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The differences between pricing actuaries and underwriters 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 $61,751 average annual salary of an underwriter.
The top three skills for a pricing actuary include product development, annuities and level changes. The most important skills for an underwriter are customer service, investor guidelines, and mortgage loans.
| Pricing Actuary | Underwriter | |
| Yearly salary | $65,091 | $61,751 |
| Hourly rate | $31.29 | $29.69 |
| Growth rate | 21% | -4% |
| Number of jobs | 15,444 | 8,510 |
| Job satisfaction | - | 3 |
| Most common degree | Bachelor's Degree, 85% | Bachelor's Degree, 66% |
| Average age | 39 | 44 |
| Years of experience | - | - |
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.
An underwriter's duties depend on the line of work or industry involved, such as mortgage companies, insurance, or lending firms. However, an Underwriter's responsibility will mainly revolve around using their extensive expertise on how a company will achieve financial gains, and assessing the possible financial risks of a client by reviewing various aspects to determine their capacity to uphold monetary obligations. Most of the time, the Underwriter's tasks will also involve evaluating a client's credit history, health, assets, overall financial history.
Pricing actuaries and underwriters have different pay scales, as shown below.
| Pricing Actuary | Underwriter | |
| Average salary | $65,091 | $61,751 |
| Salary range | Between $31,000 And $132,000 | Between $39,000 And $96,000 |
| Highest paying City | New York, NY | Boston, MA |
| Highest paying state | New York | Massachusetts |
| Best paying company | AIG | |
| Best paying industry | - | Manufacturing |
There are a few differences between a pricing actuary and an underwriter in terms of educational background:
| Pricing Actuary | Underwriter | |
| Most common degree | Bachelor's Degree, 85% | Bachelor's Degree, 66% |
| Most common major | Mathematics | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between pricing actuaries' and underwriters' demographics:
| Pricing Actuary | Underwriter | |
| Average age | 39 | 44 |
| Gender ratio | Male, 71.4% Female, 28.6% | Male, 38.4% Female, 61.6% |
| 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, 9.2% Unknown, 2.5% Hispanic or Latino, 9.6% Asian, 5.6% White, 72.7% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 18% | 9% |