Should I be an actuary or a data scientist?

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 data scientists be actuaries?

Data science and actuary careers have many similarities, yet they’re two very distinct fields. It’s been said many times that while data scientists can do actuary work, actuaries are not trained to work in data science.

Is data science and actuary same?

While they both revolve around data, there are certain lines drawn between these two. For instance, actuaries are found primarily in the insurance industry, primarily for risk assessment, data scientists can be found in virtually any industry. Unlike data science, actuarial science is strictly domain specific.

Can actuaries work in data analytics?

Leaders in Australia’s data and tech industry have articulated why the technical and generalist skill-set of actuaries’ is a compelling fit for data analytics roles. “There are a lot of degrees that are financial or technical, but not many that are both,” says CEO of Quantium, Actuary, Adam Driussi.

Is actuary a high paying job?

What is interesting is that Actuarial Science is one of the highest-paying jobs. A fresher in the respective field can be paid up to Rs. 10,00,000 per annum.

What are the skills needed to be a data scientist?

There are various other skills like computational abilities, communication skills, machine learning, statistics, etc. which are required to become an enterprise data scientist who can provide business value. Don’t worry, to become a data scientist one need not learn about lifetime’s worth of data related information.

Are data scientists and Actuaries the same?

Data scientists and actuaries are as different as they are alike. They have similar skill sets, educational requirement, and responsibilities. They both analyze data to make educated future predictions and use a lot of the same techniques while doing so.

Can an actuary work as a data scientist?

Given their statistics and Math background, actuaries have an edge over their data science counterparts , especially when it comes to making the pivot to data scientist role. While programming is definitely a must-have, mathematics is crucial to data science. Therefore, it is very simple for an actuary to segue into data science.

What is the job description of a data scientist?

Data Scientist Job Description Template. A Data Scientist is someone who makes value out of data. Such a person proactively fetches information from various sources and analyzes it for better understanding about how the business performs, and builds AI tools that automate certain processes within the company.