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The differences between pricing actuaries and pricing managers can be seen in a few details. Each job has different responsibilities and duties. Additionally, a pricing manager has an average salary of $109,525, which is higher than the $65,091 average annual salary of a pricing actuary.
The top three skills for a pricing actuary include product development, annuities and level changes. The most important skills for a pricing manager are analytics, pricing strategy, and strategic pricing.
| Pricing Actuary | Pricing Manager | |
| Yearly salary | $65,091 | $109,525 |
| Hourly rate | $31.29 | $52.66 |
| Growth rate | 21% | 10% |
| Number of jobs | 15,444 | 119,997 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 85% | Bachelor's Degree, 66% |
| Average age | 39 | 39 |
| Years of experience | - | 10 |
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 managers are employees who oversee the pricing needs of the organization. They identify the best pricing schemes for the company's product or service offerings. To do this, pricing managers analyze industry trends and current events. They study the target market and their spending behavior. They also coordinate with different departments, such as the production department to get the cost of production and the human resources department to get overhead costs. They also factor in different operational costs. Once they get this data, they determine the best pricing for the goods. Pricing managers also have a say in company tie-ups and client proposals to ensure that the company will not get the losing end of the stick with such partnerships.
Pricing actuaries and pricing managers have different pay scales, as shown below.
| Pricing Actuary | Pricing Manager | |
| Average salary | $65,091 | $109,525 |
| Salary range | Between $31,000 And $132,000 | Between $80,000 And $149,000 |
| Highest paying City | New York, NY | San Francisco, CA |
| Highest paying state | New York | Arizona |
| Best paying company | AIG | McKinsey & Company Inc |
| Best paying industry | - | Technology |
There are a few differences between a pricing actuary and a pricing manager in terms of educational background:
| Pricing Actuary | Pricing Manager | |
| Most common degree | Bachelor's Degree, 85% | Bachelor's Degree, 66% |
| Most common major | Mathematics | Business |
| Most common college | University of Pennsylvania | University of Georgia |
Here are the differences between pricing actuaries' and pricing managers' demographics:
| Pricing Actuary | Pricing Manager | |
| Average age | 39 | 39 |
| Gender ratio | Male, 71.4% Female, 28.6% | Male, 57.8% Female, 42.2% |
| 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, 3.0% Unknown, 5.3% Hispanic or Latino, 8.7% Asian, 8.2% White, 74.6% American Indian and Alaska Native, 0.2% |
| LGBT Percentage | 18% | 10% |