Actuary
Actuaries use mathematics and statistics to model uncertain future events, so insurers, super funds and banks can price risk and hold 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
- 3 out of 10
- Average hours
- 43/wk
+3h vs all jobs
- Shortage status
- Not in shortage
national
- Actuaries work out the likely financial cost of uncertain events such as insurance claims, life expectancy and investment losses, mostly for insurers, super funds, banks and the consulting firms that advise them.
- People sometimes mistake the work for data analytics or accounting, but the professional qualification is what allows an actuary to certify reserves and pricing assumptions.
- You need a numerate degree and then several years of Actuaries Institute exams, usually studied while you work.
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.
Your stage of qualification moves the figure most: a part-qualified analyst earns well below a Fellow of the Actuaries Institute, and each exam passed closes some of that gap. Consulting firms and investment-side employers tend to pay bonuses on top of base salary, while insurers usually work to structured bands with paid study leave. Ask any employer whether exam fees and study days are covered, and whether a salary figure includes super and bonus.
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 against future claims
- Studying for professional actuarial exams around a full-time workload
- Explaining the assumptions behind a model to underwriters, finance staff or clients
- Checking data sources and calculations before figures go into a statutory report
- Rerunning valuations when new mortality, claims or market data arrives, then tracing 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.
- 1Start with a numerate degree
Actuarial science is the direct route, and some universities offer accredited degrees that earn exemptions from some Foundation subjects. Mathematics, statistics, economics, engineering or physics also work, though you may have to sit more exams to cover the gaps.
- 2Pass the Foundation program
This is the first stage of the Actuaries Institute qualification, covering probability, financial mathematics, economics, accounting and modelling. It usually overlaps with the later years of your degree.
- 3Find a graduate role while you keep studying
Most people work in insurance, superannuation, banking or consulting through the Fellowship years, and many employers pay exam fees and grant study leave. Ask about that support before you accept an offer, because it changes what the qualification costs you in time and money.
- 4Complete the Fellowship program to qualify
The later subjects, the professionalism course and the required work experience take several years of part-time study. You become an Associate partway through and a Fellow at the end, and that title is what allows you to sign off regulated work.
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.
- Management ConsultantRecorded move$127,100+$19,400
- Forensic AccountantRecorded move$104,200−$3,500
- Quantitative AnalystSuggested move$148,200+$40,500
- Derivatives TraderSuggested move$137,900+$30,200
Thick lines are moves people were recorded making in Jobs and Skills Australia's Data on Occupation Mobility (income tax records, 2011-12 to 2020-21). Thin lines are moves we suggest from skill overlap and entry requirements.
| 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?
Your week is mostly desk work with data, code and spreadsheets: building a model, then defending what it says to people who have to make a decision from it. Exam study runs alongside the job, so a normal year includes evening and weekend hours that graduates in other fields don't carry. Deadline pressure clusters around valuation and reporting dates, when a late data change can mean reworking everything quickly. You'll like this work if problems with a checkable answer hold your interest; if you thrive on quick results and frequent feedback, the exam years are hard to sustain.
What people like
- Your numbers end up in real decisions. The reserves and prices you help set determine what customers pay and whether the company can meet its claims, and regulators review that work line by line.
- Each exam lifts your pay and standing. Qualification is progressive, so passing a subject usually brings a pay rise and more responsibility long before you finish the whole program.
- Small profession, wide range of problems. Actuaries work across life and general insurance, superannuation, banking, investments and climate risk, so you can change field without starting your career over.
- Colleagues who reason the same way. You'll work alongside a small group of people who share the technical language, with mentoring and study groups built into most employers' actuarial programs.
What people find hard
- The exams take years. Most people study part time for several years after graduating, and the exam schedule sets the rhythm of your twenties in a way few other professions demand.
- Deadlines crowd around valuation dates. Quarterly and annual reporting dates land close together, and a correction to the underlying data can mean rebuilding a calculation under time pressure.
- Slow feedback. A calculation can take weeks to build and months to be used, so you rarely see the effect of your work the way a sales or operations team does.
- Screen-bound days. Long stretches of reading code, spreadsheets and reports take a toll on your eyes and back, and the work offers little movement or variety in setting.
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?
Low exposure. Unlikely. AI will change some of the work around this job, not the job itself.
AI speeds up how quickly a calculation can be built and tested, but it leaves the judgement alone: choosing assumptions, checking sensitivity, and defending the result to a regulator. These tools are already standard in the profession, so the practical effect is fewer hours writing code and more spent interpreting what comes out. Anyone entering the job now should put study time into Python or R, into checking data quality, and into explaining a result to people who don't share the technical background.
How a typical week splits
- Cleaning and preparing claims and mortality data20% of the week
Pulling claims, mortality or market data into a usable form still takes scripting, but AI tools now write much of that code and flag obvious errors before you look at them.
- Reporting, documentation and regulatory submissions30% of the week
AI drafts the standard sections and compares figures with prior periods, but a qualified actuary signs the report and answers the regulator's follow-up questions.
- Building and running pricing and reserving calculations25% of the week
Software handles the arithmetic, while you choose the assumptions, test the sensitivity and decide whether the result makes sense for the portfolio.
- Explaining results to underwriters, clients or a board25% of the week
Turning a set of assumptions into a decision people will act on depends on knowing which two or three numbers they need and what worries them about the risk.
How we work this out
We break each job into its main tasks, estimate the share of a typical week each one takes, and judge how far current AI and automation tools reach into it. The score out of 10 starts from the job's overall rating (low is 1 to 3, moderate 4 to 6, high 7 to 10) and the task split places it within that range. Source: Career Tips analysis of each role's main tasks.
Common questions about becoming an actuary
Straight answers to the questions people ask most.
How much do actuaries earn?
Full-time actuaries earn $107,700 per year before tax. Pay rises as you pass exams and move into a specialty such as life insurance, general insurance or investment, so the range across the profession is wide. Ask where a particular role sits on that path.
How do you become an actuary in Australia?
You complete a numerate degree, then work through the Actuaries Institute's Foundation and Fellowship programs while employed, which usually takes several years after graduation. Employers in insurance, superannuation and consulting commonly fund the exams, so line up a graduate role before you finish your degree.
Are actuaries in demand in Australia?
Actuaries are currently not in shortage, and employment is projected to grow 27.5% over the decade to 2035. With about 2,400 people in the profession, an internship or cadetship during your degree puts you in front of employers before you graduate.
Will AI replace actuaries?
Software has handled the arithmetic for decades, and the newer tools draft code, check data and summarise documents, so routine number work needs fewer people. What hasn't moved is the professional sign-off on reserves and pricing, which stays with a qualified actuary who can answer a regulator. Build depth in one area such as life insurance or climate risk, because a specialist is harder to replace.
What else can actuaries move into?
Risk management draws directly on the risk assessment you already do, and you'd earn $19,700 more. Banks also hire actuaries as quantitative analysts, where the same mathematics and programming apply, with pay $40,500 more. Management consulting is another option, paying $19,400 more, though the daily work leans on clients and strategy.
Can you become an actuary without an actuarial degree?
Yes. A degree in mathematics, statistics, economics or engineering can lead into the profession, though you may need to pass extra Foundation subjects to cover the actuarial material. Check the Actuaries Institute's current subject requirements before you commit to a degree, since exemptions depend on what it covers.
Related roles
- Forensic Accountant
- Management Consultant
- Derivatives Trader
- Quantitative Analyst
- Risk Manager
- Statistical Assistant
Not sure this is you? Take the career quiz and get a ranked shortlist of roles that fit how you like to work.
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