Actuary or Data Scientist

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Actuary or Data Scientist

 

  1.  Actuary or Data Scientist:  Which Career Should I Choose? {Infographic}
  2. Professionals with degrees in statistics and analytics fields often wonder whether they should pursue careers in actuarial sciences or data science.
  3. Both paths are rewarding, but there are some differences to consider as you make career choices.
  4. The Pros of Actuarial Science Careers
  5. Actuaries function in the insurance field – a highly stable and lucrative industry.
  6. Insurance boasts a high-growth job market with very minimal unemployment.
  7. Companies typically pay for employees’ actuarial certification exams.
  8. The career path is clear, as are benchmarks for compensation increases
  9. Salaries tend to be consistent, regardless of geographic location.
  10. Excel and spreadsheet software are the main tools of the trade.  No programming languages are required.
  11. Insurance is an excellent work environment for people who like structure.
  12. The Pros of Data Science careers
  13. Data science opportunities abound in every industry.
  14. The job market is high-growth with no signs of slowing for the foreseeable future.
  15. Data science is an excellent field for people who enjoy defining a business problem, then solving it.
  16. This is a good path for people who love to learn. Advanced degrees and ongoing learning are a must.
  17. Starting salaries are well above the national average for all fields.
  18. Data scientists do their own programming for their work.
  19. Can you move between both fields?
  20. So what if you chose one path, but are curious about pursuing the other?
  21. There is good news! You do have the ability to shift career paths if you want a change.  Just keep these factors in mind:
  22. It is easier for an actuary to become a data scientist than vice versa because of their strong mathematical foundations.
  23. Data scientists can transition to being an actuary through the actuarial society’s accreditation process.
  24. Actuarial science is starting to add programming and data science-related expertise to its exam process.
  25. Actuaries in large organizations are seeing some data science responsibilities added to their jobs.
  26. Actuaries choosing to interface with data scientists is the most effective way to build skills to become an even better actuary.
  27. Interested in discussing your analytic career?
  28. 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.

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