18 Professions That Are Similar to an Actuary (With Salaries)
Updated June 24, 2022
If you're searching for a job that allows you to use mathematical skills daily, pursuing opportunities similar to the actuary profession might be a good option for you. Actuaries work using finance and math, so these jobs may involve reviewing and managing financial risks and preparing financial reports using statistics, probabilities and financial formulas. Learning what jobs you can apply for that are similar to an actuary can help you prepare for your next job search and find the right opportunity. In this article, we describe 18 professions that are similar to an actuary, including the average annual salary and responsibilities for each role.
Related: Learn About Being an Actuary
18 professions similar to an actuary
If you are or have been trained as an actuary and want to explore related positions that use the same types of skills, there are many jobs for you to consider. Here are 18 related positions that pay more than $50,000 annually and use similar skills for you to consider in your next job search. For the most up-to-date Indeed salaries, please click on the links below:
National average salary: $54,037 per year
Primary duties: A professor educates students in a range of courses, assigning projects and exams to test their knowledge. They can also perform research and produce academic articles and books about their subject. People who have actuary skills can consider being a professor of business, economics or mathematics because these roles rely on expertise in finance, accounting, statistics and math.
Business professors can teach courses on labor and industrial relations, human resources, operations research courses and marketing. A professional who teaches economics can lead courses on price theory, econometrics, macroeconomics and microeconomics. A mathematics professor can teach subjects related to statistics, calculus and mathematical physics.
National average salary: $56,089 per year
Primary duties: An accountant examines financial data and prepares financial reports to assess or maintain a record of liabilities, assets, tax liability, profit and loss or other financial operations in a company. Accountants prepare tax returns and advise management on financial matters. An accountant uses math and finance skills every day, which makes it similar to an actuary job.
Related: Learn About Being an Accountant
National average salary: $56,450 per year
Primary duties: A credit analyst assesses a loan applicant's finances to judge whether they have the ability to repay the loan and recommend whether to approve the loan. These professionals can work for banks, credit agencies, investment companies or credit card companies. They also can work in credit departments for companies outside the industry. Credit analysts gather and review financial information to assess risk, which is similar to an actuary.
Related: Learn About Being a Credit Analyst
National average salary: $57,744 per year
Primary duties: A training and development specialist designs and implements training and development programs to help people and organizations improve their processes. The specialists assess training needs through interviews with employees, surveys, focus groups or counseling with instructors, managers and customer representatives. Training specialists and actuaries use strong research abilities, which can make this job a strong option for someone with actual skills.
National average salary: $58,899 per year
Primary duties: A market research analyst collects data about sales and marketing, prices, competitors and distribution methods to determine potential sales of a service or product. Research analysts also build a marketing plan by researching market situations in national or regional areas. A market research analyst collects and evaluates data and reports results using math, statistical methods and computer skills, which makes it similar to an actuary role.
National average salary: $61,157 per year
Primary duties: An auditor reviews and examines accounting data to identify the financial status of a business and create financial reports on its operations. Auditors gather evidence to ensure compliance with laws, rules and management policies in organizations. Professionals in this role also can suggest ways for businesses to reduce costs and improve their accounting systems to be more efficient. An auditor and an actuary both evaluate and report data to assist organizations in making critical financial decisions.
Related: Learn About Being an Auditor
National average salary: $67,215 per year
Primary duties: A cost estimator provides evaluates potential costs for product manufacturing, services or building projects to assist managers in their decision-making processes. Cost estimators also can maintain relationships with vendors or subcontractors and prepare costs analyses to manage bid pricing. These professionals rely on computer, communication and analytical skills, similar to actuaries.
Related: Learn About Being an Estimator
National average salary: $67,615 per year
Primary duties: A financial analyst conducts a mathematical analysis of data affecting investment programs in private or public organizations. They can work for banks, insurance companies, mutual funds or securities firms, and they often assess investments to provide guidance to their clients. Financial analysts analyze financial data and determine the value of products and services. A financial analyst has strong mathematical skills and can analyze data, making them similar to actuaries.
National average salary: $71,428 per year
Primary duties: A survey researcher performs surveys by collecting and processing data based on project requirements. Survey researchers identify project goals, do interviews, tests, experiments and fieldwork to collect information and report research progress to supervisors. They often record results of surveying to verify their accuracy and analyze them with records. The job responsibilities relate to an actuary because both positions use strong research skills.
National average salary: $74,122 per year
Primary duties: A personal financial adviser counsels clients on personal finance and uses the expertise of tax and investment techniques, insurance, pension plans, securities and real estate. Assessing customers' assets, cash flow, liabilities, tax status, insurance coverage and financial goals are among the responsibilities. The main duties of these professionals are in the finance field, which relates to common actuary responsibilities.
National average salary: $75,724 per year
Primary duties: A regulatory specialist manages and documents internal regulatory procedures, such as audits, inspections, renewals and registrations. They often work for a company or organization and maintain an understanding of regulations or policies that can affect their organization's processes, like an actuary. They also can create training programs to teach employees and stakeholders about regulations, policies and procedures. Regulatory specialists collect and prepare papers for submission to regulatory bodies.
National average salary: $76,241 per year
Primary duties: A clinical data manager analyzes data and detects and reports trends using knowledge of healthcare and database management. Clinical data managers evaluate information quality and develop databases to preserve electronic data. Professionals in this role often have strong computer knowledge and strong communication and math skills. They can use functions in geometry, algebra, statistics or calculus, similar to an actuary.
Related: Learn About Being a Data Manager
13. Budget analyst
National average salary: $78,318 per year
Primary duties: A budget analyst checks budget estimates for accuracy and compliance with procedures and regulations. Budget analysts prepare financial reports, documents or budgets and advise their clients or employers on financial matters. They identify areas of waste and monitor how well a company budgets to help keep it accountable and improve its processes. Companies rely on these professionals to manage their financial resources and business growth. Budget analysts perform tasks related to finance, which make the profession similar to an actuary.
National average salary: $84,052 per year
Primary duties: A compensation and benefits manager plans, manages or supervises a company's payroll activities. Compensation and benefits managers develop, analyze and change benefit strategies to keep programs updated, competitive and compatible with legal requirements. Both the actuary and compensation and benefits manager assist in a business's finance, which makes the jobs similar.
National average salary: $85,273 per year
Primary duties: A risk management specialist analyzes and handles risk management issues in an organization or for a client. Risk management specialists create budgets, reports and financial papers, maintain information in databases and provide suggestions for how to manage or reduce risk in businesses. They also can aid in compliance to help ensure the company follows all regulations and policies. Like an actuary, a key responsibility in this role is to analyze statistical data to determine risk.
National average salary: $87,440 per year
Primary duties: An insurance underwriter examines insurance applications to determine the level of risk and whether to approve them. The underwriters communicate with health professionals, field representatives and others to get more information, propose rates or explain policies, guidelines and procedures. Actuaries often analyze risk in the insurance industry, which makes an insurance underwriter position one you can consider.
Related: Learn About Being an Underwriter
National average salary: $95,438 per year
Primary duties: An industrial and organizational psychologist applies psychological concepts to human resources, marketing, sales, management and administration. Activities of these psychologists can include policy development and analysis, staff recruitment, training, organizational development and analysis. Like actuaries, industrial and organizational psychologists use sales and management expertise in their daily responsibilities.
National average salary: $107,196 per year
Primary duties: An economist researches and writes reports or develops strategies to handle economic issues, such as the manufacturing and distribution of products or services, and financial policies. Economists use survey methods and economic approaches to collect and evaluate statistical information. Both an economist and an actuary are finance specialists and have research responsibilities that use strong analytical skills.
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