How do I become an actuary?

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

Part I can be completed by:

  • studying an undergraduate actuarial degree at one of seven accredited Australian universities
  • distance examination through the Institute and Faculty of Actuaries in the UK; or
  • credit transfer from another actuarial society.

Part II provides students with an understanding of underlying actuarial principles that may be applied to a range of problems in commercial and business environments and is taught by six accredited Australian universities.

Part III of the education program is offered by distance study through the Actuaries Institute and, building on the concepts and processes of Part II, allows members to complete studies in one specialist area of practice:

  • Life Insurance
  • General Insurance
  • Global Retirement Income Systems
  • Investment Management and Finance

You will probably be working by the time you start Part III.

Associate or Fellow?

Members who complete Part I, Part II, the three-year Practical Experience Requirement and the Professionalism Course can become an Associate of the Institute of Actuaries of Australia (AIAA).

Members who complete Part I, Part II, Part III and the Professionalism Course earn the qualification of Fellow of the Institute of Actuaries of Australia (FIAA).

As an Associate or a Fellow, you can call yourself an actuary, but there are some important differences. Find out more about the Pathway to Associateship and Pathway to Fellowship.

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