<p>I came across this site and saw your interesting discussion about engineering vs actuarial science. </p>
<p>I graduated from engineering school 15 years ago with a MSEE and then went for an MBA at an ivy league school. </p>
<p>I worked in telecom for a while, but mostly I worked in semiconductors. I also moved into management. </p>
<p>I’m now working towards becoming an actuary. I work for a Prop Casualty insurer and am studying for my 5th exam. </p>
<p>I would recommend actuarial science as a career. If you are interested in money, yes actuarial science does pay better (if you are a fellow) than engineering. I know since I was in management and made well over $100K a year plus bonus and options. </p>
<p>But, starting salaries may be lower than engineering. Once you’ve passed 3 exams you will already be above average starting engineering pay. </p>
<p>But, apart from the money the work is interesting if you like business and mathematics. Also, the work environment is comfortable and as an actuary you are well respected (vacation, pay, bonuses, travel, leave at 4pm, etc)</p>
<p>Now, this is the important part about actuarial vs engineering. </p>
<p>As a starting engineer you will very likely be working in a highly process driven environment, you will not have much say in the work for you first 3-5 years in the job. Your coursework may help you, but most likely you will need to learn things not taught in school. Engineering standards, requisition processes, test and measurement (this is ye majority of work you will do) and regulations. </p>
<p>I know you may say, but I’m smart and I want to design X or Y, look at my engineering project!</p>
<p>Sorry, all that will do is get you a job. Remember, engineering is highly related to the manufacturing industry and overall job growth for engineers is really low, so most likely you will be filling the space of a retiring engineer. Competition is somewhat high and whatever school work you have may help you stand out, but when you get in you are just a new hire. </p>
<p>You may work on testing a component of a missile system, but you will not be designing anything critical. Remember, engineering involves processes and minimizing risk. </p>
<p>You may work on a software project, but again only on a small part. </p>
<p>Now, you may say, but I’ll be better and move into management or marketing. </p>
<p>Sure, and that could happen, but then you are not working as an engineer, you are in business and need to focus on costs, schedules, forecasts, etc. </p>
<p>Another thing, engineering staff and overhead is a large part of costs for a tech company. These costs need to be minimized, so it is difficult to justify paying more, especially since they can hire an H1B candidate or outsource. If you work in the government, or a defense contractor, pay and benefits will be better though. </p>
<p>Now, getting back to actuarial. The company I work for has 45,000 employees, and yet has only ~240 actuarial fellows and about 200 actuarial students (you are a student even though you are paid) in various stages of the exam process. </p>
<p>As a percentage of costs, actuarial is very low for the majority of organizations. </p>
<p>So, this is an important reason pay and benefits are high. In effect being an actuary you are an elite employee. If you pass the exams you are almost guaranteed an executive level job within your career. This cannot be said for any other profession, period. </p>
<p>Anyhow, I’ve written enough. </p>
<p>Good luck all on your chosen fields.</p>