On average, consulting actuaries will earn more than their counterparts in insurance companies. But there is always the argument that, by the hour, insurance company professionals earn more. I was part of the actuarial student program, where I had rotations in corporate taxes, 26% pricing for annuity product development, and valuation of retirement services. Personally, I thought it would be easier to pass exams with an insurance company's formal student actuarial program.
Personally, I prefer consulting (at least early in your actuarial career), since you learn standard industry techniques and understand the industry from a bird's eye view. As actuarial consulting firms consult a wide range of clients, you gain a better overview of the industry. We interviewed four actuaries who have worked for both consulting firms and insurance companies to shed light on the differences between these two types of employers. It also exposes itself to industry best practices, since actuarial methods and practices tend to be standardized among the clients they consult.
You also learn skills in addition to actuarial skills as you interact with different departments to provide business intelligence. To be a good actuary, whether in consulting or insurance, it is more important to have experience in your area of practice and to have a good knowledge of the product. Many people wonder what the difference is between actuaries who work in insurance companies and actuaries who work in consulting firms. They talked about their work environment, their daily work and their advice for actuarial candidates.
Consulting firms provide actuarial services externally to clients (as opposed to the client having their own in-house team of internal or additional actuaries). I worked a lot of nights late while I was on insurance and, from time to time, I went home at 5 in the afternoon as an actuarial consultant. It certainly helps to be social from a consulting point of view, but there are also social security actuaries.
