- Actuary or Data Scientist: Which Career Should I Choose? {Infographic}
- Professionals with degrees in statistics and analytics fields often wonder whether they should pursue careers in actuarial sciences or data science.
- Both paths are rewarding, but there are some differences to consider as you make career choices.
- The Pros of Actuarial Science Careers
- Actuaries function in the insurance field – a highly stable and lucrative industry.
- Insurance boasts a high-growth job market with very minimal unemployment.
- Companies typically pay for employees’ actuarial certification exams.
- The career path is clear, as are benchmarks for compensation increases
- Salaries tend to be consistent, regardless of geographic location.
- Excel and spreadsheet software are the main tools of the trade. No programming languages are required.
- Insurance is an excellent work environment for people who like structure.
- The Pros of Data Science careers
- Data science opportunities abound in every industry.
- The job market is high-growth with no signs of slowing for the foreseeable future.
- Data science is an excellent field for people who enjoy defining a business problem, then solving it.
- This is a good path for people who love to learn. Advanced degrees and ongoing learning are a must.
- Starting salaries are well above the national average for all fields.
- Data scientists do their own programming for their work.
- Can you move between both fields?
- So what if you chose one path, but are curious about pursuing the other?
- There is good news! You do have the ability to shift career paths if you want a change. Just keep these factors in mind:
- It is easier for an actuary to become a data scientist than vice versa because of their strong mathematical foundations.
- Data scientists can transition to being an actuary through the actuarial society’s accreditation process.
- Actuarial science is starting to add programming and data science-related expertise to its exam process.
- Actuaries in large organizations are seeing some data science responsibilities added to their jobs.
- Actuaries choosing to interface with data scientists is the most effective way to build skills to become an even better actuary.
- Interested in discussing your analytic career?
- Contact the Smith Hanley Associates‘ Actuarial and Data Science Recruiting Team to learn how we can help you grow your career or visit jobs.comithhanley.com.
