The reputation of actuaries is highly regarded in the financial services industry and is fast growing in the many sectors actuaries are now working in.
See the ‘What does an actuary do?’ page for a snapshot of the type of jobs and work actuaries do, making an impact in Australian business, government and community
1. You can make a difference
Actuaries love their jobs because of the
ability to make a positive difference.
You’ll enjoy great street cred in the business
world and get a lot of satisfaction out of
solving really complex problems to help
business and society.
Many actuaries are passionate about global
issues and societal change. The Australian
Actuaries Climate Index was developed by
actuaries to help policymakers and Australia’s
businesses assess how the frequency of
weather extremes is changing over time.
2. It’s a top-ranking job
A number of career studies consistently rank actuarial as a highly attractive career.
US career comparison site ‘Career Cast’ ranked Actuary #1 in 200 careers in 2015 with very strong projected growth, excellent pay, low stress and a good job satisfaction.
‘US News Best Jobs’ scores actuarial 7 out of 10 based on salary, job market, future growth, stress and work life balance.
4. There are endless career opportunities
Actuaries’ skills in data-driven decision-making means they are ideal for top leadership positions and for roles as key advisers to business and government.
Many employers of actuaries offer incentives such as salary increases, bonuses and promotion as you pass your exams, become more experienced and achieve your professional designations.
Actuaries are sought after for senior executive roles such as CEO, Head of Risk, Lead Partner, and Chief Actuary.
If you enjoy challenges and solving complex problems, and you develop a track record of success, the opportunities for career advancement are endless.
A 2017 Jobs survey of Actuaries Institute members found Data Analytics was overwhelmingly the largest expected growth area (70%) followed by Risk Management (14%), Health (5%) and Banking (4%).
“Actuaries provide trusted strategic value to business by combining cutting edge data science with rigorous professional standards and deep commercial acumen.”
Actuaries have an edge over other professionals trying to break into the data science and analytics space because of their:
- actuarial training (especially in statistics);
- professional standards; and
- selection process to qualify.
Actuary and CEO of Quantium, Adam Druissi, said the rare and stand-out quality of actuaries is their combination of deep technical skills (grounding in mathematics, statistical modelling, data and analytics), financial skills and commercial skills.
“We hire a lot of graduate actuaries and we find that’s the three things they bring…it’s a pretty powerful combination,” said Adam.
Quantium is a globally recognised leader in the development of data-driven insights and one of the largest graduate employers in Australia.
The Institute and it’s Data Analytics Practice Committee is committed to seeing actuaries become the top sought-after professionals in data science and analytics jobs.
The Actuaries Institute's new Education Program has a strong focus on data analytics, including a subject in more advanced data and statistical analysis.