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

  • Unavailable Weekly Pay
  • 8,400 workers Employment Size
  • Very strong Future Growth
  • Very high skill Skill level rating
  • Lower unemployment Unemployment
  • 83.1% Full-Time Full-Time Share
  • 37 hours Average full-time
  • 36 years Average age
  • 42.7% female Gender Share

The number of Actuaries, Mathematicians and Statisticians grew very strongly over the past 5 years and is expected to grow very strongly over the next 5 years:
from 8,400 in 2017 to 9,800 by 2022.
There are likely to be around 9,000 job openings over this time from workers leaving and new jobs being created (a large number for an occupation of this size).

  • Size: This is a small occupation.
  • Unemployment: Unemployment was below average in 2017.
  • Location: Actuaries, Mathematicians and Statisticians work in most regions of Australia.
  • Industries: Most work in Professional, Scientific and Technical Services; Financial and Insurance Services; and Public Administration and Safety.
  • Full-time: Most work full-time (83.1%, much higher than the all jobs average of 68.4%).
  • Hours: Full-time workers spend around 37.0 hours per week at work (compared to the all jobs average of 40.0 hours).
  • Age: The average age is 36 years (compared to the all jobs average of 40 years).
  • Gender: 42.7% of workers are female (compared to the all jobs average of 46.7%).

Employment Outlook

Number of Workers

Source: ABS Labour Force Survey, Department of Jobs and Small Business trend data to May 2017 and Department of Jobs and Small Business projections to 2022.
YearNumber of Workers
20074700
20086300
20096700
20105600
20116200
20127100
20138300
20144500
20157600
20167500
20178400
20229800

Weekly Earnings

Weekly Earnings (Before Tax)

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

Main Industries

Main Employing Industries (% Share)

Source: Based on ABS Labour Force Survey, annual average 2017, 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)
Professional, Scientific and Technical Services35.5
Financial and Insurance Services29.9
Public Administration and Safety12.0
Education and Training10.7
Other Industries11.9

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 2017, 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
NSW40.331.6
VIC22.526.2
QLD13.819.7
SA4.36.7
WA11.610.8
TAS0.42.0
NT1.01.1
ACT6.21.8

Age Profile

Age Profile (% Share)

Source: Based on ABS Labour Force Survey, annual average 2017, 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
15-190.0-5.25.2
20-248.1-9.99.9
25-3437.5-23.623.6
35-4418.5-21.721.7
45-5428.0-20.820.8
55-596.1-8.88.8
60-640.0-6.06.0
65 and Over1.8-4.04.0

Education Level

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.

Before starting a course, check it will provide you with the skills and qualifications you need.

  • Compare undergraduate and postgraduate student experiences and outcomes on the QILT website.
  • Compare Vocational Education and Training (VET) courses, providers and student outcomes on the My Skills website.
  • You might be interested in Financial Services VET training pathways on the AAPathways website.

The course listings on this page are provided by Good Education Group.

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

Knowledge

These are important topics, subjects or knowledge areas.

  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.

Occupational Information Network
O*NET is a trademark of the U.S. Department of Labor, Employment and Training Administration.
The importance ratings on this page are derived from the US Department of Labor O*NET Database Version 21.2, 15-2041.00 - Statisticians.

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

These are kinds of activities workers regularly do in this job.

  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
O*NET is a trademark of the U.S. Department of Labor, Employment and Training Administration.
The importance ratings on this page are derived from the US Department of Labor O*NET Database Version 21.2, 15-2041.00 - Statisticians.

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