Actuary ANZSCO Code: 224111
An actuary uses math, statistics, and financial data to predict and evaluate risks in long-term financial decisions and planning.
Occupation description
An actuary studies numbers like math, stats, and financial info to guess and check the future risks in money choices and plans.
Occupations not considered suitable under this ANZSCO code:
- Mathematician
- Statistician
- Accountants
- Corporate Treasurer
- Economist
- Financial Investment Adviser
- Financial Investment Manager
- Information and Organisation Professionals
- Policy Analyst
- Specialist Managers, including Finance Manager
- These occupations are classified elsewhere in ANZSCO or are not at the required skill level.
Actuary is a VETASSESS Group A occupation
For this job, you need a qualification that’s deemed equivalent to an Australian Qualifications Framework (AQF) Bachelor’s degree or higher. It should be in a field closely related to the occupation you’re applying for.
Candidates should also possess at least one year of closely related work experience, gained after obtaining their qualification. This experience should be at an appropriate skill level and completed within the last five years.
Applicants won’t meet the necessary skill level if:
- Their qualification(s) don’t meet the required educational level.
- Their qualification(s) aren’t in a closely related field of study.
- Their employment was finished before completing the qualification.
A successful Skills Assessment outcome requires a positive evaluation of both qualifications and employment.
Relevant work experience must be full-time (20 hours or more per week):
You need to have one year of full-time (20 hours or more per week) paid employment after completing your qualifications. This employment should be highly relevant to the job you’re applying for and at an appropriate skill level. It should have occurred within the last five years before you apply for a Skills Assessment.
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Qualification
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AQF Bachelor degree or higher degree.
This includes qualifications assessed at AQF Bachelor, Master and Doctoral level.
Highly relevant major field of study include:
- Actuarial Science
- Actuarial Studies
- Actuarial Practice
Other fields of study, like Mathematics or Statistics, may be reviewed individually if they cover all six core principle subjects outlined by the Actuaries Institute.
- Actuarial Statistics
- Risk modeling and Survival Analysis
- Actuarial Mathematics
- Financial Engineering and Loss Reserving
- Business Finance
- Business Economics
Employment
If an applicant holds a qualification at the required level that isn’t directly relevant, but they also have a Fellowship or Associateship with a body that has a Mutual Recognition Agreement with the Actuaries Institute of Australia, the major field of study requirement will be considered fulfilled.
Similarly, if an applicant has a qualification at the required level that isn’t directly relevant but is working towards completing qualifications or membership/fellowship with recognized actuarial institutes, their qualification outcome may be assessed positively on a case-by-case basis, provided they have completed all six core principle subjects.
Applicants must provide evidence such as certificates, transcripts, and syllabuses.
Tasks that are highly relevant include, but are not limited to:
- Defining, analyzing, and solving intricate financial and business issues concerning insurance premiums, annuities, retirement funds, pensions, and dividends.
- Reviewing financial forecasts for various entities such as insurance companies, finance firms, government bodies, and others.
- Creating innovative policies, evaluating risks, and examining investments in areas like life insurance, retirement funds, health insurance, financial markets, and similar sectors.
Employment Information
Actuaries specialize in various fields like General Insurance, Life Insurance, Banking, Data Analytics, Risk Management, Health, and Wealth Management. They play a key role in creating and adjusting intricate actuarial models. Actuaries use advanced quantitative modeling methods to analyze both opportunities and risks in their work.
Supporting Material for Assessment
When applying for a Skills Assessment, make sure you provide enough evidence for your identity, qualifications, and work experience. If your degree isn’t in Actuarial Science, Actuarial Studies, or Actuarial Practice, it’s recommended to map your completed subjects to the six core principle subjects outlined by the Actuaries Institute. Include official syllabi for each qualification and details of any related projects or research.
If you’re pursuing or have completed qualifications or memberships with recognized actuarial institutes, submit evidence such as certificates, transcripts, and syllabi.