Actuary
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- What's it like to be an Actuary?
- How to become an Actuary
- Latest Actuary jobs
What's it like to be an Actuary?
Actuaries (Kaitauwhiro Pūtea) are financial and business professionals who analyse past risks and predict future risks for businesses and organisations. They typically work in the areas of insurance, superannuation, investment and banking. Actuaries often work with data and modelling to determine how past events and predictions for the future may impact a business, with the goal of minimising negative outcomes, such as financial loss. They advise businesses on how to prepare for or mitigate against potential loss, such as when setting insurance premiums or making investments. While Actuaries are not Accountants or Data Scientists, elements of their job overlap with these professions.
Tasks and duties
- Examining and analysing statistics related to risks and calculate the possible financial consequences of those risks.
- Estimating future probabilities of events and establish premiums, expected rates of return or contributions for clients and companies.
- Ensuring companies have appropriate finance available to minimise the impact of risk and uncertainty.
How to become an Actuary
Becoming an Actuary in New Zealand requires a bachelor’s degree and specialist training from an overseas provider.
Complete a three-year undergraduate degree or four-year honours degree in mathematics, statistics, economics, finance, or a similar subject.
Alternatively, consider completing a Bachelor of Science or a Bachelor of Commerce in Actuarial Science.
Seek employment as a trainee in an entry-level job as an Actuary. You’ll need to complete training and pass a series of exams from an overseas provider while working full-time. New Zealand Actuaries typically complete training and sit exams set by the Actuaries Institute in Australia or the Institute and Faculty of Actuaries in the UK. This training period typically takes six to eight years.
Once you’ve completed these requirements, register with the New Zealand Society of Actuaries to become a fully qualified Actuary.
