Actuary VETASSESS Skills Assessment is one of the main steps if you want to migrate to Australia as an actuary. Once you get a good skills assessment, you can move to the visa step. This is true if your job fits Australia’s ANZSCO 224111 for Actuary.
It’s a straightforward book that describes an occupation. You will discover what an actuary does, how VETASSESS Skills Assessment for Actuary works, the typical qualifications and type of experience that is required and the highly relevant duties for this role, as well as the visa pathways typically associated with it.
Home > Actuary ANZSCO 224111
Risk Analysis
Data Modelling
Financial Forecasting
Statistical Research
An Actuary studies mathematical, statistical, demographic, financial, and economic data to predict and assess long-term risk in financial decisions and planning. Basically, actuaries assist companies better comprehend risk prior to making important monetary decisions.
This role is closely associated with insurance, superannuation, pensions, investments, financial planning and long-term financial planning. Therefore, the occupation relates closely to financial risk analysis insurance superannuation, which are conducted by Actuaries.Hence the occupation is significantly related to the insurance superannuation financial risk analysis conducted by Actuaries. Actuaries do not solely exist to perform number crunching. They estimate future costs, future claims and future losses – as well as future financial outcomes – using complex models.
If you are exploring other skilled occupations, you can also learn about the requirements and career pathway for the Importer Exporter ANZSCO 133311 occupation in Australia.
Item | Details |
Occupation | Actuary |
ANZSCO code | 224111 |
Assessing authority | VETASSESS |
VETASSESS group | Group A |
Skill level | Skill Level 1 |
Main role | Risk analysis and modelling into the future, based on the financial long-term situation |
Common visa pathways | 189, 190, 491 |
Yes. VETASSESS Skills Assessment for Actuary is the official skills assessment pathway for this occupation. VETASSESS lists Actuary 224111 as a Group A occupation.
It is significant due to the different assessment regimes of Group A occupations versus B occupations. For Actuary, VETASSESS expects a qualification at the right level in a highly relevant field, plus you need at least one year of good work experience after you finish your studies.
It is the initial part that everybody knows.
For Actuary VETASSESS Skills Assessment, VETASSESS says you need a qualification comparable to an AQF A bachelor degree, or something higher, in a field close to the job. Not only that, you will typically need to demonstrate at least 1 year of highly relevant work in an appropriate knowledge domain at a suitable level in the past 5 years. The work also needs to be at least 20 hours per week.
Requirement area | What VETASSESS expects |
Qualification level | AQF Bachelor degree or higher |
Qualification field | Highly relevant to Actuary |
Work experience | At least 1 year |
Timing of work | Post-qualification and within the last 5 years |
Work hours | 20 hours or more per week |
Relevance of work | Highly relevant to the nominated occupation |
Unlike many Group B occupations, Actuary does not have four different qualification pathways on the occupation page. It is evaluated according to a more direct model but Model A (Group A).
Actuary 224111 is a Group A occupation under VETASSESS.
In general it requires that the occupation:
Thus if you are degree ready and have a job similar to the occupation, the path is quite straightforward.
VETASSESS lists these as highly relevant major fields of study:
These study areas fit this job well. They cover actuarial modelling, probability, financial risk and long term forecasting.
What if you have a mathematics or statistics degree?
Here, it’s a bit more concrete: Actuary.
VETASSESS says other fields such as Mathematics or Statistics may be considered case by case if your studies cover all six core principle subjects specified by the Actuaries Institute. These are:
But if your degree isn’t directly tied to actuarial work, it’s not always a dead end. However, you will require good material on subjects and documents to support.
VETASSESS gives extra guidance if your degree is not clearly named Actuarial Science, Actuarial Studies or Actuarial Practice.
They strongly encourage applicants to provide:
This is a very important point for Actuary applicants. If your degree title is different, your supporting evidence is very important.
The one of your secondary keywords that you have is Actuary financial risk analysis insurance superannuation and it really is what this occupation is all about.
An actuary typically deals with uncertainty in finance. The task is to think about questions such as:
VETASSESS says actuaries work on complex financial and business problems in areas such as:
They can also analyse financial forecasts relating to insurance companies, finance companies, governments and other organisations and contribute to the development of new policies or risk analysis of investments.
In the simplest of terms, actuaries allow organisations to make better long-term financial decisions by converting data into risk estimates.
This is one of the crucial components of the assessment.
VETASSESS considers more than just your title. It examines what you do on a day to day basis. For Actuary ANZSCO 224111, highly relevant tasks include work such as:
This is an important indicator. VETASSESS does not expect a general finance assignment, or a broad data analysis, but real actuarial work.
VETASSESS says actuaries work in a range of practice areas such as:
In real life, many actuaries work in:
The essential is that the work should not be only financial reporting but it should be complex quantitative modelling and long term risk analysis as well.
VETASSESS says the following are not considered under Actuary ANZSCO 224111:
This is important because some of these occupations seem to be similar to actuarial work, but are not the same occupation for migration assessment purposes.
This is a very important point.
An actuary is not a spreadsheet, financial report or statistic wielding person. The job of the occupation is to predict and evaluate long-term risk through actuarial, modelling and quantitative analysis.
If you are generally suited for this occupation, then you:
If you primarily:
Jobs and Skills Australia lists Actuaries as a small but specialised occupation in Australia. It employs approximately 2,400 people, 19% of whom work part-time, 34% of whom are women and whose median age is 37.
This is no guarantee of the outcome of your migration, but it will provide a snapshot of the jobs in Australia.
As with other VETASSESS occupations, you will typically be required to have identity, qualification and employment evidence.
Common documents may include:
If your degree is not on VETASSESS’s list of actuarial specialisations, your qualification proof matters a lot more.
Your reference letters should do more than just confirm that you worked for the company. They should demonstrate that your work was of an actuarial nature.
There should be enough information in a good reference letter to include:
A letter that is limited to “financial analyst” or “data analyst” or similar terms and does not explicitly mention actuarial work may not be a good fit for this occupation.
Once you pass the skills check, the next step is the visa. Your secondary keyword here is Actuary visa subclass 189 190 491. Let’s keep it easy and short.
Actuary ANZSCO 224111 is often associated with the following visa options:
Eligibility for the visa may be subject to change and not all applicants may be eligible for all options. But these are the common skilled migration pathways connected with this occupation.
Subclass 189: This is a skilled independent visa. No employer sponsorship and points tested.
Subclass 190: This is a skilled nominated visa. Normally a nomination from an Australian state or territory is required.
Subclass 491: This is a regional skilled visa. It is also points-tested and usually needs state nomination or another eligible pathway.
Visa subclass | Basic idea | Main requirement |
189 | Skilled independent visa | Enough points and eligibility under the current program |
190 | Skilled nominated visa | State or territory nomination |
491 | Regional skilled visa | State nomination or another eligible pathway |
Here are some common issues that can weaken an Actuary application.
1) Using a non-actuarial occupation code by mistake
There are others who are employed in finance, statistics, economics or risk and who don’t actually work as an actuary.
2) Not proving the qualification is highly relevant
For Mathematics or Statistics degrees, subject mapping and syllabuses will be required to demonstrate that your degree includes the actuarial core areas.
3) Sending vague employment references
It is possible that a short letter containing only the words “financial modelling” or “analysis” is not sufficient. VETASSESS wants to see clear actuarial duties.
4) Counting work done before the right qualification
Timing is important in this occupation as VETASSESS usually requires post-qualification employment.
5) Mixing up actuarial work with general finance work
Actuary is a specialist role. This code may not be suitable for general finance or accounting or investment work that does not involve actuarial modelling.
Actuary VETASSESS Skills Assessment is a key step if you want to migrate under Actuary ANZSCO 224111 Australia. The main thing VETASSESS wants to see is that your background is genuinely actuarial, both in your studies and in your work.
Now if your degree is in a very relevant actuarial discipline, and you work in financial risk analysis, insurance, superannuation, pricing, projections or actuarial modelling, you have a very solid base to start with. Your best bet is to have clear documents that reflect your actual work as an actuary and are related to your occupation.
Who is the assessing authority for Actuary ANZSCO 224111?
The assessing authority is VETASSESS.
Is Actuary a Group A or Group B occupation?
Actuary 224111 is a Group A occupation under VETASSESS.
What qualification level is needed for Actuary?
VETASSESS requires a qualification comparable to an AQF A bachelor degree, or something higher, in a field close to the job.
What are the highly relevant fields of study for Actuary?
The main highly relevant fields are Actuarial Science, Actuarial Studies, and Actuarial Practice.
Can a Mathematics or Statistics graduate apply as an Actuary?
Sometimes yes. If the applicant provides strong supporting evidence, Mathematics or Statistics could be considered case by case by VETASSESS, provided that the qualification includes the six actuarial core principle subjects.
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