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The differences between data scientists and actuaries can be seen in a few details. Each job has different responsibilities and duties. Additionally, a data scientist has an average salary of $106,104, which is higher than the $88,255 average annual salary of an actuary.
The top three skills for a data scientist include python, data science and visualization. The most important skills for an actuary are risk management, VBA, and GAAP.
| Data Scientist | Actuary | |
| Yearly salary | $106,104 | $88,255 |
| Hourly rate | $51.01 | $42.43 |
| Growth rate | 16% | 21% |
| Number of jobs | 106,973 | 13,566 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 83% |
| Average age | 41 | 39 |
| Years of experience | 4 | - |
A Data Scientist analyzes information from multiple sources in order to gain maximum insight that can give the company a competitive advantage. They work in different domains, including manufacturing, healthcare, education, and finance.
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.
Data scientists and actuaries have different pay scales, as shown below.
| Data Scientist | Actuary | |
| Average salary | $106,104 | $88,255 |
| Salary range | Between $75,000 And $148,000 | Between $52,000 And $147,000 |
| Highest paying City | Richmond, CA | New York, NY |
| Highest paying state | California | New York |
| Best paying company | The Citadel | PayPal |
| Best paying industry | Start-up | Professional |
There are a few differences between a data scientist and an actuary in terms of educational background:
| Data Scientist | Actuary | |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 83% |
| Most common major | Computer Science | Mathematics |
| Most common college | Columbia University in the City of New York | University of Notre Dame |
Here are the differences between data scientists' and actuaries' demographics:
| Data Scientist | Actuary | |
| Average age | 41 | 39 |
| Gender ratio | Male, 79.6% Female, 20.4% | Male, 74.3% Female, 25.7% |
| Race ratio | Black or African American, 4.2% Unknown, 5.4% Hispanic or Latino, 6.9% Asian, 18.8% White, 64.2% American Indian and Alaska Native, 0.6% | 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% |
| LGBT Percentage | 9% | 18% |