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ANZSCO 2241Skill level 1Business and finance

Actuary

Use mathematical and statistical models to price insurance, manage superannuation and quantify financial risk.

Registration: Actuaries Institute Associate (AIAA) or Fellow (FIAA)

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Salary

Cited figures from Job Outlook and QILT. ExamExplained does not publish predictive earnings or projections.

FigureAUDSource
Full-time weekly earnings$2750Job Outlook (2025-06-01)
Graduate starting salary$85,000QILT (2025-03-01)

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What a actuary actually does

Actuaries spend a big chunk of the day inside spreadsheets, R, Python or specialised software like Prophet, building or validating models that price risk. Tasks rotate between pulling and cleaning policy or claims data, rerunning models when assumptions change, and sense-checking the output before it goes to a pricing committee or a regulator. Mornings often have a stand-up with the actuarial team and a working session with underwriters, product managers, or super-fund trustees. Afternoons tend to be deeper modelling and writing up findings. Most actuaries work 38-45 hours a week in insurance, super, banking or consulting. Peak workload sits around half-year and full-year reporting cycles when capital and reserving sign-off is due, and at major repricing or new-product launches. The job is mostly desk-based, hybrid two or three days a week in most insurers and consultancies.

Typical tasks

  • Build and validate pricing models.
  • Conduct loss-reserving and capital analyses.
  • Communicate findings to non-technical executives.

Skills you'll use

  • Probability, statistics and stochastic modelling
  • Excel plus at least one of R, Python or SAS
  • Reading legislation and APRA prudential standards
  • Building and documenting models that other people can audit
  • Explaining risk and uncertainty to non-technical executives
  • Project planning around regulatory reporting deadlines

How to become one

  1. 1Finish Year 12 with Maths Advanced or Methods (or both Methods and Specialist where available); Standard Maths will not get you into an accredited actuarial degree
  2. 2Complete an actuarial-accredited Bachelor of Actuarial Studies or Bachelor of Commerce / Science with an actuarial major (3-4 years)
  3. 3Pass the Part I subjects through your accredited university courses to earn exemptions from the Actuaries Institute
  4. 4Apply for a graduate role in life insurance, general insurance, super, banking, or consulting (most large insurers recruit a year before graduation)
  5. 5Sit and pass Part II (Actuary Program) and Part III (Fellowship subjects) through the Actuaries Institute alongside full-time work (typically 4-7 years part-time)
  6. 6Apply for Associate (AIAA) and then Fellow (FIAA) membership of the Actuaries Institute as you complete the exam series and required experience

Where you can work

  • Life insurers and general insurers
  • Reinsurers and Lloyd's syndicates with Australian offices
  • Superannuation funds and master trusts
  • Major banks and wealth managers
  • APRA and ASIC (regulators)
  • Big-four and specialist actuarial consulting practices
  • Federal and state government finance and treasury teams

Career progression

Typical stages and salary bands. Salary figures are sourced from Job Outlook, QILT or industry bodies; brackets are 25th-75th percentile not absolute floors or ceilings.

  1. Graduate analyst
    0-2 years
    Typical roles: Actuarial analyst, Pricing analyst, Capital analyst
    Salary band: $75,000 - $95,000 per year (source, sourced 2026-05-21)
  2. Nearly or newly qualified
    3-6 years
    Typical roles: Senior actuarial analyst, Pricing manager, Reserving actuary
    Salary band: $110,000 - $160,000 per year (source, sourced 2026-05-21)
  3. Fellow / manager
    7-12 years
    Typical roles: Appointed actuary, Head of pricing, Manager, consulting
    Salary band: $170,000 - $250,000 per year (source, sourced 2026-05-21)
  4. Chief Actuary / Partner
    12+ years
    Typical roles: Chief Actuary, Partner, actuarial consulting, Head of capital

Is this for you?

You might love this if

  • You're comfortable spending years in maths-heavy university and post-grad study
  • You enjoy building a model and then stress-testing it
  • You can sit with uncertainty rather than push for a false-precise answer
  • You can take a technical answer and re-explain it for executives or trustees
  • You're patient with long exam pathways

This might not suit you if

  • You want a creative or hands-on role with little spreadsheet work
  • You dislike studying alongside full-time work for many years
  • You want fast career change without sitting external exams
  • You hate writing up reports and committee papers

Three ways in

Uni, TAFE and trade routes for actuary. Not every career has all three; we only list pathways that actually lead to this occupation.

University

Bachelor degrees that lead to this career.

TAFE / VET

Nationally accredited Certificate and Diploma qualifications.

No direct TAFE pathway to this career.

Apprenticeship trade

Earn while you learn through an Australian Apprenticeship.

Not an apprenticeship trade.

Sources

ExamExplained does not publish predictive salary figures. For current Australian earnings data check Job Outlook directly. Career classifications follow the ABS ANZSCO 2022 release.