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Actuaries Institute requirements

This page refers to exemption under the Foundation and Associateship program structure of the Actuaries Institute. The information is provisional as the ANU is currently undertaking reaccreditation with the Actuaries Institute under the new structure. For exemption arrangements under the old structure, click here. Please see the Actuaries Institute website for information about the changes to the education program and the requirements to become an Associate and Fellow of the Actuaries Institute, including transition arrangements.

Foundation Program

The Foundation program structure consists of six subjects. The correspondence between ANU undergraduate courses and Institute subjects are set out in the following tables.

2019 - current

ANU undergraduate course

Institute subject

Introductory Mathematical Statistics for Actuarial Studies (STAT2013) (50%) and Regression Modelling for Actuarial Studies (STAT2014) (50%)  CS1
Introduction to Stochastic Processes (STAT2005) (25%) and Survival Models (STAT3032) (25%) and Risk Modelling 1 (STAT3057) (50%)  CS2
Financial Mathematics (STAT2032) (50%) and Life Contingencies (STAT3037) (50%)  CM1
Investments (FINM2003) (1/3) and Continuous Time Finance (FINM3003) (1/3) and Risk Modelling 2 (STAT3058) (1/3)   CM2
Business Reporting and Analysis (BUSN1001) (50%) and Corporate Finance (FINM2001) (50%)   CB1
Microeconomics 1 (ECON1101) (50%) and Macroeconomics 2 (ECON2102) (50%)  CB2

The ANU postgraduate courses which correspond with the Part I exemptions are set out below. 

2019 - current

ANU postgraduate course

Institute subject

Principles of Mathematical Statistics for Actuarial Studies (STAT6013) (50%) and Regression Modelling for Actuarial Studies (STAT6014) (50%) CS1
Introduction to Stochastic Processes (STAT7004) (25%) and Survival Models/Biostatistics (STAT7042/8003) (25%) and Risk Modelling 1 (STAT8057) (50%) CS2
Financial Mathematics (STAT6046) (50%) and Life Contingencies (STAT6043) (50%) CM1
Applied Investments (FINM7008) (1/3) and Continuous Time Finance (FINM7003) (1/3) and Risk Modelling 2 (STAT8058) (1/3)  CM2

Financial Statements and Reporting (BUSN7008) (50%) and Applied Corporate Finance (FINM7007) (50%)

CB1

Business Economics (ECON8069)

CB2

Associateship Program

The ANU courses which will correspond with the Part II exemption are set out below.

ANU courseInstitute subject
Actuarial Management 1 (ACST4031/ACST8040) Core Actuarial Management (50%)
Actuarial Management 2 (ACST4032/ACST8041) Core Actuarial Management (50%)

Actuarial Data Analysis (ACTS4062/ACST8032)

Core Data and Statistical Analysis (100%)

    

Grades Required

Foundation program

The minimum standard for exemption is a 65 per cent weighted average with a minimum of 55 per cent in each relevant course. 

Associateship program

The minimum standard for exemption is a 70 per cent weighted average with a minimum of 60 per cent in each relevant course.

Exemptions in the NUS Joint Degree

Exemptions for the NUS joint degree are generally the same as described above.  However some of the courses described above are not sat at ANU in the joint degree. The following table describes differences between the above tables and the exemption arrangements under the NUS joint degree:

Institute SubjectDifference in exemption arrangement
CB1 Exemption based on ACC1002X (50%), FIN2004 (25%) and FIN3101 (25%) at NUS
CB2 Exemption based on EC3101 (50%) and EC3102 (50%) at NUS

The exemption grade requirement for NUS subjects is as per discussions above.

Applying for Exemptions

Students should only apply once they have completed their studies at ANU. Applications for exemptions will generally not be accepted from students who are mid-way through their actuarial studies at ANU.  Applications for exemptions will generally only be accepted within four years of completion of, or withdrawal from, the ANU degree in which the student was enrolled.

In order to apply for exemptions, students should fill out the following form (not yet available) and email it to adam.butt@anu.edu.au. Students should fill in all parts of the form (including the exemptions they believe they are eligible for) with the exception of the accreditation actuary signature and date of signature. The accreditation actuary will check the form for the accuracy of the eligible exemptions. Students who wish to apply for exemptions due to study external to ANU should contact adam.butt@anu.edu.au before filling out the above form.

Unless the student indicates otherwise by email, it will be assumed that they wish for their exemption to be processed by the Institute. A copy of the exemption letter will be sent to the Institute for processing, after which the Institute will then contact the student to inform them of how to go about claiming their exemptions, including the costs involved.

If a student wishes to use their exemptions for membership in an actuarial organisation besides the Actuaries Institute (e.g., the Society of Actuaries, or the UK Institute), it is up to the student to make contact with that actuarial organisation themselves, and enquire about the steps that they need to take to have their exemptions recognised.  For the UK, Foundation program exemptions line up identically with subjects offered by the UK Institute.  For the Society of Actuaries (SOA), ANU courses can be used to obtain the Validation by Educational Experience (VEE) Requirements as follows:

ANU CourseSOA VEE subject
Introductory Mathematical Statistics/Principles of Mathematical Statistics (STAT2001/2013/6039/6013) Mathematical Statistics

Corporate Finance/Applied Corporate Finance (FINM2001/7007) and Business Reporting and Analysis/Financial Statements and Reporting (BUSN1001/7008)

Accounting and Finance
Microeconomics 1 (ECON1101) and Macroeconomics 1 (ECON1102) or Business Economics (ECON8069) Economics

In addition, or alternatively, exemptions obtained through ANU study may, at the discretion of the SOA, be used to obtain waivers from SOA examinations as follows:

ExemptionSOA exam
CS1 Exam P and VEE Mathematical Statistics
CM1 Exam FM

CB1

VEE Accounting and Finance

CB2

VEE Economics
CM1 and CS2 Exam LTAM
CM2, CS1 and CS2 Exam STAM 
CM2 Exam IFM

Any questions about this exemption policy should be directed to Adam Butt (adam.butt@anu.edu.au).

Updated:   16 October 2018 / Responsible Officer:  CBE Communications and Outreach / Page Contact:  College Web Team