Actuarial Science
Actuarial Science graduates apply mathematical, technical and communication skills as actuarial or financial analysts and qualified actuaries are in demand.
Actuarial Science brings economics, mathematics, and statistics together to forecast and manage risks. Traditionally, actuaries would advise organisations on their superannuation commitment or individual and corporate insurance premiums. However, the role of actuary has expanded recently in response to rapid social and technological change and those with Actuarial Science qualifications increasingly advise in areas such as data analytics, software development and consulting in environmental policy, social policy and governance. They may look at the impacts of climate change on insurance premiums or help governments plan social development investments.
As well as strong mathematical and statistical capabilities, Actuarial Science students develop skills in communication and oral and written presentation to make complex issues clear and understandable for decision-makers.
Roles and career pathways
Actuarial Science graduates who work in the industry undertake further postgraduate study towards professional designation in the Actuaries Institute of Australia or the Institute and Faculty of Actuaries (UK). While completing the undergraduate Actuarial Science major, students can substitute some of the exams with academic coursework. Find out more on the New Zealand Society of Actuaries (NZSA) website.
Actuarial Science graduates intending to qualify as actuaries will progress through actuarial analyst to senior actuarial analyst or associate. The final stage of exams leads to qualifying as a Fellow of the New Zealand Society of Actuaries (NZSA). The pathway to fully qualified actuary is both rewarding and challenging and requires commitment to complete rigorous course requirements while working. However, actuaries remain in high demand and the salary progression for qualified actuaries is very good.
Actuarial Science graduates can also work as data analysts or data scientists, management consultants, business advisers, financial analysts, or traders in management consulting firms, banks, or financial organisations.
Where Actuarial Science graduates work
Studying Actuarial Science can lead to a diverse range of work possibilities in the public and private sector in insurance companies, consulting firms, or government agencies. Recent Actuarial Science graduates have worked for organisations such as:
- ACC
- AIA New Zealand
- Cigna/Chubb
- Finity
- Melville Jessup Weaver
- Ministry for Social Development (MSD)
- Resolution Life
- Taylor Fry
- Westpac
Build relevant skills and experience
Internships, part-time work, and volunteering all help to increase career options for Actuarial Science graduates. Several key employers of Actuarial Science graduates have internship opportunities where you can get an introduction to the key skills of financial and data analysis and communicating to clients in a commercial environment.
Summer or part-time work experience where you build strong customer relations skills in insurance or the financial industry is ideal. If you are considering an actuarial career pathway and completing an actuarial qualification, it is recommended you complete the Actuarial Science core courses in your degree. These courses contribute to a waiver of these subjects from the Actuaries Institute Foundation exams and could save you up to two years of study after graduation.
Make career connections
Actuaries have a close, collegial community and the NZSA provides opportunities for networking and professional development alongside and beyond that which is part of the professional qualification pathway.
The Victoria Business Consulting club is another great way to build employer contacts and develop workplace skills through projects and networking.
Participating in University clubs, such as the Victoria Commerce Students' Society (VicCom) and the Finance and Investment club, as well as mentoring schemes, including Te Herenga Waka—Victoria University of Wellington’s Alumni as Mentors programme for final-year students, can also enhance your employability while studying.
Graduate career stories
Christina Margetts
Making the leap from Johannesburg to Wellington has allowed Christina to kick start her career as an actuary and make the most of her problem-solving skills.
Sabrina He
While studying, Sabrina made the most of opportunities for learning, career support, and internships, which led to an actuarial analyst role with Deloitte.