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The differences between pricing actuaries and pricing analysts can be seen in a few details. Each job has different responsibilities and duties. Additionally, a pricing actuary has an average salary of $65,091, which is higher than the $64,168 average annual salary of a pricing analyst.
The top three skills for a pricing actuary include product development, annuities and level changes. The most important skills for a pricing analyst are pricing strategy, strong analytical, and customer service.
| Pricing Actuary | Pricing Analyst | |
| Yearly salary | $65,091 | $64,168 |
| Hourly rate | $31.29 | $30.85 |
| Growth rate | 21% | 19% |
| Number of jobs | 15,444 | 73,462 |
| Job satisfaction | - | 5 |
| Most common degree | Bachelor's Degree, 85% | Bachelor's Degree, 75% |
| Average age | 39 | 37 |
| Years of experience | - | 6 |
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.
Pricing analysts are responsible for examining competitors' pricing strategies and industry standards to aid businesses in determining and setting competitive pricing. These professionals study consumer habits and behavior to gauge their willingness to pay for products and examine consumer spending. They conduct impact and mathematical analyses, and large-scale research to come up with their conclusions. Other duties and responsibilities include developing revenue forecasts and statistical models, monitoring industry trends, and developing pricing tools that can quickly respond to the rapidly changing market trends and needs.
Pricing actuaries and pricing analysts have different pay scales, as shown below.
| Pricing Actuary | Pricing Analyst | |
| Average salary | $65,091 | $64,168 |
| Salary range | Between $31,000 And $132,000 | Between $46,000 And $89,000 |
| Highest paying City | New York, NY | Seattle, WA |
| Highest paying state | New York | Washington |
| Best paying company | AIG | Apple |
| Best paying industry | - | Finance |
There are a few differences between a pricing actuary and a pricing analyst in terms of educational background:
| Pricing Actuary | Pricing Analyst | |
| Most common degree | Bachelor's Degree, 85% | Bachelor's Degree, 75% |
| Most common major | Mathematics | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between pricing actuaries' and pricing analysts' demographics:
| Pricing Actuary | Pricing Analyst | |
| Average age | 39 | 37 |
| Gender ratio | Male, 71.4% Female, 28.6% | Male, 53.3% Female, 46.7% |
| Race ratio | 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% | Black or African American, 5.0% Unknown, 5.0% Hispanic or Latino, 12.0% Asian, 13.0% White, 64.9% American Indian and Alaska Native, 0.1% |
| LGBT Percentage | 18% | 10% |