Do actuaries or data scientists earn more?

Since the two professions seem very similar, choosing between them can prove difficult. A key determining factor is whether you want to focus more on computer science or finance. While actuaries earned a higher median annual income than data scientists as of 2020, both careers offer competitive salaries.

Can actuaries do data science?

An actuary is a type of data scientist that specializes in the risk level of a particular circumstance or prospect. They use mostly numerical data and the premise that with enough data, statistics and calculations they can provide actionable insights to companies so they can mitigate risk.

Why are data scientists paid more?

Demand: We all are familiar with the demand concept of Economics – Higher the demand, higher is the price. Same is applicable here as well. The demand for data scientists at a global level is immense and that forms a base for an attractive data scientist salary.

Should I study actuarial science or data science?

A data scientist’s scope is often broader than that of an actuary, while actuaries are more familiar with the nuances of statistical probability than data scientists. Finally, actuaries deal primarily with financial risk, while data science can be applied to any field that relies on large amounts of data.

Are actuaries paid a lot?

Actuaries are well compensated. Experienced fellows have the potential to earn from $150,000 to $250,000 annually, and many actuaries earn more than that. This firm’s salary information is based on their latest Actuary Salary Survey.

Is data Analyst similar to actuary?

While they both share same responsibilities, their education and skill sets may differ. Actuaries generally make use of SAS, Excel, VBA, and SQL, MoSes and Prophet on a frequent basis, data scientists are more programming savvy with an expectation of the know how of C++, R, Python and NoSQL databases, Hadoop, etc.

Is data scientist well paid?

With a few years’ experience you can expect to earn between £40,000 and £60,000. Lead and chief data scientists can earn upwards of £60,000, in some cases reaching more than £100,000.