Analyses mathematical, statistical, demographic, financial or economic data to predict and assess the long-term risk involved in financial decisions and planning. Registration or licensing is required.

Skill Level

1

Unless you are exempt in very limited circumstances, you are required to have a positive Skills Assessment to apply for the visas listed above.

Skills Assessment authority for Actuary is Vocational Education and Training Assess (VETASSESS). To have a positive skills assessment, you must meet the following criteria:

• Qualification which is assessed as comparable to the educational level an Australian Qualifications Framework (AQF) Bachelor degree or higher in a field highly relevant to the nominated occupation.
• Highly relevant major fields of study include:
  • Actuarial Science
  • Actuarial Studies
  • Actuarial Practice
• Applicants must also have at least one year of highly relevant, post-qualification employment, at an appropriate skill level completed in the last five years.

develop and apply actuarial, mathematical, statistical and quantitative principles and techniques to solve problems in a range of fields such as business and finance, scientific and social research, and engineering.
Econometricians are excluded from this unit group. Econometricians are included in Unit Group 2243 Economists.

Tasks

• defining, analysing and solving complex financial and business problems relating to areas such as insurance premiums, annuities, superannuation funds, pensions and dividends
• examining financial projections for general insurance companies, finance companies, government and other organisations
• designing new types of policies, assessing risks and analysing investments in life insurance, superannuation funds, health insurance, friendly societies, financial markets and other areas
• formulating mathematical models to simulate processes
• applying models to experimental observations, and adjusting and recasting the models
• using numerical analysis methods to develop algorithms and perform computations
• liaising with management and clients to determine the subject or area to be surveyed or examined
• specifying the data to be collected, and the methodology to be used in collection and analysis
• evaluating and describing the reliability and utility of source information
• analysing and interpreting data, and producing relevant statistics to describe and infer particular trends and patterns

Skill Level

Most occupations in this unit group have a level of skill commensurate with a bachelor degree or higher qualification. In some instances relevant experience and/or on-the-job training may be required in addition to the formal qualification (ANZSCO Skill Level 1).

Registration or licensing may be required.

Occupations in this Group

• 224111 Actuary
• 224112 Mathematician
• 224113 Statistician