Considering Consultancy?

Moving from an in-house role to consultancy can change the course of your entire career. We spoke to Patrick McAleer, Director of International Actuarial at Emerald Group about why consultancy appeals to so many candidates, and how to shape a rewarding and stimulating consultancy career.

Working as a consultant in actuarial and financial services gives you a very different professional experience to working in-house. It doesn’t suit everyone, but if you have the right skills and approach you can thrive in a consultancy environment. Patrick explains, “Working in-house gives you a steady and often predictable career pathway, which suits many people. Consultancy, however, can be a gateway to a hugely varied experience, giving you exposure to multiple clients, varied projects, specialty skills and a deep network of contacts across the industry.”

How does Patrick spot someone who will do well as a consultant? “One of the first things we look for is communication skills. You’ll need to be able to talk confidently with clients at all levels of seniority from day one. Often this means going into client workplaces, participating in client discussions and sharing your expertise. Good communication is essential in building, managing and growing client relationships. If you’re more comfortable behind the scenes, this may not suit you, but if you’re happy to be leading conversations and shaping projects for your clients, this can be really stimulating.”

Think Laterally

As well as strong communicators, consultants are skilled at breaking down problems and finding solutions. Patrick explains, “As a consultant, you need think outside the box. Interview questions for consultancy positions can feel quite random but they’re designed to test your thinking. If you’re being asked how many table tennis balls will fit into a 747, your interviewer doesn’t want a number, they want to see how your mind works and how you can approach even the trickiest of challenges.”

The consultancy life is definitely varied and busy. Patrick continues, “You may find yourself delivering projects for multiple clients at the same time, being seconded into client offices, or performing audits that require you to challenge client approaches. Some people enjoy the variety of working in different areas as projects change, rather than the defined focus of an in-house role. It’s personal choice, and it’s important to know what to expect.”

The Long-Term Outlook

Most consultancy roles have very clear and well-defined career paths. Job titles may vary hugely between companies, but there are structured progression and promotion routes, connected to salary and bonus increases. Patrick shares his insights on how to navigate this, “In terms of salary, there are always variables but generally consultancies pay market salary levels with competitive bonus and benefits. If you’re looking to switch to a consultancy role, it’s important to understand the experience and qualifications needed in specific roles. Companies refer to similar levels with different titles: an associate in one company may be a manager or senior consultant in another. At Emerald Group, we make sure you start your consultancy career at the right level. Another advantage is that there are often multiple roles at each level, so you’re not waiting for a senior colleague to move on or retire before you can progress.”

Making the Switch

Often people move into consultancy early in their careers and it definitely gets more challenging to move as you become more senior. Patrick explains, “Senior consultancy roles usually include business generation targets, and this can be difficult if your career has been in-house within one or two companies: you are unlikely to have the cross-company network to generate new business. There are exceptions however, and Emerald Group has placed candidates with specific technical skills into senior consultancy positions.”

Do people move in the other direction? “Absolutely. Consultancy skills are incredibly valuable in-house: former consultants bring stakeholder and project management experience and a varied skillset. Some clients prefer to hire former consultants. It can go the other way, though, with other clients preferring the operational continuity that in-house candidates bring with them. As with any role, it’s about finding the right fit for each person and each client.”

Qualifications Matter

As a general rule, you will achieve more as a consultant if you are qualified. You will see professional growth through promotions and career progression, and will be billed at a higher rate, securing your value to your employer. There is an interesting perspective to note about qualifications however, as Patrick outlines, “Consultants tend to prefer employees who have studied traditional degrees like maths or physics to degrees in actuarial science. Our insights at Emerald Group tell us that exam exemptions can work against these graduates, as consultancies see an advantage in learning while working. This traditional route to qualification embeds knowledge and builds deep understanding that consultants can then bring to client challenges.”

Tempted?

We asked Patrick for his advice to someone thinking of switching to consultancy. “Consultancy can be an incredible career move, and the door to working in-house again never really closes. I’d encourage candidates to consider this early in their career: it’s a great choice for younger professionals who want to develop and gain responsibility quickly. Take the opportunity to focus in different areas like AI, ESG or data science that you don’t really get in the same way in-house. Make the most of international secondment opportunities. You’ll build a great career and have a strong professional pathway ahead of you.”

Emerald Group recruitment consultants use their market knowledge and sector experience to place the right candidates in the best roles. If you’re looking for a new job, a new team member or even a career in recruitment, Emerald Group can help. For the best recruitment solutions in the actuarial and financial services sectors, call us on +44 (0)207 283 2520.

Emerald Group
Industry Leading Recruitment Expertise
for the Actuarial and Financial Services Sector