Skill Assessment- Actuary ANZSCO 224111

What is Actuary?

An actuary is a skilled professional who specializes in analyzing complex mathematical, statistical, demographic, financial, and economic data. Their primary role is to predict and assess long-term risks associated with financial decisions and planning. Actuaries play a vital role in various sectors, including insurance, finance, and government, providing essential insights for making informed choices. This occupation requires registration or licensing and is assessed by Vocational Education and Training Assess (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.

Actuary-Skills Assessment Authority

Vocational Education and Training Assess (VETASSESS)

Actuaries perform the following 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 trends and patterns.

Visa Opportunities for Actuaries in Australia

If your occupation is listed on the Medium and Long-term Strategic Skills List (MTSSL), various visa subclasses may be available to you, such as:

• Skilled Independent (Subclass 189).
• Skilled Work Regional (Provisional) visa (Subclass 491) – Family nominated or State/Territory nominated.
• Employer Nomination Scheme (Subclass 186).
• 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).

Actuary-Requirements for Skills Assessment

• Qualification- Comparable to the educational level of an AQF bachelor’s degree or higher.
• Employment- At least one year of highly relevant post-qualification employment in the last five years.
• Assessment- Both qualifications and employment must be positively assessed for a positive Skills Assessment Outcome.

Requirements for Qualification

• Major Fields of Study- Actuarial Science, Actuarial Studies, Actuarial Practice.
• Key Areas- Actuarial Statistics, Risk Modelling and Survival Analysis, Actuarial Mathematics, Financial Engineering and Loss Reserving, Business Finance, and Business Economics.
• Recognition- Fellowship or Associateship of a body recognized by the Actuaries Institute of Australia is highly regarded.
• Case-by-Case Basis- Qualifications in Mathematics or Statistics, provided key six areas are covered. These six areas are Actuarial Statistics, Risk Modelling and Survival Analysis, Actuarial Mathematics, Financial Engineering and Loss Reserving, Business Finance, Business Economics.

Requirements for Employment

• Tasks- Defining, analysing, and solving complex financial and business problems, examining financial projections, designing new types of policies, assessing risks, analysing investments, etc.
• Practice Areas- General Insurance, Life Insurance, Banking, Data Analytics, Risk Management, Health, Wealth Management, etc.

Supporting Material for Assessment

For Non-Degree Holders- Mapping of subjects to the six core principle subjects specified by the Actuaries Institute and an official syllabus for each qualification.

Highly relevant major fields of study include:

• Actuarial Science
• Actuarial Studies
• Actuarial Practice

Occupations not considered 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

VETASSESS skill assessment fee

The application fee for skill assessment varies based on the applicant’s residency status for tax purposes in Australia:

• Online Application: AUD $1136.30 (Resident) | AUD $1033.00 (Non-Resident)
• Priority Processing Fee: AUD $886.60 (Resident) | AUD $806.00 (Non-Resident)

Documents required for skill assessment for Actuary.

• Proof of Identity and Claims: Submit evidence supporting your identity, qualification, and employment claims.
• Required Documents:  A comprehensive list of necessary documents is available on the VETASSESS website under the “Eligibility Criteria” section.
• For Applicants Without Specific Degree-Level Qualifications: Those without degrees in Actuarial Science, Actuarial Studies, or Actuarial Practice should map their studied subjects to the six core principle subjects specified by the Actuaries Institute. Provide an official syllabus for each qualification.
• Additional Details: Include details of projects or research undertaken during your studies.

Actuary Skill assessment processing time

The current processing time is 12 to 20 weeks. These timeframes are for the applications that have all documentation, and correct documentation.

Conclusion

Embarking on a career as an actuary in Australia involves a thorough understanding of the roles, responsibilities, and the meticulous process of assessment and validation by authorities like VETASSESS. With a clear pathway, inclusive of meeting qualification, employment, and assessment requirements, actuaries can significantly contribute to the financial stability and sustainability of various sectors within the country.