Actuarial Science is a course involving risk management and modeling of events using statistical and mathematical models. It is one of the most marketable courses in Europe, Asia and some countries in Africa.
Statistics on the other hand involves survey design, monitoring and evaluation, statistical modeling and project design and evaluation. The course has been in existence for decades and it remains one of the best in the modern world.
One problem many people face is how to differentiate between the two courses because they look similar in terms of content and job titles. However, the difference between the two is so huge, especially when a graduate enters the job market.
Differences between Statistics and Actuarial Science
In statistics, you don’t have to study any professional course before you are given the title ‘Statistician’. Once you have pursued undergraduate degree, you automatically become a statistician. In Actuarial Science, completing undergraduate degree is just but the beginning of a long journey that could make you be called an Actuary.
Actuarial Science requires an individual to pursue a series of professional papers administered by the Society of actuaries in UK or the ones by the Institute of Actuaries. Both are very tough and very few complete at least two papers.
Statistics is only require an individual to master statistical tools like SPSS, R,SAS,STATA,MySQL and Microsoft Office. All the tools listed here can be mastered within a very short time-6 months.
The best course to study between Actuarial and Statistics
Sometimes it depends on individual choice but I can confidently say, if you want huge salaries then Actuarial Science is the best course to study but if you are the kind of a person who is satisfied with any salary then statistics is the best for you.
When it comes to jobs satisfaction, research show Statisticians enjoy their work more than Actuaries because of the many field work they have and less demand from employers. Actuarial Science is so demanding because it needs a professional who is always innovative.
Anyone with poor background in Mathematics should not attempt to do any of these two courses;they are not friendly.