Registered Migration Australia

ACTUARY

ANZSCO 224111 - REGISTERED MIGRATION AUSTRALIA




Description
An actuary 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 in Australia as an actuary. Actuary is a Skill Level 1 occupation.

 

 

Actuary Occupation Lists
This occupation is on the following skill lists:

 

 

 

This occupation is not on the following skill lists:

 

 

 

Group: 2241 Actuaries, Mathematicians and Statisticians

 

 

 

Actuary job description - Registered Migration Australia


The job of an actuary in Australia is to 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.

 

Note: 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 the actuary unit group (Group: 2241) have a level of skill commensurate with a bachelor degree or higher qualification. At least five years of relevant experience may substitute for the formal 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).


In Australia registration or licensing may be required as an actuary.


Occupations within the Actuary Group

 

Note: Whilst a similar occupation may appear in the same actuary group if not listed in either the STSOL or MLTSSL the ANZSCO description should be used for reference purposes only.

 

English Requirement Actuary

 

  • IELTS result with a minimum score of 6 (L, R, W), 7 in speaking and 7 overall;
  • OET result with a minimum grade B in all sections;
  • TOEFL iBT with a minimum score (L:12 R:13 W:21 S:23 overall L93);
  • PTE Academic with a minimum score of 50 (L, R, W), 65 in speaking and 65 overall

 

Exceptions

  • Australian graduate exceptions apply in some states/territories
  • Priority Skilled Lists may apply a specific requirement in some states/territories
  • Countries exempt from submitting IELTS or OET include the UK; Canada; New Zealand; US; and Ireland

 

Where mandatory licensing or registration is required you must demonstrate a level of English either sufficient to meet licensing / registration or a minimum IELTS, or equivalent, whichever is higher.

 

 

 

Assessment Authority

 

  • Actuary is currently assessed with VETASSESS - (Vocational Education and Training Assessment Services), more info regarding assessment bodies

 

Average Income Actuary

The average salary for an Actuary in Australia is $ 95,725 for male employees and $ 82,446 for female employees per year. Average Age: Males: 38.3 Females: 41.7 Persons: 40.0

Source: www.abs.gov.au (Group 2241) Actuaries mathematicians and statisticians - Employee Earnings and Hours, Australia, May 2016

 

 

Please contact us if you would like assistance with your actuary skilled visa application. Registered Migration Australia is a licensed migration company, we are proudly 100% Australian owned and operated.