Emigrate to Australia as an Actuary

MIGRATION CONSULTANT

MIGRATE TO AUSTRALIA AS AN ACTUARY

An Actuary designs and operates information and reporting systems, procedures and controls to meet external financial reporting requirements. Registration or licensing is required.

How to Migrate to Australia as an Actuary

Be aged under 45

Score 65 Australian Immigration Points

Have a Positive Skills Assessment from Vetasses

Lodge an Expression of Interest

Receive an Invitation to Apply Pay the Visa Fees Pass Health and Character Checks

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 COVID19 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?

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If you don’t meet the requirements for skilled migration, you won’t be able to apply for a visa

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

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.

Frequently Asked Questions

COMMON MIGRATION QUESTIONS

What are the eligibility requirements for immigrating to Australia as an Actuary?

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Eligibility requirements include being aged under 45, scoring 65 points on the Australian Immigration Points Score, having the required skills, qualifications, and meeting health and character checks

Which skilled migration visas are suitable for Actuaries in Australia?

The Skilled Independent Visa (subclass 189) is a popular choice for Actuaries who want to immigrate to Australia independently without the need for sponsorship by an Australian employer

The Skilled Nominated Visa (subclass 190) is another attractive option for Actuaries seeking to immigrate to Australia Unlike the subclass 189 visa the subclass 190 requires Actuaries to be nominated by an Australian state or territory government

How do I get my Actuary skills assessed for Australian immigration purposes?

The Australian assessing authority for Actuaries is Vetassess They are responsible for evaluating your qualifications, experience and skills to ensure they meet Australian standards For Actuaries, the assessment includes a review of your practical experience and any relevant certifications you hold

Can I apply for permanent residency as an Actuary in Australia?

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Yes, the 189 and 190 visa subclass grants Permanent Residency to holders right from the start The PR rights and privileges awarded to you also apply to your spouse / partner and any dependents

What are the processing times for skilled migration visas for Actuaries?

Expect the whole process to take between 7 and 16 months from absolute start of the visa process to the absolute end

Can I include my family members in my immigration application as an Actuary?

Yes! Your immediate family members are included

Frequently Asked Questions Continued

COMMON MIGRATION QUESTIONS

What are the best places to look for work as an Actuary in Australia?

The best places to search for Actuary jobs in Australia include major cities like Sydney, Melbourne, Brisbane and Perth These cities have a great construction and lots of opportunities

Suburban and rural areas are also excellent options for Actuaries migrating to Australia because they have a lower cost of living and a better work life balance Smaller communities may have a demand for skilled Actuaries in residential construction and artisan woodworking

Are there any specific websites or job boards focused on Actuary jobs in Australia?

Yes, you can use job search websites like Seek (www seek com au) and Indeed (www indeed com au) These platforms list Actuary positions across Australia

Additionally, as a Migration Consultant LLC client you have access to our dedicated Actuary recruitment service for new migrants to Australia