Actuary VETASSESS Skills Assessment

What is the requirement of VETASSESS Skills Assessment?


What’s the job description

An Actuary analyses mathematical, statistical, demographic, financial or economic data to predict and assess the long-term risk involved in financial decisions and planning.

Occupations not considered

as highly relevant under this ANZSCO code include, but are not limited to:

  • Mathematician
  • Statistician
  • Accountants
  • Corporate Treasurer
  • Economist
  • Financial Investment Adviser
  • Financial Investment Manager
  • Information and Organization Professionals nec
  • Policy Analyst
  • Specialist Managers, including Finance Manager

What’re Requirements for Skills Assessment

This occupation requires

A qualification that is assessed as comparable to the educational level of an Australian Qualifications Framework (AQF) Bachelor degree or higher degree.

In addition to this, applicants must possess at least one year of highly relevant postqualification employment, at an appropriate skill level, in the last five years.

If the qualification(s) are not at the required educational level, and/or not in a highly relevant field of study, or if the employee has been completed prior to the qualification, then the overall assessment outcome will be negative.

A positive assessment of both qualifications and employment is required for a positive Skills Assessment Outcome.

What’re requirements for qualification

AQF Bachelor degree or higher Highly relevant major fields of study include:

  • Actuarial Science
  • Actuarial Studies
  • Actuarial Practice

The courses should cover the key areas of

Actuarial Statistics, Risk Modelling and Survival Analysis, Actuarial Mathematics, Financial Engineering and Loss Reserving, Business Finance and Business Economics.

Fellowship or Associateship of a body with which the Actuaries Institute of Australia
holds a Mutual Recognition Agreement will be highly regarded.

Qualifications in Mathematics or Statistics will be assessed on a case-by-case basis provided the above-listed key areas are covered.

*This includes qualifications assessed at AQF Bachelor, Master and Doctoral level. VETASSESS does not currently accept relevant studies at Graduate Certificate and Graduate Diploma levels on their own.

What’re Requirments for employment

Highly relevant tasks include, but are not limited to:

  • 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

ACTUARY (ANZSCO Code: 224111)

Actuaries work in a variety of practice areas such as

  • General Insurance,
  • Life Insurance, Banking,
  • Data Analytics,
  • Risk Management, Health, Wealth Management etc.

They are actively involved in the development and modification of complex actuarial models.

Actuaries are expected to employ complex quantitative modeling techniques in the course of their work to analyze opportunities and risks.

Other roles classified in ANZSCO Unit Group 2241 may be considered for points test purposes.

What’s supporting material for the assessment

Applicants who do not possess degree-level qualifications in

  • Actuarial Science,
  • Actuarial Studies or
  • Actuarial Practice

are strongly encouraged to provide a mapping of the subjects completed over the course of their studies to the six core principle subjects specified by the Actuaries Institute, as well as a copy of an official syllabus for each qualification.

Applicants who have completed or are working towards completion of qualifications from, or membership or fellowship of, recognized actuarial institutes are required to provide evidence of this, such as certificates, transcripts and syllabuses.

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