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 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

ANZSCOOccupationSkills Assessment189190485 491 (State)491 (Family)186 (Direct)407 (Training)494 (regional Sponsored)482 (TSS Medium Term)
224111ActuaryVETASSESS



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
189 visa – Skilled Independent Visa

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:

Immigration Points

Must score at least 65 points. Due to the competitive nature of this visa, a pool mark does not guarantee an invitation to apply.

English

Must have at least Competent English, i.e., IELTS 6.0 or equivalent.

Age

Must be under 45 years of age. There is however no age limit for the 189 NZ stream.

be invited

Must lodge the EOI and be invited by the Department of Home Affairs to apply for the visa.

Skills assessment

Must have positive skills assessment. Each occupation has a specific assessing authority.

HEALTH AND CHARACTER

Must meet health and character requirements.

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)

While the 190 visa is a permanent visa, subclass 491 visa gives you right to live and work in regional Australia for 5 years with a pathway to permanent residency through the subclass 191 visa.

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:

Immigration Points

Must score at least 65 points, or higher points if the state or territory requires.

English

Must have at least Competent English, i.e., IELTS 6.0 or equivalent, or higher if the state or territory requires.

Age

Must be under 45 years of age.

be invited

Must lodge an EOI and be invited by the state or territory and then apply for the visa.

Skills assessment

Must have positive skills assessment. Each occupation has a specific assessing authority.

HEALTH AND CHARACTER

Must meet health and character requirements.


To check if the state/ territory government requirements for your occupation, refer to the following links

State/ Territory
Links to requirements
New South Wales
Victoria
South Australia
Western Australia
Northern Territory
Australian Capital Territory (ACT)
Tasmania
Queensland

485 Visa – Graduate Temporary Visa (Graduate Work Stream)

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:

Age

You must be under 50 years of age.

Education

Must have completed a two-year CRISCOS registered course(s).

Subclass 491 Family Sponsored visa – Skilled Work Regional (Provisional) visa

This 491 Family sponsored visa requires you to have a family member who is living in regional area to sponsor you. This visa offers pathway to permanent residency through visa subclass 191.

English

Must have at least Competent English, i.e., IELTS 6.0 or equivalent.

Age

Must be under 45 years of age.

be invited

Must lodge an EOI and be invited by DHA to apply for the visa.

Skills assessment

Must have positive skills assessment. Each occupation has a specific assessing authority.

HEALTH AND CHARACTER

Must meet health and character requirements.

Subclass 186 visa – Employer Nomination Scheme

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 2 years under the Temporary Residence Transition stream.

Experience

At least 3-year full-time work experience in the nominated occupation.

English

Must have at least Competent English, i.e., IELTS 6.0 or equivalent.

Age

Must be under 45 years of age, unless exempt.

Be Sponsored

Must be sponsored by an Australian employer.

Skills assessment

Must have a positive skills assessment. Exemptions apply for the 186TRT.

HEALTH AND CHARACTER

Must meet health and character requirements.

407  Training Visa

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:

GTE

You must prove that you genuinely stay in Australia for training and will depart when you complete the training.

English Level

Must have Functional English, i.e. IELTS overall 4.5 with no band less than 4, or equivalent.

Age

Must be over 18 years old.

Be Sponsored

You must be sponsored by an approved temporary activities sponsor – Can be an employer or a commonwealth agency

Health and Character

Must meet health and character requirements.

Subclass 494 visa – Skilled Sponsored Regional (Provisional) visa

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.

Experience

At least 3 years full-time work experience in the nominated occupation.

English

Must have at least Competent English, i.e., IELTS 6.0 or equivalent.

Age

Must be under 45 years of age, unless exempt.

Be Sponsored

Must be sponsored by an Australian regional employer.

Subclass 482 visa – Temporary Skill Shortage (Medium Term) 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.

English Level

Must have IELTS overall of atleast 5.0 with no band less than 5.0.

Age

There is no age requirement for this visa.

Health and Character

Must meet health and character requirements.

Job Outlook

  • $2060

    Weekly Earnings

  • 88%

    Work full time hours

  • Moderate

    Growth expected in the next 5 years

  • 34% female

    Gender share

  • 43 hours

    Average full-time

  • VERY high skill

    Skill level rating

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

Book a consultation with our Registered Migration Agents in Melbourne to find out more about your visa options and your path to Australian permanent residency or applying for citizenship.