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

    A bachelor degree in actuarial studies or actuarial science is needed to work as an Actuary. Many Actuaries complete postgraduate studies.

    Tasks

    • Defines, analyses and solves complex financial and business problems relating to areas such as insurance premiums, annuities, superannuation funds, pensions and dividends.
    • Examines financial projections for general insurance companies, finance companies, government and other organisations.
    • Designs new types of policies, assesses risks and analyses investments in life insurance, superannuation funds, health insurance, friendly societies, financial markets and other areas.

    More about Actuaries, Mathematicians and Statisticians

    All Actuaries, Mathematicians and Statisticians

    • $2,060 Weekly Pay
    • Moderate Future Growth
    • Lower unemployment Unemployment

    Actuaries

    • 1,800 workers Employment Size
    • Very high skill Skill level rating
    • 88% Full-Time Full-Time Share
    • 43 hours Average full-time
    • 33 years Average age
    • 34% female Gender Share

    The number of people working as Actuaries (in their main job) grew very strongly over 5 years:
    from 1,400 in 2011 to 1,800 in 2016.

    • Size: This is a very small occupation.
    • Location: Many Actuaries work in New South Wales.
    • Industries: Most work in Financial and Insurance Services; Professional, Scientific and Technical Services; and Public Administration and Safety.
    • Full-time: Most work full-time (88%, much higher than the average of 66%).
    • Hours: Full-time workers spend around 43 hours per week at work (compared to the average of 44 hours).
    • Age: The average age is 33 years (compared to the average of 40 years).
    • Gender: 34% of workers are female (compared to the average of 48%).

    Employment Outlook

    Number of Workers

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

    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 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 Services84.5
    Professional, Scientific and Technical Services12.8
    Public Administration and Safety1.5
    Administrative and Support Services0.3
    Other Industries0.9

    States and Territories

    • NSW

    • VIC

    • QLD

    • SA

    • TAS

    • NT

    • ACT

    Employment by State and Territory (% Share)

    Source: Based on Based on ABS Census 2016, Customised Report. Share of workers across Australian States and Territories, in this job compared to the all jobs average.
    StateActuariesAll Jobs Average
    NSW72.531.6
    VIC19.425.6
    QLD4.320.0
    SA1.07.0
    WA1.210.8
    TAS0.22.0
    NT0.21.0
    ACT1.21.9

    Age Profile

    Age Profile (% Share)

    Source: Based on Based on ABS Census 2016, Customised Report. Age profile of workers in this job compared to the all jobs average.
    Age BracketActuariesAll Jobs AverageAll Jobs Average
    15-190.2-5.05.0
    20-2411.1-9.39.3
    25-3445.1-22.922.9
    35-4423.0-22.022.0
    45-5412.7-21.621.6
    55-594.1-9.09.0
    60-641.8-6.06.0
    65 and Over2.1-4.24.2

    Education Level

    Highest Level of Education (% Share)

    Source: ABS, 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 QualificationActuariesAll Jobs AverageAll Jobs Average
    Post Graduate/Graduate Diploma or Graduate Certificate26.5-10.110.1
    Bachelor degree69.7-21.821.8
    Advanced Diploma/Diploma0.4-11.611.6
    Certificate III/IV0.2-21.121.1
    Year 123.2-18.118.1
    Year 110.0-4.84.8
    Year 10 and below0.0-12.512.5

    A bachelor degree in actuarial studies or actuarial science is needed to work as an Actuary. Many Actuaries complete postgraduate studies.

    You must also be registered with the Institute of Actuaries of Australia.

    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

      97% Skill level

      Arithmetic, algebra, geometry, calculus, or statistics.

    2. Economics and Accounting

      76% Skill level

      Economics and accounting, the financial markets, banking and checking and reporting of financial data.

    3. Computers and Electronics

      74% Skill level

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

    4. Administration and Management

      65% Skill level

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

    5. English Language

      61% Skill level

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

    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, 15-2011.00 - Actuaries.

    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. Electronic Mail

      100% Important

      How often do you use electronic mail?

    2. Telephone

      96% Important

      How often do you talk on the telephone?

    3. Face-to-Face Discussions

      96% Important

      How often do you talk with people face-to-face?

    4. Spend Time Sitting

      96% Important

      How much time do you spend sitting?

    5. Indoors, Heat Controlled

      95% Important

      How often do you work indoors with access to heating or cooling?

    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, 15-2011.00 - Actuaries.

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