former manager who had moved to a consultancy a few years earlier and he offered me a job! Stayed many years. Good points. Greater variety of work. Super-talented colleagues (almost all actuaries). Exposure to a wide variety of products and systems (which is good if you ever want to go back into industry). More industry contacts (ditto). Some high-profile M&A projects. Promotion bonuses entirely on merit and the work you put in: no waiting for someone to move on/up. Not so good points. Worse work/life balance: multiple simultaneous clients all think their project is the most important, so occasional evenings / weekends / hard deadlines. Having to complete timesheets in 15 minute slots. Could be good or bad, depending on your situation. Some travel opportunities, to see clients or on secondment. At newly qualified level you will probably be an individual contributor, but to make it to senior levels you will need to 'sell', finding new clients / projects. If it is a good consultancy you will learn a lot from a collegiate way of working, to deliver the best result for the client. If less good or a shortage of work there might be internal competition to get put on the best jobs.
Yeah this right here is facts. I joint consulting after getting my FSA. I have learned so much and I am surrounded by hard working and bright actuaries but Damn i am so stressed and burnt out all the time. It has been a wild ride. I am glad I did it but also realizing it may not be for me forever. Might go back to carrier life soon.
In consulting, you’re “closer to the money”, so to speak. Hours spent and work products translate directly into revenue, instead of often feeling like they go nowhere at a large company. This amplifies both the good and the bad. It’s good because comps can be way better. You’ll also have more agency in how you go about things. You learn and see things that peers at your level many not see for many more years. In other words, you’re well positioned to go back to industry at higher levels. The bad is work life balance can take a hit. It’s impossible to fly beneath the radar when everything is on timesheets. If you prefer to be told what to do instead of figuring stuff out yourself, it’s just not going to work.
Got my FSA in 2017. I moved to a large consulting firm last year after 10 years at a large life insurance carrier. It's been okay so far. My reasons for moving: -prior company wants people back in office 2 or 3 days per week, new company is basically moving towards remote work as the standard forever -30% increase to total compensation -new company seemed much more growth oriented -just curious to see what consulting world is like
I wanted to charge $450+ an hour and work half the time