Actuary - ANZSCO 224111

SOL | State SOL |Employer SOL| Regional

Description
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

Skills Assessment Authority VETASSESS - Caveats Group A & VETASSESS-FAQ | Your Career | My Future

Caveats No Caveats

Endorsed Correlations to ASCO Occupations
2293-15 Actuary

Group: 2241 Actuaries, Mathematicians and Statisticians

Description
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.

Occupations not considered as highly relevant under this ANZSCO code
include, but are not limited to:
 Mathematician
 Statistician
 Accountants
 Corporate Treasurer
 Economist
 Financial Investment Adviser
 Financial Investment Manager
 Information and Organisation Professionals nec
 Policy Analyst
 Specialist Managers, including Finance Manager
These occupations are classified elsewhere in ANZSCO.

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).

Requirements for Skills Assessment

This occupation requires a qualification that is assessed as comparable to the
educational level of an Australian Qualifications Framework (AQF) Bachelor degree or
higher degree*.
In addition to this, applicants must possess at least one year of highly relevant postqualification employment, at an appropriate skill level, in the last five years. If the
qualification(s) are not at the required educational level, and/or not in a highly relevant
field of study, or if the employment has been completed prior to the qualification, then
the overall assessment outcome will be negative.
A positive assessment of both qualifications and employment is required for a positive
Skills Assessment Outcome.
*This includes qualifications assessed at AQF Bachelor, Master and Doctoral level. VETASSESS does not
currently accept relevant studies at Graduate Certificate and Graduate Diploma levels on their own. 

Qualification
AQF Bachelor degree or higher*
Highly relevant major fields of study include:
 Actuarial Science
 Actuarial Studies
 Actuarial Practice
The courses should cover the key areas of Actuarial Statistics, Risk Modelling and
Survival Analysis, Actuarial Mathematics, Financial Engineering and Loss Reserving,
Business Finance and Business Economics.
Fellowship or Associateship of a body with which the Actuaries Institute of Australia
holds a Mutual Recognition Agreement will be highly regarded.
Qualifications in Mathematics or Statistics will be assessed on a case-by-case basis
provided the above-listed key areas are covered.
*This includes qualifications assessed at AQF Bachelor, Master and Doctoral level.
VETASSESS does not currently accept relevant studies at Graduate Certificate and
Graduate Diploma levels on their own.

Supporting material for assessment
Applicants who do not possess degree-level qualifications in Actuarial Science, Actuarial
Studies, or Actuarial Practice are strongly encouraged to provide a mapping of the subjects
completed over the course of their studies to the six core principle subjects specified by the
Actuaries Institute, as well as a copy of an official syllabus for each qualification.
Applicants who have completed or are working towards completion of qualifications from, or
membership or fellowship of, recognised actuarial institutes are required to provide evidence
of this, such as certificates, transcripts and syllabuses.

Registration or licensing may be required.