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The differences between actuaries and pricing actuaries can be seen in a few details. Each job has different responsibilities and duties. Additionally, an actuary has an average salary of $88,255, which is higher than the $65,091 average annual salary of a pricing actuary.
The top three skills for an actuary include risk management, VBA and GAAP. The most important skills for a pricing actuary are product development, annuities, and level changes.
| Actuary | Pricing Actuary | |
| Yearly salary | $88,255 | $65,091 |
| Hourly rate | $42.43 | $31.29 |
| Growth rate | 21% | 21% |
| Number of jobs | 13,566 | 15,444 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 83% | Bachelor's Degree, 85% |
| 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.
Pricing Actuaries are statisticians who work in either the financial or insurance industries. This position uses extensive math skills to determine the price of products by analyzing data and calculating risks. Pricing actuaries' goal is to ensure the coverage of the company's expenses includes employee retirement or claims. Their job is to estimate claim payout probabilities, handle state filing requirements, and collect statistical data. Also, they contribute to policies for new products and maximize returns. These actuaries must have a bachelor's degree in statistics, math, and actuarial science.
Actuaries and pricing actuaries have different pay scales, as shown below.
| Actuary | Pricing Actuary | |
| Average salary | $88,255 | $65,091 |
| Salary range | Between $52,000 And $147,000 | Between $31,000 And $132,000 |
| Highest paying City | New York, NY | New York, NY |
| Highest paying state | New York | New York |
| Best paying company | PayPal | AIG |
| Best paying industry | Professional | - |
There are a few differences between an actuary and a pricing actuary in terms of educational background:
| Actuary | Pricing Actuary | |
| Most common degree | Bachelor's Degree, 83% | Bachelor's Degree, 85% |
| Most common major | Mathematics | Mathematics |
| Most common college | University of Notre Dame | University of Pennsylvania |
Here are the differences between actuaries' and pricing actuaries' demographics:
| Actuary | Pricing Actuary | |
| Average age | 39 | 39 |
| Gender ratio | Male, 74.3% Female, 25.7% | Male, 71.4% Female, 28.6% |
| 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% |