What does an actuary earn in Australia? (quick answer)
The Actuaries Institute reports average annual starting pay from $85,000 for graduates, although actual salaries vary by employer, location and experience. Pay climbs from there: SEEK job listings suggest qualified and pricing actuaries commonly earn in the region of $150,000 to $190,000, and the Actuaries Institute reports high-end earning potential of $320,000 or more for Fellows and senior actuaries.
We put this guide together as part of Remitly‘s work on pay and careers in Australia, using named, dated sources so you can see where the numbers come from.
At a glance
- Starting out: average starting pay from $85,000 for graduates, per the Actuaries Institute; actual salaries vary by employer and location.
- Mid-career (3–6 years): $110,000–$150,000, based on SEEK job ad data.
- Senior or Fellow (FIAA): $150,000–$190,000 typical, with high-end potential of $320,000 or more reported by the Actuaries Institute and SEEK.
Actuary salary in Australia by experience level
Figures reflect 2026 data from the Actuaries Institute, Seek job listings, and PayScale.
| Career stage | Typical salary (AUD) | What tends to accompany this stage |
| Graduate (0–2 years) | From $85,000 (Actuaries Institute average starting pay) | Foundation Program complete, working through Actuary Program subjects |
| Mid-career (3–6 years) | $100,000–$150,000 | Progressing through Actuary Program subjects and practical experience toward Associate (AIAA) |
| Senior (7–12 years) | $150,000–$190,000 | Often Associate (AIAA) qualified; some progressing toward Fellowship |
| Principal or Fellow (12+ years) | High-end potential of $320,000+ reported by the Actuaries Institute | Fellowship (FIAA) held, usually in senior pricing, reserving, or advisory roles |
These are illustrative career stages, not official qualification timelines. Actual progression varies by individual and employer.
Passing the Actuaries Institute’s exams to reach Associate (AIAA) status opens up mid-level pricing and reserving work, and Fellowship builds on that with substantially higher earning potential still. If your pay hasn’t kept pace with your qualifications, it may be worth asking for a pay rise before assuming you need a new employer.
Actuary salaries by industry in Australia
Life insurance and general insurance are commonly cited as among the largest employers of actuaries in Australia, covering pricing and reserving for insurers such as QBE and IAG. SEEK’s industry salary estimate for actuarial roles at general insurers such as TAL sits between $142,000 and $180,000, a range echoed across other insurance employer listings.
Superannuation is a distinctly Australian specialisation. Funds and trustees operate under rules set by APRA, and actuaries advising on fund solvency, retirement income design, or the Super Guarantee tend to sit toward the senior end of the pay scale.
Consulting and advisory firms, including KPMG and Deloitte, employ actuaries across insurance, superannuation, and broader risk work. SEEK listings suggest actuarial and pricing manager roles at these firms are advertised toward the higher end of the market.
The Actuaries Institute also points to growing demand in data analytics, climate risk modelling, and health insurance. For a related comparison, see our guide to data analyst salaries in Australia.
Actuary salaries by city in Australia
Source: Indeed Australia, updated 28 August 2026.
| City | Average salary (AUD) |
| Sydney | $112,500 |
| Melbourne | $192,900 |
| Brisbane | $134,700 |
| Perth | $136,500 |
Indeed’s city-level figures vary substantially in sample size. Melbourne’s figure, for example, is based on only two reported salaries, compared with 45 for Sydney, so these figures should not be interpreted as a reliable city ranking.
These figures shift month to month, so treat them as a general guide alongside average salaries across Australia, rather than a fixed ranking. Sydney and Melbourne host the largest concentration of insurers and consulting firms, including QBE, IAG, KPMG, and Deloitte, where most senior actuarial roles sit.
How to become an actuary in Australia: the qualification pathway
- Complete an accredited actuarial studies degree, such as those offered at the University of Melbourne or UNSW Sydney, covering the Actuaries Institute’s Foundation Program subjects.
- Complete four Actuary Program subjects, plus one year of supervised relevant practical experience, to qualify as an Associate (AIAA).
- Build on that experience in an entry- to mid-level actuarial role, applying what you’ve learned to real pricing, reserving, or advisory work.
- Complete three Fellowship subjects — two Principles subjects and one Applications subject — plus a further year of supervised relevant work experience to reach Fellow (FIAA) status, the Actuaries Institute’s highest credential.
If you’re considering a career change into actuarial work from a related quantitative field, the Actuaries Institute’s exemption process can shorten this pathway.
Factors that affect actuary salaries in Australia
- Experience and Fellowship status: associated with substantially higher earning potential. The Actuaries Institute reports average starting pay from $85,000 for graduates, against high-end earnings of $320,000 or more for Fellows and senior actuaries.
- Industry: general insurance, superannuation, and consulting roles tend to sit above SEEK’s broader average, while some corporate and government roles sit lower.
- City and employer size: SEEK and Indeed data show pay concentrated in Sydney and Melbourne, home to the largest insurers and consultancies, though city-level samples can be small.
- Specialist skills: the Actuaries Institute highlights data analytics, machine learning, and climate risk modelling as growing specialisations, without quantifying a specific salary premium.
- Employer type: large multinational insurers and major consulting firms are generally associated with higher pay, though SEEK’s data doesn’t break this out precisely.
- Total remuneration: base salary is only part of the package. Employers must also pay the Superannuation Guarantee, currently 12% of ordinary time earnings (OTE) as of 1 July 2025, according to the ATO.
FAQs
What’s the average actuary salary in Australia?
Indeed’s data puts the average actuary salary in Australia at around $114,000, rising with experience and Fellowship status. PayScale’s broader finance and insurance dataset suggests a higher figure, but its actuary-specific number isn’t clearly stated.
What’s the starting salary for an actuary in Australia?
According to the Actuaries Institute, graduates typically start on average annual pay from $85,000, though actual salaries vary by employer, location and experience. It’s worth checking current listings for roles you’re considering.
How much does Fellowship (FIAA) affect actuary pay?
Fellowship is associated with substantially higher earning potential. The Actuaries Institute reports starting pay from $85,000 for graduates and high-end earnings of $320,000 or more for Fellows and senior actuaries, though Fellows are also typically far more experienced.
Which industry pays actuaries the most in Australia?
SEEK listings suggest pricing actuary and pricing manager roles, common in general insurance and consulting firms such as KPMG and Deloitte, are advertised toward the higher end of the market. Exact figures vary by role and employer.
How does actuary pay compare with a financial analyst’s?
Indeed’s 2026 data shows the two roles start out similar, around $114,000 for actuaries versus $116,000 for financial analysts, but actuary pay tends to pull ahead once Fellowship (FIAA) is reached.
What’s the outlook for actuaries in Australia?
The Actuaries Institute points to growing demand for actuaries with data analytics, climate risk, and health insurance experience, alongside its traditional insurance, superannuation, and consulting specialisations.
Key takeaways
- Graduate actuaries in Australia start on average annual pay from $85,000, per the Actuaries Institute; actual salaries vary by employer, location and experience.
- Fellowship (FIAA) is associated with substantially higher earning potential, with the Actuaries Institute reporting high-end earnings of $320,000 or more for Fellows and senior actuaries.
- SEEK listings suggest general insurance, superannuation, and consulting roles sit toward the higher end of the market, particularly in pricing and management roles.
- The Superannuation Guarantee, now 12% of ordinary time earnings (OTE) as of 1 July 2025, adds to total remuneration on top of base salary, according to the ATO.
- In Semester 1, 2026, 470 students passed Actuaries Institute subjects, while 110 completed all examinations required to qualify for Fellowship.
If you’re weighing an actuarial career against other options, our guide to Australia’s highest-paying jobs can help you compare. And once you’re earning in AUD, Remitly is here to help you send money to family overseas.
Last reviewed: August 2026
