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The differences between actuarial consultants and consultants 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 $78,912 average annual salary of a consultant.
The top three skills for an actuarial consultant include project management, data analysis and medicaid. The most important skills for a consultant are customer service, strong analytical, and project management.
| Actuarial Consultant | Consultant | |
| Yearly salary | $91,160 | $78,912 |
| Hourly rate | $43.83 | $37.94 |
| Growth rate | 21% | 11% |
| Number of jobs | 17,305 | 171,733 |
| Job satisfaction | - | 4 |
| Most common degree | Bachelor's Degree, 80% | Bachelor's Degree, 64% |
| Average age | 39 | 44 |
| Years of experience | - | 4 |
An actuarial consultant is a financial professional who is responsible for advising clients on investments, insurance, and pension-related decisions using a variety of measurements. Actuarial consultants must apply an extensive use of statistics and large amounts of data to formulate a plan that is best suited to clients. They are required to complete risk and cost analysis and determine financial uncertainties using the skills of a statistician and economist to dispense financial advice to their clients. Actuarial consultants can also work with insurance companies or with clients in the investment world.
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 consultants and consultants have different pay scales, as shown below.
| Actuarial Consultant | Consultant | |
| Average salary | $91,160 | $78,912 |
| Salary range | Between $61,000 And $135,000 | Between $58,000 And $107,000 |
| Highest paying City | New York, NY | Washington, DC |
| Highest paying state | New York | New Jersey |
| Best paying company | McKinsey & Company Inc | L.E.K. Consulting |
| Best paying industry | Finance | Technology |
There are a few differences between an actuarial consultant and a consultant in terms of educational background:
| Actuarial Consultant | Consultant | |
| Most common degree | Bachelor's Degree, 80% | Bachelor's Degree, 64% |
| Most common major | Mathematics | Business |
| Most common college | University of Notre Dame | Northwestern University |
Here are the differences between actuarial consultants' and consultants' demographics:
| Actuarial Consultant | Consultant | |
| Average age | 39 | 44 |
| Gender ratio | Male, 66.0% Female, 34.0% | Male, 58.4% Female, 41.6% |
| Race ratio | Black 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, 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% |