"What does an actuary do?" (pdf) is a summary document that will be useful to students considering a career in actuarial studies.

Actuaries analyse and manage the risks of financial contracts. The actuary's work is based on the application of mathematical, statistical, economic and financial analysis to a wide range of practical problems in long-term financial planning and management. Actuaries act as financial advisers to a variety of commercial organisations such as life, general (non-life) and health insurance companies, superannuation funds, banks and stockbrokers as well as governments. There are excellent prospects for interesting, challenging, satisfying and well-paid careers.

To be recognised as an Actuary under Australian legislation, Fellowship of the Institute of Actuaries of Australia (or of certain overseas bodies) is required. At the present time there are about 1,000 actuaries in active employment in Australia, of whom more than 30% are graduates of the Macquarie Actuarial Program. The principal areas of activity of actuaries in Australia include:

There are many web pages answering the question "What is an Actuary?" Here is a selection of the best. Note that these pages are from overseas sites. Comments about examination systems in these sites are generally not applicable to the Australian actuarial environment, but their descriptions of the type of work actuaries do is still relevant.

• What is an Actuary? from "Be An Actuary" (USA)
• What is an Actuary? from the Society of Actuaries in Ireland

See Also:

• What are some of Macquarie University's actuarial graduates doing?