How to become an actuary in Australia PDF

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It is an interesting dissertation on the purviews of finance....

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How to become an actuary in Australia?

We will refer to the new model

Foundation program : Part 1 Done through an Actuarial degree at one of the eight accredited Australian universities or directly with the Actuaries institute. Builds up foundation knowledge in Actuarial Statistics (CS), Actuarial Mathematics (CM), Business (CB). Associateship Program : Part 2 Focusses on the technical application of actuarial knowledge in business case scenarios. 2 subjects namely “Actuarial Control Cycle and Core Data and Statistical Analysis” will be studied at accredited universities (ie. Double Actuarial degree) and the latter ones, ie. “Asset Management and Communications, Modelling and also Professionalism” will be done directly through the Actuaries Institute. Followed by a 1 year supervised work experience. Fellowship Program: part 3—Where specialisation happens Builds on the knowledge in foundation and associateship to specialize in the chosen actuarial field. Consists of 3 half year online modules that Actuary Associates can selectively choose (out of 11 options) to specialize in. Has options like Investment, ERM, Banking, Retirement Applications etc. Followed by 1 year work experience.

After completion of associateship and fellowship, you have become an “Actuary”. Add quote “When there is risk, you need an Actuary”

Sources: https://actuaries.asn.au/education-program/fellowship/program-structure

Career Paths Can be divided into traditional and non-traditional. (How to separate here?). Overall, traditional can be segregated to be simple insurance, pension plans, investments ie. What is most common roles and then non-traditional can be things like climate risk predictions, sales and marketing policies, environmental finance etc, less common or up and coming roles. Actuarial path types     

Life insurance actuaries (probably most common) Investment actuaries General insurance actuaries (short term insurance) Pension actuaries (demand for these is practically dead though) ERM actuaries. Enterprise Risk Management actuaries are becoming increasingly in demand as uncertainty is changing but is increasing and actuaries are good at risk- Needs a CERA certification

Comprehensive Insurance actuaries fall under traditional:       

Life insurance actuaries Healthcare Actuaries General Insurance Actuaries Pension actuaries Finance and investment actuaries Risk actuaries Resource and environment actuaries

Can also work in the government social policy boards eg. Designing medicare, consultancies, Genetic research.

Let’s fill the below table properly Traditional roles Non-traditional roles  Pension actuaries  Resource and environment actuaries- Environmental  Consulting usually affiliated Finance with employee benefits and insurance  Senior Management  Business Analytics  Reinsurance  Wealth Management and  General insurance: Financial Planning specialty in property and casualty insurance  Enterprise Risk  Product pricing and Management company valuation  Sales and Marketing  Investments and Fund  Product Line Management Management eg. hedging  Health Insurance  Life Insurance  Entrepreneurial Actuaries  Teaching- eg. University lecturer  Research- eg. Genetics, AI Final convergence All these actuarial paths eventually converge into managerial roles like Chief Risk Officer, CFO, Chief of Actuaries, Company President and then retirement.

Source: https://stepupanalytics.com/different-types-of-actuaries/...