Career paths in actuarial science
With an actuarial degree you can unlock competitive salaries and global opportunities. Whether you work in a new field like data science and AI, or a more traditional field like insurance, your actuarial skills put you in high-demand.
Mastering data can take you anywhere
Unlock endless career opportunities as an actuary
Secure leadership positions
Our skills in data-driven decision-making mean we’re ideal for top leadership positions and advisor roles to business and government.
Work internationally
Mutual recognition of your qualification by overseas associations means we can work worldwide. Broaden your professional horizons.
Mutual recognition
Become an entrepreneur
We do customer experience, automation, decision insight, ESG and innovation better. This helps us launch consultancies, develop products or pioneer data science and AI solutions.
Career case studies
Discover how eminent actuaries started their career, interesting projects they’ve had, where they’ve worked and the steps they took to succeed.
Start your dynamic global career
“You can take on many different types of leadership and non-actuarial roles by applying your skillset, which makes for an exciting career ahead of you.”
Employers of actuaries
Work for the nation's most respected organisations
Actuaries are employed by many esteemed organisations and businesses in Australia. From start-ups to industry leaders, there are huge employment opportunities for actuaries.
What can you do with an actuarial degree?
From data science and AI, to general insurance and banking, actuaries work across a wide range of industries.
General insurance
In Australia, around 40% of actuaries work in general insurance. Actuaries' training in analytics and statistics allows them to assess how changing circumstances affect the financial stability of insurance products. General insurance includes car insurance, home insurance, pet insurance, workers' compensation, and product liability. Actuaries also determine the reserves needed for future claims from events like fires, floods, accidents, and motor vehicle incidents. General insurance actuaries use data analysis and precise models to measure risks, creating solutions that balance fair premiums with coverage needs.
Life insurance
The actuarial profession's roots are in life insurance, with over a quarter of Australian actuaries working in this field. Life actuaries play a crucial role in creating sustainable products and managing business operations. Besides setting premiums, designing products, assessing risks, evaluating profitability, and distributing surplus, actuaries also handle management, market strategy, corporate operations, IT development, training, oversight, and financial control. The life insurance sector constantly evolves due to changes in laws, regulations, financial reporting, and mergers. It's a statutory obligation for an Appointed Actuary to provide reports on the financial robustness of a Life Insurance Company.
Reinsurance
A reinsurance actuary is a specialised professional who focuses on reinsurance, where insurance companies transfer some of their risks to reinsurers. These actuaries assess, quantify, and manage risks in reinsurance arrangements, develop pricing models, and evaluate reinsurance contracts. Reinsurance actuaries are essential for managing the complex risks and financial arrangements between insurers and reinsurers. Their expertise helps insurance companies effectively manage risk exposure and maintain financial stability amid unpredictable events.
Health
Health actuaries ensure the financial stability of health insurance products and manage healthcare-related risks. Using their analytical skills and knowledge of the healthcare landscape, they develop sustainable insurance offerings and improve healthcare outcomes for individuals and communities. They perform analysis, risk assessment, and modeling to inform decisions on reserving, financial planning, pricing, and premium setting.
Superannuation
Nearly 20% of Australian actuaries work in superannuation, a compulsory part of employment packages and a major source of retirement income. Actuaries analyse member data, construct mathematical models that project financial outcomes, and assess government policy changes. They manage the uncertainty arising from variables like life expectancy, investment yields, and inflation rates. Their roles span executive management, product development, data analytics, valuations, pricing and consulting.
Not just a job - an adventure in making an impact
“Super’s pivotal importance for so many people and for the community at large is really appealing. It’s quite rewarding. You feel like you’re making a real difference to how people’s lives will play out financially at the end of their career when they retire.”
Banking, investments and financial services
Actuaries in the banking, investment or financial services sector are involved in risk management, portfolio optimisation, capital allocation, and modelling for complex financial products such as derivatives and structured securities. With their expertise in analysing financial transactions and assessing risks, actuaries are in high demand for various technical and management roles in the investment and financial services sectors.
Risk management
Enterprise Risk Management (ERM) is the process where organisations assess, control, exploit, finance, and monitor risks from all sources, for the purpose of increasing the organisation's short and long-term value to its stakeholders. In response to international risk management developments, evolving regulations (e.g., APRA LAGIC, Solvency II, and Basel II), the global financial crisis, and the growing complexity and interdependency of financial risks, ERM has gained significant momentum in Australia. It is now a critical part of management frameworks across all industries. Chartered Enterprise Risk Actuaries (CERAs) are the top professionals qualified to lead an organisation’s ERM program.
Consulting
Consulting actuaries provide specialised services to industries like insurance, superannuation, investment and financial services, health, or government and regulatory agencies. They help clients make informed decisions using their expertise in mathematics, statistics, risk assessment, financial analysis, and strategic decision-making. They work for consulting firms or as independent consultants.
Government and regulatory agencies
Actuaries in government roles work on public policy issues related to social insurance programs. These include social welfare, Medicare, and other government-sponsored benefits. They apply core actuarial techniques to manage long-term uncertainties in service delivery.
Data science, AI and technology
Actuaries play a pivotal role in modeling data, using techniques to extract maximum value while managing risk to solve business problems. As technology shapes various industries, actuaries are increasingly employed by tech companies and startups to assess risks related to data privacy, cybersecurity, and innovative financial products. They can improve products and services through personalisation, deploy AI to enhance supply chain automation, pioneer customer and asset-specific pricing strategies based on individual values and risk appetite, and support business sustainability through better environmental, social, and corporate governance (ESG) transparency.
Sustainability and the environment
Climate change poses significant environmental, economic and social risks to sectors where actuaries work, including government, insurance, banking, and investments. As risk management experts, actuaries collaborate with stakeholders to identify short and long-term climate impacts, develop response strategies, and implement risk management frameworks. Whether specialising in sustainability or not, actuaries incorporate climate considerations into their modelling. They analyse energy markets, commodity pricing and environmental factors, helping companies make informed decisions about resource management and usage.
Take the first step to become an actuary
To become a qualified actuary in Australia, you need to complete three Qualification Programs at the Institute. These include study and practical experience requirements.
