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The differences between actuarial managers and finance managers can be seen in a few details. Each job has different responsibilities and duties. It typically takes 6-8 years to become both an actuarial manager and a finance manager. Additionally, a finance manager has an average salary of $101,374, which is higher than the $75,827 average annual salary of an actuarial manager.
The top three skills for an actuarial manager include medicaid, financial analysis and financial results. The most important skills for a finance manager are financial analysis, CPA, and customer service.
| Actuarial Manager | Finance Manager | |
| Yearly salary | $75,827 | $101,374 |
| Hourly rate | $36.46 | $48.74 |
| Growth rate | 17% | 17% |
| Number of jobs | 59,285 | 125,345 |
| Job satisfaction | - | 5 |
| Most common degree | Bachelor's Degree, 63% | Bachelor's Degree, 66% |
| Average age | 46 | 46 |
| Years of experience | 8 | 8 |
Actuarial managers supervise all the actuary employees and the actuary department. They meet the clients and get to know the type of data and statistics they need. Besides reviewing the actuaries' performance and predictions and analysis accuracy, actuarial managers also prepare reports featuring all the information and ensure each data's accuracy before submission. Other duties performed by actuarial managers include meeting with company heads from time to time and updating them on matters relating to the actuarial figures.
A finance manager is responsible for monitoring the financial system of a company. Their tasks include handling their organization's financial status, generating cost estimates and budget goals, identifying business opportunities to increase revenues and profitability, improving financial strategies, reducing costs, analyzing account statements, processing invoice as needed, analyzing market trends, searching potential partnerships, and presenting reports. A finance manager must have excellent analytical skills and knowledge of the accounting and financial industry. They are responsible for providing the best recommendations for the organization's growth.
Actuarial managers and finance managers have different pay scales, as shown below.
| Actuarial Manager | Finance Manager | |
| Average salary | $75,827 | $101,374 |
| Salary range | Between $39,000 And $144,000 | Between $71,000 And $144,000 |
| Highest paying City | Bridgeport, CT | New York, NY |
| Highest paying state | Connecticut | New York |
| Best paying company | Prudential Financial | Barclays |
| Best paying industry | Insurance | Finance |
There are a few differences between an actuarial manager and a finance manager in terms of educational background:
| Actuarial Manager | Finance Manager | |
| Most common degree | Bachelor's Degree, 63% | Bachelor's Degree, 66% |
| Most common major | Mathematics | Business |
| Most common college | University of Notre Dame | University of Pennsylvania |
Here are the differences between actuarial managers' and finance managers' demographics:
| Actuarial Manager | Finance Manager | |
| Average age | 46 | 46 |
| Gender ratio | Male, 65.2% Female, 34.8% | Male, 60.0% Female, 40.0% |
| Race ratio | Black or African American, 5.7% Unknown, 4.0% Hispanic or Latino, 10.2% Asian, 7.9% White, 71.9% American Indian and Alaska Native, 0.3% | Black or African American, 7.6% Unknown, 4.1% Hispanic or Latino, 14.6% Asian, 10.2% White, 63.2% American Indian and Alaska Native, 0.3% |
| LGBT Percentage | 11% | 11% |