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The differences between insurance brokers and actuaries can be seen in a few details. Each job has different responsibilities and duties. Additionally, an insurance broker has an average salary of $94,006, which is higher than the $88,255 average annual salary of an actuary.
The top three skills for an insurance broker include customer service, life insurance products and lead generation. The most important skills for an actuary are risk management, VBA, and GAAP.
| Insurance Broker | Actuary | |
| Yearly salary | $94,006 | $88,255 |
| Hourly rate | $45.20 | $42.43 |
| Growth rate | 6% | 21% |
| Number of jobs | 38,403 | 13,566 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 64% | Bachelor's Degree, 83% |
| Average age | 46 | 39 |
| Years of experience | - | - |
Insurance brokers are responsible for assisting clients to determine their liability risks and in selecting the appropriate policies for their family, home, business, or automobile to ensure their protection. They direct clients in creating a sound decision and supply them with a variety of quotes that best suit their needs. Their duties include demonstrating the benefits, terms, conditions, and suspension for a number of participating insurance policies. Also, they may negotiate lesser rates for their clients and continue in guiding these clients in technical issues like filing a claim or changing their insurance coverage.
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.
Insurance brokers and actuaries have different pay scales, as shown below.
| Insurance Broker | Actuary | |
| Average salary | $94,006 | $88,255 |
| Salary range | Between $62,000 And $141,000 | Between $52,000 And $147,000 |
| Highest paying City | Birmingham, AL | New York, NY |
| Highest paying state | Washington | New York |
| Best paying company | Liberty Mutual Insurance | PayPal |
| Best paying industry | Insurance | Professional |
There are a few differences between an insurance broker and an actuary in terms of educational background:
| Insurance Broker | Actuary | |
| Most common degree | Bachelor's Degree, 64% | Bachelor's Degree, 83% |
| Most common major | Business | Mathematics |
| Most common college | University of Pennsylvania | University of Notre Dame |
Here are the differences between insurance brokers' and actuaries' demographics:
| Insurance Broker | Actuary | |
| Average age | 46 | 39 |
| Gender ratio | Male, 62.5% Female, 37.5% | Male, 74.3% Female, 25.7% |
| Race ratio | Black or African American, 9.3% Unknown, 3.6% Hispanic or Latino, 15.9% Asian, 4.9% White, 66.2% American Indian and Alaska Native, 0.1% | 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 | 7% | 18% |