Data Science vs. Actuarial Science: What’s the Difference?

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Finding what distinguishes data science and actuarial science may be tricky as the two seem relatively similar to one another. Each requires data processing and is used to acquire valuable insights to make decisions. They also consist of a combination of statistics, mathematics, and computer science. Yet, with all these things considered, the two are still not one and the same. Data scientists and actuaries are still two separate specialties with their very own career and requirement pathways.

Data Science vs. Actuarial Science: What's the difference?

 

Data Science

Actuarial Science

What Is It?

Data scientists rely on the usage of statistics, algorithms, and artificial intelligence to draw out useful insights for the purpose of analysing business operations, making a decision, and providing new advice and policy.


Advanced software is used in data science to process data and predict outcomes. Programming skills are therefore required from data scientists.

Actuaries, or actuarial scientists, utilises statistics and mathematics to foretell the financial risks of companies. This is done through data collection and the application of algorithms to develop an understanding of financial loss and return.


Actuaries often collaborate with accounting and finance departments. Their job is to help companies make decisions depending on the costs and profits. 

What Will You Study?

In this course you will be studying:


  • Computing theories
  • Data structure and management
  • Programming for data analysis
  • Research methods for technology
  • Probability and statistical modeling

In this course you will be studying:


  • Financial management
  • Risk theories
  • Regression analysis
  • Principals of Programming
  • Economics

What are Your Career Prospects?

  • Software tool developer
  • Analytics manager
  • Data scientist
  • Risk analyst
  • Business intelligence developer
  • Data analytics manager
  • Actuarial reserving analyst
  • Financial risk manager
  • Financial planning advisor
  • Bank executive
  • Actuarial executive

For more information on the differences between data science and actuarial science, get in touch with us now for more information. 

General Entry Requirement to Study Data Science in Malaysia

Before you begin to pursue your educational pathway toward data science, you must first complete the minimum requirements needed for this course. Below is a table that provides you an overall look at the general entry requirement you need to fulfill.

Qualification

Minimum requirement

A-levels/STPM or equivalent

2 Cs (Mathematics & one Science/ICT)

UEC

5 Bs (Science stream – includes Mathematics)

Diploma

CGPA of 2.50 (ICT related diploma)

Foundation

CGPA of 2.00

Should you have any further questions or require more information, contact us now!

Top Universities to Study Data Science in Malaysia 2022

Here is an easily digestible table of the top 3 private universities where you can study for a degree in data science:

University

Program Offered

Duration

Intake

Asia Pacific University of Technology & Innovation

BSc (Hons) in Computer Science with a specialism in Data Analytics

3-years

June, September, November

Heriot-Watt University

BSc (Hons) Statistical Data Science

3-years

September

Monash University

Bachelor of Computer Science in Data Science

3-years

February, July, October

For further information on the programme structure, requirements, fees, and scholarship, feel free to contact us now!

General Entry Requirements to Study Actuarial Science in Malaysia

Below is a short table for you regarding the general entry requirements needed by you to study actuarial science.

Qualification

Minimum requirement

A-levels/STPM or equivalent

2 Cs 

UEC

5 Bs 

Diploma

CGPA of 2.00 

Foundation

CGPA of 2.00

Should you have any further questions or require more information, contact us now!

Top Universities to Study Actuarial Science in Malaysia 2022

We have taken the liberty of gathering the following information on the top 3 private universities you may choose to study actuarial science in. 

University

Program Offered

Duration

Intake

Sunway University

BSc (Hons) in Actuarial Studies

3-years

January, March, August

USCI University

Bachelor of Science (Honours) Actuarial Science

3-years

January, May, September

Monash University

Bachelor of Actuarial Studies (Honours)

3 – 4 years

January, March, August

For further information on the programme structure, requirements, fees, and scholarship, feel free to contact us now!

If these sound like programmes you may be interested in, or if you simply want to more about the course and differences in the academic offers of the school, contact E2 today!

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About The Author

Karisse Hannah 

Journalism and Advertising major. Passionate about reading and writing, and an advocate for the truth.

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