Occupation: 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.
The entry requirement for this occupation is 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).
- 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