Actuary
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Actuary – ANZSCO 224111
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
Skills Assessment Requirement
Unless you are exempt in very limited circumstances, you are required to have a positive Skills Assessment to apply for the visas listed above.
Skills Assessment authority for Actuary is Vocational Education and Training Assess (VETASSESS). To have a positive skills assessment, you must meet the following criteria:
- Qualification which is assessed as comparable to the educational level an Australian Qualifications Framework (AQF) Bachelor degree or higher in a field highly relevant to the nominated occupation.
- Highly relevant major fields of study include:
- Actuarial Science
- Actuarial Studies
- Actuarial Practice
- Applicants must also have at least one year of highly relevant, post-qualification employment, at an appropriate skill level completed in the last five years.
Potential Visa Pathways for Actuary
ANZSCO | Occupation | Skills Assessment | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 224111 | Actuary | 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
189 visa – Skilled Independent Visa
This 189 visa allows you to live, work and study in Australia permanently. It is a points-tested visa. The minimum score to apply is 65 points. However, based on previous invitation rounds, you would need to achieve a higher score to have a better chance of obtaining an invitation.
In short, to be eligible for visa 189, you need to meet the following criteria:
Immigration Points
Must score at least 65 points, or higher points if the state or territory requires.
Age
Must be under 45 years of age.
Skills assessment
Must have positive skills assessment. Each occupation has a specific assessing authority.
English
Must have at least Competent English, i.e., IELTS 6.0 or equivalent.
be invited
Must lodge an EOI and be invited by the state or territory and then apply for the visa.
HEALTH AND CHARACTER
Must meet health and character requirements.
Subclass 190 visa– Skilled Nominated Visa & Subclass 491 visa – Skilled Work Regional (Provisional) Visa
To apply for visa subclass 190 and visa subclass 491, you need to have a nomination from the state/territory government where you want to live and work. Each State and Territory have individual requirements that must be met in order to receive nomination. (See below)
While the 190 visa is a permanent visa, subclass 491 visa gives you right to live and work in regional Australia for 5 years with a pathway to permanent residency through the subclass 191 visa.
Another difference between the 190 and 491 visa is that you can only apply for visa subclass 491 if you are living and working in regional areas in Australia, while it is not a requirement if you are applying for the 190 visa.
In summary, to be eligible for 190 visa, you need to meet the following criteria:
Immigration Points
Must score at least 65 points, or higher points if the state or territory requires.
Age
Must be under 45 years of age.
Skills assessment
Must have positive skills assessment. Each occupation has a specific assessing authority.
English
Must have at least Competent English, i.e., IELTS 6.0 or equivalent.
be invited
Must lodge an EOI and be invited by the state or territory and then apply for the visa.
HEALTH AND CHARACTER
Must meet health and character requirements.
To check if the state/ territory government requirements for your occupation, refer to the following links
State/ Territory | Links to requirements |
| New South Wales |
|
| Victoria | |
| South Australia | |
| Western Australia | |
| Northern Territory | |
| Australian Capital Territory (ACT) | |
| Tasmania | |
| Queensland |
485 Visa – Graduate Temporary Visa (Graduate Work Stream)
The 485 visa is a work visa available to international students who have completed two years of study in Australia. It is an 18-month visa that has full work rights and full study rights. It also allows you to travel freely to and from Australia throughout the validity of the visa.
To be eligible for visa 485, you need to meet the following criteria:
Visa History
Must hold a student visa when applying or have held one in the last 6 months.
Age
You must be under 50 years of age.
Skills assessment
Must have positive 485 skills assessment.
English
Must have at least IELTS 6.0 or equivalent with no band less than 5, or equivalent.
Education
Must have completed a two-year CRISCOS registered course(s).
Occupation
Your occupation must be on the MLTSSL list.
Subclass 491 Family Sponsored visa – Skilled Work Regional (Provisional) visa
Immigration Points
Must score at least 65 points, or higher points as it is competitive.
Age
Must be under 45 years of age.
Skill Assessment
Must have positive skills assessment. Each occupation has a specific assessing authority.
English
Must have at least Competent English, i.e., IELTS 6.0 or equivalent.
Be Invited
Must lodge an EOI and be invited by DHA to apply for the visa.
Health & Character
Must meet health and character requirements.
Subclass 186 visa – Employer Nomination Scheme
Experience
At least 3 years full-time work experience in the nominated occupation.
Age
Must be under 45 years of age, unless exempt.
Skills Assessment.
Must have a positive skills assessment.
English
Must have at least Competent English, i.e., IELTS 6.0 or equivalent.
Be Sponsored
Must be sponsored by an Australian regional employer.
Health & Character
Must meet health and character requirements.
407 Training Visa
GTE
You must prove that you genuinely stay in Australia for training and will depart when you complete the training.
Age
Must be over 18 years old.
Health Insurance
Must hold valid private health insurance.
English
Must have Functional English, i.e. IELTS overall 4.5 with no band less than 4, or equivalent.
Be Sponsored
You must be sponsored by an approved temporary activities sponsor – Can be an employer or a commonwealth agency
Health & Character
Must meet health and character requirements.
Subclass 494 visa – Skilled Sponsored Regional (Provisional) visa
Experience
At least 3 years full-time work experience in the nominated occupation.
Age
Must be under 45 years of age, unless exempt.
Skill Assessment
Must have a positive skills assessment.
English
Must have at least Competent English, i.e., IELTS 6.0 or equivalent.
Be Sponsored
Must be sponsored by an Australian regional employer.
Location
Must live and work in regional areas in Australia.
482 SID visa – Skills In Demand visa- Core Skills Pathway
The 482 SID visa (Core Skills Pathway) visa that requires a sponsorship from an Australian employer. You must be nominated to work in an occupation on the Core Skills Occupation List (CSOL). This visa allows to your live and work in Australia for up to 4 years. You may apply for as many 482 visas as you want, as long as the employer is willing to sponsor you. The SID 482 visa has a pathway to permanent residency through the 186 transition stream.
Experience
At least 1 years work experience in the nominated occupation.
Age
There is no age requirement for this visa.
Skill Assessment
Generally not required unless on this list.
English
Must have IELTS overall of atleast 5.0 with no band less than 5.0.
Be Sponsored
Must be sponsored by an Australian employer.
Health & Character
Must meet health and character requirements.
Book a consultation with our Registered Migration Agents in Melbourne to find out more about your visa options and your path to Australian permanent residency or applying for citizenship.