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Actuary -ANZSCO : 224111

Skill Level 1
State Capital Visa subclass 189 Visa subclass 190 Visa subclass 489
ACT Australian Capital Territory Canberra
NSW New South Wales Sydney
NT Northern Territory Darwin
QLD Queensland Brisbane
SA South Australia Adelaide
TAS Tasmania Hobart
VIC Victoria Melbourne
WA Western Australia Perth

ANZSCO 224111: ACTUARY

Major Group: 2 – Professionals | Sub-Major Group: 22 -Business, Human Resource and Marketing Professionals | Minor Group: 224 -Information and Organisation Professionals | Unit Group: 2241 – Actuaries,Mathematicians and Statisticians

Description: Analyses mathematical, statistical,demographic, financial or economic data to predict and assess the long-termrisk involved in financial decisions and planning. Registration or licensing isrequired.

Skill Level 1 : Occupations at Skill Level 1 have a level ofskill commensurate with a bachelor degree or higher qualification. At leastfive years of relevant experience may substitute for the formal qualification.In some instances relevant experience and/or on-the-job training may berequired in addition to the formal qualification.

UNIT GROUP 2241: ACTUARIES, MATHEMATICIANS AND STATISTICIANS

Description: Develop and apply actuarial, mathematical,statistical and quantitative principles and techniques to solve problems in arange 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.

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

Registration or licensing may be required.

Tasks

  • defining, analysing and solving complex financial andbusiness problems relating to areas such as insurance premiums, annuities,superannuation funds, pensions and dividends

  • examining financial projections for general insurancecompanies, finance companies, government and other organisations

  • designing new types of policies, assessing risks andanalysing investments in life insurance, superannuation funds, healthinsurance, friendly societies, financial markets and other areas

  • formulating mathematical models to simulate processes

  • applying models to experimental observations, and adjustingand recasting the models

  • using numerical analysis methods to develop algorithms andperform 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

Other occupations in this Unit Group

224112 – Mathematician

224113 – Statistician