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The differences between actuarial analysts and actuarial consultants can be seen in a few details. Each job has different responsibilities and duties. Additionally, an actuarial consultant has an average salary of $91,160, which is higher than the $75,593 average annual salary of an actuarial analyst.
The top three skills for an actuarial analyst include statistical analysis, SAS and statistical data. The most important skills for an actuarial consultant are project management, data analysis, and medicaid.
| Actuarial Analyst | Actuarial Consultant | |
| Yearly salary | $75,593 | $91,160 |
| Hourly rate | $36.34 | $43.83 |
| Growth rate | 21% | 21% |
| Number of jobs | 41,511 | 17,305 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 81% | Bachelor's Degree, 80% |
| Average age | 39 | 39 |
| Years of experience | - | - |
Actuarial Analysts use statistical formulas to assess the probability and costs of certain events such as accidents, property damages, injuries, and deaths. They are usually specialized in finance, general insurance, health and care, life insurance, and savings/investment.
An actuarial consultant is a financial professional who is responsible for advising clients on investments, insurance, and pension-related decisions using a variety of measurements. Actuarial consultants must apply an extensive use of statistics and large amounts of data to formulate a plan that is best suited to clients. They are required to complete risk and cost analysis and determine financial uncertainties using the skills of a statistician and economist to dispense financial advice to their clients. Actuarial consultants can also work with insurance companies or with clients in the investment world.
Actuarial analysts and actuarial consultants have different pay scales, as shown below.
| Actuarial Analyst | Actuarial Consultant | |
| Average salary | $75,593 | $91,160 |
| Salary range | Between $55,000 And $103,000 | Between $61,000 And $135,000 |
| Highest paying City | Seattle, WA | New York, NY |
| Highest paying state | Washington | New York |
| Best paying company | Nationwide Financial | McKinsey & Company Inc |
| Best paying industry | Finance | Finance |
There are a few differences between an actuarial analyst and an actuarial consultant in terms of educational background:
| Actuarial Analyst | Actuarial Consultant | |
| Most common degree | Bachelor's Degree, 81% | Bachelor's Degree, 80% |
| Most common major | Mathematics | Mathematics |
| Most common college | University of Notre Dame | University of Notre Dame |
Here are the differences between actuarial analysts' and actuarial consultants' demographics:
| Actuarial Analyst | Actuarial Consultant | |
| Average age | 39 | 39 |
| Gender ratio | Male, 61.1% Female, 38.9% | Male, 66.0% Female, 34.0% |
| Race ratio | Black or African American, 3.1% Unknown, 3.0% Hispanic or Latino, 4.7% Asian, 21.9% White, 67.4% American Indian and Alaska Native, 0.0% | Black or African American, 3.1% Unknown, 3.0% Hispanic or Latino, 4.8% Asian, 16.4% White, 72.8% American Indian and Alaska Native, 0.0% |
| LGBT Percentage | 18% | 18% |