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How to Become an Actuary in NSW

A guide for students and parents to the study and qualification pathway

A student who enjoys mathematics might ask, “What could I do with it after school?” Actuarial work is one possibility. The path involves university study, professional subjects and work experience, so it helps to see how those pieces fit together.

What does an actuary do?

Actuaries use mathematics, statistics, data and financial knowledge to assess uncertainty. In insurance, for example, they may analyse the likelihood and cost of claims to help price a product or assess the money needed to meet future obligations. Actuarial skills are also used in areas such as banking, investment and retirement planning.

The work involves more than producing a calculation. An actuary must understand the question, choose a suitable model, check its limitations and explain what the results mean to people making decisions.

The three stages of qualification

The Actuaries Institute describes a pathway through the Foundation Program, Actuary Program and Fellowship Program. The older shorthand “Part One, Part Two and Part Three” may still appear in conversations, but the current program names are clearer when comparing courses and requirements.

Stage What it involves Where it leads
Foundation Program Six subjects covering actuarial statistics, actuarial mathematics, and business finance and economics Preparation for junior analyst work and further professional study
Actuary Program Four subjects and one year of practical experience, alongside completion of the Foundation requirements Eligibility for the Associate (AIAA) designation
Fellowship Program Two Principles subjects, one Applications subject and a further year of practical experience Eligibility for the Fellow (FIAA) designation after all requirements are met

These are professional designations, not automatic job titles or salary bands. A person’s role depends on their employer, experience and area of work.

Stage one: Study the foundations

Many students start with an actuarial degree at a university accredited by the Actuaries Institute. Accredited university study can provide exemptions from professional subjects. An exemption means the Institute recognises relevant university study, so the student does not need to study that subject again through the professional pathway.

Passing a university unit does not necessarily secure an exemption. Students must meet the applicable exemption standard, which can differ from the ordinary pass requirement. University units and professional subjects may also map to each other in different ways. Before choosing units, check the current course map and exemption requirements with the university.

For students looking at NSW options, Macquarie University and UNSW appear on the Institute’s accredited university list. They are not the only accredited universities in Australia and New Zealand. If a student misses an exemption, there are ways to complete outstanding Foundation subjects later; it does not automatically end the pathway.

Stage two: Become an Associate

The Actuary Program has four subjects. Actuarial Control Cycle and Data Science Principles can be studied through an accredited university. The remaining subjects are Asset Liability Management and Professionalism, Communication and AI in Practice, studied with the Actuaries Institute. The latter replaced the subject previously called Communication, Modelling and Professionalism from Semester 2, 2026.

This stage also requires one year of practical experience. Students often combine professional study with work, perhaps in an actuarial analyst or related data role. After completing the Foundation and Actuary Programs and the experience requirement, they may become an Associate of the Actuaries Institute Australia (AIAA).

Stage three: Specialise as a Fellow

The Fellowship Program allows candidates to develop deeper expertise. They complete two Principles subjects and one Applications subject, choosing subjects that suit their professional interests, as well as a further year of practical experience. Areas include insurance, banking, investment, retirement and data science.

A candidate who completes all the required programs and experience can receive the Fellow (FIAA) designation. The chosen subjects can help shape a career direction, but there is no guaranteed job title or pay rise for passing a particular subject.

What can a high school student do now?

A student does not need to decide on a specialisation yet. A useful starting point is to explore whether they enjoy applying mathematics to uncertain, real-world questions—not only getting an answer, but explaining what it means.

Strengthen mathematical reasoning and communication skills, then compare the current entry requirements and course structures of universities that interest you. Some actuarial degrees require extension or specialist mathematics for entry, so check each university’s published requirements before selecting senior school subjects.

The practical next step: Choose one accredited degree to investigate. Look at its entry requirements, which professional subjects its units cover, and the grades needed for exemptions. That makes the pathway more concrete than trying to plan an entire career at once.

References