How to become an Actuary

How to become an Actuary

According to the Actuaries Institute, actuaries evaluate risk and opportunity – they apply mathematical, statistical, economic and financial analyses to a wide range of business problems.  We work in new, high-growth fields, such as data science, energy resources, and climate risk in addition to more readily recognised fields like insurance, superannuation, wealth management, investments, health financing, and banking.  Many actuaries also hold executive positions in the operational management of financial institutions.  

Students might like to watch this short YouTube clip - What do you do in your current job as an Actuary? - YouTube  to learn more.

The actuarial education program in Australia is made up of three parts, the Foundation Program, the Actuary Program, and the Fellowship Program. 

Foundation Program – studying an undergraduate actuarial degree at one of eight accredited universities seven in Australia and one in New Zealand.

Actuary Program – students learn how to apply their technical actuarial skills to a range of problems across different business environments.  Two subjects in this program are taught by the accredited universities with the other two being delivered by the Actuaries Institute in an online environment.

Fellowship Program – this level is offered online through the Actuaries Institute.   It builds on the Foundation and Actuary Programs and teaches students how to apply their skills and complete studies in specialist areas of practice.

Students can become a fully qualified actuary by applying to become a Fellow of the Institute of Actuaries of Australia (FIAA).  To qualify as a Fellow, members need to have passed or been exempted from the Institute's examinations, met the practical experience requirement, and completed a recognised Professionalism Course. 

Find out more at Becoming an Actuary | Actuaries Institute and FAQs.