Actuarial consulting firms offer exciting career opportunities for both entry-level and experienced actuaries. This comprehensive guide explores the major consulting firms in the industry, providing valuable information for students and professionals seeking actuarial positions. The firms are organized roughly by size and market presence, though it’s worth noting that size can fluctuate over time.
Contents
Global Professional Services Firms
These firms represent the largest actuarial employers with global reach and diverse practice areas.
Willis Towers Watson (WTW)
With over 45,000 employees globally, WTW stands as one of the world’s largest actuarial consulting firms. The company maintains a significant actuarial practice across multiple specialties:
- Life Insurance
- Property & Casualty Insurance
- Healthcare
- Pensions and Retirement
- Investment
- Reinsurance
Entry-level opportunities include their highly regarded Actuarial Development Program, which provides structured exam support and rotation opportunities across practice areas.
Mercer
As part of Marsh McLennan Companies, Mercer employs thousands of actuaries worldwide. Their primary focus areas include:
- Retirement and Pension Consulting
- Health and Benefits
- Investment Management
- Insurance Consulting
Their actuarial student program is known for its comprehensive exam support and early client exposure.
Aon
Another global leader, Aon offers extensive actuarial consulting services across:
- Retirement Solutions
- Health Solutions
- Insurance Consulting
- Reinsurance Solutions
Their early career program provides robust support for exam progress and professional development.
Large Specialized Actuarial Consulting Firms
These firms focus primarily on actuarial and insurance consulting services.
Milliman
Known for their specialized actuarial expertise, Milliman operates globally with a strong presence in:
- Healthcare Consulting
- Life Insurance
- Property & Casualty Insurance
- Employee Benefits
- Investment Advisory
Their actuarial internship and entry-level programs are highly competitive and well-regarded in the industry.
Oliver Wyman
Part of Marsh McLennan Companies, Oliver Wyman’s actuarial practice specializes in:
- Insurance Consulting
- Risk Management
- Strategic Planning
- Operational Efficiency
They offer excellent opportunities for both entry-level and experienced actuaries.
Mid-Size Firms with Strong Actuarial Practices
Buck
Focusing on employee benefits and insurance, Buck provides services in:
- Retirement Benefits
- Health & Welfare
- Insurance Consulting
- HR Technology
They offer strong exam support and mentoring programs for entry-level actuaries.
Wakely Consulting Group
Specializing in healthcare consulting, Wakely provides:
- Healthcare Actuarial Services
- Risk Adjustment
- Healthcare Analytics
- Strategic Consulting
Their focused approach offers excellent learning opportunities in healthcare actuarial work.
Axene Health Partners
A boutique healthcare actuarial consulting firm known for:
- Healthcare Consulting
- Medical Economics
- Provider Analytics
- Strategic Planning
They offer intimate team settings and hands-on experience.
Regional and Boutique Firms
While smaller in size, these firms often provide excellent learning opportunities and more direct client interaction:
October Three
Specializing in retirement plan consulting, they offer:
- Pension Consulting
- Plan Design
- Administration Services
- Actuarial Valuations
LEWIS & ELLIS
A respected actuarial consulting firm focusing on:
- Insurance Company Consulting
- Regulatory Compliance
- Healthcare Consulting
- Expert Testimony
Perr&Knight
Specializing in property and casualty consulting:
- Rate Filing
- Product Development
- Actuarial Analysis
- Insurance Operations
Tips for Applying
When approaching these firms for employment opportunities, consider the following:
Application Timing
- Large firms typically recruit for entry-level positions in the fall
- Summer internship applications usually open in August or September
- Many firms also have rolling recruitment for experienced hires
Qualifications They Seek
- Strong academic background in mathematics, actuarial science, or related fields
- Progress on actuarial exams (typically 1-2 exams for entry-level positions)
- Technical skills (Excel, R, Python, etc.)
- Communication and analytical abilities
- Relevant internship experience (particularly for full-time positions)
Career Development Opportunities
When evaluating firms, consider:
- Exam support programs
- Rotation opportunities
- Mentorship programs
- Training and development resources
- International opportunities
- Work-life balance
- Industry focus areas
Additional Resources
For more information about these firms:
- Society of Actuaries (SOA) Career Center
- Casualty Actuarial Society (CAS) Job Board
- Company websites’ career pages
- LinkedIn company pages
- Actuarial professional networking events
- University career fairs
Remember that while size and prestige are important factors, the best firm for you depends on your personal career goals, preferred practice area, and desired work environment. Consider factors such as location, culture, and specialization when making your decision.
