Actuarial Consulting

Love solving puzzles with numbers? Curious about a career that blends finance and problem-solving? Actuarial consulting could be your perfect match.

Actuarial consultants work in the financial services team, advising clients on their pensions and savings to ensure their plans and goals are aligned. They calculate and analyse data, then use this information to help clients assess their options and manage their money effectively.

Read on to find out what actuarial consulting is and how you can land a role.

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Actuary vs Actuarial Consulting Why should you become an actuarial consultant? How do you get into actuarial consulting? Is it hard to do?

Actuary and actuarial consulting: What’s the difference?

Great question! While actuary and actuarial consulting are similar, they do have their differences.

Actuaries work in-house and deal with the measurement and management of risks, such as uncertainties in the financial market.

Actuarial consultants are external experts who use their research and data analysis skills to provide investment, insurance and pension-related advice to clients.

If you’re looking for a fast-paced role that keeps you on your toes and connects you with different clients, consulting could be for you.

Why should you become an actuarial consultant?

There are so many reasons why you should. We couldn’t fit them all, so here are four reasons why you should go for it:

Multiple opportunities

Actuarial consultants are needed anywhere where there are risks and problems to be solved using data analysis. Which is everywhere. The majority of actuarial consultants work in insurance. But demand is growing in other sectors too.

From tech giants like Google to climate risk assessments at the Met Office, your skills could make an impact in:

Transportation
Technology
Energy
Climate solutions
Government
Academia
Entrepreneurship.

Flex your skills

Imagine solving complex problems the regular muggle couldn’t. As an actuarial consultant, you’ll turn intricate challenges into clear and concise strategies.

If you can handle that all while staying calm under pressure, you’ll thrive in this role.

Job security

Actuarial consulting isn’t just a job, it’s a career with serious staying power. Once you’re in, you’re in. You’ll gain a whole load of globally recognised qualifications that’ll open the door to wherever you want to go.

Salary

Yes, actuarial consultants work hard. But there’s a tonne of rewards! The average salary for an actuary graduate is £35,000 a year, which can shoot up to £230,000 for partner positions.

How do you get into actuarial consulting?

A great way to get into actuarial consulting is by gaining some work experience. No matter where you are on your career journey, there’s a place for you.

Work experience gives you valuable insight into what a particular industry or sector is all about. So you’re more equipped when it comes to making big career decisions.

So, which one do you choose?

All are valid and get you to where you need to be. If you work hard, you might even get yourself a permanent gig with the same company. Many students have gone on to do that, and you can too.

APPRENTICESHIPS

For school, college and sixth form leavers
Two to five years, depending on the level. Available from Level 4 right up to Level 7. It's a great alternative to university.
Gives you a well-rounded understanding of actuarial consulting.
Learn and earn at the same time, gain a truckload of skills and become work-ready much earlier.

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INTERNSHIPS

For university students
One to four months long. Usually takes place out of term hours, during the Easter or summer holidays.
Allows you to trial a role to see if it’s the best fit.
Gain a good amount of experience and industry contacts.

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PLACEMENTS

For university students
One-year programme allowing you to work full-time for an employer. Sandwiched between your second and final year of university.
Immerse yourself in a team and learn the ins and outs of the company and your role.
Walk away with tons of experience and industry contacts who’ll be able to point you in the right direction with helpful application tips and advice, including references.

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GRADUATE SCHEMES

For university graduates, or those in their final year
Three years working full-time with a company after graduation.
Allows you to explore various roles before settling on a specific path.
Gain loads of specialised experience within your field and set yourself up well for a permanent role.

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Here’s what an actuary intern had to say about their 8 week internship:

The actuarial work was very varied. Some days I was working through calculations and others I was helping with reports. I had meetings with the my client teams and had opportunities to work with large data sets. I also had a group project to work on throughout the 8 weeks that I was interning. Actuarial Private Intern, Hymans Robertson

Is Actuarial Consulting Challenging?

Yes, becoming an actuarial consultant takes dedication - lots of incredible careers do. It’s not about being the brainiest person to ever live, it’s all about how you can take what you already know, expand on it and apply it to real-life challenges.

Here are a few ways to create a successful career;

Start early. The sooner you begin, the more you'll grow. Your young, adaptable brain is your secret weapon
Maths mindset. It's not about being naturally brilliant but about being curious and willing to learn
Strategic focus. Your studies matter, but so do your passions. This is about creating a balanced, exciting journey
Resilience is your superpower. Every exam is a chance to learn, not a roadblock.
Build your team. Surround yourself with people who will cheer you on and help you crush your goals.

Remember, every challenge is an opportunity to grow. With the right approach, you can succeed.

Why not start now? Click below to check out our actuarial opportunities.