Frequently Asked Questions about Actuaries.

1. What is an Actuary?

Actuaries are amongst some of the brightest people in the business world.  Actuaries apply their mathematical expertise, statistical knowledge, economic and financial analyses and problem solving skills to wide range of practical business problems.  Actuaries assist organisations evaluate the long-term financial implications of their decisions, many of which can impact on individuals as well as the wider community

2.  What do they do?

Actuaries apply their skills in a variety of areas including:

• Measuring and managing risk and uncertainty
• Designing financial contracts
• Advising on investments
• Measuring demographic influences on financial arrangements
• Advising on a wide range of financial and statistical problems.

3. Where do Actuaries work?

• Banking & Finance
• Energy & Environment
• General Insurance
• Health
• Investments
• Life Insurance
• Risk Management
• Superannuation & Employee Benefits
• Wealth Management

4.  How many Actuaries are there in Australia?

The number of qualified Australian actuaries "Fellows" as at 23 September 2010 is 1767.

5.  How much do Actuaries earn?

A newly qualified Actuary can earn in excess of $100,000 per annum, senior experienced professionals earn in the vicinity of $200,000 per annum.

6.  How do I become an Actuary?

To qualify as an Actuary, you must complete the Institute's Education Program.  This program comprises five parts:

• Part I Actuarial Studies (Foundation)
• Part II Actuarial Studies (Actuarial Control Cycle)
• Part III Actuarial Studies (Specialisation)
• Practical Experience Requirement / Mentor Program
• Professionalism Course