Actuary clerk vs product development actuary

The differences between actuary clerks and product development actuaries can be seen in a few details. Each job has different responsibilities and duties. Additionally, a product development actuary has an average salary of $116,008, which is higher than the $58,453 average annual salary of an actuary clerk.

The top three skills for an actuary clerk include VBA, data entry and death claims. The most important skills for a product development actuary are FSA, administration system, and SQL.

Actuary clerk vs product development actuary overview

	Actuary Clerk	Product Development Actuary
Yearly salary	$58,453	$116,008
Hourly rate	$28.10	$55.77
Growth rate	21%	21%
Number of jobs	67,209	102,481
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 59%	Bachelor's Degree, 60%
Average age	39	39
Years of experience	-	-

Actuary clerk vs product development actuary salary

Actuary clerks and product development actuaries have different pay scales, as shown below.

	Actuary Clerk	Product Development Actuary
Average salary	$58,453	$116,008
Salary range	Between $36,000 And $94,000	Between $75,000 And $178,000
Highest paying City	-	-
Highest paying state	-	-
Best paying company	-	-
Best paying industry	-	-

Differences between actuary clerk and product development actuary education

There are a few differences between an actuary clerk and a product development actuary in terms of educational background:

	Actuary Clerk	Product Development Actuary
Most common degree	Bachelor's Degree, 59%	Bachelor's Degree, 60%
Most common major	Business	Mathematics
Most common college	University of Pennsylvania	University of Pennsylvania

Actuary clerk vs product development actuary demographics

Here are the differences between actuary clerks' and product development actuaries' demographics:

	Actuary Clerk	Product Development Actuary
Average age	39	39
Gender ratio	Male, 26.7% Female, 73.3%	Male, 76.2% Female, 23.8%
Race ratio	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%	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 actuary clerk and product development actuary duties and responsibilities

Actuary clerk example responsibilities.

Manage the design, implementation and oversight of all insurance and reinsurancepricing functions and processes for corporation.
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.

Product development actuary example responsibilities.

Manage design control including FMEA risk analysis, surgeon clinical input documentation, design verification and validation activities.
Generate nutrition information and ingredient statements for each product, according to FDA and international labeling regulations.
Design and develop aircraft seal devices through engineering analysis, prototyping, risk assessment and appropriate qualification testing with customer expectation.
Manage the design, implementation and oversight of all insurance and reinsurancepricing functions and processes for corporation.

Actuary clerk vs product development actuary skills

Common actuary clerk skills

VBA, 39%
Data Entry, 32%
Death Claims, 29%

Common product development actuary skills

FSA, 51%
Administration System, 14%
SQL, 13%
Annuities, 11%
Life Insurance Products, 6%
Projection, 3%

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Actuary Clerk vs Product Development Actuary

Updated January 8, 2025

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