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The differences between pricing analysts and actuaries can be seen in a few details. Each job has different responsibilities and duties. Additionally, an actuary has an average salary of $88,255, which is higher than the $64,168 average annual salary of a pricing analyst.
The top three skills for a pricing analyst include pricing strategy, strong analytical and customer service. The most important skills for an actuary are risk management, VBA, and GAAP.
| Pricing Analyst | Actuary | |
| Yearly salary | $64,168 | $88,255 |
| Hourly rate | $30.85 | $42.43 |
| Growth rate | 19% | 21% |
| Number of jobs | 73,462 | 13,566 |
| Job satisfaction | 5 | - |
| Most common degree | Bachelor's Degree, 75% | Bachelor's Degree, 83% |
| Average age | 37 | 39 |
| Years of experience | 6 | - |
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.
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.
Pricing analysts and actuaries have different pay scales, as shown below.
| Pricing Analyst | Actuary | |
| Average salary | $64,168 | $88,255 |
| Salary range | Between $46,000 And $89,000 | Between $52,000 And $147,000 |
| Highest paying City | Seattle, WA | New York, NY |
| Highest paying state | Washington | New York |
| Best paying company | Apple | PayPal |
| Best paying industry | Finance | Professional |
There are a few differences between a pricing analyst and an actuary in terms of educational background:
| Pricing Analyst | Actuary | |
| Most common degree | Bachelor's Degree, 75% | Bachelor's Degree, 83% |
| Most common major | Business | Mathematics |
| Most common college | University of Pennsylvania | University of Notre Dame |
Here are the differences between pricing analysts' and actuaries' demographics:
| Pricing Analyst | Actuary | |
| Average age | 37 | 39 |
| Gender ratio | Male, 53.3% Female, 46.7% | Male, 74.3% Female, 25.7% |
| Race ratio | 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% | 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 | 10% | 18% |