Five misconceptions about working in an Actuarial consultancy

Working in an Actuarial consultancy can offer exposure to a wide range of clients, projects and technical challenges.

Actuarial consultancies provide specialist advice across areas such as pensions, insurance, risk and financial services, giving actuaries opportunities to work across different organisations and build a broad skill set.

However, there are still some common misconceptions about working in a consultancy that can put actuarial professionals off exploring these opportunities. Concerns around long hours, constant travel, limited ownership of work or difficulty balancing professional exams can all shape how consultancy roles are perceived.

In reality, many consultancies offer structured support, varied work, strong development opportunities and increasingly flexible ways of working. The experience will vary between firms, but the traditional picture of consultancy does not always reflect what these roles look like today.

In this article, we look at five common misconceptions about working in an actuarial consultancy and what candidates should consider when exploring this career path.

Misconception #1: “I will be working long, unsociable hours”

One of the most common assumptions about actuarial consultancy is that long hours and late nights come with the territory.

Consultancy can involve busy periods, particularly around major projects, deadlines or client activity, but that does not mean consistently working unsociable hours.

Many consultancies now place greater emphasis on work-life balance, flexible working and clearer expectations around workload. The firms we work with are increasingly aware that sustainable working practices are important both for attracting people and retaining them over the longer term.

If working hours are a concern, ask about them during the recruitment process. Understanding typical hours, how busy periods are managed and what flexibility is available can give you a much clearer picture of what day-to-day life at the firm is actually like.

Misconception #2: “I won’t get to see and experience the depth of work”

A common concern is that consultancy means moving between projects so frequently that you only ever see one part of the process.

In reality, consultancy can offer both variety and the opportunity to develop real depth of experience. Depending on the firm and team, you may be involved in projects from initial scoping through to analysis, recommendations and delivery.

This can give you exposure to different clients, challenges and ways of working while still allowing you to build detailed knowledge in your chosen area.

Some of the consultancies we work with are particularly focused on giving employees ownership of projects and helping them understand the full client journey, rather than limiting them to one narrow part of the work.

For candidates who value variety but also want to understand how their work contributes to the wider outcome, consultancy can offer a strong balance of both.

Misconception #3: “I won’t be able to expand my skill set”

Consultancy can offer strong opportunities to broaden both your technical and commercial skill set.

Working across different clients, projects and business challenges can expose you to new areas of work, different methodologies and a wider range of stakeholders than you may encounter in a more narrowly defined role.

Many actuarial consultancies actively encourage employees to become well-rounded actuaries who can contribute across different types of work. This can include developing new technical expertise, building client-facing skills, taking on greater project responsibility or moving into a different specialism over time. Within the pensions market specifically, there is also a wide variety of actuarial roles and career paths available, which we explore in more detail in our guide to the variety of roles available in the pensions actuarial market.

For example, an actuary moving from Life into General Insurance may already bring strong modelling, analytical and problem-solving skills. A consultancy can then provide the opportunity to build sector-specific knowledge while applying those existing strengths in a new environment.

For candidates who want variety and continued development, consultancy can provide a strong platform for building a broader and more adaptable skill set.

Misconception #4: “I’m going to have to fight for my study hours”

Balancing actuarial exams with a demanding role can be challenging, but many consultancies have structured study support in place for part-qualified actuaries.

This can include protected study time, financial support for exams and learning materials, access to internal training and support from colleagues who have already been through the qualification process.

For many firms, supporting exam progress is an important part of developing and retaining actuarial talent rather than something candidates are expected to manage entirely around their workload.

Study policies will vary between employers, so it is worth asking how support works in practice. Find out how study days are scheduled, what happens during particularly busy periods and what support is available if you need to resit an exam.

A clear study policy can make it much easier to balance professional development with client work and build towards qualification.

Misconception #5: “I’m going to have to constantly travel around the country”

Client meetings and occasional travel can be part of working in an actuarial consultancy, but that does not necessarily mean spending large amounts of time travelling around the country.

Many consultancy teams now work on a hybrid basis, with a combination of remote collaboration, office-based working and face-to-face client meetings. How much travel is involved will depend on the firm, your role and the clients you work with.

Some consultancies also take location into account when allocating client work, helping to reduce unnecessary travel while still giving employees valuable exposure to different organisations and projects.

If travel is an important consideration for you, ask about it during the recruitment process. Find out how frequently people at your level travel, whether overnight stays are common and how client meetings are usually managed.

For many actuarial professionals, consultancy can offer the variety and client exposure they are looking for without requiring constant travel.

Conclusion

Actuarial consultancy can offer a varied and rewarding career, with opportunities to work across different clients, projects and challenges while continuing to build your technical, commercial and client-facing skills.

The reality of consultancy can also be very different from some of the traditional perceptions around long hours, constant travel or limited development. Many firms now place greater emphasis on flexible working, structured support, broader project exposure and creating sustainable career paths for their people.

As with any career move, the right environment will depend on what matters most to you. Understanding how a consultancy operates, the type of work you would be doing and the support available can help you decide whether the opportunity aligns with your longer-term goals.

For candidates who value variety, development and exposure to a wider range of work, consultancy can offer a strong and rewarding career path.

Contact Sellick Partnership

Sellick Partnership’s specialist Actuarial recruitment team works with consultancies across the UK, supporting part-qualified, qualified and experienced actuarial professionals with their next career move.

If you are considering a move into consultancy, or want to understand how different firms compare in terms of work, development, study support, flexibility and progression, our team can help you explore the market and identify opportunities that align with what you are looking for.

Get in touch with our Actuarial recruitment team for a confidential discussion, or visit our Actuarial recruitment hub to explore current.