Actuary Career and Immigration options for Australia

Profile Title: Actuary Career and Immigration options for Australia

Alternative Title:Not Defined

ANZSCO Code: 224111 | Unit Code: 2241

Skill Level: Level 1 | Work Experience: 1 Years

Assessing Bodies: Vocational Education and Training Assessment Services (VETASSESS)

Skill Occupation List (SOL): MLTSSL

Specialization: Not Defined

Profile Description: 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.

Job Duties:

• 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 Description: In Australia and New Zealand: Most occupations in this unit group have a level of skill commensurate with a Bachelor Degree or higher 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). Registration or licensing may be required.

Available Visa Options (As on February 2024):

• 186 - Employer Nomination Scheme visa (subclass 186)
• 189 - Skilled Independent (subclass 189) - Points-Tested
• 190 - Skilled Nominated (subclass 190)
• 407 - Training visa (subclass 407)
• 485 - Temporary Graduate (subclass 485) - Graduate Work
• 489 - Skilled Regional (Provisional) visa (subclass 489) - Family sponsored
• 489 - Skilled Regional (Provisional) visa (subclass 489) - State or Territory nominated
• 482 - Temporary Skill Shortage (subclass 482) – Medium Term Stream
• 187 - Regional Sponsor Migration Scheme (subclass 187)
• 494 - Skilled Employer Sponsored Regional (provisional) (subclass 494) - Employer sponsored stream
• 491 - Skilled Work Regional (provisional) visa (subclass 491) State or Territory nominated
• 491 - Skilled Work Regional (provisional) visa (subclass 491) Family Sponsored

Registration or Licensing: may be required

Industries: Actuaries, Mathematicians and Statisticians are mainly employed in: Financial and Insurance Services; Professional, Scientific and Technical Services; and Public Administration and Safety

Education Profile: The most common level of educational attainment for Actuaries, Mathematicians and Statisticians is Post Graduate/ Graduate Diploma or Graduate Certificate (55.6 per cent).

Job Opening: Over the five years to November 2019, the number of job openings for Actuaries, Mathematicians and Statisticians is expected to be low (equal to or less than 5,000). Job openings count both employment growth and turnover (defined as workers leaving their occupation for other employment or leaving the workforce).

Age Group: The main age group is 25-34 years (34.2 per cent) and the median age is 38 years (compared to 40 years for all occupations).

Gender: The female share of Actuaries, Mathematicians and Statisticians is 34.2 per cent and 78.9 per cent of Actuaries, Mathematicians and Statisticians work full time. Average weekly hours for full time workers are 38.5 (compared to 40.2 for all occupations).

Earning: In August 2014 (latest available data) weekly earnings full-time before tax (and not including employer superannuation) were $1,769 (compared to earnings for all occupations of $1,200).

Employment: Employment for this occupation rose very strongly (in percentage terms) in the past five years, remained relatively steady in the long-term (ten years). Looking forward, employment for Actuaries, Mathematicians and Statisticians to November 2020 is expected to grow strongly.