Why become an actuary?

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

Top 5 reasons to study actuarial

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.

<a href="https://www.actuaries.asn.au/microsites/climate-index/about/latest-news">Updated - Australian Actuaries Climate Index</a>

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.

Actuarial Studies APRIL

Other reports:

 3. It’s well paid

  • Being an actuary is one of the highest paid professions and graduate actuaries are highly employable.
  • The average actuarial graduate salary is $84,000 TRP* compared to $61,000 TRP for a non-actuarial graduate.
    Actuaries with 10 years+ experience earn an average salary of $185,000+ TRP.
    Many actuaries who are in Executive positions earn salaries in excess of $300,000.

    *Total Remuneration Package
Actuarial Studies salary

 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.

5. It’s an inclusive profession

When you become an actuary, you don’t just get a job, you join a profession.

  • You will join a highly diverse and inclusive profession.
  • The Actuaries Institute (the professional body for actuaries) strives to create an environment where everyone feels they belong and that they are able to live their professional life in their way, without disadvantage, irrespective of any perceived differences that exist.
  • We also strive to support members to build diversity, inclusion and belonging into their own workplaces.