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The differences between actuarial analysts and consultants can be seen in a few details. Each job has different responsibilities and duties. Additionally, a consultant has an average salary of $78,912, 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 a consultant are customer service, strong analytical, and project management.
| Actuarial Analyst | Consultant | |
| Yearly salary | $75,593 | $78,912 |
| Hourly rate | $36.34 | $37.94 |
| Growth rate | 21% | 11% |
| Number of jobs | 41,511 | 171,733 |
| Job satisfaction | - | 4 |
| Most common degree | Bachelor's Degree, 81% | Bachelor's Degree, 64% |
| 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.
Consultants are individuals who were tapped by a company or an organization to work on a specific activity, depending on their field of expertise. They act as guides for the organization in undertaking projects that are related to their field. Consultants would usually assist organizations in planning, often giving advice when the need arises. They would, at times, take the lead in activities that involve data gathering and interpretation of data gathering results so that they can provide solid recommendations on actions that the organization may undertake. They may also guide the organization in implementing any changes brought about by their consultancy and in evaluating the effectiveness of the changes.
Actuarial analysts and consultants have different pay scales, as shown below.
| Actuarial Analyst | Consultant | |
| Average salary | $75,593 | $78,912 |
| Salary range | Between $55,000 And $103,000 | Between $58,000 And $107,000 |
| Highest paying City | Seattle, WA | Washington, DC |
| Highest paying state | Washington | New Jersey |
| Best paying company | Nationwide Financial | L.E.K. Consulting |
| Best paying industry | Finance | Technology |
There are a few differences between an actuarial analyst and a consultant in terms of educational background:
| Actuarial Analyst | Consultant | |
| Most common degree | Bachelor's Degree, 81% | Bachelor's Degree, 64% |
| Most common major | Mathematics | Business |
| Most common college | University of Notre Dame | Northwestern University |
Here are the differences between actuarial analysts' and consultants' demographics:
| Actuarial Analyst | Consultant | |
| Average age | 39 | 44 |
| Gender ratio | Male, 61.1% Female, 38.9% | Male, 58.4% Female, 41.6% |
| 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, 7.8% Unknown, 4.5% Hispanic or Latino, 8.7% Asian, 13.8% White, 65.0% American Indian and Alaska Native, 0.2% |
| LGBT Percentage | 18% | 12% |