Actuarial Careers

There are at present less than a dozen Actuaries in New Zealand. Actuarial work involves the application of mathematical and statistical methods to problems arising in Life Assurance Offices, Pension Funds, Friendly Societies, Banks, Government and Commercial institutions. In New Zealand, most actuaries are employed by or associated with life insurance offices.

Actuarial work involves the application of mathematical and statistical methods to problems arising in Life Assurance Offices, Pension Funds, Friendly Societies, Banks, Government and Commercial Institutions. In New Zealand, most actuaries areemployed by or associated with life insurance offices.

An actuary will be a person with a leaning towards mathematics and who has qualified in the examinations conducted by The Institute of Actuaries (headquarters in London) or the Faculty of Actuaries (headquarters in Scotland). He would not necessarily have had a University Degree to undertake the Actuarial Study, but he would need to have had a good grasp of mathematics at least to sixth form standard.

The earlier parts of the examinations cover subjects of a mathematical nature (including probability, calculus of finite differences, life contingencies, and statistics) and also financial subjects. The later part of the examinations deals with the application to professional problems of the principles covered in the earlier examinations.

The A.M.P. Society gives generous financial assistance to staff members studying for actuarial examinations, in respect of their tuition and examination fees. It awards a special salary increase (at present £400 p.a.) to members of its staff who gain the degre of Fellow of the Institute of Actuaries. Special salary increases are also given for meritorious service.