As you consider your career path in actuarial science, you’re likely weighing the pros and cons of internships in insurance versus consulting. Both fields offer unique opportunities for growth and development, but they cater to different interests and career goals. In 2025, the actuarial market is more competitive than ever, with both insurance companies and consulting firms competing for top talent. To make an informed decision, let’s explore five key factors to consider when choosing between these two paths.

First, work environment and culture play a significant role in your decision. Insurance companies often provide a more stable and predictable work environment. Actuaries in these roles typically work closely with different departments, such as accounting and reinsurance, which can offer a comprehensive understanding of the company’s operations[2]. For instance, working at a large insurance company like MassMutual can give you a deep dive into specific product development and pricing strategies[1]. On the other hand, consulting firms offer a more dynamic environment with diverse projects and clients, which can be appealing if you enjoy variety and client interaction[7].

Another crucial factor is career progression and specialization. In insurance companies, you may specialize more deeply in specific areas like pricing or valuation, which can lead to a strong expertise in those fields[2]. However, career paths in insurance can be more rigid, with fewer opportunities for lateral moves. Consulting firms, by contrast, offer exposure to a wide range of industries and projects, allowing you to develop a broad skill set and adapt to different challenges[7]. This versatility can be beneficial for those who enjoy problem-solving and strategic thinking.

Compensation and benefits are also important considerations. Entry-level salaries are generally competitive across both industries, with consulting firms often offering slightly higher starting salaries due to the intense competition for talent[5]. However, as you progress in your career, consulting actuaries typically earn more than their insurance counterparts, though they may work longer hours[5]. Insurance companies often provide better support for exam preparation and a more stable work-life balance, which can be a significant advantage for some[9].

The variety of work is another key factor. Insurance companies usually focus on specific products or services, providing in-depth knowledge of those areas. This can be fulfilling if you enjoy specializing in a particular field. Consulting firms, however, offer a diverse portfolio of clients and projects, allowing you to work on different types of problems and industries[7]. For example, you might work on health consulting one day and property and casualty consulting the next, which can be exciting for those who crave variety.

Lastly, opportunities for advancement should be considered. Consulting firms often provide a clear path for advancement, with opportunities to move into leadership roles or start your own practice. In insurance companies, advancement can be more predictable but may require longer tenures or specific skill sets[9]. If you’re interested in leadership or entrepreneurship, consulting might offer more opportunities for growth.

To make the most of your internship experience, whether in insurance or consulting, it’s essential to build strong technical skills and industry expertise. Achieving an actuarial designation, such as ASA or ACAS, is crucial for career advancement. Additionally, developing skills in data science, machine learning, and programming languages like Python or R can set you apart in a competitive job market[7].

In summary, choosing between an internship in insurance and consulting depends on your personal preferences, career goals, and what you value most in a work environment. Both paths offer unique opportunities for growth and development, and understanding these differences can help you make an informed decision that aligns with your aspirations.

As you navigate this decision, consider reaching out to professionals in both fields. Networking can provide valuable insights into the day-to-day experiences of actuaries in insurance and consulting. Moreover, reflecting on your own strengths and interests can help you align your career path with what truly fulfills you. Whether you prefer the stability of an insurance company or the variety of a consulting firm, there’s no right or wrong choice—only the best fit for you.