How to Tailor Your Actuarial Job Search Strategy for Insurance vs. Consulting Roles

When you’re hunting for an actuarial job, the path you take can look very different depending on whether you’re aiming for insurance or consulting. Both industries value your analytical skills, but the way you present yourself, the roles you target, and even your day-to-day work can vary significantly. It’s not just about having the right exams on your resume—though those are crucial—it’s about understanding what each sector values, how they hire, and how you can position yourself as the ideal candidate. Whether you’re fresh out of college or a seasoned actuary looking for a change, tailoring your search strategy can make all the difference in landing the right role.

Understanding the Landscape: Insurance vs. Consulting #

Let’s start with the basics. Insurance companies—think life, health, property, and casualty—are where actuaries have traditionally found the most jobs. Here, you’re typically focused on pricing products, setting reserves, and ensuring the company stays financially sound[5]. Consulting, on the other hand, is about advising a range of clients—from insurers to corporations to governments—on risk, pensions, benefits, and more. Consulting actuaries often juggle multiple projects, work with diverse teams, and need to communicate complex ideas to non-actuaries[5].

The demand for actuaries is strong in both areas, with the Bureau of Labor Statistics projecting 23% growth in employment from 2022 to 2032[1]. But the competition, especially for entry-level roles, is fierce. That’s why a one-size-fits-all approach won’t cut it. You need to get specific about what each industry wants and how you can show you’re the right fit.

Crafting Your Resume for Each Sector #

Your resume is your first impression, and it needs to speak directly to the hiring manager’s needs. Insurance companies often look for technical depth—can you build a pricing model, analyze claims data, or project reserves accurately? Highlight your experience with specific software (like Excel, R, Python, or SAS), any relevant internships, and your exam progress. If you’ve worked on a pricing team or contributed to a reserve review, spell that out. Avoid generic phrases like “detail-oriented” and instead focus on outcomes: “Developed a new pricing model that reduced loss ratio by 5%”[1].

Consulting firms, meanwhile, value versatility. They want to see that you can adapt to different clients and projects. Emphasize your communication skills, any experience presenting to non-technical audiences, and your ability to work in teams. If you’ve helped a client solve a unique problem or led a workshop, include that. Consulting is as much about relationships as it is about analysis, so show that you’re someone clients will trust.

Networking: The Hidden Key to Opportunities #

Over 70% of jobs are filled through referrals, and this is especially true in actuarial circles[1]. For insurance roles, start by connecting with professionals at companies you’re interested in—LinkedIn is a great tool here. Attend industry events, join actuarial clubs, and consider reaching out to alumni working in insurance. Many companies have actuarial student programs, and getting to know someone inside can give you a real edge.

Consulting networking looks a bit different. Since consulting firms work with a variety of clients, they value people who can build relationships easily. Attend consulting firm info sessions, case competitions, and networking mixers. Don’t be afraid to ask consultants about their day-to-day work—showing genuine curiosity can set you apart. Remember, consulting is a people business, and your ability to connect matters as much as your technical skills.

Interview Preparation: What to Expect #

Insurance interviews often dive deep into your technical knowledge. Be ready to walk through your experience with pricing, reserving, or data analysis. You might get a case study where you’re asked to review a set of claims data or build a simple model. Brush up on your technical skills and be prepared to explain your thought process clearly.

Consulting interviews, on the other hand, often include case interviews. These are designed to test your problem-solving skills and your ability to communicate under pressure. You might be asked how you’d advise a client facing a specific risk or how you’d structure a benefits plan for a new market. Practice explaining complex ideas simply and think about how you’d approach ambiguous problems. Consulting firms also care about cultural fit—they want to know you’ll work well with clients and teams.

Both insurance and consulting are evolving, and savvy job seekers pay attention to where the growth is. In insurance, areas like cyber risk, climate modeling, and healthcare are hot right now[1]. If you have skills or interest in these areas, highlight them. Consulting firms are also expanding into new sectors, including fintech, climate risk, and data analytics. Showing that you’re aware of these trends—and better yet, that you’ve done projects or coursework in these areas—can make you stand out.

Working with Recruiters #

Specialized recruiters can be a huge asset, especially if you’re not sure where to start or if you want access to roles that aren’t publicly advertised[2][4]. Recruiters who focus on actuarial jobs understand the unique demands of the field and can help match you with the right opportunities. They can also give you insider advice on what different companies are looking for and help you negotiate offers. If you’re considering both insurance and consulting, a good recruiter can help you weigh the pros and cons of each path based on your goals and personality.

Here’s a quick checklist to help you focus your efforts:

  • Research Companies: Make a list of target companies in both insurance and consulting. Learn about their culture, recent projects, and what they look for in candidates.
  • Customize Your Application: Adjust your resume and cover letter for each role. For insurance, emphasize technical skills and specific projects. For consulting, highlight communication, teamwork, and problem-solving.
  • Leverage Your Network: Reach out to contacts in both industries. Ask for informational interviews to learn more about day-to-day work and company culture.
  • Prepare for Interviews: Practice technical questions for insurance roles and case interviews for consulting. Be ready to talk about your experiences in a way that resonates with each audience.
  • Stay Flexible: You might start in one sector and move to the other later in your career. Keep an open mind and build skills that are valuable in both.

Real-World Examples #

Let’s look at two hypothetical candidates:

Sarah is a recent graduate with two actuarial exams passed and an internship at a large P&C insurer. She’s applying for entry-level roles in insurance. On her resume, she highlights her work on a pricing model for auto insurance and her experience with data visualization tools. She reaches out to a former manager for a referral and prepares to discuss her technical skills in detail during interviews.

Jamal has three exams and experience as a teaching assistant, where he often explained complex math concepts to students. He’s interested in consulting. On his resume, he emphasizes his communication skills, his ability to work in teams, and a project where he helped a local business assess its benefits plan. He attends a consulting firm’s case competition and connects with several consultants on LinkedIn to learn more about their work.

Both Sarah and Jamal are strong candidates, but they’re tailoring their approach to fit the industry they’re targeting.

Personal Insights #

I’ve seen plenty of actuaries try to use the same resume and strategy for every job, and it rarely works. The candidates who stand out are the ones who take the time to understand what each employer values and then show how they fit. It’s not about being everything to everyone—it’s about being the right thing to the right people.

One more thing: don’t underestimate the importance of culture fit, especially in consulting. I’ve known brilliant technical actuaries who struggled in consulting because they didn’t enjoy the client-facing aspects. On the flip side, I’ve seen great communicators thrive in consulting even if their technical skills were still developing. Know yourself, and be honest about what kind of work environment will make you happy.

Final Thoughts #

Tailoring your actuarial job search for insurance versus consulting isn’t just about checking different boxes—it’s about understanding two different worlds and showing that you belong in the one you’re pursuing. Take the time to research, network, and prepare. Customize your application materials, practice your interview skills, and don’t be afraid to ask for help from recruiters or mentors. The actuarial field is full of opportunities, but the best jobs go to those who are strategic, prepared, and authentic. Start your search with intention, and you’ll find the right fit for your skills and ambitions.