What is the difference between working as an actuary in an insurance company and working as an actuary at a consulting firm?
Insurance company work tends to be more specialized; that is, you become an expert in a small area of the company. Work is more cyclical, and the corporate structure is more hierarchical. Consulting work tends to be more general, with focus on problem solving capabilities (i.e. – whatever the client needs done). Hours are more irregular and can be longer, and the work atmosphere is more team/group-oriented. Also, while insurance company work tends to be more traditional (e.g. – pricing, reserving, financial reporting, investment), consulting work often focuses on employee/retirement benefit plan design.
