To become an actuary involves a unique blend of training from the faculties of science and economics/commerce. The course involves rigorous training in economics, accounting, investments, maths, statistics, risk and modelling3.
Actuaries tend to be extremely good at maths and at communicating difficult concepts. They tackle many types of problems, most of which involve uncertainty about the future.
The Actuarial Profession
Early Australian Actuaries had close ties to the UK’s Institute of Actuaries which, according to Wikipedia4 , was the oldest professional body in the world!
The Australian Institute dates back to 1897 when the Actuarial Society of New South Wales was formed. It’s a global profession that is highly regarded for its skills, ethics and professionalism. Actuaries must adhere to a strong Code of Conduct which sets out the standards of conduct to be observed by Members of the Actuaries Institute. The Institute issues professional standards and guidance, CPD requirements and has a disciplinary scheme to maintain compliance.
It typically takes 5 – 8 years to become a fully qualified actuary. Jubilacion’s CEO was in the first intake of students when the University of Melbourne set up its actuarial department in 1991.
What do Actuaries do?
In their professional lives, actuaries assess, evaluate and manage the financial risks faced by individuals, organisations and governments to plan effectively for the future.
Historically, this focused on the management of insurance companies and superannuation funds. But actuaries have since expanded into investments and, more recently, into banking, data science, financial planning software and climate change.
Actuaries are problem solvers and strategic thinkers, who use their mathematical and business skills to help measure and communicate the probability and risk of future events. They are in demand and well rewarded for their analytical and problem solving skills in a growing number of industries.
Businesses and governments increasingly depend on the skills of actuaries to help them model and plan for the future. As the world changes at an increasingly rapid pace, risk management skills can help navigate this evolving landscape.
Are you, or your children, interested in becoming an Actuary?
Being an actuary means having the opportunity to apply highly valued mathematical skills and expertise in a diverse, exciting and challenging career that really makes a difference. Your work is rewarded with a highly competitive salary and a good work/life balance in comparison to similarly paid professions in financial services, such as investment banking. Senior Actuaries can easily earn over $300,000 per year5.
As a member of the Actuaries Institute you will be part of a globally recognised profession. The qualifications are internationally-recognised and enable you to work in many countries around the world. Once qualified, it is often easy to transfer to another professional body in another country.
Actuaries Institute of Australia:
- What does an Actuary do?
- How to become an Actuary
- Career information (salary levels and areas of demand)
UK Actuaries Institute:
- What is an Actuary?
- What does an actuary do?
- Resources for Teachers, Schools and Universities (career guides, videos, blogs)
Society of Actuaries (USA):