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The differences between actuarial managers and risk 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 risk manager. Additionally, a risk manager has an average salary of $116,072, 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 risk manager are oversight, risk assessments, and project management.
| Actuarial Manager | Risk Manager | |
| Yearly salary | $75,827 | $116,072 |
| Hourly rate | $36.46 | $55.80 |
| Growth rate | 17% | 17% |
| Number of jobs | 59,285 | 75,795 |
| Job satisfaction | - | - |
| 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 risk manager is responsible for analyzing potential risks that may affect the organization's operations, reputation, and market credibility. Risk managers identify risk controls and discuss business contingency plans for unforeseen circumstances to prevent delays in operational services. They also develop compliance training and programs for all the employees to provide them the awareness of the safety and security regulations within the company premises. A risk manager must have excellent communication and leadership skills, especially on handling and investigating cases that might compromise the business stability and financial status.
Actuarial managers and risk managers have different pay scales, as shown below.
| Actuarial Manager | Risk Manager | |
| Average salary | $75,827 | $116,072 |
| Salary range | Between $39,000 And $144,000 | Between $84,000 And $160,000 |
| Highest paying City | Bridgeport, CT | San Francisco, CA |
| Highest paying state | Connecticut | California |
| Best paying company | Prudential Financial | Credit Karma |
| Best paying industry | Insurance | Technology |
There are a few differences between an actuarial manager and a risk manager in terms of educational background:
| Actuarial Manager | Risk 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 risk managers' demographics:
| Actuarial Manager | Risk Manager | |
| Average age | 46 | 46 |
| Gender ratio | Male, 65.2% Female, 34.8% | Male, 59.3% Female, 40.7% |
| 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, 7.5% Unknown, 4.1% Hispanic or Latino, 14.4% Asian, 10.1% White, 63.5% American Indian and Alaska Native, 0.3% |
| LGBT Percentage | 11% | 11% |