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The differences between risk managers and actuaries can be seen in a few details. Each job has different responsibilities and duties. Additionally, a risk manager has an average salary of $116,072, which is higher than the $88,255 average annual salary of an actuary.
The top three skills for a risk manager include oversight, risk assessments and project management. The most important skills for an actuary are risk management, VBA, and GAAP.
| Risk Manager | Actuary | |
| Yearly salary | $116,072 | $88,255 |
| Hourly rate | $55.80 | $42.43 |
| Growth rate | 17% | 21% |
| Number of jobs | 75,795 | 13,566 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 83% |
| Average age | 46 | 39 |
| Years of experience | 8 | - |
A risk manager is responsible for analyzing potential risks that may affect the organization's operations, reputation, and market credibility. Risk managers identify risk controls and discuss business contingency plans for unforeseen circumstances to prevent delays in operational services. They also develop compliance training and programs for all the employees to provide them the awareness of the safety and security regulations within the company premises. A risk manager must have excellent communication and leadership skills, especially on handling and investigating cases that might compromise the business stability and financial status.
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 managers and actuaries have different pay scales, as shown below.
| Risk Manager | Actuary | |
| Average salary | $116,072 | $88,255 |
| Salary range | Between $84,000 And $160,000 | Between $52,000 And $147,000 |
| Highest paying City | San Francisco, CA | New York, NY |
| Highest paying state | California | New York |
| Best paying company | Credit Karma | PayPal |
| Best paying industry | Technology | Professional |
There are a few differences between a risk manager and an actuary in terms of educational background:
| Risk Manager | Actuary | |
| Most common degree | Bachelor's Degree, 66% | 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 managers' and actuaries' demographics:
| Risk Manager | Actuary | |
| Average age | 46 | 39 |
| Gender ratio | Male, 59.3% Female, 40.7% | Male, 74.3% Female, 25.7% |
| Race ratio | Black or African American, 7.5% Unknown, 4.1% Hispanic or Latino, 14.4% Asian, 10.1% White, 63.5% American Indian and Alaska Native, 0.3% | 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 | 11% | 18% |