If you are deciding between majoring in actuarial science or computer engineering, you might want to know more about what each major has to offer. This post will show you the key facts about each major and help you to decide which would be a better degree for you.
At a glance:
| | Computer Engineering | Actuarial Science |
| Payscale reported average pay | $87,240 | $67,014 |
| Ease of finding a job | High | Moderate |
| Types of jobs you can qualify for | Software engineer Embedded software engineer Electrical engineer Firmware engineer Computer hardware engineer Systems engineer | Actuary Actuarial analyst Financial analyst Actuarial analyst Data analyst Actuarial associate |
| Difficulty of the major | Hard | Hard |
| Key things to note | A very employable bachelor’s degree. High average pay. High job satisfaction. Can qualify you for many software engineering roles as well as engineering roles. Lower predicted job growth for computer hardware engineering when compared with software engineering roles. | Can be difficult to get an actuarial job at the entry level. Specialized for the actuarial career path. This makes it slightly easier to get an actuarial job but harder to get jobs from other fields. Can improve your job prospects by getting a minor in another field such as computer science. |
Source for actuarial science salary and jobs
There are many things to consider when choosing between the two degrees. There are also some things you should consider doing when you choose either of the degrees.
Details about the computer engineering major
Below are some of the key details about the computer engineering major.
Pay
According to Payscale, the average pay of someone with a bachelor’s degree in computer engineering is $87,240. This makes computer engineering one of the best paying majors available and significantly higher than the reported average pay for an actuarial science major which is $67,014. This could be because a computer engineering major is more applied to jobs in engineering and computer science. Whereas, an actuarial science major is designed specifically for actuarial science which can make it difficult to get jobs in related fields. However, the reported computer engineering salaries could be slightly inflated due to jobs being concentrated in high cost of living areas.
Jobs
According to the BLS, it is predicted that computer hardware engineering will only grow in demand by 2% by 2029.
However, a computer engineering degree involves a lot of computer science. This means that you can qualify for software engineering roles and other computer science-related roles. The predicted growth for software engineering is 22%. This is probably because it is much cheaper to start up a software company as opposed to a hardware company. With that being the case, it would likely help you a lot to make sure to take a number of additional computer science classes in your electives.
Examples of jobs that you could qualify for with a bachelor’s degree in computer engineering includes:
- Software engineer
- Embedded software engineer
- Electrical engineer
- Firmware engineer
- Computer hardware engineer
- Systems engineer
Something to consider is that the more research-based roles will usually require at least a master’s degree.
Difficulty
Computer engineering includes a number of math classes including linear algebra, calculus, discrete math, and differential equations. Also, many of the electrical engineering classes can be difficult. This means that computer engineering is not an easy degree. Overall, you can expect computer engineering to be similarly difficult or slightly easier than actuarial science which is also a challenging major.
Classes
Examples of the types of classes that you can expect to take can include:
- Programming
- Calc 1,2, and 3
- Discrete math
- Differential equations
- Linear algebra
- Probability
- Circuit analysis
- Introduction to electronics
- Digital electronics
- Signal processing
- Embedded systems
- Algorithms and data structures
However, the classes can differ a lot depending on the university. Some will require you to take more electrical engineering classes while other universities will require more computer science classes.
Usually, data structures and algorithms are required classes in computer engineering but not always. These are important classes for software engineering interviews. If the program you enter does not require these classes, it would help to take them anyway.
Things to consider
On average the required classes will be 50% electrical engineering and 50% CS. However, some universities will be much heavier on electrical engineering while others will be a lot heavier on computer science. It would help to consider what you are more interested in and to take that into consideration when applying to universities if you are not already in university. If you are already in university, you could still take electives from the side that you are more interested in. Alternatively, you could major in CS and minor in electrical engineering or major in electrical engineering and minor in CS.
While computer engineering is a degree that can qualify you for many jobs at just the bachelor’s level, a master’s degree can also help you a lot when getting more research-based engineering roles. If you are interested in the more research-based roles, it would help to consider whether or not a master’s degree would be worth it for you.
Details about a degree in actuarial science
Below are some details about a degree in actuarial science.
Average pay
According to Payscale, the average pay of someone with a degree in actuarial science is $67,014. According to the BLS, the median pay of an actuary was 108,350 in 2019. The BLS also reports that the number of actuary jobs is expected to grow by 18% by 2029 which they say is much higher than the average across all jobs.
However, something to consider, is that it can take many years, after graduating, to become an actuary since there will be a number of additional exams to pass. Also, the job market at the entry-level is competitive.
Jobs
A degree in actuarial science will be specialized for becoming an actuary. This is good if you want to be an actuary. However, it can mean that it will make it more difficult for you to get jobs in other fields that you could have qualified for with a similar major such as statistics or mathematics.
Also, you can still get a job as an actuary without an actuarial degree. Degrees such as statistics, mathematics, applied mathematics and even physics can be just as competitive for the job role, depending on the classes you take.
However, there are many skills that you will learn in the major that will still allow you to qualify you for other job roles. This is mainly because you will be learning a lot about statistics. You should also learn how to program in Python, R and how to be proficient in Excel. This should help qualify you for “analyst” type job roles in particular and possibly data science roles as well.
Jobs that you could get with a degree in actuarial science could include:
- Actuary
- Actuarial analyst
- Financial analyst
- Actuarial analyst
- Data analyst
- Actuarial associate
Getting a minor in an applied field, such as computer science, could also help to broaden your job opportunities.
Difficulty
The major will involve a lot of mathematics, probability, and statistics. As a result, the major is not an easy major. It will also be necessary for you to take additional exams in order to qualify as an actuary. It will even be necessary for you to pass some exams for an entry-level actuary position. These exams can be difficult and many people fail them every year.
Types of classes
The major will have you take courses from a number of different disciplines. Required classes you can expect to take will include:
- Calculus
- Linear algebra
- Two courses in calculus-based probability and statistics
- Computer science
- Economics
- Finance
- Business
- Actuarial science classes as available
Things to consider
If you are interested in becoming an actuary, getting an actuarial degree might not be a requirement. Instead, it might be more appropriate for you to get a related degree and to make sure to take the necessary classes to become an actuary. Also, it will be important to make sure to complete the necessary actuarial exams while an undergrad.
It might be the case that, half-way through your time as an undergrad, you will decide that you do not want to be an actuary. If you major in a more general quantitative subject such as math or statistics, it should be easier for you to transition towards a different field than with an actuarial major. If you do decide to major in a more general field, it will still be important to choose more employable classes and to complete personal projects so that you can be more competitive for specific jobs.
Something to be aware of is that actuarial science will focus more on applying traditional statistics techniques to smaller datasets. However, each year companies are acquiring larger and larger datasets. This is making machine learning techniques used on large datasets, in data science, more and more relevant each year.
Machine learning and big data is getting incorporated more into actuarial degrees and the exams. However, it would still help a lot to make sure to learn python, manipulation of big datasets using things such as the Pandas library and machine learning. So, that you can also be competitive for data science type roles.
One more thing to be aware of is that actuarial careers can have good job satisfaction because they have good pay, moderate working hours and low stress. However, they also tend to have low job meaning since most of the jobs will involve helping already wealthy people earn more money. Alternative careers, such as in data science, can allow you to have a more positive socially impactful role.
Reasons to choose computer engineering
When compared with an actuarial science bachelor’s degree by itself, you can expect a computer engineering degree to qualify you for more jobs that are high-paying. This is because the major can qualify you for computer science-related roles and electrical engineering-related roles.
Also, actuarial science jobs tend to be very competitive at the entry-level. Whereas, many jobs related to computer engineering are less competitive and pay just as well.
Furthermore, the jobs that a computer engineering degree can qualify you for tend to be very interesting jobs that have high levels of satisfaction.
Reasons to choose an actuarial degree
Actuarial jobs are commonly rated as some of the best jobs you can get. If you are absolutely set on becoming an actuary then getting a degree in actuarial science would be appropriate. In this case, it would help to try to minor in something else such as computer science since this will help to reduce your risk if you are not able to find an entry-level job as an actuary.
However, if you are not absolutely sure that you want to become an actuary, it would likely be a better option to get a related degree such as applied math or statistics but to make sure to take the relevant classes to become an actuary. I have written about actuarial science vs statistics here.
