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How to become an Actuary

How to become an Actuary

Actuaries analyse a wide variety of data (including mathematical, statistical, demographic, economic, and more) in order to minimise risk when it comes to financial decision making. They can work in-house providing advice for a business, or advise individual private clients on financial decisions.

If you love maths and stats, are a great problem-solver, and want a job that can provide fantastic opportunities and remuneration, becoming an Actuary could be perfect for you.

 

About you:

 

  • Fantastic problem-solver
  • Great communicator
  • Strong mathematic ability
  • Organised and efficient
  • Great time management skills
  • Adaptable and flexible
  • Analytical and innovative
  • Reliable and trustworthy

 

The job:

 

  • Collating a variety of relevant data
  • Examining financial projections
  • Analysing statistical trends
  • Using data and statistics to guide decision making
  • Estimating future opportunities and risks
  • Ensuring companies are equipped for future uncertainty
  • Designing new business policies and guidelines
  • Providing advice and guidance to businesses and individuals

 

Lifestyle Impact: Low

 

  • Part Time opportunities: Low – around 12% of Actuaries work part-time (source: gov.au).
  • Average hours for full-time workers: 43 hours a week, which is around average (source: labourmarketinsights.gov.au).
  • Actuaries’ salary (average) $135,000* per year (source: seek.com.au). *Salaries vary depending on your skills and experience.
  • Future career growth: Strong (source: labourmarketinsights.gov.au).
  • You will be doing most of your work indoors, sitting at desks and working with computers.
  • You will most likely work regular business hours, and rarely need to work on weekends.

 

Actuaries are most in demand in these locations:

 

This is a small occupation, with around 1,800 people working as Actuaries in Australia in 2021 (source: labourmarketinsights.gov.au). A large majority (around 72%) of Actuaries work in New South Wales. Most Actuaries work in the Financial and Insurance Services industry.

 

How to become an Actuary in Australia

 

You need to complete an accredited undergraduate qualification to work as an Actuary in Australia, as well as undergo further training.

 

Step 1 – Complete Year 12 with a strong focus on English and Maths.

 

Step 2 – Complete a relevant undergraduate degree, such as a Bachelor of Actuarial Science. You can see a full list of accredited degrees here.

 

Step 3 – Once you’ve finished your degree, complete the Actuary Program with the Actuary Institute.

 

Step 4 – Upon completion of the Actuary Program, you can specialise further with the Fellowship Program.

 

Step 5 – Start working as a fully qualified Actuary.

 

Step 6 – Keep up with Continuing Professional Development (CPD) throughout your career.

 

Find out more here –

https://actuaries.asn.au/

 

Similar Careers to Actuary

 

Statistician

Accountant

Business Development Manager

Finance Manager

Auditor

Bookkeeper

 

Find out more about alternative careers.

 

Frequently Asked Questions (FAQs)

 

What do Actuaries do?

 

Actuaries analyse mathematical, statistical, demographic, financial or economic data to predict and assess the long-term risk involved in financial decisions and planning.

 

Which industries employ Actuaries?

 

Actuaries are mostly employed in the Financial and Insurance Services industry.

 

What options are there for career progression?

 

Once you become a qualified Actuary, you can specialise in a particular area, such as insurance, superannuation, or investment.

 

Do I need to go to university to become an Actuary?

 

Yes, you will need to complete an accredited undergraduate degree as well as further training to work as an Actuary in Australia.

 

Where do Actuaries work?

 

There is huge demand for Actuaries in New South Wales, particularly in metropolitan areas.

 

What are 3 things I can do right now to help me become an Actuary?

 

If you’re in high school and you’d like to find out if a career as an Actuary is right for you, here’s a few things you could do right now:

  1. Take short courses to start working on your mathematic skills. Enter maths competitions and extra-curricular programs, such as the Maths Olympiad.
  2. See if you can find work experience with a local business. This will help you see if you might enjoy the work, and can help you start building important contacts for the future.
  3. Talk to an Actuary to see what a day in their life is like. If you don’t know anyone, see if you can watch videos or documentaries about a career in finance.

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