Actuaries, Mathematicians and Statisticians

ANZSCO ID 2241

Overview

Snapshot

Employed
7,500
Future Growth
11%
Weekly Earnings
$1,931
Full-Time Share
79%
Female Share
43%
Average age
37

Summary

Actuaries, Mathematicians and Statisticians develop and apply actuarial, mathematical, statistical and quantitative principles and techniques to solve problems in a range of fields such as business and finance, scientific and social research, and engineering.

Tasks

  • defining, analysing and solving complex financial and business problems relating to areas such as insurance premiums, annuities, superannuation funds, pensions and dividends

  • examining financial projections for general insurance companies, finance companies, government and other organisations

  • designing new types of policies, assessing risks and analysing investments in life insurance, superannuation funds, health insurance, friendly societies, financial markets and other areas

  • formulating mathematical models to simulate processes

  • applying models to experimental observations, and adjusting and recasting the models

  • using numerical analysis methods to develop algorithms and perform computations

  • liaising with management and clients to determine the subject or area to be surveyed or examined

  • specifying the data to be collected, and the methodology to be used in collection and analysis

  • evaluating and describing the reliability and utility of source information

  • analysing and interpreting data, and producing relevant statistics to describe and infer particular trends and patterns

Characteristics

Job Type
Professionals
Skill Level
Very high skill
ANZSCO Occupation group
Unemployment Rate
Average
Industries
Pathway(s)
  • University
Interests
  • Analytical
  • Administrative
Physical Demand
  • Sedentary

Outlook

Employment Outlook

The NSC produces employment projections to show where likely future job opportunities may be. The latest data are for the five years from November 2021 to November 2026. Over this period, the number of workers:

  • is expected to grow strongly
  • is likely to reach 18,500 by 2026.
  • Source: National Skills Commission Employment Projections to 2026.

    Notes: The number employed includes people who work in this occupation as their main job. People who work in more than one job are counted against the occupation they work the most hours in.

    Employment projections figures are rounded to the nearest 100. Calculations based on these rounded figures may result in differences to the numbers that are displayed on this page. Employment projections data (including occupations) can be downloaded from the Employment Projections page.

Projected Change
11%
(or 1,800 jobs)
From
16,700
in 2021
To
18,500
in 2026

Number of Workers

Source: ABS Labour Force Survey, ABS seasonally adjusted data to November 2021 and National Skills Commission Employment Projections to 2026.
Year Employment
2011 6,600
2012 7,100
2013 6,100
2014 5,800
2015 7,500
2016 9,800
2017 8,700
2018 8,400
2019 9,900
2020 9,600
2021 16,700
2026 18,500

Source: ABS Labour Force Survey, ABS seasonally adjusted data to November 2021 and National Skills Commission Employment Projections to 2026.


Earnings and hours

Working arrangements

  • Around 79% of people employed as Actuaries, Mathematicians and Statisticians work full-time hours, in all their jobs combined. This is 13 percentage points above the all jobs average (66%).

    Full-time workers work an average of 42 hours per week in their main job. This is similar to the all jobs average (44 hours per week).

    Median full-time earnings are $1,931 per week, this is much higher than the all jobs median ($1,593):

    • 3 in 4 workers earn more than $1,691
    • 1 in 4 earn more than $2,293

    Median hourly earnings are $55, this is more than the all jobs median ($41 per hour).

    Sources: Full-time share and full-time hours: ABS, 2016 Census, customised report. Compared to the all jobs average. Full-time median earnings and median hourly earnings: ABS, Survey of Employee Earnings and Hours, May 2021. Compared to all jobs median.

Weekly Earnings (Before Tax)

Source: Based on ABS Survey of Employee Earnings and Hours, May 2021, Customised Report. Median weekly total cash earnings for full-time non-managerial employees paid at the adult rate. Earnings are before tax and include amounts salary sacrificed. Earnings can vary greatly depending on the skills and experience of the worker and the demands of the role. These figures should be used as a guide only, not to determine a wage rate.
Earnings Actuaries, Mathematicians and Statisticians All Jobs Average
Full-Time Earnings 1,931 1,593
Total Earnings 0 0

Source: Based on ABS Survey of Employee Earnings and Hours, May 2021, Customised Report. Median weekly total cash earnings for full-time non-managerial employees paid at the adult rate. Earnings are before tax and include amounts salary sacrificed. Earnings can vary greatly depending on the skills and experience of the worker and the demands of the role. These figures should be used as a guide only, not to determine a wage rate.


Industries

Main industries

1
Financial and Insurance Services
38.1%
2
Public Administration and Safety
20.9%
3
Professional, Scientific and Technical Services
19.4%
4
Education and Training
11.9%
5
Other industries
9.0%

Regions

Employment across Australia

NSW

43.0% All occupations: 31.6%

VIC

21.5% All occupations: 25.6%

QLD

10.8% All occupations: 20.0%

SA

6.0% All occupations: 7.0%

WA

6.4% All occupations: 10.8%

TAS

1.8% All occupations: 2.0%

NT

0.6% All occupations: 1.0%

ACT

9.7% All occupations: 1.9%

Employment by State and Territory (% Share)

State Actuaries, Mathematicians and Statisticians All Jobs Average
NSW 43.0 31.6
VIC 21.5 25.6
QLD 10.8 20.0
SA 6.0 7.0
WA 6.4 10.8
TAS 1.8 2.0
NT 0.6 1.0
ACT 9.7 1.9


  • Around 90% of Actuaries, Mathematicians and Statisticians live in capital cities, compared with the all jobs average of 62%.

    New South Wales and the Australian Capital Territory have a large share of employment relative to their population size.

    The region with the largest share of workers is Melbourne - Inner South.

    Source: Based on ABS Census 2016, Customised Report. Share of workers across Australian states, territories and regions, in this job compared to the all jobs average.


Worker profile

Age and gender

Age In Years
37
All Jobs Average is 40
Female Share
43%
All Jobs Average is 48%
  • The median age of Actuaries, Mathematicians and Statisticians is 37 years. This is similar to the all jobs average of 40 years.

    A large share of workers are aged 25 to 34 years.

    Females make up 43% of the workforce. This is 5 percentage points below the all jobs average of 48%.

    Source: Based on ABS Census 2016, Customised Report. Age profile and gender share compared to the all jobs average.

Age Profile (% Share)

Source: Based on ABS Census 2016, Customised Report. Age profile of workers in this job compared to the all jobs average.
Age Bracket Actuaries, Mathematicians and Statisticians All Jobs Average
15-19 0.4 5.0
20-24 7.3 9.3
25-34 35.7 22.9
35-44 27.2 22.0
45-54 17.3 21.6
55-59 6.1 9.0
60-64 3.6 6.0
65 and Over 2.5 4.2
Median Age 37 40

Source: Based on ABS Census 2016, Customised Report. Age profile of workers in this job compared to the all jobs average.


Employment Pathways

Education, training and experience

A bachelor degree in a related field is needed to work as an Actuary, Mathematician or Statistician. Many workers have a postgraduate qualification.

Visit

  • Course Seeker to search and compare higher education courses.
  • ComparED to compare undergraduate and postgraduate student experiences and outcomes.

Highest Level of Education (% Share)

Source: ABS Census 2016, Customised Report. Highest qualification completed by workers in this job (in any field of study). Qualifications needed by new workers might be different from the qualifications of workers already in the job.
Type of Qualification Actuaries, Mathematicians and Statisticians All Jobs Average
Post Graduate/Graduate Diploma or Graduate Certificate 45.4 10.1
Bachelor degree 44.8 21.8
Advanced Diploma/Diploma 2.1 11.6
Certificate III/IV 1.4 21.1
Year 12 5.3 18.1
Year 11 0.4 4.8
Year 10 and below 0.6 12.5

Source: ABS Census 2016, Customised Report. Highest qualification completed by workers in this job (in any field of study). Qualifications needed by new workers might be different from the qualifications of workers already in the job.


Skills and Knowledge

Employers look for Actuaries, Mathematicians and Statisticians who have strong attention to detail, can communicate clearly and can work well in a team.

Skills

Skills can be improved through training or experience.

  • 80%

    Mathematics

    Using maths to solve problems.

  • 68%

    Reading comprehension

    Reading work related information.

  • 64%

    Critical thinking

    Thinking about the pros and cons of different ways to solve a problem.

  • 63%

    Active learning

    Being able to use what you have learnt to solve problems now and again in the future.

  • 61%

    Writing

    Writing things for co-workers or customers.

  • 57%

    Programming

    Writing computer programs.

  • 57%

    Science

    Using scientific rules and methods to solve problems.

  • 57%

    Speaking

    Talking to others.

  • 55%

    Complex problem solving

    Noticing a problem and figuring out the best way to solve it.

  • 55%

    Judgment and decision making

    Figuring out the pros and cons of different options and choosing the best one.

  • 54%

    Active listening

    Listening to others, not interrupting, and asking good questions.

  • 52%

    Operations analysis

    Understanding needs and product requirements to create a design.

  • 50%

    Learning strategies

    Figuring out the best way to teach or learn something new.

  • 48%

    Systems analysis

    Figuring out how a system should work and how changes in conditions, operations, and the environment will affect it.

  • 48%

    Instructing

    Teaching people how to do something.

  • 46%

    Monitoring

    Keeping track of how well work is progressing so you can make changes or improvements.

  • 45%

    Systems evaluation

    Measuring how well a system is working and how to improve it.

  • 41%

    Coordination with others

    Being adaptable and coordinating work with other people.

  • 41%

    Time management

    Managing your own and other peoples' time to get work done.

  • 37%

    Persuasion

    Talking people into changing their minds or their behaviour.


Knowledge

These are important topics, subjects or knowledge areas.

  • 89%

    Mathematics

    Arithmetic, algebra, geometry, calculus, or statistics.

  • 71%

    Computers and electronics

    Circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.

  • 64%

    English language

    English language including the meaning and spelling of words, rules of composition, and grammar.

  • 53%

    Education and training

    Curriculum and training design, teaching and instruction for individuals and groups, and the measurement of training effects.

  • 47%

    Administration and management

    Business principles involved in strategic planning, leadership, and coordinating people and resources.

  • 42%

    Clerical

    Word processing, managing files and records, stenography and transcription, designing forms, and other office work.

  • 38%

    Customer and personal service

    Understanding customer needs, providing good quality service, and measuring customer satisfaction.

  • 29%

    Personnel and human resources

    Recruiting and training people, managing pay and other entitlements (like sick leave), and negotiating pay and conditions.

  • 24%

    Biology

    Plant and animal organisms, their tissues, cells, functions, how they rely on and work with each other and the environment.

  • 23%

    Engineering and technology

    Use engineering, science and technology to design and produce goods and services.

  • 22%

    Physics

    The physical laws of matter, motion and energy, and how they interact through space and time.

  • 22%

    Production and processing

    Raw materials, production processes, quality control, costs, and ways of making and distributing goods.

  • 21%

    Communications and media

    Media production, communication, and dissemination. Includes written, spoken, and visual media.

  • 21%

    Geography

    Describing land, sea, and air, including their physical characteristics, locations, how they work together, and the location of plant, animal, and human life.

  • 21%

    Psychology

    Human behaviour; differences in ability, personality, and interests; learning and motivation; research methods; assessing and treating disorders.

  • 17%

    Economics and accounting

    Economics and accounting, the financial markets, banking and checking and reporting of financial data.

  • 17%

    Law and government

    How our laws and courts work. Government rules and regulations, and the political system.

  • 14%

    Technical design

    Design techniques, tools, and principles used to make detailed technical plans, blueprints, drawings, and models.

  • 12%

    Public safety and security

    Use of equipment, rules and ideas to protect people, data, property, and institutions.

  • 12%

    Telecommunications

    Transmission, broadcasting, switching, control, and operation of telecommunications systems.


Abilities

Workers use these physical and mental abilities..

  • 77%

    Mathematics

    Choose the right maths method or formula to solve a problem.

  • 73%

    Oral comprehension

    Listen to and understand what people say.

  • 73%

    Working with numbers

    Add, subtract, multiply, or divide.

  • 71%

    Oral expression

    Communicate by speaking.

  • 71%

    Written comprehension

    Read and understand written information.

  • 70%

    Deductive reasoning

    Use general rules to find answers or solve problems logically.

  • 70%

    Written expression

    Write in a way that people can understand.

  • 64%

    Inductive reasoning

    Use lots of detailed information to come up with answers or make general rules.

  • 59%

    Sorting or ordering

    Order or arrange things in a pattern or sequence (e.g., numbers, letters, words, pictures, mathematical operations).

  • 57%

    Near vision

    See details that are up-close (within a few feet).

  • 57%

    Categorising

    Come up with different ways of grouping things.

  • 55%

    Problem spotting

    Notice when something is wrong or is likely to go wrong, even if you can't solve the problem.

  • 54%

    Brainstorming

    Come up with a number of ideas about a topic, even if the ideas aren't very good.

  • 52%

    Originality

    Come up with unusual or clever ideas, or creative ways to solve a problem.

  • 50%

    Speech clarity

    Speak clearly so others can understand you.

  • 48%

    Flexibility of closure

    See a pattern (a figure, object, word, or sound) hidden in other distracting material.

  • 46%

    Speech recognition

    Identify and understand the speech of another person.

  • 45%

    Speed of recognition

    Quickly make sense of and organize things you can see like letters, numbers, pictures, or other things.

  • 43%

    Selective attention

    Pay attention to something without being distracted.

  • 41%

    Perceptual speed

    Use your eyes to quickly compare groups of letters, numbers, pictures, or other things.


Activities

These are kinds of activities workers regularly do in this job.

  • 92%

    Making sense of information and ideas

    Looking at, working with, and understanding data or information.

  • 88%

    Collecting and organising information

    Compiling, coding, categorizing, calculating, tabulating, auditing, or checking information or data.

  • 80%

    Explaining things to people

    Helping people to understand and use information.

  • 80%

    Thinking creatively

    Using your own ideas for developing, designing, or creating something new.

  • 78%

    Making decisions and solving problems

    Using information to work out the best solution and solve problems.

  • 76%

    Keeping your knowledge up-to-date

    Keeping up-to-date with technology and new ideas.

  • 75%

    Communicating within a team

    Giving information to co-workers by telephone, in writing, or in person.

  • 72%

    Giving expert advice

    Providing guidance and expert advice to management or other groups.

  • 72%

    Planning and prioritising work

    Deciding on goals and putting together a detailed plan to get the work done.

  • 71%

    Researching and investigating

    Looking for, getting and understanding different kinds of information.

  • 70%

    Working with computers

    Using computers to program, write software, set up functions, enter data, or process information.

  • 65%

    Documenting or recording information

    Entering, transcribing, recording, storing, or maintaining information in written or electronic/magnetic form.

  • 64%

    Building good relationships

    Building good working relationships and keeping them over time.

  • 64%

    Communicating with the public

    Giving information to the public, business or government by telephone, in writing, or in person.

  • 62%

    Looking for changes over time

    Comparing objects, actions, or events. Looking for differences between them or changes over time.

  • 58%

    Estimating amounts, costs and resources

    Working out sizes, distances, amounts, time, costs, resources, or materials needed for a task.

  • 58%

    Training and teaching others

    Understanding the needs of others, developing training programs, and teaching or instructing.

  • 57%

    Scheduling work and activities

    Working out the timing of events, programs, and activities, as well as the work of others.

  • 51%

    Coming up with systems and processes

    Deciding on goals and figuring out what you need to do to achieve them.

  • 49%

    Checking compliance with standards

    Deciding whether events or processes comply with laws, regulations, or standards.


Interests and demands

Learn about the daily activities, and physical and social demands faced by workers. Explore the values and work styles that workers rate as most important.

Interests

Interests are the style or type of work we prefer to do. All interest areas are shown below.

  • 90%

    Administrative

    Following set procedures and routines. Working with numbers and details more than with ideas, usually following rules.

  • 86%

    Analytical

    Ideas and thinking. Searching for facts and figuring out problems in your head.

  • 33%

    Practical

    Practical, hands-on work. Often with plants and animals, or materials like wood, tools, and machinery.

  • 29%

    Creative

    Working with forms, designs and patterns. Often need self-expression and can be done without following rules.

  • 29%

    Enterprising

    Starting up and carrying out projects. Leading people and making many decisions. Sometimes require risk taking and often deal with business.

  • 14%

    Helping

    Working with people. Helping or providing service to others.


Values

Work values are important to a person’s feeling of satisfaction. All six values are shown below.
  • 81%

    Independence

    Work alone and make decisions. Workers are able to try out their own ideas, make decisions on their own, and work with little or no supervision.

  • 76%

    Achievement

    Results oriented. Workers are able to use their strongest abilities, giving them a feeling of accomplishment.

  • 71%

    Recognition

    Advancement and the potential to lead. Workers are recognised for the work that they do, they may give directions and instructions to others, and they are looked up to in their company and their community.

  • 67%

    Relationships

    Serve and work with others. Workers usually get along well with each other, do things to help other people, and are rarely pressured to do things that go against their sense of right and wrong.

  • 67%

    Working conditions

    Job security and good working conditions. There is usually a steady flow of interesting work, and the pay and conditions are generally good.

  • 43%

    Support

    Supportive management that stands behind employees. Workers are treated fairly by their company, they are supported by management, and have supervisors who train them well.


Demands

The physical and social demands that workers face most often are shown below:
  • 98%

    Spend time sitting

    Spend time sitting at work.

  • 95%

    Electronic mail

    Use electronic mail.

  • 94%

    Being exact or accurate

    Be very exact or highly accurate.

  • 88%

    Freedom to make decisions

    Have freedom to make decision on your own.

  • 87%

    Face-to-face discussions

    Talk with people face-to-face.

  • 85%

    Indoors, heat controlled

    Work indoors with access to heating or cooling.

  • 84%

    Telephone

    Talk on the telephone.

  • 81%

    Unstructured work

    Have freedom to decide on tasks, priorities, and goals.

  • 76%

    Impact of decisions

    Make decisions that have a large impact on other people.

  • 76%

    Teamwork

    Work with people in a group or team.

  • 67%

    Contact with people

    Have contact with people by telephone, face-to-face, or any other way.

  • 66%

    Letters and memos

    Write letters and memos.

  • 63%

    Competition

    Compete with others, or be aware of competitive pressures.

  • 63%

    Time pressure

    Work to strict deadlines.

  • 62%

    Frequent decision making

    Frequently make decisions that impact other people.

  • 55%

    Lead or coordinate a team

    Lead others to do work activities.

  • 54%

    Repeating same tasks

    Repeat the same tasks or activities (e.g., key entry) over and over, without stopping.

  • 54%

    Responsible for outcomes

    Take responsibility for the results of other people's work.

  • 51%

    Consequence of error

    Work where mistakes have serious consequences.

  • 51%

    Physically close to people

    Work physically close to other people.

Occupational Information Network
O*NET is a trademark of the U.S. Department of Labor, Employment and Training Administration.
The skills and importance ratings on this page are derived from the US Department of Labor O*NET Database Version 21.2, 15-2041.00 - Statisticians.


Links and downloads

Back to top