Hiring and Sponsoring Actuaries; economists and statisticians (SOC Code 2433)

Actuaries, Economists and Statisticians, classified under SOC Code 2433, are analytical experts who evaluate and interpret numerical data to provide insights and recommendations that benefit organizations across various sectors. Their expertise in probability, risk management, and data analysis plays a critical role in informed decision-making. 

Key responsibilities include:

• Assessing Objectives: Evaluating organizational needs to provide tailored advice.
• Risk Assessment: Utilizing theoretical principles to analyze probability and risk related to life insurance, pensions, and other financial products.
• Data Collection: Determining suitable methods for data gathering and research methodology.
• Data Analysis: Employing statistical techniques to interpret quantitative data and derive meaningful insights.
• Recommendations: Formulating recommendations regarding future trends and enhancing operational efficiency based on research findings.
• Survey Management: Designing and overseeing surveys that yield valuable data for analysis.
• Advisory Role: Delivering economic or statistical advice to governments, businesses, and other entities based on thorough research.
• Public Engagement: Presenting research findings and professional opinions at seminars, conferences, and through media channels.

With a growing reliance on data-driven decision-making, the demand for qualified actuaries, economists, and statisticians continues to rise, attracting interest from international talent. This guide aims to assist HR professionals in navigating the process of hiring and sponsoring these vital roles under the UK’s immigration framework.

What is SOC Code 3411 for Actuaries; economists and statisticians?

SOC Code 2433 refers to actuaries, economists, and statisticians who provide critical insights and analyses for organizations. Their responsibilities can include:

• Assessing organization needs: Evaluating the objectives and requirements of clients seeking expert advice.
• Establishing probability and risk: Utilizing a variety of techniques to evaluate risks related to areas such as life insurance or pensions.
• Data collection methodology: Determining appropriate methods for gathering data and conducting research.
• Analyzing information: Interpreting collected data and formulating recommendations based on future trends and efficiency improvements.
• Survey design and management: Creating and managing surveys while employing statistical techniques to analyze quantitative data.
• Advisory role: Offering economic or statistical guidance to governments, businesses, and other organizations based on research findings.
• Public engagement: Presenting research outcomes at seminars, conferences, and in media outlets to share professional insights.

Actuaries, economists, and statisticians play a vital role in informing decision-making processes, enhancing organizational effectiveness, and influencing public policy through data-driven insights.

Eligibility to Hire Actuaries; economists and statisticians (SOC Code 3411)

Job Requirements

Actuaries, economists, and statisticians seeking employment must demonstrate their analytical abilities and meet certain qualifications or experience criteria. These may include:

• Educational Background: A degree in actuarial science, economics, statistics, mathematics, or a related field is strongly preferred. Professional certifications (e.g., Fellowship or Associate status) from recognized actuarial or statistical organizations are advantageous.
• Technical Skills: Proficiency in statistical software and data analysis tools (e.g., R, SAS, SPSS, Excel) to assess and interpret quantitative data effectively.
• Experience: Previous experience in a relevant role involving risk assessment, data analysis, or economic research. Demonstrated experience in managing surveys and applying statistical techniques is ideal.
• Portfolio of Work: A collection of analysis projects or reports showcasing original research, recommendations, and the application of theoretical principles.
• Presentation Abilities: Excellent communication skills, with the capacity to convey complex information clearly to diverse audiences, including presenting findings at seminars, conferences, and through media channels.
• Problem-Solving Skills: Ability to assess organizational objectives and requirements, determine relevant research methodologies, and formulate strategic recommendations based on quantitative analyses.

Ensure the job description aligns with SOC Code 2433 and that the candidates’ experience and qualifications meet the expectations for the role.

1. Salary Thresholds
2. Use the Minimum Salary Calculator to ensure your salary offer meets immigration requirements.

Sponsoring Actuaries; economists and statisticians: A Step-by-Step Guide for HR Professionals

Once you’ve confirmed that the role and candidate meet the eligibility requirements, follow this step-by-step guide to sponsoring Actuaries; economists and statisticians under SOC Code 2433.

Step 1: Obtain a Sponsor Licence

Before hiring non-UK Actuaries; economists and statisticians, your company or institution must obtain a sponsor licence. This licence enables you to legally sponsor overseas Actuaries; economists and statisticians under the Skilled Worker Visa program.

• Sponsor Licence Application: Submit documentation proving that your business is legitimate and has a genuine vacancy. Visit the sponsor licence application guide for more information. 
• Sponsor Licence Fees: Small businesses typically pay £574, while larger institutions pay £1,579. For more information, visit the sponsor licence fees guide. 
• Processing Time: Applications typically take up to 8 weeks, but using the Sponsor Licence Priority Service can reduce the processing time to 10 working days.

Once your sponsor licence is approved, you will receive a sponsor licence number, which allows you to assign Certificates of Sponsorship (CoS).

Step 2: Assign a Certificate of Sponsorship (CoS)

Once you have your sponsor licence, the next step is to assign a CoS to the Actuaries; economists and statisticians. This document provides key details about the job and the individual being sponsored.

• Defined vs Undefined CoS: Use a Defined CoS for Actuaries; economists and statisticians applying from outside the UK, and an Undefined CoS for those already in the UK. Learn more in the Defined & Undefined Certificates of Sponsorship guide. 
• Required Documents: Provide details such as the Actuaries; economists and statisticians’s portfolio, passport and job offer. Refer to Documents Required for Certificate of Sponsorship for a full list of necessary documents.

Step 3: Apply for the Skilled Worker Visa

Once the CoS is issued, the Actuaries; economists and statisticians can apply for the Skilled Worker Visa.

• Visa Fees: Fees vary depending on the role and visa length—use the visa fees calculator to estimate the costs. 
• Immigration Skills Charge: Employers are required to pay this charge as part of sponsoring non-UK workers. This is separate from visa fees.

Conducting a Right to Work Check for Actuaries; economists and statisticians

Before the Actuaries; economists and statisticians begins working, you must conduct a right to work check to ensure they are legally allowed to work in the UK.

• Manual Right to Work Check: Verify original documents such as the Actuaries; economists and statisticians’s passport and visa. 
• Online Right to Work Check: If the Actuaries; economists and statisticians holds an eVisa, you can use the UK government’s online system to verify their right-to-work status.

For more details on how to perform these checks, see the right to work check guide.

Post-Hiring Responsibilities and Compliance

1. Record-Keeping and Reporting  
2. • Record-Keeping: Maintain accurate and up-to-date records of the Actuaries; economists and statisticians’s employment details, salary and contact information. 
   • Reporting Changes: Report any significant changes to the Actuaries; economists and statisticians’s role—such as promotions or salary increases—via the Sponsor Management System (SMS).
3. Sponsor Licence Duties and Compliance
4. Failure to comply with your sponsor licence duties can result in penalties or sponsor licence revocation, impacting your ability to sponsor future Actuaries; economists and statisticianss.

How Borderless Can Help with Sponsoring Actuaries; economists and statisticians

Sponsoring Actuaries; economists and statisticians under SOC Code 2433 can be a complex process, but Borderless can simplify it for you. We offer comprehensive support to help you manage the entire sponsorship process.

End-to-End Sponsorship Support

At Borderless, we assist with:

• Sponsor Licence Application: Guiding you through the application process and ensuring all required documents are submitted correctly. 
• Certificate of Sponsorship Assignment: Streamlining the CoS process to make hiring easier. 
• Compliance Management: Helping you stay compliant with immigration laws to avoid penalties.

If you need assistance with hiring or sponsoring Actuaries; economists and statisticians, get in touch for personalised support.

Conclusion

Hiring and sponsoring Actuaries; economists and statisticians under SOC Code 2433 can be a rewarding way to enrich the cultural landscape of your organisation. By following the steps outlined in this guide, you can successfully navigate the sponsorship process while ensuring compliance with UK immigration laws.

For further guidance, Borderless is ready to assist you with all your sponsorship needs. Contact us for expert advice.