224111 Actuary

ANZSCO Occupation Code: 
ANZSCO Occupation Name: 
Skill Assessing Authority: 
Medium and Long-term Strategic Skills List: 
Short-term Skilled Occupation List: 
PMSOL Occupation: 
ANZSCO Occupation Description: 

224111 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.
Skill Level: 1

ANZSCO Skill Level: 

2241 Actuaries, Mathematicians and Statisticians

ANZSCO Unit Group Code: 
ANZSCO Unit Group Name: 
Actuaries, Mathematicians and Statisticians
ANZSCO Unit Group Description: 


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.
Indicative Skill Level:
In Australia and New Zealand:
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.
Tasks Include:

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

Avg. weekly earnings - males (May 2012): 
1 756.90
Avg. weekly earnings - females (May 2012): 
1 759.70
Avg. weekly earnings - persons (May 2012): 
1 758.50