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Actuarial analyst vs actuarial consultant

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 vs actuarial consultant overview

Actuarial AnalystActuarial Consultant
Yearly salary$75,593$91,160
Hourly rate$36.34$43.83
Growth rate21%21%
Number of jobs41,51117,305
Job satisfaction--
Most common degreeBachelor's Degree, 81%Bachelor's Degree, 80%
Average age3939
Years of experience--

What does an actuarial analyst do?

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.

What does an actuarial consultant do?

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 analyst vs actuarial consultant salary

Actuarial analysts and actuarial consultants have different pay scales, as shown below.

Actuarial AnalystActuarial Consultant
Average salary$75,593$91,160
Salary rangeBetween $55,000 And $103,000Between $61,000 And $135,000
Highest paying CitySeattle, WANew York, NY
Highest paying stateWashingtonNew York
Best paying companyNationwide FinancialMcKinsey & Company Inc
Best paying industryFinanceFinance

Differences between actuarial analyst and actuarial consultant education

There are a few differences between an actuarial analyst and an actuarial consultant in terms of educational background:

Actuarial AnalystActuarial Consultant
Most common degreeBachelor's Degree, 81%Bachelor's Degree, 80%
Most common majorMathematicsMathematics
Most common collegeUniversity of Notre DameUniversity of Notre Dame

Actuarial analyst vs actuarial consultant demographics

Here are the differences between actuarial analysts' and actuarial consultants' demographics:

Actuarial AnalystActuarial Consultant
Average age3939
Gender ratioMale, 61.1% Female, 38.9%Male, 66.0% Female, 34.0%
Race ratioBlack 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 Percentage18%18%

Differences between actuarial analyst and actuarial consultant duties and responsibilities

Actuarial analyst example responsibilities.

  • Lead an experience study on morbidity assumptions to more accurately identify LTC rider risks.
  • Lead actuarial intern on automating internal reports, help intern write SQL queries and VBA macros.
  • Develop SAS programs to automate analysis correcting extant errors resulting from arduous manual processes.
  • Evaluate capitation agreements between provider groups and manage care plans, including commercial and Medicare populations.
  • Analyze GAAP financial statements including fair value assessment, shadow adjustments, embed derivatives and unlocking.
  • Integrate rating factors and other data used for GLM motor pricing model by SAS, SQL.
  • Show more

Actuarial consultant example responsibilities.

  • Utilize SAS to manage and update the modeling dataset for both auto and home products.
  • Evaluate capitation agreements between provider groups and manage care plans, including commercial and Medicare populations.
  • Learned and run rate indications.
  • Train various new associates while transitioning to Medicaid.
  • Implement new GAAP assumption into POLY system and regression test.
  • Programme extensively in SAS on large databases also using JCL language.
  • Show more

Actuarial analyst vs actuarial consultant skills

Common actuarial analyst skills
  • Statistical Analysis, 14%
  • SAS, 11%
  • Statistical Data, 11%
  • VBA, 6%
  • Actuarial Models, 5%
  • PowerPoint, 4%
Common actuarial consultant skills
  • Project Management, 11%
  • Data Analysis, 8%
  • Medicaid, 8%
  • Financial Analysis, 7%
  • Client Relationships, 5%
  • SQL, 5%

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