Mathematical Science Professionals, classified under ANZSCO 2241, play a crucial role in the development and application of actuarial, mathematical, statistical, and quantitative principles and techniques. These professionals utilize their expertise to solve complex problems in various fields such as business and finance, scientific and social research, and engineering. However, it is important to note that econometricians are not included in this specific unit group, as they are categorized under Unit Group 2243 Economists.

Indicative Skill Level:

In Australia and New Zealand, most occupations falling under this unit group require a level of skill equivalent to a bachelor's degree or higher qualification. In some cases, relevant experience and/or on-the-job training may be necessary in addition to the formal qualification, as per the ANZSCO Skill Level 1. It is also worth mentioning that certain occupations within this group may require registration or licensing.

Tasks Include:

• Defining, analyzing, and solving complex financial and business problems related to areas such as insurance premiums, annuities, superannuation funds, pensions, and dividends.
• Examining financial projections for general insurance companies, finance companies, government bodies, and other organizations.
• Designing new types of policies, assessing risks, and analyzing investments in life insurance, superannuation funds, health insurance, friendly societies, financial markets, and other relevant areas.
• Formulating mathematical models to simulate processes.
• Applying models to experimental observations, and adjusting and recasting the models as needed.
• Utilizing 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.
• Analyzing and interpreting data, and producing relevant statistics to describe and infer specific trends and patterns.
• Engaging in data mining and data cleansing to discover trends and extract insights.
• Building and deploying machine learning frameworks.

Occupations:

• 224111 Actuary
• 224112 Mathematician
• 224114 Data Analyst
• 224115 Data Scientist
• 224116 Statistician

224111 Actuary

An actuary analyzes mathematical, statistical, demographic, financial, or economic data to predict and assess long-term risks associated with financial decisions and planning. Registration or licensing is required for this occupation.

Skill Level: 1

224112 Mathematician

A mathematician develops and applies mathematical principles and techniques to solve problems across various fields, including sciences, engineering, technology, social sciences, business, industry, and commerce.

Skill Level: 1

Specialization: Operations Research Analyst

224114 Data Analyst

A data analyst gathers, cleans, and interprets data using information technology tools. They transform and prepare data and communicate results through interactive visualizations such as graphs and charts.

Skill Level: 1

224115 Data Scientist

A data scientist applies analytical techniques and scientific procedures to large datasets. They create advanced algorithms and data models and deploy machine learning frameworks to obtain information for strategic planning and decision-making.

Skill Level: 1

224116 Statistician

A statistician designs and applies statistical principles and techniques for collecting, organizing, and interpreting quantifiable data. They utilize statistical methodologies to produce statistical reports and analyses for government, commercial, and other purposes. Registration or licensing may be required for certain specializations within this occupation.

Skill Level: 1

Specializations: Biometrician, Biostatistician, Demographer, Epidemiologist