Actuarial Science in Australia

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Overview

As stated on Wikipedia, actuarial science is the discipline that applies mathematical and statistical methods to assess risks in insurance, finance, and other industries. Actuaries' roles and responsibilities reflect their importance in the insurance industry, such as product pricing, calculation of liabilities, risk management, investments and capital adequacy. A math lover, a good problem solver, a strategic thinker, and a challenge seeker may find this career path suitable. Let’s have a detailed overview of why one should consider Actuarial Science in Australia as a career path.

Why Study Actuarial Science?

Math Lover Can Become Actuary :

When people around you call you a “Mathematician”, consider Actuarial Science the right career path for you. There’s a saying – ‘you should do what you love and be passionate about’. If you’re always excitedly applying probability theory and statistical models, actuarial science is the subject for you. You get to work with numbers all day and make a difference.

Challenge Yourself :

Along with loving mathematics, scholars born with analytical thinking can become actuaries in math, statistics, and finance. They seek challenges and are great problem solvers. Actuaries also get lots of opportunities to solve complicated financial problems at their fingertips. Having a strong background in commerce and economics is a major advantage.

Always in Demand :

Several risk managers and problem solvers in this world are the reason actuarial science is an always-in-demand subject. Many people consider actuarial science a professional niche. This respected profession is so lucrative, the course of study is always in demand. Students find actuary examinations tough, rigorous and difficult to qualify for. Aspirants need a lot of hard work, determination and commitment.

Rankings :

People opting for this esteemed profession will find that it is well-recognised across the globe. US News ranks actuarial science in 8th position in best business jobs, 13th position in STEM (science, technology, engineering and math), 22nd position in best-paying jobs, and 27th in 100 Best Jobs of 2023.

Actuarial Science Degrees in Australia

Australia offers a variety of actuarial science courses. The programs for Actuarial Science in Australia vary in terms of degrees and courses. Accurate degrees in actuarial science include:

  • Actuarial Science Certificate Courses in Australia

  • Actuarial Science Diploma and PG Diploma Courses in Australia (1 or 2 years)

  • Undergraduate Actuarial Science Courses in Australia (3 years full-time)

  • Postgraduate Actuarial Science Program in Australia (2 years full-time)

Universities for Actuarial Science

Aside from the degrees you need to opt for, it is crucial to consider where you should apply for this course. Take a look at some of the top actuarial science universities in Australia :

University Name QS World Ranking 2023
Monash University 57
Australian National University (ANU) 30
The University of New South Wales (UNSW Sydney) 45
Macquarie University 195
Curtin University 193

Cost of Studying for Actuarial Science

When choosing an actuary course for your career, you should also be aware of educational costs beforehand to be able to manage your funds efficiently. The cost of studying for actuarial science depends on your location, university and the degree you opt for. The average tuition fees in top universities in Australia for the same major is around AUD 18,000 to AUD 32,000. You can check the detailed fee structure of Actuarial Science on the university’s website where you wish to apply.

Cost of Living for Actuarial Science

Living expenses are influenced by many variables like the city you live in, transportation, spending habits, and personal lifestyle. Based on these factors, the average cost of living in Australia is between AUD 25,000 and 38,000 per year.

Kind of Expenses Amount in AUD
Cost of living one person 8,800-21,000
One person rent 1,483
Food expenses 6,700-13,440
Transport expenses 1,440-2,880
Campus Accommodation 5,000-13,500
Utility bills 480-960
Phone & Internet 720-1,440
Entertainment 3,840-7,200
Health insurance 2,000
Flight Tickets 2,50,000

Entry Requirements for Australian Universities

Before applying for Actuarial Science in Australian Universities, you should know the entry requirements you will have to meet:

  • ATAR - 86+

  • IELTS - 6+

  • PTE Academic - 58+

  • Cambridge CAE Advanced - 176+

  • TOEFL - 79+

Actuarial Science Industries in Australia

There are several industries available for students who opt for Actuarial Science in Australia. Some of those industries are mentioned below.

  • Insurance Companies

  • Private Sector

  • Non-Profit Organization

  • Government Agency

  • Accounting Firms

  • Specialist Actuarial Consultancies

  • Banking Sector

  • Data Analytics

Jobs and Salaries in Actuarial Sciences

Jobs in actuarial science are widely available in Australia’s cities and metropolitan areas. Actuaries earn, on average, between AUD 67,600 and AUD 117,00 a year. You can get a job as an actuary if you have a good Math, Statistics, and Finance background. The most common profile of part-time jobs in Australia for the same field is below.

Job Profile Salary in AUD
Actuary 48,200-146,000
Risk Manager 42,000-146,000
Financial Analyst 30,700-977,000
Auditor 31,300-99,500
Economist 48,300-146,000

Career Pathway for Actuaries

When planning for higher studies, you should know how to become an actuary and what steps to take in your career path. Here are the phases from the beginning to the advanced level:

  • Earn a Degree: To start your career as an Actuary professional, a certificate or a degree is necessary to remain in the competition. Along with earning a course, you should also focus on industry-specific skill development, like an actuary internship.

  • Choose a Specialty: Actuary is also further divided into many fields such as statistics, excel, SQL, etc. You may need to decide your speciality and take action toward the field you feel the strongest.

  • Get an Entry-level Position: Once you’ve acquired your degree or course in actuarial science, get an entry-level position in a related discipline. Depending on the role you’re pursuing, you can explore the field.

  • Advance your Career: When you’re thinking of advancement at this level, you might see many options to step ahead in your actuary career pathway. You can opt for post graduation or specialised certification to advance your career.

  • Continued Education: Not all companies require continued education. However, earning an advanced level degree and an experience of 4-5 years in this field may help you in a successful future.

Conclusion

To sum up, choosing a career in actuarial science in Australia is the most suitable choice for you. Candidates good at applying probability theory and statistical models can advance in this top-notch career path. This mathematics course provides several employment options, from financial analysts to risk managers in industries like insurance, banks, etc. With the growing need for experienced actuary professionals and the expansion of the financial sector, the future of actuaries is bright. We hope that we have provided you with sufficient information about Actuarial Science in Australia.

If you still need clarification or would like to get deeper insight, we encourage you to have a word with our team of expert counsellors at Meridean Overseas Education Consultants (MOEC). If you are unable to travel to our offices, we offer online counselling services via our website. Our dedicated counsellors will provide you with the best guidance regarding your application to study in Australia . Don’t hesitate to contact us at application02@meridean.org or call us at 1800-1230-00011.

If you found this information useful, please share it with your friends and family looking for Actuarial Science in Australia.

FAQ's

To become an Actuary, you have many options, such as certification, diploma, bachelor’s and master’s degree. But mainly, around 96% of candidates working in the actuarial science field earned a Bachelor’s degree previously.

When researching for an actuarial science career pathway, you must look for the skills you need to work on yourself to become successful in the related subject matter. Following are the skills you entail to trail ahead:

  • SQL SAS

  • CDL

  • FCAS

  • Statistics

  • EXCEL VBA

  • Interpersonal and Communication

  • Microsoft Office Suite

  • Written Communication

As updated on the ANU website for the 2023 academic year, the tuition fee for the Bachelor of Actuarial Studies provided by ANU College of Business and Economics is $46,680.00 for international students.

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