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The differences between actuaries and actuarial consultants 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 $88,255 average annual salary of an actuary.
The top three skills for an actuary include risk management, VBA and GAAP. The most important skills for an actuarial consultant are project management, data analysis, and medicaid.
| Actuary | Actuarial Consultant | |
| Yearly salary | $88,255 | $91,160 |
| Hourly rate | $42.43 | $43.83 |
| Growth rate | 21% | 21% |
| Number of jobs | 13,566 | 17,305 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 83% | Bachelor's Degree, 80% |
| Average age | 39 | 39 |
| Years of experience | - | - |
An actuary specializes in performing research and analysis to assess risks and help companies prepare for any financial disadvantages or impact it may bring. Their responsibilities revolve around coordinating with different departments to gather accurate data, maintain records of all transactions, evaluate the data through various processes, and develop new strategies to cut down costs and risks. An actuary is also responsible for performing clerical tasks such as producing reports through graphs and charts, preparing presentations, answering inquiries and concern, all while adhering to the company's policies and regulations.
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.
Actuaries and actuarial consultants have different pay scales, as shown below.
| Actuary | Actuarial Consultant | |
| Average salary | $88,255 | $91,160 |
| Salary range | Between $52,000 And $147,000 | Between $61,000 And $135,000 |
| Highest paying City | New York, NY | New York, NY |
| Highest paying state | New York | New York |
| Best paying company | PayPal | McKinsey & Company Inc |
| Best paying industry | Professional | Finance |
There are a few differences between an actuary and an actuarial consultant in terms of educational background:
| Actuary | Actuarial Consultant | |
| Most common degree | Bachelor's Degree, 83% | Bachelor's Degree, 80% |
| Most common major | Mathematics | Mathematics |
| Most common college | University of Notre Dame | University of Notre Dame |
Here are the differences between actuaries' and actuarial consultants' demographics:
| Actuary | Actuarial Consultant | |
| Average age | 39 | 39 |
| Gender ratio | Male, 74.3% Female, 25.7% | Male, 66.0% Female, 34.0% |
| Race ratio | Black or African American, 3.1% Unknown, 3.0% Hispanic or Latino, 5.1% Asian, 17.3% White, 71.4% American Indian and Alaska Native, 0.0% | 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% |
| LGBT Percentage | 18% | 18% |