Consulting firms’ vacancy volumes were been significantly higher in 2015 compared to 2014, according to a report by HFG and Vacancysoft. In November, there had already been twice as many vacancies for consulting actuaries in 2015 than in 2014.
Among the consulting firms that hire actuaries, 48% of all 2015 actuarial vacancies were in London. This is a slightly higher proportion than in the insurance companies themselves, which advertised only 42% of their actuarial vacancies in London.
An HFG spokesperson said: “Throughout 2015 the consulting firms were recruiting steadily.”
The main advertisers of vacancies in consultancies have been Deloitte, EY, KPMG and Towers Watson, which between them accounted for more than 60% of all the vacancies for actuaries.
The other trend that emerged from the report was that the consulting firms have been much more proactive in recruiting for actuarial students, as opposed to qualified actuaries.
It said: “In 2015, the proportion of vacancies for actuarial students increased from 29% to 35%, a sign that increasingly, consulting firms are getting busier and needing more resources to help with deliverables.”
July 2015 saw significantly greater activity than any other month over the period, nearly 50% higher than the average. This was likely related to year-ends and headcount planning.
The report noted that going forward: “The key themes of merger and acquisitions and Solvency II are both driving volumes of work for consultants, building up the need for resources.”