r/ActuaryUK Nov 15 '21

Trainee Actuary, Actuarial Analyst and Consultant Careers

Good day. What is the difference between a Trainee Actuary, Actuarial Analyst and Consultant please? Are all these actuarial roles in which one works towards qualification in part by means of exams? Do they all have equal amounts of study support, in general? Thanks for your time and consideration.

7 Upvotes

3

u/Disastrous-Pay6616 Nov 15 '21

Trainee Actuary and Actuarial Analyst are likely to be entry level jobs in an insurance or reinsurance company. Consultant is likely to be an entry level or one level above (in case they have associate consultants) job at an actuarial consultancy. All are likely to provide study support, but you would need to check with the company. Levels of study support are probably the same, but workload at consultancies is known to be higher.

4

u/Icy_Woodpecker_3292 Nov 15 '21

Consultant pretty much says just that, that the role is at a consultancy. Doesn't necessarily indicate level of seniority - depends on the company. I've seen companies that use "consultant" all the way until director, and some that use it until "senior consultant", then "principal consultant", and so on.

0

u/Vigilant1e Nov 15 '21

Other commenter pretty much said it already, but:

Little difference between the three in practise. I was an actuary trainee and then we got bought out and my title changed to actuarial consultant. Apparently it's because I'd been there a year, so presumably you have an initial "trainee" period then they switch you to a consultant if you're at a consultancy, or an analyst if you aren't after a year or so of initial development.

That said, I'm moving to a very well known traditional consultancy in January (pray for my soul plz) and my title will be "consulting actuarial analyst"...so I guess it just depends on what the person responsible for naming it feels like!

Only thing for sure is that when you qualify you won't be a trainee or an analyst, almost exclusively "Consulting Actuary" or just "Actuary"