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The differences between actuarial analysts and business analysts can be seen in a few details. Each job has different responsibilities and duties. Additionally, an actuarial analyst has an average salary of $75,593, which is higher than the $74,431 average annual salary of a business analyst.
The top three skills for an actuarial analyst include statistical analysis, SAS and statistical data. The most important skills for a business analyst are project management, data analysis, and business analysis.
| Actuarial Analyst | Business Analyst | |
| Yearly salary | $75,593 | $74,431 |
| Hourly rate | $36.34 | $35.78 |
| Growth rate | 21% | 9% |
| Number of jobs | 41,511 | 170,514 |
| Job satisfaction | - | 4 |
| Most common degree | Bachelor's Degree, 81% | Bachelor's Degree, 71% |
| Average age | 39 | 44 |
| Years of experience | - | 4 |
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.
Business analysts are employees who are responsible for interpreting business data and coming up with business solutions. They are well-versed in whatever business the company is in, and they have strong business acumen. They collect data related to the business and then interpret and analyze the data. Business analysts should be able to conduct different levels of analyses and must also be able to create a sound study. Once the analysis is done, they provide recommendations or strategic direction to decision-makers that will help the business become sustainable and grow.
Actuarial analysts and business analysts have different pay scales, as shown below.
| Actuarial Analyst | Business Analyst | |
| Average salary | $75,593 | $74,431 |
| Salary range | Between $55,000 And $103,000 | Between $53,000 And $103,000 |
| Highest paying City | Seattle, WA | Mountain View, CA |
| Highest paying state | Washington | Washington |
| Best paying company | Nationwide Financial | The Citadel |
| Best paying industry | Finance | Finance |
There are a few differences between an actuarial analyst and a business analyst in terms of educational background:
| Actuarial Analyst | Business Analyst | |
| Most common degree | Bachelor's Degree, 81% | Bachelor's Degree, 71% |
| Most common major | Mathematics | Business |
| Most common college | University of Notre Dame | Stanford University |
Here are the differences between actuarial analysts' and business analysts' demographics:
| Actuarial Analyst | Business Analyst | |
| Average age | 39 | 44 |
| Gender ratio | Male, 61.1% Female, 38.9% | Male, 53.9% Female, 46.1% |
| 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, 6.2% Unknown, 4.7% Hispanic or Latino, 8.8% Asian, 12.0% White, 67.7% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 18% | 11% |