Graduate career advice : Business Analyst (healthcare) or Pricing Analyst (insurance)

[sillyrubberduck]

Hi all, my DS is a recent graduate trying to choose between two career paths:
Business analyst (healthcare systems) :analysing processes and systems, supporting improvements and project work in healthcare.
Pricing analyst (insurance): analysing data to set premiums , assessing risk, supporting pricing strategies.
Which role do you think offers better prospects, job security, development opportunities for a new graduate?
thank you so much !!

The right answer is what interests him. Neither of those options will box him into to a career path and both have transferable skills that would allow him to do other things in future. For example I work in finance, started in Operations, moved to Project Management and now work in Strategy. Being able to analyse numbers and use data systems and being able to understand complex processes and be critical of them and recommend improvements are consistent skills that I’ve used in all three roles.

As both of those options are fairly broad, he should chose what he is most enthusiastic about as this will give him the best opportunity to learn skills and make a good impression- there is absolutely nothing worst than a grad you have to chivvy along! It’s a privileged position to get a good entry level role in a well paying industry so I want to see effort and enthusiasm- everything else I can teach!

They both sound dreadful, sorry. What are his interests, passions, values? I would start there. I don’t know anyone my age (mid-30s) who isn’t completely disillusioned with their job and the corporate world and wishes they picked something better when it was easier to try out / switch careers, instead of focused on ‘prospects’!

@Crushed23, they sound dreadful to me as well but he has just graduated with a maths degree and interested in both probably leaning more towards pricing leading to actuary. His passion is maths , problem solving etc he wants to apply it in practice and he does have hobbies outside of the career. He is a keen sportsman at quite high level in his chosen sport. This is just a starting job , first step on the career ladder….

@user1471548941, thank you, great advice and great to hear both have transferable skills. I guess until he tries he will not know what he prefers. The graduate market is so tough and he is so lucky to have had these two offered and in a great position to have to decide .

Does the pricing analyst role include support to sit the actuarial exams?

This is a good point. Make sure the Pricing graduate scheme funds his actuarial exams. If you’re going to go into an unspeakably dull and soul crushing career path, at least make sure it leads to a qualification and to earning very good money (as actuaries do).

My son just qualified as actuary and and he really enjoys it. He has a physics degree and they have at of fun in his company,doesn’t seem dull from what he tells me, it’s only a small company and a Lloyds syndicate. Well paid, big bonuses. I would say to your son if he is good at maths he will enjoy the problem solving of this role for sure.

Alll his exams were funded and plenty of time off for studying allowed.

@Crushed23I think it depends on the person, really. If you like analysing problems, spotting patterns, and using maths to make sense of risk, it’s actually quite rewarding. It’s definitely structured work, but calling it soul-crushing feels a bit dramatic. there’s a lot of variety and real impact once you get beyond the entry level.

that sounds good and I have come back to say exactly this , that DS enjoys the problem solving, he is a maths graduate, was always his favourite subject. And yes they would pay for his exams.

@sillyrubberduck the insurance role if actuarial interests him BUT what degree did he get? A third in maths won’t get you a trainee actuary position where I work. Minimum 2.1.

Thats get my vote. He should go for the pricing analyst definitely, lots of options to branch out and he will stand out like my ds does if he enjoys that kind of thing he will do really well.

He got a 2:1 from University of Bath

I’m a qualified actuary. I certainly don’t find my job soul crushingly boring.on the contrary there’s always something new and tricky to keep my interest.

If they’ll fund his exams definitely the pricing analyst role. Its a highly rearing career with fantastic pay and career prospects.

Sorry, I didn’t mean to be so negative. I’m speaking from experience (not an actuary, but in a technical finance role & a maths graduate). It’s not really the work itself so much as the environment. Small insurance company versus large investment bank. That sort of thing. It’s important to do research and choose well.

Ask him which role he thinks is less likely to be done by AI in the future.

The latter is (tending to) an actuarial career, which I would advise towards. (You may want to look up exams, roles, salaries.)

Insurance

https://www.thisismoney.co.uk/money/bills/article-15166921/Insurance-faces-hiring-crisis-goldmine-graduates-heres-why.html

In today's graduate market I would advise him to apply for roles in both, see which one offers him a job first, grab the opportunity and then apply for the other pathway later whilst in work if he really hates the first.

Pricing Analyst in Insurance with the actuarial exams is a no brainer. The money he will make long term is a lot better than the healthcare sector.

I’ve worked in the finance sector and healthcare sector.

Finance sector has was less dysfunctional people and pays better with better prospects and more funding for staff training. NHS trusts are a funking train crash.

@sillyrubberduck that would be sufficient where I work (large insurance company) especially if he can get some relevant work experience.

I’m not an actuary but I think it’s an interesting career and I take pride in working to a high standard to ensure pensions are looked after.