Actuary Designation

The Actuaries Institute has aligned its qualifications with other international bodies. After 1 January 2010, Associates who have met the following criteria can also describe themselves as an ‘actuary’.

Members who became Associates before 1 January 2010

Members who already achieved Associate (AIAA) status by 1 January 2010 are required to complete:

  • Part I;
  • Part II;
  • the three-year Practical Experience Requirement (PER); and
  • the Professionalism Course.

Members who did not become Associates before 1 January 2010

Members who did not achieve Associate (AIAA) status by 1 January 2010 are required to complete:

  • Part I
  • Part II, comprising:
    • Part IIA - the Actuarial Control Cycle, and
    • Part IIB - Investment and Asset Modelling;
  • the three-year Practical Experience Requirement (PER); and
  • the Professionalism Course.

Members who completed Part II - The Actuarial Control Cycle only (i.e. have not also completed Part IIB - Investment and Assets Modelling) must also take the Investments Bridging Course to become Associates:

  • Part I;
  • Part II - The Actuarial Control Cycle;
  • the Investments Bridging Course;
  • the three-year Practical Experience Requirement (PER); and
  • the Professionalism Course.

Members who had completed Part I and Part II before 1 January 2010

Members who had completed the study of all Part I and Part II subjects to the exemption standard by the first of January 2010, but had not become Associates by that time, need to complete the same requirements as members who were Associates before 1 January 2010:

  • Part I;
  • Part II;
  • the three-year Practical Experience Requirement (PER); and
  • the Professionalism Course.

Code of Professional Conduct Requirements

Clause 6.1.2 of the Institute's Code of Professional Conduct requires that Members entitled to use the designation of ‘actuary’ must disclose their qualification:

  • prior to entering into an employment agreement or a retainer agreement as an actuary with a prospective Principal; or
  • in circumstances (including giving any written advice or report) where the Member is acting as an actuary and, were the Member's qualification not to be disclosed, an intended third party recipient would be, or would be likely to be, misled or deceived as to such.