Actuaries, Mathematicians and Statisticians develop and apply actuarial, mathematical, statistical and quantitative principles and techniques to solve problems in a range of fields such as business and finance, scientific and social research, and engineering.

A Bachelor Degree or higher, or at least 5 years of relevant experience is usually needed to work in this job. Most workers have a post-graduate degree.

Tasks

  • defining, analysing and solving complex financial and business problems relating to areas such as insurance premiums, annuities, superannuation funds, pensions and dividends
  • examining financial projections for general insurance companies, finance companies, government and other organisations
  • designing new types of policies, assessing risks and analysing investments in life insurance, superannuation funds, health insurance, friendly societies, financial markets and other areas
  • formulating mathematical models to simulate processes
  • applying models to experimental observations, and adjusting and recasting the models
  • using numerical analysis methods to develop algorithms and perform computations
  • liaising with management and clients to determine the subject or area to be surveyed or examined
  • specifying the data to be collected, and the methodology to be used in collection and analysis
  • evaluating and describing the reliability and utility of source information
  • analysing and interpreting data, and producing relevant statistics to describe and infer particular trends and patterns

Job Titles

  • Actuary
  • Mathematician
  • Statistician
  • Actuary

    Analyses mathematical, statistical, demographic, financial or economic data to predict and assess the long-term risk involved in financial decisions and planning. Registration or licensing is required.

  • Mathematician

    Develops and applies mathematical principles and techniques to solve problems in all areas of the sciences, engineering, technology, social sciences, business, industry and commerce.

    Specialisations: Operations Research Analyst

  • Statistician

    Designs and applies statistical principles and techniques for collecting, organising and interpreting quantifiable data, and uses statistical methodologies to produce statistical reports and analyses for government, commercial and other purposes.

    Specialisations: Biometrician, Demographer, Epidemiologist

Fast Facts

  • Avg. Weekly Pay

    Unavailable
  • Future Growth

    strong
  • Skill Level

    Bachelor Degree or higher
  • Employment Size

    7900
  • Unemployment

    above average
  • Male Share

    67.1%
  • Female Share

    32.9%
  • Full-Time Share

    75.1%

Find Vacancies

This is a small occupation employing 7900 workers. Over the past 5 years the number of jobs has grown strongly.
Strong growth is expected in the future. New jobs and turnover from workers leaving may create between 5,001 and 10,000 job openings over the 5 years to 2020.

  • While there are jobs in many parts of Australia, New South Wales has a large share of Actuaries, Mathematicians and Statisticians.
  • They mainly work in: Financial and Insurance Services; Professional, Scientific and Technical Services; and Education and Training.
  • Full-time work is common. Full-time workers, on average, work 41.2 hours per week (compared to the all jobs average of 40 hours).
  • The average age is 38 years (compared to the all jobs average of 40 years) and around 5 in 10 workers are aged 45 years or older.
  • Around 7 in 10 workers are male.
  • In 2016, the unemployment rate was above average.

Employment Outlook

Number of Workers

Source: ABS Labour Force Survey, Department of Employment trend data to November 2015 and Department of Employment projections to 2020.
YearNumber of Workers
20057600
20065600
20074600
20086500
20097000
20105600
20116600
20127000
20136400
20146000
20157900
20208600

Weekly Earnings

Full-time Earnings

All Jobs Average

Weekly Earnings (before tax)

No data is available for the selected graph for this Occupation.

Hours

Weekly Hours Worked

Source: Based on ABS Labour Force Survey, annual average 2016, Cat. No. 6291.0.55.003: Customised Report. Hours actually worked by people who usually work full-time, and share of employment by full-time and part-time status, for this job compared to the all jobs average.
CategoryActuaries, Mathematicians and StatisticiansAll Jobs Average
Full-time75.168.4
Part-time24.931.6
Average Weekly Hours (full-time)41.240

Main Industries

Top Industries

Main Employing Industries (% share)

Source: Based on ABS Labour Force Survey, annual average 2016, Cat. No. 6291.0.55.003: Customised Report. Industries are based on the Australian and New Zealand Standard Industrial Classification (ANZSIC 06).
Main Employing IndustriesIndustry (% share)
Financial and Insurance Services30
Professional, Scientific and Technical Services22.6
Education and Training20.9
Public Administration and Safety9.8
Other Industries16.7

States and Territories

  • NSW

  • VIC

  • QLD

  • SA

  • TAS

  • NT

  • ACT

Employment by State and Territory (% share)

Source: Based on ABS Labour Force Survey, annual average 2016, Cat. No. 6291.0.55.003: Customised Report. Share of workers across Australian States and Territories, in this job compared to the all jobs average.
StateActuaries, Mathematicians and StatisticiansAll Jobs Average
NSW51.731.8
VIC20.425.5
QLD9.719.8
SA3.96.8
WA7.311.2
TAS02
NT0.81.1
ACT6.21.8

Age Profile

Age Profile (% share)

Source: Based on ABS Labour Force Survey, annual average 2016, Cat. No. 6291.0.55.003: Customised Report. Age profile of workers in this job compared to the all jobs average.
Age BracketActuaries, Mathematicians and StatisticiansAll Jobs AverageAll Jobs Average
15-190.8-5.45.4
20-2414.2-9.99.9
25-3426.7-23.423.4
35-4412.9-21.721.7
45-5425.2-21.121.1
55-5911.5-8.78.7
60-645.7-5.95.9
65 and Over3-3.83.8

Gender

Male Share

Female Share

Gender (% share)

Source: Based on ABS Labour Force Survey, annual average 2016, Cat. No. 6291.0.55.003: Customised Report. Male and female share of employment in this job compared to the all jobs average.
CategoryActuaries, Mathematicians and StatisticiansCategoryAll Jobs Average
Males67.1Males53.6
Females32.9Females46.4

Education Level

Top Education Levels

Highest Level of Education (% share)

No data is available for the selected graph for this Occupation.

A Bachelor Degree or higher, or at least 5 years of relevant experience is usually needed to work in this job. Most workers have a post-graduate degree.

If you are interested in this style of work, there are a wide range of training options available that could lead to this or a similar job.
The pathway that is right for you will depend on your skills and interests.

It is a good idea to speak to industry bodies, employers, and workers to learn more about the skills and qualifications you will need.

Employers look for Actuaries, Mathematicians and Statisticians who have strong attention to detail, can communicate clearly and can work well in a team.

Knowledge

The topics, subjects, or knowledge areas workers rate as most important are shown below.

  1. Mathematics

    100% Important

    Arithmetic, algebra, geometry, calculus, or statistics.

  2. Computers and Electronics

    81% Important

    Circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.

  3. English Language

    70% Important

    English language including the meaning and spelling of words, rules of composition, and grammar.

  4. Education and Training

    54% Important

    Teaching and course design.

  5. Administration and Management

    50% Important

    Planning and coordination of people and resources.

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O*NET is a trademark of the U.S. Department of Labor, Employment and Training Administration. The information on this site is derived from the US Department of Labor O*NET Database Version 21.2

Learn about the daily activities, and physical and social demands faced by workers. Explore the values and work styles that workers rate as most important.

Activities

The work activities workers rate as most important are shown below.

  1. Analyzing Data or Information

    98% Important

    Looking at, working with, and understanding data or information.

  2. Interacting With Computers

    95% Important

    Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.

  3. Processing Information

    93% Important

    Compiling, coding, categorizing, calculating, tabulating, auditing, or checking information or data.

  4. Communicating with Supervisors, Peers, or Staff

    88% Important

    Giving information to supervisors, co-workers, and staff by telephone, in written form, e-mail, or in person.

  5. Interpreting Information for Others

    88% Important

    Helping people to understand and use information.

Occupational Information Network Actuaries Opens in a new window
O*NET is a trademark of the U.S. Department of Labor, Employment and Training Administration. The information on this site is derived from the US Department of Labor O*NET Database Version 21.2

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