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E-Square Consultancy Sdn Bhd
E-Square Consultancy Sdn Bhd 201301026038 (1055868-X)
Onesync AI SSM

Actuarial Science vs Applied Math : What's The Difference

16-Jul-2025

Among science majors, Applied Mathematics and Actuarial Science are two highly specialized, data- and logic-driven fields. Both rely on mathematical models and statistics, and graduates are in high demand with strong earning potential.

However, their learning goals, application areas, and career paths are very different. This article will compare Applied Math and Actuarial Science in terms of definition, curriculum, career, and skills, helping you make the right choice.

Not sure which math major to choose?
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1. What is Applied Mathematics?

Applied Mathematics is the science of applying mathematical theory to solve real-world problems, focusing on modeling, analysis, and algorithm implementation. Its applications span engineering, computer science, economics, biology, environmental science, and more.

Major Goals:
  • Train students to use calculus, linear algebra, probability, and other tools to solve practical problems.
  • Emphasize interdisciplinary analysis and computational methods, focusing on the combination of research and application.
Main Courses Include:
  • Calculus
  • Linear Algebra
  • Differential Equations
  • Numerical Analysis
  • Optimization Methods
  • Probability & Statistics
  • Mathematical Modelling
  • Computational Methods
Application Areas:
  • Engineering modeling (e.g., structural analysis, fluid dynamics)
  • Economic forecasting and financial modeling
  • AI / machine learning algorithms
  • Big data analysis and simulation systems
  • Mathematical research and higher education

2. What is Actuarial Science?

Actuarial Science combines statistics, mathematics, economics, and risk management, focusing on evaluating uncertainty, predicting risk, and developing strategies. It is widely used in insurance, pensions, finance, and corporate risk control.

Major Goals:
  • Train professionals to assess financial and insurance risks under uncertainty.
  • Emphasize probability models, insurance theory, financial mathematics, and data analysis skills.
Main Courses Include:
  • Probability Theory
  • Statistics for Actuarial Science
  • Financial Mathematics
  • Life Contingencies
  • Risk Theory
  • Survival Analysis
  • Actuarial Modelling
  • Pension & Insurance Economics
Professional Certifications:
  • SOA (Society of Actuaries, US)
  • IFoA (Institute and Faculty of Actuaries, UK)
  • CAS (Casualty Actuarial Society, US)
  • MIA / MAS (Malaysian Actuarial Society)

3. Key Differences Table

Dimension Applied Mathematics Actuarial Science
Nature Solving real-world problems with math tools Assessing/managing risk in finance/insurance
Application Areas Engineering, computing, physics, data science Insurance, banking, investment, pensions
Structure Emphasizes modeling and computation Emphasizes probability and risk theory
Technical Tools MATLAB, Python, R, modeling software Excel, R, VBA, insurance systems
Career Focus Academia, research, data analysis, modeling Actuary, risk consultant, insurance analyst
Certification No specific, but can pursue grad studies Usually requires actuarial exams (SOA, IFoA, etc.)

4. Career Pathways

Applied Mathematics Careers:
  • Data Scientist
  • Algorithm Developer
  • Operations Research Analyst
  • Mathematical Modeler
  • Academic/Researcher
  • Financial Modeler / Risk Engineer

Especially suitable for high-paying fields related to AI, engineering, tech, and financial data.

Actuarial Science Careers:
  • Actuary
  • Insurance Analyst
  • Risk Management Consultant
  • Pension Analyst
  • Bank Credit Risk Analyst
  • Healthcare Insurance Modeler / Premium Designer

Actuary is one of the most valuable and rewarding careers globally, requiring multi-stage exams.

5. Who is it for?

If you… Recommended Major
Like math and modeling, not limited to finance/insurance Applied Mathematics
Want to solve engineering, AI, physics, or biology problems Applied Mathematics
Interested in insurance, financial risk, life expectancy Actuarial Science
Willing to take long certification exams for high pay Actuarial Science
Patient with complex probability and detailed calculations Actuarial Science
Want a math edge in tech fields Applied Mathematics

6. Learning & Assessment

Applied Mathematics:
  • Balanced theory and modeling practice
  • Mastery of multiple math fields and derivation
  • Project-based, often includes coding/modeling competitions
Actuarial Science:
  • Emphasizes precision, logic, and patience
  • Academic pressure focused on exam stages (SOA, etc.)
  • Courses designed for professional application and exam prep

7. Recommended Universities & Courses (Malaysia/China/International)

  • Malaysia: Heriot-Watt University Malaysia – BSc Actuarial Science (exemption courses); Sunway University – with Lancaster University; University of Malaya (UM) – applied math/actuarial double major; UTAR / UCSI / Taylor’s – math & actuarial double major options
  • China: Zhongnan University of Economics and Law – actuarial leader; Fudan / Shanghai University of Finance and Economics – math & financial modeling; Nankai / Renmin University – actuarial & statistics; Peking University – applied math research
  • International: University of Waterloo (Canada) – top actuarial program; Oxford / Cambridge – math + financial modeling; University of Melbourne / UNSW (Australia) – actuarial & data; LSE – applied math & statistics; Columbia University (US) – applied math, tech focus

8. FAQ

  • Q1: Is actuarial science just a branch of applied math?
    No. While actuarial science is based on math, its goals, career path, and certification are different and more career-oriented.
  • Q2: Do you have to pass SOA exams to study actuarial science?
    If you want to be a certified actuary, passing SOA or IFoA exams is required. Some universities offer exam exemptions.
  • Q3: Is applied math undervalued in the job market?
    No. With AI, data science, and Industry 4.0, applied math talent is in demand, especially in algorithms, modeling, and analytics.
  • Q4: Is actuarial science very difficult?
    It is challenging, especially the long exam process and low pass rates. But the high salary and stability attract many math talents.

9. Conclusion

If you love cross-disciplinary math practice and want to explore many industries, Applied Mathematics opens doors to tech and engineering.

If you are interested in risk assessment, insurance models, and long-term financial forecasting, and are willing to pursue professional certification, Actuarial Science leads to a high-paying actuarial career.

Still not sure which math major is right for you?
Contact us for free study planning and scholarship advice!
Contact us on WhatsApp
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