Actuarial Science or Financial Mathematics? [closed]

Having been a securities analyst and an actuary, I might give you my perspective (based on several years ago, having long since retired).

The math component in A.S. does not emphasize rigor. Rather it accentuates proficiency in speed and accuracy in applying certain concepts that are "somewhat" relevant to the actuarial profession. In order to pass exams which play an enormous role in your job level and compensation, you have to practice diligently and it is best to come up with expedient mechanisms to solve problems quickly under pressure. From my personal experience, I never explicitly used anything required in the math syllabus. Although it was useful to be aware of the calculation of life contingencies since substantiating the adequacy of reserves used to be the primary function of actuaries.

Now, with the advent of the statuary requirement for Cash Flow Testing understanding the expected performance of assets and where that may break down (e.g. basis risk) can enhance your value as an actuary.

Financial math, in contrast to actuarial math, actually gets used - option pricing, derivative securities, etc. And risk managers have a seat close to the head of the table.

While these these math endeavors have rigorous underpinnings, their value lies in their application. Both areas offer a high degree of job security, good prospects for advancement, definitely interesting and challenging work, and an appreciated contribution in the corporate environment.

However, in my opinion, neither of these provide the same challenges that you will encounter in pure math. As far a personal development, any exposure to pure math will be extremely beneficial.