ANZSCO Job Descriptons
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Actuary – ANZSCO 224111

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.

Skill Level

1

Skills Assessment Authority
VETASSESS
Caveats
No caveats apply to this occupation.
Endorsed Correlations to ASCO Occupations
  • 2293-15 Actuary

Group: 2241 Actuaries, Mathematicians and Statisticians

Description

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.

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 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.

Occupations in this Group
  • 224111 Actuary
  • 224112 Mathematician
  • 224113 Statistician

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Written by Mark

As the founder of Getting Down Under, Mark is passionate about demystifying the process associated with a move to Australia. Having launched Getting Down Under in early January 2006 and made the move to Australia from the UK in the same year, Mark continues to share resources and support for those looking for assistance. If you have a question for Mark, please post in our Community Forums. Please note All information provided on Getting Down Under should be considered in conjunction with our disclaimer. Please seek professional advice if you have any doubts!

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