Actuaries and trainee actuaries have excellent career prospects and are in demand from a wide range of employers. Major employers include life and general insurance companies, banks, fund managers, actuarial and management consulting firms.
Banks and fund managers have developed an interest in recruiting actuarial graduates to work in project, infrastructure and structured finance; risk management and derivatives; fixed interest or equity derivatives markets; quantitative research and performance analysis in funds management.
There is a strong demand for graduates who have both quantitative and commercial skills, and thus also for graduates who combine specialist actuarial training with majors in other fields.
An actuarial career ranks very well when ranked by work evironment, salary and job security. Uncertainty in insurance markets meant that it fell from 3rd best in one American ranking between 2010 and 2011, but had recovered to second in 2012. The qualification is widely recognised and can be used to gain overseas experience. To qualify as an actuary in Australia requires the completion of, or exemption from, subjects in the professional syllabus of the Actuaries Institute.
Qualification as a Fellow of The Institute of Actuaries of Australia (F.I.A.A.) requires the completion of subjects in Parts I, II and III of the professional examinations. Qualification as an Associate of The Institute of Actuaries of Australia (A.I.A.A.) is attained on completion of the subjects in Parts I and II, the professionalism course and three years of experience. Associates can also call themselves actuaries.
Part I is covered by the core courses of the Bachelor of Actuarial Studies. Part II can be studied in the fourth year of the Coop program and is made up of subjects, which cover actuarial principles and actuarial practice. Part III consists of subjects completed by distance education through Actuaries Institute, usually on a part-time basis after completing the Part I and Part II subjects.