Accounting vs. Actuary Careers (Salary & Exams)

Accounting is the more direct path to financial reporting, audit, and tax work; actuarial careers focus on measuring risk with mathematics and data. Actuaries had higher U.S. median pay in May 2024, but that is not a starting-salary promise. Compare the degree plan, exam demands, job duties, and costs before you choose.

New tools are changing both fields. Accountants use software to process and review financial data, while actuaries use statistical models and programming to assess risk. But the core choice is still about the work you want to do and the training you are willing to complete.

I often see students compare the two paths by salary alone. That can hide key differences: CPA education rules depend on the state or jurisdiction, and actuarial credentials require a separate sequence of exams and learning requirements. A degree that sounds like a perfect fit may not meet the requirements you need.

The guide below compares the work, degrees, exams, pay, and next steps. Use it to narrow your choices, then check current rules with the relevant state board, the National Association of State Boards of Accountancy (NASBA), the Society of Actuaries (SOA), or the Casualty Actuarial Society (CAS).

What is the difference between accounting and actuarial work?

Accounting focuses on recording, checking, and explaining financial information. Actuarial work uses math and data to estimate future costs and risks. Both fields call for careful analysis and clear communication, but the daily tasks, college courses, and credential paths differ.

These are broad occupational categories, not a comparison of equal jobs, experience, or locations. The Bureau of Labor Statistics (BLS) medians are not graduate starting salaries. Your pay can depend on your employer, region, experience, job duties, and progress toward a credential.

Which degree and courses prepare you for each career?

A degree gives you the academic base, but the right course plan depends on your intended credential. Before choosing a program, check its accreditation and map its courses against the rules that apply to you. This can prevent a costly gap between graduation and eligibility.

For either field, verify that your institution has accreditation from an accreditor recognized by the U.S. Department of Education. You can check with the Department or the Council for Higher Education Accreditation (CHEA). AACSB accreditation can be a business-school quality signal, but it is not a CPA or actuarial license requirement.

Accounting degree and CPA preparation. A bachelor’s degree commonly includes about 120 semester credits. Many CPA jurisdictions require 150 total credits for licensure, but rules differ. The degree may not need to be titled “accounting,” yet you still need to meet the applicable coursework and credit requirements.

Before you register for upper-level courses, ask your state board or jurisdiction how it counts accounting and business credits. A general “CPA-ready” label is not enough. Get a written degree audit that compares your planned classes with current rules, and confirm how transfer credits will be treated.

Actuarial degree and preparation. There is no single required major for every actuarial role. Common choices include actuarial science, math, statistics, economics, or another quantitative field. Build a strong base in calculus, probability, statistics, and economics. Programming and data analysis can also help you work with large datasets and models.

SOA and CAS have separate credential pathways. Their exam and learning requirements differ and may change. Check the current route for the kind of actuarial work you want, such as life and health work or property and casualty work. A program’s claim that it is “actuary-ready” does not replace checking those requirements yourself.

How do CPA and actuarial exams compare?

Professional exams test knowledge beyond what a degree alone shows. The CPA route is tied to jurisdiction rules and a common exam. Actuarial candidates usually take a series of exams over time. In both cases, verify current requirements before setting a schedule or paying for preparation.

CPA exam. CPA candidates take the Uniform CPA Examination under the rules of the licensing jurisdiction. Exam sections, education requirements, deadlines, and pass-window policies are subject to current rules. Check with your state board and NASBA rather than relying on an old course plan or a fixed online checklist.

Actuarial exams. Many candidates start with foundational exams such as SOA Exam P or FM, or follow the relevant CAS route. Which exams apply depends on the credential path and current rules. Candidates should use the official SOA or CAS requirements to decide what to take and when.

Both routes can require substantial preparation alongside school or work. Ask employers what they pay for, what study time they allow, and whether support depends on passing. Include exam fees, study materials, and possible retakes in your budget. Do not assume that an employer will cover all costs.

What are the salaries and career options?

BLS median pay gives a useful national benchmark, but it cannot tell you what you will earn in your first job. Use salary data alongside job postings, local labor-market information, and employer requirements. Also compare advancement, exam support, and the work you will do each day.

In May 2024, the BLS reported median annual pay of $81,680 for accountants and auditors and $125,770 for actuaries. A median is the midpoint: half of workers in that occupation earned more and half earned less. These figures do not adjust for education, years of experience, industry, location, or credential progress.

Accounting roles can include staff accountant, auditor, tax associate, financial analyst, or, with the required license and experience, CPA work. Actuarial candidates may begin in analyst or actuarial student roles, then take on more advanced pricing, valuation, or risk work as they gain experience and complete credential steps. Job titles vary by employer.

Consider these two illustrative student paths. They are examples, not reports of specific graduates:

• A business student who prefers financial statements and client work could major in accounting, check CPA education rules early, pursue an internship, and apply for staff accountant or audit roles before graduation.
• A math student who enjoys probability and coding could study statistics or actuarial science, take relevant early exams, build data skills, and seek an actuarial internship or analyst role.

These paths show why a salary figure alone is a weak decision tool. One student may value a wider range of accounting roles; another may enjoy quantitative modeling enough to accept a longer exam sequence. Compare entry-level postings in your area and note the degree, software, exam, and experience requirements employers list.

How should you choose and plan your next steps?

A strong decision starts with your interests and constraints, then checks the credential rules and job market. You do not need to predict your whole career now. You do need a course plan that keeps the door open to your preferred first job and avoids preventable credit or exam delays.

Use this sequence:

1. Compare the daily work. Do you prefer reporting, audit, or tax, or do you prefer probability, modeling, and risk analysis? Review job descriptions and talk with people in both roles.
2. Check the costs and local market. Compare each program’s net price after grants and aid. Search nearby internships and entry-level postings to see which skills and credentials employers request.
3. Map your degree. Confirm institutional accreditation. For accounting, compare your transcript plan with your jurisdiction’s CPA rules. For actuarial work, include quantitative courses and programming. Get transfer-credit decisions in writing.
4. Build experience. Apply for internships and related student roles. Keep a record of skills, projects, and software you use so you can show what you can do, not just what you studied.
5. Set an exam plan. Use current official CPA-board, NASBA, SOA, or CAS guidance. Track fees, study time, deadlines, and possible retakes. Recheck rules as you progress.
6. Compare job offers as a whole. Look at salary, benefits, exam support, workload, training, advancement, and the duties you will perform. A national median cannot tell you which offer is better for you.

If you are undecided, choose courses that support your strongest option while leaving room to reassess. For example, math and data skills can support actuarial study and other analytical roles; accounting courses can help you test your interest in reporting and audit. Ask an adviser to check the plan against official requirements before you commit.

Frequently asked questions

These answers cover common decisions about degree choice, pay, and professional exams. Credential rules can change and may differ by jurisdiction or credentialing body, so treat them as a starting point rather than a substitute for current official guidance.

Which career pays more, accounting or actuarial work?
The BLS May 2024 median was higher for actuaries: $125,770, compared with $81,680 for accountants and auditors. These are occupation-wide medians, not starting salaries or guaranteed earnings.

Do I need an accounting degree to become a CPA?
Not always. CPA education rules vary by jurisdiction, and candidates must meet that jurisdiction’s course and credit requirements. Ask the relevant state board to review your planned degree.

Do I need an actuarial science degree to become an actuary?
No single major fits every pathway. Math, statistics, economics, and actuarial science are common options. Strong quantitative coursework, programming, and progress on the relevant exams can also matter.

Is 150 credits required for every CPA candidate?
No. Many jurisdictions require 150 total credits for licensure, but rules differ. Confirm current education and exam requirements with the licensing jurisdiction before planning your classes.

Which actuarial exams should I take first?
That depends on your chosen credential route and current requirements. SOA candidates may encounter Exam P or FM as foundational exams. Check SOA or CAS guidance before scheduling an exam.

Are actuarial exams harder than CPA exams?
There is no simple measure that makes one path harder for everyone. The exam subjects and formats differ, and your strengths, preparation time, and exam history affect your experience.

Can I work in accounting without becoming a CPA?
Yes. Many accounting and related jobs do not require a CPA license. Some roles, duties, and advancement options may require or favor the credential, so check job postings and local rules.

Does AACSB accreditation make a degree CPA-approved?
No. AACSB accreditation is an optional business-school quality signal, not a CPA license requirement. Check institutional accreditation and the jurisdiction’s specific course and credit rules.

How should I compare job offers in these fields?
Compare total compensation, job duties, location, workload, training, advancement, and exam support. Do not use national median pay as a substitute for comparing the actual offers.

(This article was written by one of our staff writers, James Holloway. Visit our Meet the Team page.)