Actuary – ANZSCO 224111
- 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
Skills Assessment Requirement
Unless you are exempt in very limited circumstances, you are required to have a positive Skills Assessment to apply for the visas listed above.
Skills Assessment authority for Actuary is Vocational Education and Training Assess (VETASSESS). To have a positive skills assessment, you must meet the following criteria:
- Qualification which is assessed as comparable to the educational level an Australian Qualifications Framework (AQF) Bachelor degree or higher in a field highly relevant to the nominated occupation.
- Highly relevant major fields of study include:
- Actuarial Science
- Actuarial Studies
- Actuarial Practice
- 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.
Potential Visa Pathways for Actuary
|ANZSCO||Occupation||Skills Assessment||189||190||485||491 (State)||491 (Family)||186 (Direct)||407 (Training)||494 (regional Sponsored)||482 (TSS Medium Term)|
|224111||Actuary||VETASSESS||√ ||√||√||√||√ ||√ ||√||√||√|
Group: 2241 Actuaries, Mathematicians and Statisticians
- 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.
- 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
This 189 visa allows you to live, work and study in Australia permanently. It is a points-tested visa. The minimum score to apply is 65 points. However, based on previous invitation rounds, you would need to achieve a higher score to have a better chance of obtaining an invitation.
In short, to be eligible for visa 189, you need to meet the following criteria:
Subclass 190 visa– Skilled Nominated Visa & Subclass 491 visa – Skilled Work Regional (Provisional) Visa
To apply for visa subclass 190 and visa subclass 491, you need to have a nomination from the state/territory government where you want to live and work. Each State and Territory have individual requirements that must be met in order to receive nomination. (See below)
Another difference between the 190 and 491 visa is that you can only apply for visa subclass 491 if you are living and working in regional areas in Australia, while it is not a requirement if you are applying for the 190 visa.
In summary, to be eligible for 190 visa, you need to meet the following criteria:
To check if the state/ territory government requirements for your occupation, refer to the following links
Links to requirements
|New South Wales||
|Australian Capital Territory (ACT)|
The 485 visa is a work visa available to international students who have completed two years of study in Australia. It is an 18-month visa that has full work rights and full study rights. It also allows you to travel freely to and from Australia throughout the validity of the visa.
To be eligible for visa 485, you need to meet the following criteria:
If you have an employer who is willing to sponsor you, you may be eligible for a Subclass 186 visa. This visa is permanent and will allow you to live, work and study in Australia indefinitely. To be eligible for this visa, you need to have at least 3 years of working experience in your nominated occupation and a positive skills assessment. Alternatively, if you are a holder of a Subclass 457 or TSS visa, you can apply for Subclass 186 after working for your employer for at least 3 years under the Temporary Residence Transition stream.
The 407 visa a short stay visa for individuals to participate in occupational training or professional development in Australia. This visa is generally valid to stay in Australia for 2 years. Please note this visa is subject to condition 8102 which forbids work apart from the training that is specified in the visa application. You are also required to maintain health insurance whilst in Australia.
To be eligible for visa 407, you need to meet the following criteria:
You can apply for subclass 494 if you have a regional employer who is willing to sponsor you. To be eligible for this visa, you must have at least 3 years of working experience in your nominated occupation and have a relevant skills assessment. With this visa, there is a requirement that you must work for the employer who is sponsoring you.
This visa provides pathway to permanent residency through the 191 visa.
The Subclass 482 visa is a Temporary Skill Shortage visa that requires a sponsorship from an Australian employer. This visa allows to your live and work in Australia for up to 4 years. You may apply for as many 482 visas as you want, as long as the employer is willing to sponsor you.
Study Pathways to Actuary
To become an actuary you usually have to study a Bachelor of Actuarial Studies or a Bachelor of Actuarial Science at university. To get into these courses you usually need to gain your Senior Secondary Certificate of Education.
An Actuarial Science degree prepares you to evaluate risk and opportunity in a business setting, and use your findings to influence some of society’s most important economic structures. Studying Actuarial Science gives you the skills to evaluate and manage the financial risks which could include illness, disability and death, the effects of natural disasters such as cyclones and earthquakes, and major economic or social change.
Actuarial studies gives you a firm grounding in the traditional actuarial skill set of mathematics, statistics, demography, finance, analytics and economics. Actuarial studies gives you the skill set to solve big picture problems for a range of organisations including life, general and health insurance companies; banks and other financial institutions; superannuation funds; and governments.
Bachelor of Actuarial Science OR Bachelor of Actuarial Studies
- Duration: 3 years full time
- Total Course Cost Approx: $150,584 AUD
- Have graduated an equivalent Australian Year 12 or equivalent
- English proficiency requirement – IELTS 6.5 overall with no band below 6.0 or equivalent
- Previous studies in English and Mathematics
- Bachelor of Commerce
- Bachelor of Finance