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
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:
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Defining, analysing and solving complex financial and business problems relating to areas such as insurance premiums, annuities, superannuation funds, pensions and dividends
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Examining financial projections for general insurance companies, finance companies, government and other organisations
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Designing new types of policies, assessing risks and analysing investments in life insurance, superannuation funds, health insurance, friendly societies, financial markets and other areas
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Formulating mathematical models to simulate processes
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Applying models to experimental observations, and adjusting and recasting the models
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Using numerical analysis methods to develop algorithms and perform computations
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Liaising with management and clients to determine the subject or area to be surveyed or examined
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Specifying the data to be collected, and the methodology to be used in collection and analysis
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Evaluating and describing the reliability and utility of source information
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Analysing and interpreting data, and producing relevant statistics to describe and infer particular trends and patterns