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Actuarial analyst vs risk analyst

The differences between actuarial analysts and risk analysts can be seen in a few details. Each job has different responsibilities and duties. Additionally, a risk analyst has an average salary of $81,484, 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 risk analyst are risk management, risk assessments, and powerpoint.

Actuarial analyst vs risk analyst overview

Actuarial AnalystRisk Analyst
Yearly salary$75,593$81,484
Hourly rate$36.34$39.17
Growth rate21%9%
Number of jobs41,51171,284
Job satisfaction--
Most common degreeBachelor's Degree, 81%Bachelor's Degree, 71%
Average age3940
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 risk analyst do?

As a risk analyst, you will oversee the identification, assessment, and monitoring of risks that your company has been exposed to. You will evaluate financial documents, potential clients, and economic conditions to determine the level of risk in business decisions. You will be responsible for aggregating data from several sources to develop a comprehensive assessment and create reports, processes, and presentations to better present results. You are also expected to work closely with other team members to analyze and show data effectively.

Actuarial analyst vs risk analyst salary

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

Actuarial AnalystRisk Analyst
Average salary$75,593$81,484
Salary rangeBetween $55,000 And $103,000Between $59,000 And $112,000
Highest paying CitySeattle, WASan Francisco, CA
Highest paying stateWashingtonConnecticut
Best paying companyNationwide FinancialThe Citadel
Best paying industryFinanceManufacturing

Differences between actuarial analyst and risk analyst education

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

Actuarial AnalystRisk Analyst
Most common degreeBachelor's Degree, 81%Bachelor's Degree, 71%
Most common majorMathematicsBusiness
Most common collegeUniversity of Notre DameUniversity of Pennsylvania

Actuarial analyst vs risk analyst demographics

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

Actuarial AnalystRisk Analyst
Average age3940
Gender ratioMale, 61.1% Female, 38.9%Male, 53.4% Female, 46.6%
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, 5.6% Unknown, 4.5% Hispanic or Latino, 7.7% Asian, 14.1% White, 68.0% American Indian and Alaska Native, 0.1%
LGBT Percentage18%7%

Differences between actuarial analyst and risk 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

Risk analyst example responsibilities.

  • Create programs in Java to automate trade execution and ensure market clear downloads are facilitate by the same.
  • Manage financial derivative models to ensure accurate calculation, structure and pricing.
  • Manage investigation and reporting of occurrences to applicable regulatory agencies when indicate and facilitate disclosure to patients and families.
  • Manage litigation through appropriate selection of counsel, developing strategic action plans a while monitoring an active trial calendar.
  • Manage treasury workstation steering team for automation of core treasury operations for increase reliability of financial reporting and decision making.
  • Use SAS and SQL to originate and maintain analytic data marts and automate reporting.
  • Show more

Actuarial analyst vs risk analyst skills

Common actuarial analyst skills
  • Statistical Analysis, 14%
  • SAS, 11%
  • Statistical Data, 11%
  • VBA, 6%
  • Actuarial Models, 5%
  • PowerPoint, 4%
Common risk analyst skills
  • Risk Management, 19%
  • Risk Assessments, 6%
  • PowerPoint, 6%
  • Portfolio, 5%
  • Data Analysis, 4%
  • SAS, 3%

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