Actuary
Actuaries use mathematics and statistics to model uncertain future events, so insurers, super funds and banks can price risk and set aside enough money to cover it.
- Median salary
- $107,700
3.7%vs last year, before tax
- People employed
- 2,400
4.3%vs last year
- Projected growth
- +27.5%
to 2035
- AI exposure*
- Low
- automation risk
- Average hours
- 43/wk
+3h vs all jobs
- Shortage status
- Not in shortage
national
Actuaries model the financial cost of uncertain future events, such as insurance claims, life expectancy and investment risk, for insurers, superannuation funds and banks. Most also sit the Actuaries Institute's professional exams while working full time, which is what separates the qualification from a general data or statistics job and stretches it out over several years. The bulk of the profession works in financial and insurance services, or in the professional services firms that advise them.
How much do actuarys earn?
The median full-time salary for an actuary is $107,700 per annum, before tax, up $22,200 since 2018.
Pay in this field tracks exam progress more than years of service, so a partly qualified actuary and a Fellow in the same team can be on quite different packages. Sector matters too, because consulting firms, life insurers and general insurers each set their own bands, so the same job title can carry a different package depending on where it sits.
What does an actuary do day to day?
The list below is what fills most weeks; the exact mix shifts with seniority and whatever stage the current work is at.
- Running statistical models to price insurance products or set reserves
- Studying for professional actuarial exams alongside a full-time workload
- Explaining the assumptions behind a model to non-technical stakeholders
- Checking and re-checking calculations before they go into a statutory report
- Rerunning valuations when new mortality, claims or market data comes through, then working out why the number moved
What skills do actuarys need?
Employers look for statistical modelling, financial analysis and modelling, risk and internal controls, backed by R fluency and strong problem solving.
Specialist skills
- Statistical modelling
- Financial analysis and modelling
- Risk and internal controls
- Economic modelling
Software and tools
- R
- Python
- Prophet
- Excel
General skills
- Problem solving
- Attention to detail
Is the job growing?
About 2,400 people work as actuarys in Australia, and employment is projected to grow 27.5% over the decade to 2035. That's very strong growth. Few roles in Australia are expanding this fast, and it points to solid demand for years to come.
How do you become an actuary?
Here's the path most actuarys take, step by step.
- 1Complete a numerate degree
Actuarial studies, mathematics, statistics, economics or engineering all work, but a program accredited by the Actuaries Institute lets you cover the Foundation Program subjects at university, which shortens the exam path later.
- 2Join the Actuaries Institute and start the exams
Student membership opens the Foundation Program and then the Actuary Program. Most people sit these while working, and employers in insurance and consulting commonly pay exam fees and give study leave.
- 3Find a graduate role in an actuarial team
Insurers, super funds, banks and consulting firms are the main employers, and the work you do there counts toward the practical experience requirement for Fellowship.
- 4Finish the Fellowship
The final exams, a professionalism course and the practical experience requirement lead to Fellowship of the Actuaries Institute (FIAA), which is what employers mean by a qualified actuary. From the start of a degree it usually takes five to eight years.
- 5Coming from another field
If you already hold a degree in maths, statistics, economics or engineering, you can enter through the same exam pathway without an actuarial degree, though it typically takes longer to clear the Foundation subjects.
Ready to apply as an actuary?
Whether you're working toward becoming an actuary or already are one and want a hand with the next step (sharpening your resume for ATS screening, tightening your cover letter, or knowing what you'll actually be asked at interview), here are examples grounded in this specific role, not generic templates.
What jobs can an actuary move to?
Moving into Quantitative Analyst typically comes with the biggest pay rise, worth $40,500 a year more on average.
| Move to | Typical pay change | Overlap | Retraining |
|---|---|---|---|
| Quantitative Analyst Actuaries use mathematical models and programming that transfer to quantitative analysis, though further study in quantitative finance is required. | +$40,500 | 43% | reskill |
| Derivatives Trader Actuaries bring stochastic modelling and pricing skills to derivatives trading, with only a short course needed for market licensing. | +$30,200 | 55% | short course |
| Risk Manager Actuaries already assess and model risk, so moving into risk management needs little retraining and builds on that expertise. | +$19,700 | 27% | minimal |
| Management Consultant Actuaries bring quantitative modelling and risk expertise to management consulting, though consulting practice requires further study or retraining.Known move | +$19,400 | 18% | requalify |
| Forensic Accountant Actuarial modelling and risk analysis carry into forensic accounting, though investigating financial discrepancies requires further study in accounting.Known move | −$3,500 | 38% | reskill |
Moves are chosen from Jobs and Skills Australia's Data on Occupation Mobility, which follows income tax records between 2011-12 and 2020-21, together with entry requirements and skill overlap. A known move is one people were seen making in that data. Pay change compares median full-time pay for the two roles.
Who works as an actuary?
The typical actuary is 33 years old; 66% are men, 89% work full-time, and full-timers average 43 hours a week.
- 33
- Median age
- 34%
- Female share
- 89%
- Full-time
- +3h
- vs all-jobs avg
What's it like being an actuary?
The job is mostly desk work inside a reporting calendar, with quieter stretches of model building and heavier weeks around valuation, pricing reviews and year-end. The exams shape the first several years, because study sits alongside the job and progress through the qualification is what changes both the work you are given and what you are paid. It suits people who enjoy the model more than the meeting, and who are comfortable defending an estimate that will never be exactly right.
What people like
- The exams end. Fellowship takes years, but it is finite, and afterwards the work is about using the models rather than proving you can pass the subjects.
- Problems with no ready answer. Pricing something the market has not sold before, or modelling a rare and expensive event, means building the model from first principles and testing whether it holds up.
- Numbers that decide things. Actuaries rarely sell or manage, but their figures determine whether a product is launched, repriced or withdrawn, so the analysis carries weight without the sales pressure.
- Portable, predictable work. Insurance, super and banking all need the same skill set, so the work moves easily between sectors, and most roles follow a reporting cycle with pressure arriving at valuation deadlines.
What people find hard
- Several years of study after work. The exams are the price of entry, and sitting them while holding down a full-time role means evenings and weekends go into study for a long stretch.
- The same calendar every quarter. Valuation and reporting work repeats on a fixed cycle, and a fair share of it is updating models and checking figures that usually land close to last time.
- Delivering uncertain answers. The honest answer is often a range, and explaining why to a manager who wants a single number can be the least popular part of the job.
- Long stretches at a desk. Days are largely spent in models, spreadsheets and code, so it is a poor fit if you want to be talking to people for most of the day.
Based on our synthesis of professional-body surveys and public accounts of the role, not first-person verified reviews.
Which industries employ actuarys?
Financial and Insurance Services employs the largest share of actuarys, followed by Professional, Scientific and Technical Services.
Top employing industries
- 1Financial and Insurance Services
- 2Professional, Scientific and Technical Services
Ranked by employment share; the source doesn't publish an exact percentage per industry.
| Bachelor degree | 70% | |
|---|---|---|
| Postgraduate | 25.1% | |
| Year 12 or below | 2% | |
| Diploma / Advanced Diploma | 0.3% | |
| Certificate III/IV | 0.1% |
Will AI replace actuarys?
Actuarial work has low exposure to AI, because the value of the job sits in the assumptions rather than the arithmetic. Statistical software and actuarial modelling platforms already fit distributions, run projections and grind through scenario testing far faster than a person can, and that has been true for years, but deciding which assumptions are defensible and whether a model still describes the business stays with the actuary.
Share of typical working time by exposure level
- Pricing products and setting reservesSoftware speeds up fitting and scenario runs, but the margins, the assumption set and the final recommendation are matters of judgement that an actuary signs off.35%moderate
- Explaining results to clients, auditors and regulatorsWhen a reserve moves, a board or regulator asks why, and walking them through the drivers in plain language is a conversation no tool has.25%low
- Preparing and cleaning data for modelsExtracting and formatting claims, mortality and policy data is largely automated now, though someone still has to judge whether a dataset reflects how a particular book of business actually behaves.20%high
- Peer review and documentation for statutory reportingModel-audit tools catch formula errors quickly, but deciding whether an assumption still holds for the current portfolio is the review work itself.20%moderate
Common questions about becoming an actuary
Straight answers to the questions people ask most.
How much do actuaries earn?
The median for actuaries is $107,700 per year before tax, and that figure covers a workforce at very different stages of qualification. Pay moves with exam progress rather than time in the job, so qualification stage explains much of the difference between one actuary's package and another's.
How do you become an actuary?
You need a numerate degree and then the Actuaries Institute's exams, which most people sit while working in an actuarial team. Accreditation of your degree matters, because an accredited actuarial program covers the Foundation Program subjects at university while a maths or economics degree means clearing them through the Institute instead.
Are actuaries in demand?
Actuaries are currently not in shortage, and employment is projected to grow 27.5% over the decade to 2035. The profession is small, so most hiring happens through graduate programs at insurers, super funds and consulting firms rather than through advertised mid-career roles.
Will AI replace actuaries?
Actuarial work has low exposure to AI, because the model output is only part of the job. Software now handles much of the data preparation, fitting and scenario running, but choosing the assumptions, judging whether a model still reflects the business, and signing off the result remain with the actuary.
What can an actuary move into?
Risk management builds on the same modelling of downside and capital, and the pay is $19,700 more. Quantitative analysis and derivatives trading also draw on the same stochastic mathematics, though both call for further study or a short licensing course.
How long does it take to qualify?
From the start of a degree to Fellowship is typically five to eight years, and most of that overlaps with paid work. The university years cover the Foundation Program for accredited degrees, while the later exams and the practical experience requirement are completed in an actuarial role.
Related roles
- Forensic Accountant
- Management Consultant
- Derivatives Trader
- Quantitative Analyst
- Risk Manager
- Statistical Assistant
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