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Actuarial consultant vs actuarial technician

The differences between actuarial consultants and actuarial technicians can be seen in a few details. Each job has different responsibilities and duties. Additionally, an actuarial consultant has an average salary of $91,160, which is higher than the $79,409 average annual salary of an actuarial technician.

The top three skills for an actuarial consultant include project management, data analysis and medicaid. The most important skills for an actuarial technician are projection, financial analysis, and product development.

Actuarial consultant vs actuarial technician overview

Actuarial ConsultantActuarial Technician
Yearly salary$91,160$79,409
Hourly rate$43.83$38.18
Growth rate21%21%
Number of jobs17,3057,597
Job satisfaction--
Most common degreeBachelor's Degree, 80%Bachelor's Degree, 72%
Average age3939
Years of experience--

Actuarial consultant vs actuarial technician salary

Actuarial consultants and actuarial technicians have different pay scales, as shown below.

Actuarial ConsultantActuarial Technician
Average salary$91,160$79,409
Salary rangeBetween $61,000 And $135,000Between $44,000 And $141,000
Highest paying CityNew York, NYHartford, CT
Highest paying stateNew YorkNew York
Best paying companyMcKinsey & Company IncTransamerica Corporation
Best paying industryFinanceProfessional

Differences between actuarial consultant and actuarial technician education

There are a few differences between an actuarial consultant and an actuarial technician in terms of educational background:

Actuarial ConsultantActuarial Technician
Most common degreeBachelor's Degree, 80%Bachelor's Degree, 72%
Most common majorMathematicsMathematics
Most common collegeUniversity of Notre DameUniversity of Pennsylvania

Actuarial consultant vs actuarial technician demographics

Here are the differences between actuarial consultants' and actuarial technicians' demographics:

Actuarial ConsultantActuarial Technician
Average age3939
Gender ratioMale, 66.0% Female, 34.0%Male, 40.2% Female, 59.8%
Race ratioBlack or African American, 3.1% Unknown, 3.0% Hispanic or Latino, 4.8% Asian, 16.4% White, 72.8% American Indian and Alaska Native, 0.0%Black or African American, 3.1% Unknown, 3.0% Hispanic or Latino, 5.1% Asian, 15.8% White, 73.1% American Indian and Alaska Native, 0.0%
LGBT Percentage18%18%

Differences between actuarial consultant and actuarial technician duties and responsibilities

Actuarial consultant example responsibilities.

  • Utilize SAS to manage and update the modeling dataset for both auto and home products.
  • Evaluate capitation agreements between provider groups and manage care plans, including commercial and Medicare populations.
  • Learned and run rate indications.
  • Train various new associates while transitioning to Medicaid.
  • Implement new GAAP assumption into POLY system and regression test.
  • Programme extensively in SAS on large databases also using JCL language.
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Actuarial technician example responsibilities.

  • Evaluate capitation agreements between provider groups and manage care plans, including commercial and Medicare populations.
  • Design the migration of SAS datasets and other data to new UNIX box.
  • Develop and maintain statistical models to modify policy rates and coverages using SAS.
  • Compile, analyze and verify census data and information need in the calculation of reinsurance premiums.
  • Assist in the creation and preside over presentations, utilizing and maintaining the required projection equipment for meetings.
  • Take ownership of quarterly Medicaid cost benefit ratio dashboard by compiling several state's claim cost/utilization data and premium information.
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Actuarial consultant vs actuarial technician skills

Common actuarial consultant skills
  • Project Management, 11%
  • Data Analysis, 8%
  • Medicaid, 8%
  • Financial Analysis, 7%
  • Client Relationships, 5%
  • SQL, 5%
Common actuarial technician skills
  • Projection, 20%
  • Financial Analysis, 16%
  • Product Development, 14%
  • Data Analysis, 9%
  • VBA, 8%
  • SQL, 7%

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