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The differences between rate analysts and finance analysts can be seen in a few details. Each job has different responsibilities and duties. It typically takes 2-4 years to become both a rate analyst and a finance analyst. Additionally, a finance analyst has an average salary of $69,887, which is higher than the $63,534 average annual salary of a rate analyst.
The top three skills for a rate analyst include powerpoint, tariffs and financial models. The most important skills for a finance analyst are financial analysis, financial models, and financial data.
| Rate Analyst | Finance Analyst | |
| Yearly salary | $63,534 | $69,887 |
| Hourly rate | $30.55 | $33.60 |
| Growth rate | 9% | 9% |
| Number of jobs | 64,562 | 138,600 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 72% | Bachelor's Degree, 76% |
| Average age | 40 | 40 |
| Years of experience | 4 | 4 |
A rate analyst is responsible for conducting data and statistical analysis to evaluate the accurate service rates and charges for various commercial and industrial purposes. Rate analysts review the current market performance to generate rate reports and discuss service costs through comprehensive graphs and illustrations. They also analyze consumer demands and consider the factors that may affect the constant changes in charges. A rate analyst must have excellent communication and analytical skills, especially in ensuring that rate decisions comply with the regulatory guidelines and federal requirements.
A finance analyst is responsible for evaluating a company's financial data and historical reports to assess investment opportunities and provide accurate financial statements in support of business strategies and company performance prediction. A financial analyst's duties also include suggesting recommendations to boost operations efficiency and grow revenues, researching the current market performance and economic trends to adjust budget goals as needed, and managing client portfolios. Finance analysts must have excellent critical and analytical thinking skills to identify the best actions for the company's profitability.
Rate analysts and finance analysts have different pay scales, as shown below.
| Rate Analyst | Finance Analyst | |
| Average salary | $63,534 | $69,887 |
| Salary range | Between $44,000 And $91,000 | Between $46,000 And $104,000 |
| Highest paying City | Poughkeepsie, NY | San Francisco, CA |
| Highest paying state | New York | Connecticut |
| Best paying company | Tri-State G&T | The Citadel |
| Best paying industry | Health Care | Finance |
There are a few differences between a rate analyst and a finance analyst in terms of educational background:
| Rate Analyst | Finance Analyst | |
| Most common degree | Bachelor's Degree, 72% | Bachelor's Degree, 76% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between rate analysts' and finance analysts' demographics:
| Rate Analyst | Finance Analyst | |
| Average age | 40 | 40 |
| Gender ratio | Male, 52.0% Female, 48.0% | Male, 56.2% Female, 43.8% |
| Race ratio | Black or African American, 5.6% Unknown, 4.5% Hispanic or Latino, 7.7% Asian, 14.1% White, 68.0% American Indian and Alaska Native, 0.1% | Black or African American, 5.6% Unknown, 4.5% Hispanic or Latino, 7.7% Asian, 14.1% White, 68.0% American Indian and Alaska Native, 0.1% |
| LGBT Percentage | 7% | 7% |