Difference between an Actuary and Economist

The Economics Online website in the UK published a brief comparison in 2024 of the difference between Actuarial Science and Economics.  

Actuarial science is an area of study that is involved in estimating the financial risks in insurance and other fields of finance by using mathematical and statistical methods.  The actuarial science is used to identify the risk of upcoming events occurring in the near future by using probability analysis so that their financial impact can be predictable. Economists are social scientists who study the production and distribution of resources, goods, or services and are called economists.  Economists use financial data and mathematical models to analyse economic issues and predict future results.  They can work as experts in education, government, and private industries.The following table contains the main points of difference between actuaries and economists: