Many people say that “Actuary” is a golden occupation, but there are still many people who have a very limited understanding of this course and even this occupation. So today we will talk about “Actuary & Actuarial science ”.
What is “Actuarial science” and “Actuary”？
“Actuarial science” is a course that comprehensive applied science and analyzes, evaluate and manages the future financial risks of various economic activities based on the basic principles of economics using modern mathematical methods. Actuarial technology is mainly used in modern insurance, finance, investment, and other fields.
And Actuary is an expert in assessing the future financial risks of economic activities. They are mainly engaged in product development, accountability reserve accounting, profit source analysis and dynamic solvency. Actuaries can manage risk. Analyze with statistical and financial models to help companies plan for the future and avoid losses.
In general, a qualified actuary needs you to have an excellent level in the following disciplines:
- Linear Algebra
- Differential Equations
- Probability & Statistics
- Regression Analysis
- Time series Analysis
- Finance & Management
- Computer science & communication
In general, you need to be a master in statistics and financial economics.
At the same time, actuarial science is also a course with a high rate of return in the future.
Once you registered as an actuary, you will have more flexible working hours and the actuary will get a very good salary from the start. An Australian actuary can earn $99,621 per year, and the average annual salary of a Canadian actuary is $66,976. The United States is $107,740.
As you could see, the actuary not only has a regular job, but the salary is also considerable. At the same time, actuarial has no limitations. If you have learned actuarial, I believe that your technique will still apply wherever you go.
So how do you become an “Actuary” in Australia?
The Actuaries Institute qualification exam is required. The exam consists of three parts, each of that is not easy, but if you have studied the Actuaries Institute’s accredited program, you will receive the first and second exam exemptions.
A total of seven schools in Australia offer accredited courses from the Actuaries Institute.
* Australian National University,
* Bond University
* Curtin University
* Macquarie University
* Monash University
* The University of Melbourne
* University of New South Wales
If are planning to use “Actuary” as your migration occupation. You need to have one-year work experience in order to pass the skill assessment. And also as the ” current invitation round report“, 85 points is required. It looks like without work experience is very hard to make it.
In this case, I would recommend Bond University more. Considering the graduate employment rate, Bond University is much higher than other School’s. Bond not only has the support of the consortium behind but also has this cooperative relationship with many industry groups.
Every year, students can be recommended to go directly to the company for an internship or even directly recommend employment. Many actuarial students get a job offer from an insurance company after graduation.
*Bachelor of Actuarial Science– 2 years (Other University need 3 years)
This program meets Part 1 accreditation with the Actuaries Institute.
|24||Jan/May/Sep||6.0||($19,080 per semester)|
*Master of Actuarial Practice – 92 weeks (Other University need 2 years)
This degree allows students with an undergraduate degree in a non-related field an opportunity to complete Part 1 and Part 2 with the Actuaries Institute
|20||Jan/May/Sep||6.5||($102,810 per semester)|
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