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 in a related field is needed to work as an Actuary, Mathematician or Statistician. Many Actuaries, Mathematicians and Statisticians complete postgraduate studies.

    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

    More about Actuaries, Mathematicians and Statisticians

    All Actuaries, Mathematicians and Statisticians

    All Actuaries, Mathematicians and Statisticians

    • $2,060 Weekly Pay
    • Moderate Future Growth
    • Lower unemployment Unemployment
    • 8,100 workers Employment Size
    • Very high skill Skill level rating
    • 79% Full-Time Full-Time Share
    • 42 hours Average full-time
    • 37 years Average age
    • 43% female Gender Share

    The number of people working as Actuaries, Mathematicians and Statisticians (in their main job) is about the same as 5 years ago and is expected to grow over the next 5 years:
    from 8,100 in 2018 to 8,700 by 2023.
    Job openings can come from new jobs being created, but most come from turnover (workers leaving).
    There are likely to be around 7,000 job openings over 5 years (that's about 1,400 a year).

    • Size: This is a small occupation.
    • Unemployment: Unemployment was below average in 2018.
    • Location: Actuaries, Mathematicians and Statisticians work in many parts of Australia. New South Wales and the Australian Capital Territory have a large share of workers.
    • Industries: Most work in Financial and Insurance Services; Professional, Scientific and Technical Services; and Education and Training.
    • Earnings: Full-time workers on an adult wage earn around $2,060 per week (higher than the average of $1,460). Earnings tend to be lower when starting out and higher as experience grows.
    • Full-time: Many work full-time (79%, higher than the average of 66%).
    • Hours: Full-time workers spend around 42 hours per week at work (compared to the average of 44 hours).
    • Age: The average age is 37 years (compared to the average of 40 years).
    • Gender: 43% of workers are female (compared to the average of 48%).

    Employment Outlook

    Number of Workers

    Source: ABS Labour Force Survey, Department of Jobs and Small Business trend data to May 2018 and Department of Jobs and Small Business projections to 2023.
    YearNumber of Workers
    20086300
    20096700
    20105500
    20116100
    20127100
    20138200
    20144500
    20158200
    20168300
    20178800
    20188100
    20238700

    Weekly Earnings

    Weekly Earnings (Before Tax)

    Source: Based on ABS Survey of Employee Earnings and Hours (cat. no. 6306.0), May 2018, Customised Report. Median weekly total cash earnings for full-time non-managerial employees paid at the adult rate. Earnings are before tax and include amounts salary sacrificed. Earnings can vary greatly depending on the skills and experience of the worker and the demands of the role. These figures should be used as a guide only, not to determine a wage rate.
    EarningsActuaries, Mathematicians and StatisticiansAll Jobs Average
    Full-Time Earnings20601460

    Main Industries

    Main Employing Industries (% Share)

    Source: Based on ABS Census 2016, Customised Report. Industries are based on the Australian and New Zealand Standard Industrial Classification (ANZSIC 06).
    Main Employing IndustriesIndustry (% share)
    Financial and Insurance Services32.8
    Professional, Scientific and Technical Services27.4
    Education and Training14.2
    Public Administration and Safety13.0
    Other Industries12.6

    States and Territories

    • NSW

    • VIC

    • QLD

    • SA

    • TAS

    • NT

    • ACT

    Employment by State and Territory (% Share)

    Source: Based on ABS Census 2016, 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
    NSW43.031.6
    VIC21.525.6
    QLD10.820.0
    SA6.07.0
    WA6.410.8
    TAS1.82.0
    NT0.61.0
    ACT9.71.9

    Age Profile

    Age Profile (% Share)

    Source: Based on ABS Census 2016, Customised Report. Age profile of workers in this job compared to the all jobs average.
    Age BracketActuaries, Mathematicians and StatisticiansAll Jobs AverageAll Jobs Average
    15-190.4-5.05.0
    20-247.3-9.39.3
    25-3435.7-22.922.9
    35-4427.2-22.022.0
    45-5417.3-21.621.6
    55-596.1-9.09.0
    60-643.6-6.06.0
    65 and Over2.5-4.24.2

    Education Level

    Highest Level of Education (% Share)

    Source: ABS Census 2016, Customised Report. Highest qualification completed by workers in this job (in any field of study). Qualifications needed by new workers might be different from the qualifications of workers already in the job.
    Type of QualificationActuaries, Mathematicians and StatisticiansAll Jobs AverageAll Jobs Average
    Post Graduate/Graduate Diploma or Graduate Certificate45.4-10.110.1
    Bachelor degree44.8-21.821.8
    Advanced Diploma/Diploma2.1-11.611.6
    Certificate III/IV1.4-21.121.1
    Year 125.3-18.118.1
    Year 110.4-4.84.8
    Year 10 and below0.6-12.512.5

    A bachelor degree in a related field is needed to work as an Actuary, Mathematician or Statistician. Many Actuaries, Mathematicians and Statisticians complete postgraduate studies.

    Membership with the Institute of Actuaries of Australia, the Australian Mathematical Sciences Institute or the Statistical Society of Australia may be useful.

    Thinking about study or training?

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

    • Search and compare thousands of higher education courses, and their entry requirements from different institutions across Australia at Course Seeker website.
    • Compare undergraduate and postgraduate student experiences and outcomes on the QILT website.

    Or check out related courses on Job Outlook.

    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.

    Filter Skills & Knowledge

    Knowledge

    These are important topics, subjects or knowledge areas.

    1. Mathematics

      89% Skill level

      Arithmetic, algebra, geometry, calculus, or statistics.

    2. Computers and electronics

      71% Skill level

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

    3. English language

      64% Skill level

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

    4. Education and training

      53% Skill level

      Curriculum and training design, teaching and instruction for individuals and groups, and the measurement of training effects.

    5. Administration and management

      47% Skill level

      Business principles involved in strategic planning, leadership, and coordinating people and resources.

    Occupational Information Network
    O*NET is a trademark of the U.S. Department of Labor, Employment and Training Administration.
    The skills and 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.

    Filter Work Environment

    Demands

    The physical and social demands workers face most often are shown below.

    1. Spend time sitting

      98% Important

      Spend time sitting at work.

    2. Electronic mail

      95% Important

      Use electronic mail.

    3. Being exact or accurate

      94% Important

      Be very exact or highly accurate.

    4. Freedom to make decisions

      88% Important

      Have freedom to make decision on your own.

    5. Face-to-face discussions

      87% Important

      Talk with people face-to-face.

    Occupational Information Network
    O*NET is a trademark of the U.S. Department of Labor, Employment and Training Administration.
    The skills and 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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