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Actuary vs software engineer

The differences between actuaries and software engineers can be seen in a few details. Each job has different responsibilities and duties. Additionally, a software engineer has an average salary of $100,260, 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 software engineer are java, python, and software development.

Actuary vs software engineer overview

ActuarySoftware Engineer
Yearly salary$88,255$100,260
Hourly rate$42.43$48.20
Growth rate21%21%
Number of jobs13,566339,938
Job satisfaction-3.5
Most common degreeBachelor's Degree, 83%Bachelor's Degree, 73%
Average age3939
Years of experience-4

What does an actuary do?

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.

What does a software engineer do?

A software engineer is a computer science professional who is responsible for the development of information systems, designing and building computer systems software and applications software. They often prefer to call themselves as a software developer or computer programmer. They have substantial knowledge of programming languages, software development, and computer operating systems, and other technologies. They use these to turn a plan into a final output. They can create a design, test, and develop software based on the needs of their clients.

Actuary vs software engineer salary

Actuaries and software engineers have different pay scales, as shown below.

ActuarySoftware Engineer
Average salary$88,255$100,260
Salary rangeBetween $52,000 And $147,000Between $73,000 And $136,000
Highest paying CityNew York, NYSan Bruno, CA
Highest paying stateNew YorkCalifornia
Best paying companyPayPalThe Citadel
Best paying industryProfessionalStart-up

Differences between actuary and software engineer education

There are a few differences between an actuary and a software engineer in terms of educational background:

ActuarySoftware Engineer
Most common degreeBachelor's Degree, 83%Bachelor's Degree, 73%
Most common majorMathematicsComputer Science
Most common collegeUniversity of Notre DameHarvard University

Actuary vs software engineer demographics

Here are the differences between actuaries' and software engineers' demographics:

ActuarySoftware Engineer
Average age3939
Gender ratioMale, 74.3% Female, 25.7%Male, 78.0% Female, 22.0%
Race ratioBlack 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, 4.4% Unknown, 4.8% Hispanic or Latino, 8.1% Asian, 34.0% White, 48.5% American Indian and Alaska Native, 0.2%
LGBT Percentage18%8%

Differences between actuary and software engineer duties and responsibilities

Actuary example responsibilities.

  • Support the development and implementation of manually-rate renewal strategies, lead by a season FSA.
  • Manage the design, implementation and oversight of all insurance and reinsurancepricing functions and processes for corporation.
  • Complete several health and group annuities projects.
  • Administer payroll, conduct accounts reconciliations, and track all A/R and A/P.
  • Update duration calculation formula to deliver more reasonable behavior of A/E ratio in Alteryx.
  • Extract and analyze data by state using SAS in order to analyze and project Medicaid costs.
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Software engineer example responsibilities.

  • Manage product releases, solve software bugs in a client/server environment, write UNIX shell scripts to manage development environments.
  • Manage responsive UI design, implementing complex, dynamic functionality.
  • Define continuous integration process and configure Jenkins build server to manage it.
  • Develop a python serial communication program to automate test procedures and verify proper operation.
  • Manage website/software/mobile applications by generating full scope requirements base upon PMI / SDLC guidance.
  • Contribute to implementing microservices used to manage entities and maintain a synchronize state between supplier and distributor.
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Actuary vs software engineer skills

Common actuary skills
  • Risk Management, 13%
  • VBA, 9%
  • GAAP, 5%
  • SAS, 5%
  • Health Insurance, 5%
  • Financial Reports, 5%
Common software engineer skills
  • Java, 15%
  • Python, 9%
  • Software Development, 6%
  • Database, 3%
  • GIT, 3%
  • Object Oriented Programming, 3%

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