What exactly are the differences between Oliver Wyman Actuarial and their Insurance FS practices? Does anyone know if there are differences in comp/benefits for these two since they are different practices? Got an offer from the former but does not seem to be much information around. Thanks all!
Chief
They are VERY different. Actuarial is focused on actuarial consulting. You must be an actuary. The clients are both insurers and corporates who have insurance obligations (like workers comp). The career path is much slower but also steady.
Insurance FS is traditional management consulting. The clients are insurance companies. But our work is for any issue they may have. Might work with Actuarial if the issue is an actuarial question on the liabilities. But it could also be an asset question on investments. Or it could be an org question. Or a customer proposition question. Or sales force. Or anything.
If what you want to do is strategy, you wouldn’t likely get that in OWA directly. While transfers from Actuarial to OW management consulting aren’t unheard of, it’s not a very logical stepping stone if strategy is your goal from the beginning.