Exemptions

Part I

The Actuaries Institute may grant exemptions for Part I subjects if Student Members of the Institute have:

Part II

Exemptions for Part II may be granted if a Student Members of the Institute has:

  • completed relevant university subjects;
  • achieved sufficient marks in those subjects;
  • been recommended by an accredited university; and
  • paid the appropriate exemption fee.

Student Members are not required to wait until they have completed their degree to apply for any Part I or Part II exemptions.

Part III

Exemptions for Part III Course 7A Enterprise Risk Management may be granted to students who have:

  • From 2013, completed ACTL 5301 and ACTL 5302 at the University of New South Wales*, or from 2015, completed ACST8060 and ASCT8061 at the Australian National University;
  • achieved a distinction average across the two subject (provided the lower score was at least a credit)
  • been recommended by the accredited university; and
  • paid the appropriate exemption fee.

*Backdating arrangements are available for the UNSW courses completed between 2010 and 2012 only. Please contact the Nominated Appointed Accreditation Actuary, Michael Sherris, to see if you meet these requirements

PROFESSIONALISM COURSE

The following courses are approved as the equivalent of the Actuaries Institute’s Professionalism Course for the purpose of meeting our requirements for Associates and Fellows:

  • Institute and Faculty of Actuaries (IFoA) Professional Skills Course;
  • Society of Actuaries (SoA) Fellowship Admissions Course; and
  • Actuarial Society of South Africa’s (ASSA) Fellowship Professionalism Course.

EXEMPTION FEES

Students who pass Part I subjects (CT1 - CT8) through the Institute and Faculty of Actuaries examinations and verify their completed subject(s) will receive a credit transfer for the corresponding subject with the Actuaries Institute and are not required to pay an exemption fee. However, students who pass Part I subjects through the Accredited Universities are required to pay an exemption fee. Students will first need to become members for us to process these exemptions.

MEMBERS WHO RECEIVED EXEMPTIONS BEFORE 1 JULY 2013

Members who were eligible for exemptions before 1 July 2013, and have not yet paid their exemptions by the expiry date, a 25% late payment fee will apply for each expired subject.

For your exemption fees, please contact the Member Services Team.  

MEMBERS WHO RECEIVED EXEMPTIONS FROM 1 JULY 2013 – 31 DECEMBER 2015

Members who were eligible for exemptions from 1 July 2013 – 31 December 2015, and have not yet paid their exemptions by the one year expiry date, where applicable an extension or late fee of $125.00 per subject will apply for each extended or expired subject.

For your exemption fees, please contact the Member Services Team.  

MEMBERS WHO RECEIVED EXEMPTIONS FROM 1 JANUARY 2016

Students who are eligible for exemptions from 1 January 2016, at the same time as applying for their Student Membership they will also need to pay for their exemption fees (current or outstanding). From 1 January 2016, the exemption fee is $50.00 per subject.

Existing Student Members of the Actuaries Institute who do not yet have any recommendations for exemption(s), and subsequently receives recommendations for exemptions, will be required to pay their exemption(s) at the time of lodging them with the Actuaries Institute. If Student Members do not make payment at this time, the exemptions will be classed as invalid, they will be required to pay for these upon next membership subscription period.

It is strongly recommended that students apply for their exemptions within 1 year of becoming eligible.

For your exemption fees, please contact the Member Services Team.