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The differences between risk 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 $81,484 average annual salary of a risk analyst.
The top three skills for a risk analyst include risk management, risk assessments and powerpoint. The most important skills for an actuary are risk management, VBA, and GAAP.
| Risk Analyst | Actuary | |
| Yearly salary | $81,484 | $88,255 |
| Hourly rate | $39.17 | $42.43 |
| Growth rate | 9% | 21% |
| Number of jobs | 71,284 | 13,566 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 83% |
| Average age | 40 | 39 |
| Years of experience | 4 | - |
As a risk analyst, you will oversee the identification, assessment, and monitoring of risks that your company has been exposed to. You will evaluate financial documents, potential clients, and economic conditions to determine the level of risk in business decisions. You will be responsible for aggregating data from several sources to develop a comprehensive assessment and create reports, processes, and presentations to better present results. You are also expected to work closely with other team members to analyze and show data effectively.
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.
Risk analysts and actuaries have different pay scales, as shown below.
| Risk Analyst | Actuary | |
| Average salary | $81,484 | $88,255 |
| Salary range | Between $59,000 And $112,000 | Between $52,000 And $147,000 |
| Highest paying City | San Francisco, CA | New York, NY |
| Highest paying state | Connecticut | New York |
| Best paying company | The Citadel | PayPal |
| Best paying industry | Manufacturing | Professional |
There are a few differences between a risk analyst and an actuary in terms of educational background:
| Risk Analyst | Actuary | |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 83% |
| Most common major | Business | Mathematics |
| Most common college | University of Pennsylvania | University of Notre Dame |
Here are the differences between risk analysts' and actuaries' demographics:
| Risk Analyst | Actuary | |
| Average age | 40 | 39 |
| Gender ratio | Male, 53.4% Female, 46.6% | Male, 74.3% Female, 25.7% |
| 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, 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 | 7% | 18% |