Typical Career Progression
|
|
Position
|
Remuneration
|
Experience
|
Education
|
|
Start Position
|
Graduate
|
$50k to $60k
|
Nil
|
Completed Part I and/or Part II
|
|
1st promotion
|
Associate
|
$60k to $70k
|
2 years
|
Completed Part I and Part II (Associate)
|
|
2st promotion
|
Associate
|
$75k to$90k
|
4 years
|
Competed Part I and Part II ( Associate)
|
|
3rd promotion
|
Fellow
|
$100-$120K
|
New Fellow of the Institute
|
Completed Part I, Part II, Part III ,Practical experience requirement and Professionalism Course (Fellow – FIAA)
|
**The above table should be used as a guide only.
Typical Accountabilities & Responsibilities
|
Actuarial Analyst
|
Analyse data from a variety of sources; identify trends; monitor competitors; consider recommendations and communicate results
|
|
Valuation Actuary
|
Gather data and assess financial viability (solvency); produce regular reports and assess for anomalies; monitor capital needs and make recommendations; communicate results to the Senior Management, the Board, and Regulators
|
|
Pricing Actuary
|
Determine prices, terms and conditions; manage financial performance of products; provide input into strategic planning; liaise with other departments around business
|
|
Chief Actuary
|
Supervise all actuarial functions; provide strategic and regulatory advice to the Board; assume ultimate Actuarial responsibility for the company
|
|
Consulting Actuary
|
Obtain new clients and deliver on assignments; project manage resources to achieve outcomes; work on a broad variety of intellectual challenges
|
|
Reinsurance Actuary
|
Assess the likelihood and size of extreme events, such as earthquakes or severe motor accidents; compare alternative reinsurance strategies; assist in the preparation of regulatory filings dealing with large events; determine prices, terms and conditions for clients portfolios
|
|
Superannuation Actuary
|
Provide strategic advice on scheme design; advise on investment strategy; assess fund performance and share with members
|
**The above table should be used as a guide only
Career Path Options & Employment
Your career path may change from one aspect of actuarial duties to another, depending on your talents and interests. For instance, you have the choice to move from life insurance to general insurance or from a corporate to a consulting role. Many actuaries have also been successful in transitioning to senior management roles in financial services companies.
To find employment as an actuary, step one is a university degree. You will then have to choose whether to continue with the professional exams required to become a Fellow of the Institute of Actuaries of Australia. In any event, the ongoing maintenance of professional standards involves completing 40 hours of professional development per year. This requirement of continued professional development will mean you are constantly renewing and expanding your knowledge in the actuarial field.
Employment prospects may appear small in number but are sound relative to supply and employment options are still expanding. The recent growth in the size of Australian actuarial profession has been significant and the balance of supply and demand continues to be a topic for discussion.
About the Author
Institute of Actuaries of Australia
The Institute of Actuaries of Australia (Institute) is the sole professional body for actuaries in Australia. It is the public face of a learned profession, which represents the interests of its members within Government, the business community and the general public.The Institute directly influences government legislation that relates to the Life Insurance Act, Superannuation and other areas of actuarial interest.
Our vision is to position the profession so that wherever there is uncertainty of future financial outcomes, actuaries are sought after for their valued advice and authoritative comment.
The Institute fosters growth within the profession by providing pre-qualification education services to aspiring actuaries and conducts a program of continued professional development for its members.
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