Accountant vs Actuary: Which Profession Is Better?
Last Update On 20th March 2025
Duration: 6 Mins Read
Proficiency in mathematical problem-solving and statistical enquiry can always make a person more marketable. A financial aspirant gifted with these skills can seek professional opportunities to become either an Accountant vs Actuary. Even though their job profiles are different, an Accountant and an Actuary need similar skill sets and training to pursue their dream careers in finance and accounting.
Accountant vs Actuary is a common debate topic today, especially for those who aspire to land an attractive job in these fields. Here’s a complete guide to determining which of these two professional roles is better.
What Does An Accountant Do?
An Accountant is essential to a business. They issue or receive invoices, maintain financial records of business organisations, and inspect these records daily for accuracy.
Learn more about the Top 5 Accounting Careers after Graduation.
What Does An Actuary Do?
An Actuary estimates risks mainly for the banks and insurance companies. They compile and analyse statistical data to assess future financial risks and try to reduce them through financial safeguards.
Accountant vs Actuary: Key Differences
The Accountant vs Actuary debate brings us to a stage where we need to dissect these two career options critically and analyse which profession among these two promises better opportunities.
Qualifications To Become An Accountant
As the finance industry is constantly evolving, it is of utmost importance that we understand the qualifications of becoming an Accountant and whether one can land a promising job in this industry.
Here’s a rundown of the essential courses one can pursue to become an Accountant:
1. ACCA
The Association of Chartered Certified Accountants (ACCA) is a globally recognised qualification with an industry-relevant curriculum. It comprises three levels that involve rigorous training. Esteemed multinational companies are on the lookout for candidates with an ACCA qualification.
Eligibility: The candidate has to pass a 10+2 examination with 65% in English and mathematics or accounts with a minimum of 50% in the remaining subjects.
After clearing the 10th grade, one can also register for the ACCA course through Foundation in Accountancy (FIA).
Job opportunities:
- Financial Reporter
- Accounting Advisor
- Statutory Auditor
- Risk Advisor
Countries that offer jobs to candidates with an ACCA degree:
-
- Australia
- The UK
- Singapore
- Germany
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2. US CPA
The American Institute of Certified Public Accountants (AICPA) awards the Certified Public Accountant (US CPA) certification. The course covers various accounting topics, including laws, principles, and taxes. This course enables the candidate to explore job opportunities in reputable accounting companies.
Eligibility: Ideally, the candidate must complete their graduation with one-year post-graduation.
Job opportunities:
- Public Accountant
- Financial Controller
- Internal Auditor
- Financial Manager
Countries that offer jobs to candidates with a US CPA degree:
- Australia
- Canada
- New Zealand
- South Africa
Learn more about CPA Vs CMA: Which Is Better For Your Career
3. BCom in Accounting and Finance
Bachelor of Commerce in Accounting and Finance (BCom) is an undergraduate course spanning three years. The course covers the fundamentals of financial management and accounting. After completing this course, one can explore employment opportunities across a wide range of financial sectors.
Eligibility: Candidates from any academic stream can register for this course after their 12th grade with a minimum score of 50%.
Job opportunities:
- Accountant
- Auditor
- Business Analyst
- Finance Officer
Countries that offer jobs to candidates with a BCom degree:
- The US
- India
- Middle East
- South Africa
- Canada
4. US CMA
The US Certified Management Accounting (CMA) course is the ideal for those who intend to explore career opportunities in management accounting. A Certified Management Accountant manages a company’s internal accounts and suggests ways to improve its financial situation.
Eligibility: The candidate can register for this course after their 12th grade. However, they get certified after graduation with two years of work experience.
Job opportunities:
- Risk Manager
- Cost Accountant
- Management Accounting Analyst
- Financial Advisor
Countries that offer jobs to candidates with a US CMA degree:
- Canada
- The USA
- India
- The UAE
- The Philippines
5. CA
The Institute of Chartered Accountants of India (ICAI) organises the Chartered Accountancy course. CAs can work in various financial institutions and form their own private firms offering taxation, auditing and other financial services.
Learn about Which Is a Better Option in India – CA or CFA?
Eligibility: A candidate is qualified to be a CA after the 12th grade.
Job opportunities:
- Finance Controller
- Tax Auditor
- Treasury Manager
Countries that offer jobs to Chartered Accountants:
- India
- Saudi
- Qatar
- The UAE
However, the Accountant vs Actuary debate gains momentum if the courses and professional roles of an Actuary are discussed
Accountant vs Actuary: Key Differences
1. Role Focus
Accountant:
The primary focus of an accountant is to manage financial records, ensure accuracy in financial reporting, and ensure that a company or individual complies with laws and regulations. They prepare balance sheets, income statements, tax returns, and other financial reports. Accountants may specialize in areas such as tax accounting, management accounting, forensic accounting, or auditing.
Actuary:
Actuaries focus on assessing and managing risk. They use mathematical models, statistics, and financial theory to predict future events and estimate the financial impact of those events. Actuaries typically work in insurance, pension planning, and financial services, calculating premiums, life expectancies, and investment risks.
2. Industries of Employment
Accountant:
Accountants can be found in nearly every industry, including corporate businesses, government agencies, non-profits, public accounting firms, and even for personal finance management. Industries such as finance, manufacturing, retail, and technology all need accountants to handle finances and ensure compliance with financial laws.
Actuary:
Actuaries are primarily employed in industries that deal with large amounts of risk and uncertainty, such as insurance, pension funds, health care, and financial services. They work in both private and public sectors, but their employment opportunities are more specialized compared to accountants.
3. Skill Sets Required
Accountant:
Technical Skills: Strong understanding of accounting principles (GAAP or IFRS), tax laws, and financial reporting. Proficiency in accounting software (like QuickBooks or SAP) is often required.
Analytical Skills: Ability to analyze financial data and identify trends or discrepancies.
Attention to Detail: Accuracy is crucial in financial reporting.
Communication: Ability to explain complex financial information to non-financial stakeholders.
Actuary:
Mathematical and Statistical Skills: Actuaries must be comfortable with advanced mathematics, statistics, and probability theory to assess risk and predict future events.
Analytical Skills: Strong problem-solving skills to interpret complex data and develop models.
Programming and Software Knowledge: Familiarity with statistical modeling tools (e.g., R, Python, SAS) and actuarial software.
Communication: Ability to explain complex models and findings to non-specialists, such as company executives or clients.
4. Work Environment
Accountant:
Accountants often work in office settings, either in-house for a company or in a public accounting firm. The work environment can be relatively stable, with seasonal peaks (e.g., tax season) requiring longer hours. They typically work regular business hours but may need to work overtime during busy periods.
Actuary:
Actuaries also typically work in office settings but may spend significant time in meetings or conducting independent research and analysis. The work environment can vary depending on the industry, but actuaries are often involved in strategic decision-making and might have a more dynamic work life compared to accountants. Actuarial work is typically more project-based, and actuaries are often given more flexibility regarding working hours, especially as they advance in their careers.
Qualifications To Become An Actuary
The Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS) are the two organizations that grant certificates to Actuaries.
- SOA
The Society of Actuaries (SOA) certifies the candidates who work mainly in health insurance, finance, life insurance and investments. The SOA certification is offered through six tracks, ranging from individual annuities to corporate finance.
Eligibility: The candidate must clear the Actuarial Common Entrance Test (ACET), conducted twice a year.
- CAS
The Casualty Actuarial Society (CAS) certifies the candidates for casualty and property risk for government bodies and businesses.
Eligibility: The candidate has to graduate to pursue a career in Actuarial Science.
Job opportunities:
- Financial Advisor
- Actuarial Science Consultant
- Business Analyst
Salary of Accountant vs Actuary
Accountant vs Actuary salary differences help an aspirant choose a better career. While the average salary for an Accountant in India is Rs. 2.5 LPA, the average salary for an Actuary in India is Rs. 10 LPA.
Salary of Accountant vs Actuary in the UK
Actuary vs Accountant salary in the UK is a different debate altogether. While the average salary for an Accountant in the United Kingdom is £ 29899 per year, the average salary for an Actuary in the United Kingdom is £ 59319 per year.
Wrapping up
As far as the Accountant vs Actuary debate is concerned, there is no one definite answer. The Actuarial profession and Chartered Accountancy are important career choices for those who want to excel in finance. However, an Accountant enjoys broader professional roles and responsibilities, and an Actuary needs to fulfill specific professional duties.
Zell Education offers CPA, CMA and ACCA courses that help an aspirant build a promising career in finance and accounting. Through its innovative educational practices and skill upgradation strategies, Zell aims to extend complete guidance and placement assistance to its students.
FAQs on Accountant vs Actuary
Which is better, CA or Actuary?
Both are lucrative professions that offer a myriad of benefits. While a CA needs expertise in accounts and economics, an Actuary needs to be an expert in statistics, mathematics and economics. It depends on the candidate’s interest whether they aspire to be a CA or an Actuary.
Can a CA become an Actuary?
A candidate with a BTech degree, a Bachelor’s degree in Mathematics or Statistics, or a CA qualification can be an Actuary, provided they have extensive financial modelling and risk analysis knowledge.
Which is harder, Actuary or CA?
Actuarial examinations can be slightly more challenging than the CA examinations as the candidate needs to master statistical, analytical and mathematical skills extensively.
What is the difference between a Chartered Accountant vs Actuary?
Both CA and Actuarial Science are lucrative financial professions. While an Actuary analyses data, calculates and predicts future risks, a CA deals with the financial impacts of events that have occurred. They collect data and prepare financial reports for an organisation.
