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Actuarial analyst vs pricing actuary

The differences between actuarial analysts and pricing actuaries 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 $65,091 average annual salary of a pricing actuary.

The top three skills for an actuarial analyst include statistical analysis, SAS and statistical data. The most important skills for a pricing actuary are product development, annuities, and level changes.

Actuarial analyst vs pricing actuary overview

Actuarial AnalystPricing Actuary
Yearly salary$75,593$65,091
Hourly rate$36.34$31.29
Growth rate21%21%
Number of jobs41,51115,444
Job satisfaction--
Most common degreeBachelor's Degree, 81%Bachelor's Degree, 85%
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 a pricing actuary do?

Pricing Actuaries are statisticians who work in either the financial or insurance industries. This position uses extensive math skills to determine the price of products by analyzing data and calculating risks. Pricing actuaries' goal is to ensure the coverage of the company's expenses includes employee retirement or claims. Their job is to estimate claim payout probabilities, handle state filing requirements, and collect statistical data. Also, they contribute to policies for new products and maximize returns. These actuaries must have a bachelor's degree in statistics, math, and actuarial science.

Actuarial analyst vs pricing actuary salary

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

Actuarial AnalystPricing Actuary
Average salary$75,593$65,091
Salary rangeBetween $55,000 And $103,000Between $31,000 And $132,000
Highest paying CitySeattle, WANew York, NY
Highest paying stateWashingtonNew York
Best paying companyNationwide FinancialAIG
Best paying industryFinance-

Differences between actuarial analyst and pricing actuary education

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

Actuarial AnalystPricing Actuary
Most common degreeBachelor's Degree, 81%Bachelor's Degree, 85%
Most common majorMathematicsMathematics
Most common collegeUniversity of Notre DameUniversity of Pennsylvania

Actuarial analyst vs pricing actuary demographics

Here are the differences between actuarial analysts' and pricing actuaries' demographics:

Actuarial AnalystPricing Actuary
Average age3939
Gender ratioMale, 61.1% Female, 38.9%Male, 71.4% Female, 28.6%
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, 2.9% Unknown, 2.9% Hispanic or Latino, 3.4% Asian, 16.5% White, 74.3% American Indian and Alaska Native, 0.0%
LGBT Percentage18%18%

Differences between actuarial analyst and pricing actuary 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

Pricing actuary example responsibilities.

  • Project manage large work streams incorporating data and technology to support all business analytics used across the organization.
  • Support the sales team in conducting profitability analysis, analyzing options and developing customer ROI analyses
  • Manipulate select and ultimate mortality table to database formate by using VBA and producingexpect Motality base under best estimate assumption.
  • Administer payroll, conduct accounts reconciliations, and track all A/R and A/P.

Actuarial analyst vs pricing actuary skills

Common actuarial analyst skills
  • Statistical Analysis, 14%
  • SAS, 11%
  • Statistical Data, 11%
  • VBA, 6%
  • Actuarial Models, 5%
  • PowerPoint, 4%
Common pricing actuary skills
  • Product Development, 69%
  • Annuities, 23%
  • Level Changes, 5%
  • Auto Liability, 2%
  • Loss Ratio, 1%

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