Route to Becoming an Actuary – Actuaries Institute (Australia)

The actuarial education program in Australia is made up of three parts.

Part I consists of eight core technical (CT) subjects:

  • CT1 – Financial Mathematics
  • CT2 – Finance and Financial Reporting
  • CT3 – Probability and Mathematical Statistics
  • CT4 – Models
  • CT5 – Contingencies
  • CT6 – Statistical Methods
  • CT7 – Business Economics
  • CT8 – Financial Economics

Part I can be completed by either studying an undergraduate actuarial degree at one of the accredited Australian universities, or by distance examination through the Institute and Faculty of Actuaries in the UK; or credit transfer from another actuarial society.

The seven accredited Australian Universities are

  • Australian National University
  • Curtin University
  • Macquarie University
  • Monash University
  • University of Melbourne
  • University of New South Wales
  • Bond University (partially accredited)

Part II consists of:

Part IIA – The Actuarial Control Cycle; and Part IIB – Investment and Asset Modelling

Students may gain exemption by studying at one of six accredited universities listed above (Bond University excluded). These programs are offered either as part of an undergraduate honours degree, as part of a post graduate qualification or as non-award subjects.

Part III

People who wish to become Fellows complete Part III, it is offered by distance study through the Actuaries Institute courses. Part III consists of four modules; students must successfully complete one course from each Module:

There options available for Module 1:

  • Course 7A – Enterprise Risk Management;
  • any Part A (Module 2) or Part B (Module 3) course;
  • a PhD in a relevant area;
  • accountancy qualifications recognised by CPA Australia or the Institute of Chartered Accounts (or overseas equivalents);
  • Certified Financial Analyst (CFA) Charter Holder qualifications;
  • the Institute and Faculty of Actuaries’ ST1 Health and Care Examination and the Actuaries Institute’s online Private Health Insurance course;
  • the Actuarial Society of South Africa’s F101 Health Fellowship Principles Examination and the Actuaries Institute’s online Private Health Insurance course; or

In Module 2 and Module 3, students choose to complete their study in one specialist area of practice:

  • life insurance;
  • general insurance;
  • global retirement income systems; or
  • investment management and finance.

Module 4 Course 10 – Commercial Actuarial Practice is compulsory and comprises a four-day residential course and an eight-hour computer-based assessment.

Professionalism Course

A two-day residential course, It provides members with an opportunity to reflect on what it means to be a professional and aims to explain the obligations, risks and legal responsibilities of members of the actuarial profession. Students qualifying for both Associate or Fellow are required to attend.

Practical Experience & Mentor Program

The Actuaries Institute’s Practical Experience Requirement (PER) provides a structured framework to assist students in achieving relevant practical workplace skills while completing their studies.

Members are required to have three years practical experience in order to become an Associate and attain the designation ‘actuary’. Three years is the equivalent of 135 full-time working weeks (with a full-time working week considered to be at least 35 hours of work time). The PER must span at least three calendar years.

For further information regarding the Actuaries Institute education program please visit their website www.actuaries.asn.au