Career Choice: Actuary

What do Actuaries do?

Actuaries deal with risk. They decide how likely things such as death, sickness, injury, disability and loss of property are to occur. Actuaries also decide how much money it will take in order to get a certain amount of retirement income. They help design insurance policies and pension plans and try to make sure that they are sound.

Most actuaries work for insurance companies. Some work in life and health insurance. Others work in property and casualty insurance. Actuaries make tables that show how likely it is that a claim will be made by a customer. They use these tables to decide how much the company will have to pay in claims. They make sure that the company charges enough to pay these claims. This amount must be enough for the company to make a profit. It must also be in line with what other insurance companies are charging.

Actuaries work in offices. They often work at least 40 hours a week. Some actuaries may travel to meet with clients.

How do I prepare to become an Actuary?

Actuaries need to know a lot about math and general business. Those just starting in the field often have a college degree in math, actuarial science, or statistics. Some have a degree in economics, finance, or accounting.

More companies are hiring people who have some training in liberal arts and business. It is also important to be able to communicate well. Computer skills are becoming more important too.

What are the earning potentials?

Weekly Earnings (full time and before tax)

• $817 - All Ages
• $666 - Ages 20-24

Source: ABS Employee Earnings, Benefits and Trade Union Membership, August 2003.

What are the Job prospects for Actuaries?

• Very Good
• Good < Actuary
• Average
• Below Average
• Limited