Actuary Vs Data Scientist

Many of my actuarial students are interested in data science.  They often want to know the main differences between actuaries and data scientists.

It is my belief that actuaries of the future will incorporate a lot more data science into their day to day jobs. Many actuaries should, therefore, be learning more about how to deal with extremely large datasets and how to use machine learning techniques and be able to, when necessary, move beyond more traditional statistical methodologies.

This infographic is my take on some of the key differences between the 2 fields at present. I think the differences will become more blurred over time.

This was originally posted on LinkedIn and generated some very interesting debate (155 comments).

Mark Farrell FIA PhD

I'm a UK qualified Actuary and currently Programme Director of Actuarial Science at Queen's University Belfast. Prior to academic life, I spent 10 years working as a consulting actuary.

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