Actuary - ANZSCO 224111
- Assessment Authorities: VETASSESS
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.
Actuaries may perform the following tasks:
- analyse statistics relating to factors such as death, illness and accident, as well as current trends in the economy, to design new types of life insurance and superannuation policies
- determine appropriate premiums or contributions and rates of return by calculating the future probabilities of events such as unemployment, illness or changes in interest rates
- ensure insurance companies have sufficient financial reserves to meet claims
- advise companies on investment policy and the distribution of profits to policyholders
- undertake financial projections for, and measure and analyse the investment performance of, life insurance companies, financial institutions and government organisations
- provide advice to potential buyers or sellers of companies.
This occupation belongs to Medium and Long-term Strategic Skills List (MLTSSL). MLTSSL is the occupational demand list which is in high demand across various states and territories of Australia.
If your occupation is on MTSSL, you may be eligible to apply for the following visa subclasses:
- Skilled independent ( Subclass189)
- Skilled Work Regional (Provisional) visa (subclass 491) - Family nominated
- Skilled Work Regional (Provisional) visa (subclass 491) - State or Territory nominated
- Employer Nomination Scheme (subclass 186)- Direct Entry and Temporary Residence Transition streams
- Skilled Nominated visa (subclass 190)
- Training visa (subclass 407)
- Temporary Graduate visa (subclass 485)– Graduate Work
- Temporary Skill Shortage visa (subclass 482)Medium-term stream
- Skilled Employer Sponsored Regional (Provisional) visa (Subclass 494)
Are you Eligible to Live and Work in Australia as an Actuary?
Actuary is classified as Group A occupations by Vetassess. The criteria for skills assessment of Group A occupations is to hold qualification(s) assessed at Australian Bachelor degree or higher degree with a highly relevant field of study and at least one year of post-qualification highly relevant employment in the last five years.
According to Vetassess, to receive a positive assessment for this occupation requires a major in Actuarial Studies or Actuarial Science. Actuarial Studies is the application of mathematical and statistical analysis in order to solve financial planning problems in areas such as insurance, superannuation and investment (ASCED). Qualifications in Mathematics or Statistics with supporting highly relevant employment will be assessed on a case-by-case basis by Vetassess.
If you wish to check your eligibility to migrate permanently to Australia as an Actuary, please fill out the below assessment form. The assessment is free. After submitting the form, a registered migration consultant will look into the information and advise you of the outcome of the assessment via your email address.
