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The differences between actuarial managers and management consultants can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 6-8 years to become an actuarial manager, becoming a management consultant takes usually requires 2-4 years. Additionally, a management consultant has an average salary of $99,360, 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 management consultant are healthcare, project management, and portfolio.
| Actuarial Manager | Management Consultant | |
| Yearly salary | $75,827 | $99,360 |
| Hourly rate | $36.46 | $47.77 |
| Growth rate | 17% | 11% |
| Number of jobs | 59,285 | 153,045 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 63% | Bachelor's Degree, 67% |
| Average age | 46 | 44 |
| Years of experience | 8 | 4 |
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 management consultant's responsibility focuses on conducting an in-depth analysis of a company or business, including its target market. Through their findings, they can devise strategies that will help the business grow and attain a significant profit. There are also instances when a management consultant must solve particular issues that will require them to investigate the problem, assess damages, identify risks, and recommend the best solutions to take. Furthermore, a management consultant must adhere to the company's vision, mission, and policies at all times.
Actuarial managers and management consultants have different pay scales, as shown below.
| Actuarial Manager | Management Consultant | |
| Average salary | $75,827 | $99,360 |
| Salary range | Between $39,000 And $144,000 | Between $72,000 And $136,000 |
| Highest paying City | Bridgeport, CT | Jersey City, NJ |
| Highest paying state | Connecticut | New Jersey |
| Best paying company | Prudential Financial | Apple |
| Best paying industry | Insurance | Technology |
There are a few differences between an actuarial manager and a management consultant in terms of educational background:
| Actuarial Manager | Management Consultant | |
| Most common degree | Bachelor's Degree, 63% | Bachelor's Degree, 67% |
| Most common major | Mathematics | Business |
| Most common college | University of Notre Dame | Northwestern University |
Here are the differences between actuarial managers' and management consultants' demographics:
| Actuarial Manager | Management Consultant | |
| Average age | 46 | 44 |
| Gender ratio | Male, 65.2% Female, 34.8% | Male, 65.9% Female, 34.1% |
| 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, 8.1% Unknown, 4.5% Hispanic or Latino, 8.9% Asian, 13.6% White, 64.8% American Indian and Alaska Native, 0.2% |
| LGBT Percentage | 11% | 12% |