What's it like to be an Actuary?
An Actuary uses mathematical, economic, statistical and financial analysis and knowledge to identify, evaluate and minimise risk and uncertainty in a variety of business settings.
Tasks and duties
- Examining and analysing statistics related to risks and calculate the possible financial consequences of those risks.
- Estimating future probabilities of events and establish premiums, expected rates of return or contributions for clients and companies.
- Ensuring companies have appropriate finance available to minimise the impact of risk and uncertainty.
Actuaries are individuals with excellent problem-solving skills, in addition to possessing superior analytical, statistical and mathematical abilities.
Actuaries tend to be employed within the industries of insurance, superannuation, fund management, investments, education, health financing and banking.
What can I earn as an Actuary?
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How to become an Actuary
- Complete a Bachelor of Actuarial Studies or a Bachelor of Commerce (majoring in Actuarial Studies) at an accredited university.
- The governing body for actuaries is the Australian Institute of Actuaries. To qualify as an actuary in Australia you must ensure that you complete an accredited education program that covers the Institute’s “Part II syllabus”, although exemptions are possible based on your university grades. Then complete the four-module Part III, which is offered by distance through the Actuaries Institute, where you learn how to apply the concepts, processes and technical skills of being an actuary.
- Complete the three-year practical experience requirement and the professionalism course in order to become an accredited associate actuary.
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