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The job of an actuary involves analysing data, whether it be mathematical, statistical, demographic, financial or economic, so as to predict and calculate long-term risks regarding financial decisions and planning. Major economic and management decisions in both the public and private sector reply on the insights and interpretation of complex analysis.  In addition to analysis, actuaries must communicate complex concepts to a wide range of audiences with differing levels of technical understanding.

Most commonly, actuaries work for life insurance companies, general insurance companies, health insurance companies, banks, the government, consulting firms, or ratings organisations.

Australian skills are highly regarded and there are opportunities to apply these skills overseas, perhaps assisting in the design of financial systems in developing countries. Actuaries have also been involved in more diverse activities such as applying their modelling and predictive skills to estimate future prices for gas and electricity and develop suitable bases for carbon trading.

Regardless of which area you choose to work as an actuary, your daily work will involve skills such as financial mathematics, knowledge of business, statistical analysis, probability assessment, building computer models and complex problem solving.

Actuaries must possess very strong analytical, project management and problem solving skills. You should be passionate about and exceptionally good at mathematics, statistics and probability. You will need good business sense, with an aptitude for finance, accounting and economics. Your job will require you to have strong computing skills, with the ability to use word processing programs, spreadsheets, statistical analysis programs, and database manipulation.

The best actuaries also have good oral and written communication skills, not only to interact with colleagues and clients effectively during data analysis , but also to write reports, summarise findings, and present the key issues to your senior management. You will also need self-motivation, creativity, discipline, and the ability to work with others. Actuaries enjoy learning and solving complicated problems.

Actuaries provide vital information for companies that make financial decisions and future planning. Without the complex work of actuaries, these companies – which form a very important backbone in our society – would find it impossible to predict the future trends and make informed business decisions. Your work is fascinating and challenging, and the conclusions you reach will often give you a great sense of job satisfaction. The position of an actuary is highly sought after, and very much respected in the business and government community.