An Actuary analyses mathematical, statistical, demographic, financial or economic data to predict and assess the long-term risk involved in financial decisions and planning.
Occupation 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.
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
This occupation requires a qualification assessed as comparable to the educational level of an Australian Qualifications Framework (AQF) Bachelor degree or higher, in a field highly relevant to the nominated occupation.
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.
Applicants will not meet the required skill level if:
- The qualification(s) are not at the required educational level.
- The qualification(s) are not in a highly relevant field of study.
- The employment has been completed prior to the completion of the qualification.
A positive assessment of both qualifications and employment is required for a positive Skills Assessment outcome.
* Highly relevant paid employment duration (20 hours of more per week): One year of post-qualification paid employment (20 hours of more per week) highly relevant to the nominated occupation, at an appropriate skill level in the last five years before the date of application for a Skills Assessment.
Qualification and Employment Criteria
Employment
In instances where an applicant has an underpinning qualification at the required level that is not considered highly relevant in itself, but also possesses a Fellowship or Associateship of a body with which the Actuaries Institute of Australia holds a Mutual Recognition Agreement, the major field of study requirements will be considered as met.
In instances where an applicant has an underpinning qualification at the required level that is not considered highly relevant in itself, but they have undertaken further exams or are working towards completion of qualifications from, or membership or fellowship of, recognised actuarial institutes, a positive qualification outcome may be considered on a case-by-case basis provided all the six core principle subjects are completed.
Applicants are required to provide evidence, such as certificates, transcripts and syllabuses.
Highly relevant tasks include, but are not limited to:
- 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 analysisng investments in life insurance, superannuation funds, health insurance, friendly societies, financial markets and other areas.
Employment Information
Actuaries work in a variety of practice areas such as General Insurance, Life Insurance, Banking, Data Analytics, Risk Management, Health, Wealth Management etc. They are actively involved in the development and modification of complex actuarial models.
Actuaries are expected to employ complex quantitative modelling techniques in the course of their work to analyse opportunities and risks.
Supporting Material for Assessment
When applying for a Skills Assessment, please ensure you submit sufficient evidence supporting your proof of identity, qualification and employment claims. Applicants nominating this occupation are required to provide evidence in line with VETASSESS documentation requirements (see List of Required Documents).
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 are also encouraged to provide details of any projects or research undertaken as part of their qualifications.
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. The evidence may be certificates, transcripts indicating completed units and syllabuses.
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