In terms of course there is not much difference between financial engineering and actuarial science.
From what I know, financial engineering is not similar to any traditional engineering courses rather it's specific to finance and actuarial science is more inclined towards insurance industry.
Financial engineers use mathematical and computational tools to logically analyse problems related to finance. Moreover they use their knowledge of finance to develop financial instruments which can then be used by investment firms and banks.
Actuarial Science students basically studies how to analyse data and determine related risks using mathematical tools. They usually get into risk management. Once a person becomes an actuary, he can create insurance models for insurance companies which can then be implemented. There are many different types of actuaries, for example, retirement benefits, health, life, property & casualty, enterprise
risk, etc. Actuaries can also get into consulting and other sectors like health care, development sector etc.
However, financial engineers and actuarial science students both have a very similar pool of Jobs.
The major difference is actuarial science students have to clear all the papers from either IFoA or IAI or SOA in order to become a qualified actuary.
But for getting an entry level job a minimum of 3 to 4 CT paper clearance is enough.
Personally with whatever knowledge I have, I think becoming an actuary is more systematic and has a significant growth pattern which can easily be related to number of papers cleared and experience gained. This is not the same in case of financial engineers.
1,764 views • Written 65w ago • Not for Reproduction • Asked to answer by Mukund Seethamraju