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

Occupation Lists

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Skills Assessment Authority: VETASSESS

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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