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The differences between actuaries and health actuaries can be seen in a few details. Each job has different responsibilities and duties. Additionally, a health actuary has an average salary of $99,496, 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 a health actuary are FSA, term care, and GAAP.
| Actuary | Health Actuary | |
| Yearly salary | $88,255 | $99,496 |
| Hourly rate | $42.43 | $47.83 |
| Growth rate | 21% | 21% |
| Number of jobs | 13,566 | 48,396 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 83% | Bachelor's Degree, 71% |
| 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.
Health Actuaries are responsible for assessing financial risk and calculating premium costs for healthcare and insurance companies. They are involved in analyzing statistical data and marketplace trends, reviewing plan reserves, preparing rate files, and creating aggregated health data-based monthly reports. A Health Actuary will study and interpret medical patterns to uncover opportunities to manage risk. They must keep abreast of current legislation to ensure the company abides by legal guidelines. A good Actuary uses a combination of professional judgment, logical reasoning, and mathematical modeling.
Actuaries and health actuaries have different pay scales, as shown below.
| Actuary | Health Actuary | |
| Average salary | $88,255 | $99,496 |
| Salary range | Between $52,000 And $147,000 | Between $49,000 And $201,000 |
| Highest paying City | New York, NY | - |
| Highest paying state | New York | - |
| Best paying company | PayPal | - |
| Best paying industry | Professional | - |
There are a few differences between an actuary and a health actuary in terms of educational background:
| Actuary | Health Actuary | |
| Most common degree | Bachelor's Degree, 83% | Bachelor's Degree, 71% |
| Most common major | Mathematics | Mathematics |
| Most common college | University of Notre Dame | Stanford University |
Here are the differences between actuaries' and health actuaries' demographics:
| Actuary | Health Actuary | |
| Average age | 39 | 39 |
| Gender ratio | Male, 74.3% Female, 25.7% | Male, 93.3% Female, 6.7% |
| 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, 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% |