The work of an actuary involves the assessment, evaluation and management of the financial risks faced by individuals, companies and governments as they plan for the future. These risks vary from an illness, disability or death to the effects of a cyclone, earthquake or major economic or social change. The actuary’s work is based upon a multi-disciplinary background of mathematics, statistics, demography, finance and economics.

As a result of this multi-disciplinary background and their strong analytical skills, actuaries serve as financial advisers to a wide range of commercial organisations including life, general and health insurance companies, superannuation funds, banks, other financial institutions and governments. In most cases they are asked to tackle a wide range of problems, most of which involve some uncertainty about the future.

Careers in Actuarial Studies

The fast-growing actuarial profession provides employment opportunities throughout Australia and the world. There are currently over 1,500 qualified actuaries in Australia. More than 25% work in life insurance, where the actuarial profession has its foundations. Nearly 20% work in superannuation, with the remaining actuaries typically working in general insurance and investment.

Demand for qualified actuaries is growing in health insurance, risk management, financial services and state and federal government. Actuaries also work in non-traditional areas including genetics, information technology, the environment, climate change, telecommunications, public infrastructure and special events such as the Olympic Games.