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Actuarial analyst vs data analyst

The differences between actuarial analysts and data 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 $74,342 average annual salary of a data analyst.

The top three skills for an actuarial analyst include statistical analysis, SAS and statistical data. The most important skills for a data analyst are data analysis, python, and power bi.

Actuarial analyst vs data analyst overview

Actuarial AnalystData Analyst
Yearly salary$75,593$74,342
Hourly rate$36.34$35.74
Growth rate21%11%
Number of jobs41,511167,520
Job satisfaction--
Most common degreeBachelor's Degree, 81%Bachelor's Degree, 65%
Average age3944
Years of experience-4

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 a data analyst do?

Data analysts are responsible for interpreting the company's statistics and providing sound recommendations to the organization. They manage the organization's data sets, usually related to market performance, finance, or human resources. They are in charge of studying the available data, spotting trends, interpreting what the data and the trends mean, and recommending suggestions that will help the organization perform better. Their recommendations should also be relevant and backed up with strong analyses. Data analysts are expected to have a good grasp of the current market trends in the industry.

Actuarial analyst vs data analyst salary

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

Actuarial AnalystData Analyst
Average salary$75,593$74,342
Salary rangeBetween $55,000 And $103,000Between $53,000 And $103,000
Highest paying CitySeattle, WARichmond, CA
Highest paying stateWashingtonNew Jersey
Best paying companyNationwide FinancialThe Citadel
Best paying industryFinanceFinance

Differences between actuarial analyst and data analyst education

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

Actuarial AnalystData Analyst
Most common degreeBachelor's Degree, 81%Bachelor's Degree, 65%
Most common majorMathematicsBusiness
Most common collegeUniversity of Notre DameNorthwestern University

Actuarial analyst vs data analyst demographics

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

Actuarial AnalystData Analyst
Average age3944
Gender ratioMale, 61.1% Female, 38.9%Male, 50.2% Female, 49.8%
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, 7.5% Unknown, 4.4% Hispanic or Latino, 8.5% Asian, 14.5% White, 64.9% American Indian and Alaska Native, 0.2%
LGBT Percentage18%12%

Differences between actuarial analyst and data analyst 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

Data analyst example responsibilities.

  • Manage patient s data in UNIX system.
  • Manage loan performance in Hyperion Financials using SQL and PL/SQL tools.
  • Manage and contribute to EDI processes ensuring HIPAA compliance and access to clearing house review on individual case status.
  • Develop Java application to automate reformatting of text files for an internal application.
  • Execute deterministic modeling and Monte Carlo simulations in MATLAB to achieve greater mathematical confidence in results obtain from analysis.
  • Manage weapon system project websites via SharePoint, including troubleshooting technical issues and developing guidelines for public/private information and user permissions.
  • Show more

Actuarial analyst vs data analyst skills

Common actuarial analyst skills
  • Statistical Analysis, 14%
  • SAS, 11%
  • Statistical Data, 11%
  • VBA, 6%
  • Actuarial Models, 5%
  • PowerPoint, 4%
Common data analyst skills
  • Data Analysis, 10%
  • Python, 7%
  • Power Bi, 6%
  • Data Management, 6%
  • Visualization, 5%
  • Data Quality, 4%

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