Actuarial consultant vs pricing actuary

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

The top three skills for an actuarial consultant include project management, data analysis and medicaid. The most important skills for a pricing actuary are product development, annuities, and level changes.

Actuarial consultant vs pricing actuary overview

	Actuarial Consultant	Pricing Actuary
Yearly salary	$91,160	$65,091
Hourly rate	$43.83	$31.29
Growth rate	21%	21%
Number of jobs	17,305	15,444
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 80%	Bachelor's Degree, 85%
Average age	39	39
Years of experience	-	-

What does an actuarial consultant do?

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.

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 consultant vs pricing actuary salary

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

	Actuarial Consultant	Pricing Actuary
Average salary	$91,160	$65,091
Salary range	Between $61,000 And $135,000	Between $31,000 And $132,000
Highest paying City	New York, NY	New York, NY
Highest paying state	New York	New York
Best paying company	McKinsey & Company Inc	AIG
Best paying industry	Finance	-

Differences between actuarial consultant and pricing actuary education

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

	Actuarial Consultant	Pricing Actuary
Most common degree	Bachelor's Degree, 80%	Bachelor's Degree, 85%
Most common major	Mathematics	Mathematics
Most common college	University of Notre Dame	University of Pennsylvania

Actuarial consultant vs pricing actuary demographics

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

	Actuarial Consultant	Pricing Actuary
Average age	39	39
Gender ratio	Male, 66.0% Female, 34.0%	Male, 71.4% Female, 28.6%
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, 2.9% Unknown, 2.9% Hispanic or Latino, 3.4% Asian, 16.5% White, 74.3% American Indian and Alaska Native, 0.0%
LGBT Percentage	18%	18%

Differences between actuarial consultant and pricing actuary 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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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 consultant vs pricing actuary skills

Common actuarial consultant skills

Project Management, 11%
Data Analysis, 8%
Medicaid, 8%
Financial Analysis, 7%
Client Relationships, 5%
SQL, 5%

Common pricing actuary skills

Product Development, 69%
Annuities, 23%
Level Changes, 5%
Auto Liability, 2%
Loss Ratio, 1%

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Updated January 8, 2025

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