An actuary works out the money side of uncertainty. Using mathematics, statistics and data, actuaries estimate how likely future events are and what they will cost, so an insurer can set a premium or a super fund can plan for its members' retirements. In Australia you become one by finishing an accredited actuarial degree, then passing the Actuaries Institute's Actuary Program while working for a year, which makes you an Associate. The Institute says the most direct path takes 4 to 6 years including university, and about 1.5 years more to become a Fellow.
What does an actuary do?
The Actuaries Institute describes an actuary as a professional who uses mathematics, statistics, data and financial theory to assess and manage risk and opportunity. The Jobs and Skills Australia occupation profile lists the work as solving financial problems around insurance premiums, annuities, superannuation and pensions, examining financial projections for insurers and governments, designing new policies, assessing risks and analysing investments, and building models that simulate how a process will play out.
The Institute lists the skills the job needs as analysis and logical thinking, communication and teamwork, business acumen, self-motivation, financial mathematics and statistics, and risk modelling. Actuaries follow a code of conduct and professional standards.
Where do actuaries work?
The Institute says around 40% of Australian actuaries work in general insurance (car, home, workers' compensation and the like), over a quarter in life insurance and nearly 20% in superannuation. The rest are spread across health insurance, reinsurance, banking and investments, consulting, government and regulators, and newer fields such as data science, AI and climate risk.
Jobs and Skills Australia counts about 12,600 people in the wider group of actuaries, mathematicians and statisticians in February 2026, 83% of them full time, 45.2% of them in New South Wales and 27.3% in Victoria.
How do you become an actuary in Australia?
Qualifying means completing three Institute programs, with work experience alongside the last two.
| Stage | What you study | Where | How long | What you get |
|---|---|---|---|---|
| Foundation Program | Six subjects in actuarial statistics, actuarial mathematics, business finance and economics | An accredited degree (or UK actuarial exams) | 3 to 5 years full time, as part of the degree | Entry to the Actuary Program |
| Actuary Program | Four subjects. Actuarial Control Cycle and Data Science Principles, then Professionalism, Communication and AI in Practice and Asset Liability Management | Two at university, two online while you work | About a year for the last two subjects, with one year of supervised work | Associate (AIAA), a qualified actuary |
| Fellowship Program | Two Principles subjects (life, general insurance and health, investment, banking or enterprise risk) and one Applications subject | Online while you work | About 1.5 years, with one further year of work | Fellow (FIAA), recognised overseas |
From the Actuaries Institute's program pages, read 27 October 2026.
The practical experience counts from the day you start eligible work after beginning approved actuarial study, and you send the Institute a form signed by your manager at the end of each year. Enrolments for the Actuary and Fellowship Programs open in December and June, and each subject runs over a 16 week semester. Internships during the degree help you land that first role, and our guide to what an internship is covers how to get one.
Which universities are accredited?
The Institute accredits eight universities. In Australia they are the Australian National University, Bond University (the only accredited one in Queensland), Curtin University, Macquarie University, Monash University, the University of Melbourne and UNSW Sydney, with Victoria University of Wellington in New Zealand the eighth. Their actuarial degrees deliver the Foundation Program and the first two Actuary Program subjects, so you apply for exemptions through the university when you graduate instead of sitting the Institute's exams for them.
Entry is competitive. UNSW's Bachelor of Actuarial Studies is a three year, 24 course degree, and its 2026 lowest selection rank was 99.2, with Mathematics Extension 1 as assumed knowledge. The Institute says every accredited university expects advanced maths from school, some list specialist or extension maths as a prerequisite, and it tells students to invest in English too, because communicating in business is part of the job.
How long does it take, and how hard are the exams?
The Institute's own answer is 4 to 6 years counting the degree, and around 5 to 7 years to become a Fellow. It recommends one subject at a time, with at least 10 to 12 hours of study a week for an Actuary Program subject and 15 to 20 hours for a Fellowship subject.
Pass rates are published. In 2025, Asset Liability Management was passed by 75% of candidates in semester one and 67% in semester two, and the professionalism and communication subject by 92% and 96%. Fellowship subjects in 2025 ranged from 43% to 88%. The Institute says that since it moved to dedicated educators in 2019 a well prepared student should pass.
What does an actuary earn?
Jobs and Skills Australia puts the median full-time earnings of actuaries, mathematicians and statisticians at $2,072 a week before tax in May 2025, against $1,852 for all occupations. That figure is for non-managerial employees paid at the adult rate, so it leaves out the senior end. The Institute's own careers page says graduates start on an average of $85,000 a year and Fellows and senior actuaries earn $320,000 or more.
Base salary is the number to compare first, before bonus or super. You can see what people in your role and city are paid with the free AusCorp Vault salary check, and our graduate salary survey has what Australian graduates are paid across industries in their first years.
Can you become an actuary without an actuarial degree?
Yes. If you studied maths, finance, economics or business, you can apply for allied study exemptions for up to four Foundation subjects, as long as you can show the content and the standard match. Applications are assessed in March, July and November. Anything you are not exempt from you complete as non-award study at an accredited university or through the UK Institute and Faculty of Actuaries exams, which the Institute runs twice a year. With no relevant study at all, you become a General Member and sit the whole Foundation Program through those exams first.
What actuary jobs can you get before you qualify?
The Foundation Program trains you for graduate and junior roles so you can work while you finish the Actuary Program. The Institute lists junior analyst, actuarial analyst and data analyst. If the graduate round includes online tests and an interview, our guides to psychometric tests and the STAR method walk through them.
What is the difference between an Associate and a Fellow?
An Associate (AIAA) has passed the Foundation and Actuary Programs and done a year of supervised work, and is a qualified actuary. A Fellow (FIAA) has added the Fellowship Program and a further year of experience, has specialised, can hold roles such as Appointed Actuary, and is recognised by actuarial bodies overseas.
How much does the Institute's study cost?
In 2026 each of the two Actuary Program subjects taught by the Institute costs $3,800 (GST exempt), each exemption $310, and the UK Foundation exams $795 to $966 a subject. University subjects are charged by the university.
This is general information, not career or financial advice.
Sources
- Actuaries Institute, What is an actuary and what do they do? (the definition, the skills list, the code of conduct, read 27 October 2026)
- Actuaries Institute, Why become an actuary (average starting pay from $85,000 and $320,000 or more for Fellows and senior actuaries, read 27 October 2026)
- Actuaries Institute, How to become an actuary in Australia (the three programs, 4 to 6 years and 5 to 7 years, the 2025 pass rates, the 2019 change to dedicated educators, allied study exemptions for the four Foundation subjects, assessed in March, July and November, at least a credit, read 27 October 2026)
- Actuaries Institute, Qualification pathway (specialist or extension maths, 3 to 5 years at university, exemptions through the university, General Member, Associate then Fellow, read 27 October 2026)
- Actuaries Institute, Accredited universities (the eight universities and their degrees, advanced maths expected, internships encouraged, read 27 October 2026)
- Actuaries Institute, Alternative qualification pathways (allied study, no relevant study, overseas study, read 27 October 2026)
- Actuaries Institute, Career paths in actuarial science (around 40% in general insurance, over a quarter in life insurance, nearly 20% in superannuation, the other fields, read 27 October 2026)
- Actuaries Institute, Foundation Program (six subjects, degree lengths, junior roles, 2026 exam fees of $795 and $966 a subject, exemptions $310, read 27 October 2026)
- Actuaries Institute, Actuary Program (four subjects, about a year, 10 to 12 hours a week, enrolment in December and June, $3,800 a subject in 2026, read 27 October 2026)
- Actuaries Institute, Fellowship Program (two Principles and one Applications subject, about 1.5 years, 15 to 20 hours a week, Fellow and CERA, Appointed Actuary, read 27 October 2026)
- Actuaries Institute, Practical experience requirement (one year for Associate and one further year for Fellow, what counts, the manager-signed form each year, read 27 October 2026)
- Jobs and Skills Australia, Actuaries, Mathematicians and Statisticians (ANZSCO 2241) (tasks, 12,600 employed in February 2026, 83% full time, median age 38, median full-time earnings of $2,072 a week against $1,852 from the ABS Survey of Employee Earnings and Hours, May 2025, industries, states, page last modified 2 April 2026)
- UNSW Sydney, Bachelor of Actuarial Studies (three years, 24 courses, 2026 lowest selection rank 99.2, Mathematics Extension 1 assumed knowledge, accredited by the Institute, read 27 October 2026)
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