Actuaries

ANZSCO ID 224111

Overview

Snapshot

Employed
1,800
Future Growth
N/A
Weekly Earnings
N/A
Full-Time Share
88%
Female Share
34%
Average age
33

Summary

Actuaries analyse mathematical, statistical, demographic, financial or economic data to predict and assess the long-term risk involved in financial decisions and planning.

Tasks

  • Defines, analyses and solves complex financial and business problems relating to areas such as insurance premiums, annuities, superannuation funds, pensions and dividends.

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

  • Designs new types of policies, assesses risks and analyses investments in life insurance, superannuation funds, health insurance, friendly societies, financial markets and other areas.

Characteristics

Job Type
Professionals
Skill Level
Very high skill
ANZSCO Occupation group
Unemployment Rate
n/a
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. Employment projections data are only produced for occupations at the broad four digit Australian and New Zealand Standard Classification of Occupations (ANZSCO) level. While data are not available for this occupation, projections data are available for the parent occupation, Actuaries, Mathematicians and Statisticians, under the outlook section.


Earnings and hours

Working arrangements

  • Around 88% of people employed as Actuaries work full-time hours, in all their jobs combined. This is 22 percentage points above the all jobs average (66%).

    Full-time workers work an average of 43 hours per week in their main job. This is similar to the all jobs average (44 hours per week).

    Sources:Full-time share and full-time hours: ABS, 2016 Census, customised report. Compared to the all jobs average.


Industries

Main industries

1
Financial and Insurance Services
83.6%
2
Professional, Scientific and Technical Services
12.7%
3
Public Administration and Safety
1.5%
4
Administrative and Support Services
0.3%
5
Other industries
0.8%

Regions

Employment across Australia

NSW

72.5% All occupations: 31.6%

VIC

19.4% All occupations: 25.6%

QLD

4.3% All occupations: 20.0%

SA

1.0% All occupations: 7.0%

WA

1.2% All occupations: 10.8%

TAS

0.2% All occupations: 2.0%

NT

0.2% All occupations: 1.0%

ACT

1.2% All occupations: 1.9%

Employment by State and Territory (% Share)

State Actuaries All Jobs Average
NSW 72.5 31.6
VIC 19.4 25.6
QLD 4.3 20.0
SA 1.0 7.0
WA 1.2 10.8
TAS 0.2 2.0
NT 0.2 1.0
ACT 1.2 1.9



Worker profile

Age and gender

Age In Years
33
All Jobs Average is 40
Female Share
34%
All Jobs Average is 48%
  • The median age of Actuaries is 33 years. This is younger than the all jobs average of 40 years.

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

    Females make up 34% of the workforce. This is 14 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 All Jobs Average
15-19 0.2 5.0
20-24 11.1 9.3
25-34 45.1 22.9
35-44 23.0 22.0
45-54 12.7 21.6
55-59 4.1 9.0
60-64 1.8 6.0
65 and Over 2.1 4.2
Median Age 33 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 actuarial studies or actuarial science is needed to work as an Actuary. Many workers have a postgraduate qualification.

Registration with the Actuaries Institute is required.

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 All Jobs Average
Post Graduate/Graduate Diploma or Graduate Certificate 26.5 10.1
Bachelor degree 69.7 21.8
Advanced Diploma/Diploma 0.4 11.6
Certificate III/IV 0.2 21.1
Year 12 3.2 18.1
Year 11 0.0 4.8
Year 10 and below 0.0 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.

  • 70%

    Mathematics

    Using maths to solve problems.

  • 68%

    Critical thinking

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

  • 68%

    Judgment and decision making

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

  • 64%

    Complex problem solving

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

  • 64%

    Reading comprehension

    Reading work related information.

  • 64%

    Systems analysis

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

  • 64%

    Systems evaluation

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

  • 63%

    Active listening

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

  • 59%

    Active learning

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

  • 59%

    Writing

    Writing things for co-workers or customers.

  • 57%

    Speaking

    Talking to others.

  • 54%

    Persuasion

    Talking people into changing their minds or their behaviour.

  • 52%

    Learning strategies

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

  • 52%

    Management of financial resources

    Figuring out how money is needed to do something, and keeping track of the money that's being spent.

  • 52%

    Monitoring

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

  • 50%

    Operations analysis

    Understanding needs and product requirements to create a design.

  • 50%

    Instructing

    Teaching people how to do something.

  • 48%

    Social perceptiveness

    Understanding why people react the way they do.

  • 48%

    Coordination with others

    Being adaptable and coordinating work with other people.

  • 48%

    Time management

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


Knowledge

These are important topics, subjects or knowledge areas.

  • 97%

    Mathematics

    Arithmetic, algebra, geometry, calculus, or statistics.

  • 76%

    Economics and accounting

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

  • 74%

    Computers and electronics

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

  • 65%

    Administration and management

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

  • 61%

    English language

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

  • 53%

    Personnel and human resources

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

  • 52%

    Law and government

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

  • 50%

    Sales and marketing

    Showing, promoting, and selling including marketing strategy, product demonstration, sales techniques, and sales control systems.

  • 48%

    Education and training

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

  • 44%

    Customer and personal service

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

  • 37%

    Clerical

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

  • 36%

    Communications and media

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

  • 29%

    Psychology

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

  • 29%

    Geography

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

  • 23%

    Sociology and anthropology

    Group behaviour and dynamics, societal trends and influences, human migrations, ethnicity, cultures and their history and origins.

  • 20%

    Technical design

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

  • 16%

    Production and processing

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

  • 15%

    Medicine and dentistry

    Diagnose and treat human injuries, diseases, and deformities, including preventive health-care measures.

  • 15%

    Public safety and security

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

  • 9%

    Telecommunications

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


Abilities

Workers use these physical and mental abilities..

  • 71%

    Working with numbers

    Add, subtract, multiply, or divide.

  • 70%

    Oral expression

    Communicate by speaking.

  • 70%

    Written comprehension

    Read and understand written information.

  • 68%

    Mathematics

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

  • 66%

    Deductive reasoning

    Use general rules to find answers or solve problems logically.

  • 64%

    Oral comprehension

    Listen to and understand what people say.

  • 63%

    Inductive reasoning

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

  • 63%

    Near vision

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

  • 63%

    Problem spotting

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

  • 61%

    Written expression

    Write in a way that people can understand.

  • 59%

    Sorting or ordering

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

  • 57%

    Brainstorming

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

  • 57%

    Speech clarity

    Speak clearly so others can understand you.

  • 55%

    Categorising

    Come up with different ways of grouping things.

  • 54%

    Speech recognition

    Identify and understand the speech of another person.

  • 52%

    Selective attention

    Pay attention to something without being distracted.

  • 52%

    Originality

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

  • 48%

    Flexibility of closure

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

  • 43%

    Far vision

    See details that are far away.

  • 43%

    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.

  • 96%

    Making sense of information and ideas

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

  • 90%

    Collecting and organising information

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

  • 88%

    Making decisions and solving problems

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

  • 82%

    Researching and investigating

    Looking for, getting and understanding different kinds of information.

  • 81%

    Explaining things to people

    Helping people to understand and use information.

  • 81%

    Keeping your knowledge up-to-date

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

  • 81%

    Thinking creatively

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

  • 76%

    Checking compliance with standards

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

  • 76%

    Giving expert advice

    Providing guidance and expert advice to management or other groups.

  • 76%

    Planning and prioritising work

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

  • 74%

    Communicating within a team

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

  • 74%

    Working with computers

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

  • 70%

    Communicating with the public

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

  • 67%

    Coming up with systems and processes

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

  • 66%

    Building good relationships

    Building good working relationships and keeping them over time.

  • 66%

    Looking for changes over time

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

  • 65%

    Coaching and developing others

    Working out the needs of others and coaching, mentoring, or helping them to improve.

  • 64%

    Estimating amounts, costs and resources

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

  • 63%

    Guiding and directing staff

    Guiding and directing staff, including setting and monitoring performance standards.

  • 58%

    Documenting or recording information

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


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.

  • 86%

    Administrative

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

  • 62%

    Analytical

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

  • 48%

    Enterprising

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

  • 29%

    Practical

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

  • 24%

    Creative

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

  • 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.
  • 71%

    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.

  • 67%

    Achievement

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

  • 67%

    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.

  • 62%

    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.

  • 62%

    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.

  • 52%

    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.


Demands

The physical and social demands that workers face most often are shown below:
  • 100%

    Electronic mail

    Use electronic mail.

  • 96%

    Telephone

    Talk on the telephone.

  • 96%

    Face-to-face discussions

    Talk with people face-to-face.

  • 96%

    Spend time sitting

    Spend time sitting at work.

  • 95%

    Indoors, heat controlled

    Work indoors with access to heating or cooling.

  • 92%

    Being exact or accurate

    Be very exact or highly accurate.

  • 90%

    Impact of decisions

    Make decisions that have a large impact on other people.

  • 85%

    Freedom to make decisions

    Have freedom to make decision on your own.

  • 83%

    Unstructured work

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

  • 80%

    Teamwork

    Work with people in a group or team.

  • 78%

    Frequent decision making

    Frequently make decisions that impact other people.

  • 77%

    Letters and memos

    Write letters and memos.

  • 76%

    Contact with people

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

  • 74%

    Competition

    Compete with others, or be aware of competitive pressures.

  • 73%

    Time pressure

    Work to strict deadlines.

  • 67%

    Responsible for outcomes

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

  • 65%

    Consequence of error

    Work where mistakes have serious consequences.

  • 65%

    Lead or coordinate a team

    Lead others to do work activities.

  • 59%

    Automation of tasks

    Do tasks that are mostly automated.

  • 57%

    Conflict situations

    Deal with conflict or disagreements.

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, 15-2011.00 - Actuaries.


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