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  #1  
Old 10-18-2004, 03:37 AM
iammyself iammyself is offline
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Default consulting salary vs insurance salary

I just received an offer from a fairly large p/c "consulting" company. The base salary is $52000. I got 2 exams, one internship (3 months). The company is located in an average COL area. However, I am still interviewing with 2 other p/c "insurance" companies, one of which has expressed serious interest in extending an offer. My question is what is the kind of salary level I should expect from a p/c insurance company? I heard that insurance companies generally offer less than do consulting companies. Is this true? If so, by how much. Thanks.
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Old 10-18-2004, 09:38 AM
DrNO811 DrNO811 is offline
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With that profile, you're probably looking at $44 to $49k starting, but keep in mind that in consulting, you often have to work over 40 hours a week, and that isn't generally true in insurance.
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Old 10-18-2004, 10:28 AM
FSAwannabe FSAwannabe is offline
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Default Re: consulting salary vs insurance salary

Quote:
Originally Posted by iammyself
I just received an offer from a fairly large p/c "consulting" company. The base salary is $52000. I got 2 exams, one internship (3 months). The company is located in an average COL area. However, I am still interviewing with 2 other p/c "insurance" companies, one of which has expressed serious interest in extending an offer. My question is what is the kind of salary level I should expect from a p/c insurance company? I heard that insurance companies generally offer less than do consulting companies. Is this true? If so, by how much. Thanks.
I received one offer from a Life Insurance Company that was higher than both offers received from consulting firms. Though it may have been a unique situation as the Life Co. had just moved to a relatively less desirable location and I think they were having trouble competing with the nearby metropolis in recruiting people. Regardless, I went for the consulting job.
I placed far more emphasis on growth potential, people, nature of work, environment etc. rather than the few dollars difference in starting salary.
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Old 10-18-2004, 11:02 AM
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Apollywog Apollywog is offline
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I'm not in PC but I got two pension consulting offers and 1 healthcare offer before I decided to take this pension consulting position. The healthcare offer was exactly $10000 less than the consulting offer that I took up.

The healthcare company is a huge listed company.
The pension consulting company is a fairly small company.

Hope that can help you make a reasonably accurate guess.
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Old 10-18-2004, 11:46 AM
DW Simpson DW Simpson is offline
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When I reviewed the data underlying our salary surveys, a bunch of the top offers for P&C entry, 2 exams, came from insurers, and the top offer came from a reinsurer. So it is not necessarily the case that a P&C insurer will offer less than a P&C consultant, but I couldn't begin to guess what range you can expect, since you're only talking a few data points, except to point to our 10th-90th percentile for 2 exams entry P&C, which is 42-56K, base+bonus, excluding sign-on, and ratchet it down a few K to 40-54 for insurance.

Every year that I've looked at it, the compensation gap between P&C consulting and insurance has been reduced, across all experience levels. While demand for P&C actuaries is growing at consultants and insurers/reinsurers, and other employers of P&C actuaries, it's growing fastest at insurers/reinsurers, worldwide, and has been like that for at least the last 3 years.
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Old 11-16-2007, 06:16 PM
kabui kabui is offline
 
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Quote:
Originally Posted by D.W. Simpson Webmaster View Post
While demand for P&C actuaries is growing at consultants and insurers/reinsurers, and other employers of P&C actuaries, it's growing fastest at insurers/reinsurers, worldwide, and has been like that for at least the last 3 years.
Is it a good idea for me to be in insurance field if I want to work abroad later on?
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Old 11-16-2007, 06:25 PM
DW Simpson DW Simpson is offline
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Is it a good idea for me to be in insurance field if I want to work abroad later on?
Yup.
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Old 11-16-2007, 07:17 PM
Westley Westley is offline
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While I'm sure Claude is right that insurance has many (most) opportunities, there's lots of international opportunities in consulting, so you're not hurting yourself going that route - I'd figure out if you want insurance or consulting now and worry about the international later.
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Old 11-16-2007, 07:18 PM
DW Simpson DW Simpson is offline
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Quote:
Originally Posted by Westley View Post
While I'm sure Claude is right that insurance has many (most) opportunities, there's lots of international opportunities in consulting, so you're not hurting yourself going that route - I'd figure out if you want insurance or consulting now and worry about the international later.
The quote was from 2004. Things have changed.
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Old 11-16-2007, 09:53 PM
Doc Holiday Doc Holiday is offline
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Quote:
Originally Posted by DrNO811 View Post
With that profile, you're probably looking at $44 to $49k starting, but keep in mind that in consulting, you often have to work over 40 hours a week, and that isn't generally true in insurance.
All my offers from the P&C side were at least $50K. Must be a low col area to make under $50K. (I had 1 exam passed and 1 pending.)
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