Actuarial profession vis-a-vis Data Science

How well would Actuaries & Data Science go is covered in this Actuarial Forum
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JeenalParekh
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03 Aug 2018, 21:19

A data scientist is typically someone who connects the business world with the data world i.e. someone who is able to extract information from data.

A data scientist makes hypothesis and investigates the data by analysing and obtaining meaning and knowledge from data through use of algorithms and machine learning. For eg. Data scientists facilitated Netflix improve their recommendation engine through use of algorithms.

An Actuary is a business professional who deals with the measurement and management of risk and uncertainty.
Historically actuaries have generally been visualised as experts possessing business acumen and focusing on insurance.

Career paths are better defined in actuarial jobs rather than data science jobs. Students advance by working and passing certification exams, often with defined rewards for each level of actuarial certification exam that you pass. Employers offer support for certification, paying fees, providing training and study groups.

With its increasing relevance across various sectors, the global demand for big data, analytics and data science professionals is on a rise. Piling data along with a surge in fields such as AI, machine learning and data science, has made analytics the most sought after professions in India as well. Accordingly, actuarial students are considering entry into the field of data science.

The fact that the number of analytics jobs has almost doubled from April 2016 to April 2017, is indicative of a positive trend that India is witnessing in terms of analytics and data science hiring.

The starting salary of a data scientist is usually higher than that of a student actuary, which increases significantly with experience and exam passes. In the long run, both the professions pay well.



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