Actuary?

General

An actuary is a professional with advanced mathematical skills who deals with the measurement and management of risk and uncertainty. These risks can affect both sides of the balance sheet and require asset management, liability management, and valuation skills. Actuaries provide assessments of financial security systems, with a focus on their complexity, their mathematics, and their mechanisms. The name of the corresponding academic discipline is actuarial science.
[Excerpt from Wikipedia]

Austria & AVÖ

The Actuarial Association of Austria (AVÖ) is the professional representation of Austrian actuaries, actuarial mathematicians, and actuarial experts. The AVÖ is responsible for the recognition of fully qualified actuaries in Austria.  Beeing recognised as fully qualified actuary of AVÖ means being admitted to the Section of Fully Recognized Actuaries of the Actuarial Association of Austria (AVÖ).

Actuarial Guidelines

Guidelines of the AVÖ

To meet changing professional requirements and international standards (particularly the IAA Education Syllabus), the Actuarial Association of Austria (AVÖ) has defined and continues to update the requirements for becoming a recognized actuary (i.e., joining the Section of Recognized Actuaries of the AVÖ).

To be recognized as an actuary, you have to complete a prescribed theoretical education and gain professional experience. The theoretical education includes completion of a mathematics (or equivalent) degree at the diploma/master's level, as well as proof of subject-specific knowledge (fulfillment of the AVÖ Course Catalog). The latter can be achieved either through the selection of appropriate subjects during a degree program or through the later completion of individual courses or lectures.

Education and Training Opportunities

TU Wien – Bachelor’s and Master’s Program

  • The Bachelor’s and Master’s program in Financial and Actuarial Mathematics at TU Wien, in combination with the specialization module in Actuarial Mathematics in the Master’s program and some elective courses including the Professional Seminar (see below), fulfills the academic requirements (i.e., theoretical education) for recognition as an actuary (AVÖ).
  • For enrollment as a student, see: “Admission procedure at TU Wien”.

TU Wien – Completion of Subject-Specific Courses

  • If you are pursuing a different mathematics or equivalent degree (at TU Wien or at another Austrian or international university), subject-specific courses required for recognition as an actuary can be completed or made up at TU Wien.
  • Individual courses or introductory courses can also be taken without formal admission to a degree program – please let us know about your participation in advance (01-58801-10511, Sandra Trenovatz).
  • Enrollment as a student is recommended (either as a non-degree or regular student).

Other Options

  • Individual subject-specific courses can also be taken during your studies at TU Graz. The stochastic foundations from the AVÖ subject catalog can generally be covered at all Austrian and many international universities.
  • The Austrian Actuarial Society has also developed a professional training program in cooperation with universities & course providers in Austria.

Professional Seminar

  • This seminar is required to join the Section of Recognized Actuaries. TU Wien offers the Professional Seminar every two years as part of a regular lecture. This lecture is free of charge for enrolled students and can also be attended by external participants for a small fee – either as part of actuarial training or for continuing professional development (CPD).
    Next session: Expected in September 2026
    [Previous session: 2024, 2022, 2020, 2018, 2016, 2014, 2012]
  • The Professional Seminar was also organized by the Austrian Society for the Promotion of Actuarial Science (ÖFdV GmbH) until 2023 [2023, 2021, 2019, 2017, 2015, 2014, 2013].

Application & query for Recognition as an Actuary

It is recommended to submit an query approximately 2 years before applying for admission to the Section of Recognized Actuaries of AVÖ. Send a mapping of completed and planned courses to the AVÖ course catalog using the form "Tabellenteil...". No AVÖ membership is required for this query. Work experience does not need to be confirmed at this stage.

The AVÖ committee on Education and Training reviews queries and applications regarding the recognition of exams and compliance with current guidelines. The AVÖ Executive Board makes the final decision based on the  committee’s recommendations.

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