Migrate to Australia as an Actuary

Visas & Skills Assessment

Accountant


Actuary


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Auditor


Cardiologist


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Child Care Centre Manager


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Construction Project Manager


Early Childhood Teacher


Electrical Engineer


Engineering Manager


General Medical Practitioner


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Welfare Center Manager

Actuary Skills Assessment

 

  • Are you a qualified actuary?
  • Under the age of 45?
  • Fluent in English?
  • In good health?
 

Then living and working in Australia could be an option for you! Continue reading to discover:

 

  • The requirements to meet
  • How the points system works
  • The immigration process to follow
 

ANZSCO – The First Piece of the Puzzle

 

ANZSCO stands for ‘Australian and New Zealand Standard Classification of Occupations’.

 

It’s a system within the skilled migration program that sets the standards for the skills and work experience that visa applicants must meet to work in specific occupation in Australia or New Zealand.

 

Further to this, ANZSCO sets out the tasks that visa applicants must be able to perform as part of their everyday duties.

 

In other words, ANZSCO determines the most important requirements you must meet in order to qualify to apply for a skilled migrant visa.

 

The Skilled Occupation Lists Within ANZSCO

Australia has three skills shortage lists. These lists contain all the occupations in Australia that is in need from overseas because there is a shortage of talent in the country.

 

  • Medium and Long-Term Strategic Skills List (MLTSSL)
  • Short-Term Skilled Occupation List (STSOL)
  • Regional Occupational List (ROL)

 

The good news is that Actuaries are on the Medium and Long-Term Strategic Skills List (MLTSSL)!

 

This means the Australian government is happy with Australian companies hiring management consultants from overseas, albeit subject to strict requirements.

 

Please note: Australia has also created a temporary skilled occupation list in response to COVID-19 called the Priority Migration Skilled Occupation List (PMSOL).

 

What are the requirements?

 

Each occupation on a skills shortage list has an ANZSCO code assigned to it. This code determines the requirements a visa applicant must meet, specifically skill level and the tasks the applicant must be able to perform. 

 

There are also additional requirements, as determined by the Australian Department of Home Affairs, which include but are not limited to criteria around:

 

  • Age
  • English language competency
  • Qualifications

 

Next we’ll take a detailed look at all of these requirements.

 

ANZCO Code

 

The ANZSCO code assigned to actuaries is 224111. This code gives us more details about the criteria actuaries have to meet in order to qualify to emigrate to Australia.

 

The first thing we look at is the group that actuaries fall under:

 

Major Group: 2 – Professionals | Sub-Major Group: 22 – Business, Human Resource and Marketing Professionals | Minor Group: 224 – Information and Organisation Professionals | Unit Group: 2241 – Actuaries, Mathematicians and Statisticians

 

As you can see there are four groups showing how the code is made up – we are mostly interested in the code (224111) which is specific to actuaries.

 

Please note: Econometricians are excluded from this unit group. Econometricians are included in Unit Group 2243 Economists.

 

Description of Role

 

This part of the ANZSCO criteria lays out a broad description of what an actuary is supposed to be able to do:

 

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.

 

Required Skill level

 

Actuaries is a Skill Level 1, which means you must have a level of skill comparable with a bachelor degree or higher qualification. In the absence of a formal qualification, at least five years of relevant experience may act as a substitute.

 

In some instances relevant experience and/or on-the-job training may be required in addition to the formal qualification.

 

Tasks

 

When applying for emigration as an actuary, you must be able to demonstrate or prove that you can perform the majority of the tasks below:

 

  • 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

 

Job First?

 

Many people mistakenly think that finding a job is the first step when immigrating.

 

In fact, the first step should always be an immigration assessment to see if you have the necessary skills, qualifications and experience to live and work in Australia.

 

Why do we say this?

 

  1. If you don’t meet the requirements for skilled migration, you won’t be able to apply for a visa.
  2. Doing an assessment first and knowing for sure that you’re eligible for immigration enables you to job hunt with confidence. Employers are much more likely to extend job offers if they know that you can work in Australia.

 

The golden rule? Do an assessment, then find a job.