Exemptions
Your fast-track pathway to completing our Education Program
and getting qualified as an actuary.
What are exemptions?
Exemptions recognise any prior actuarial study that align with subjects within the Institute's Education Program. You apply for exemptions to gain official acknowledgment that you have completed certain parts of the program – you'll thus become "exempt" from needing to study these through the Institute.
There are 3 types of exemptions:
Accredited actuarial course exemptions
For if you've studied an Institute accredited degree at university
Allied study exemptions
For if you've studied a non-accredited uni degree with subjects in math, business,
economics or finance
Other credit transfers
For if you've studied a degree overseas
or completed core principle
subjects through a recognised
Actuarial Professional Body
How accredited actuarial course exemptions work
The Institute has accredited a list of actuarial degrees across Australian universities, allowing students to study our Education Program as a part of their degree.
You may be granted exemptions if you pass the relevant university subjects at grades that are consistent with the Actuaries Institute's standards. This means you will have completed the Institute's Foundation Program and half the Actuary Program without needing further study.
Once you’ve graduated at university, you’ll need to:
- Authorise your uni's nominated accreditation actuary to submit your exemption recognition form to the Institute
- Sign up as a student member to continue your Actuary Program studies with the Institute
You’re then ready to continue on your post-uni qualification journey with the Institute.
Don't worry if you don't have every exemption – you can complete them at an accredited university (or by distance study through IFoA examinations for Foundation at the Institute). Find out more about non award study.
How allied study exemptions work
You may be eligible for exemptions even if the university you studied at is not accredited by the Actuaries Institute if you can prove that your subjects are aligned with those in the Foundation Program, and that you've achieved the academic standards required.
You may submit applications for exemptions for the following four Foundation subjects:
- CB1 - Business Finance
- CS1 - Actuarial Statistics
- CB2 - Business Economics
- CM2 - Financial Engineering and Loss Reserving
To apply for an allied study exemption, you need to:
- Sign up as a Member of the Actuaries Institute
- Complete and submit an Application for Exemption (Non-Accredited University) with supporting documents
Applications are assessed by the Exemptions Committee in March, July, and November.
To complete the remaining subjects you do not have exemptions for, you can complete the Foundation requirements through distance study with the Institute and Faculty of Actuaries (IFoA). Or, you may enrol in non-award study an accredited university to complete subjects in both Foundation and Actuary programs.
How other credit transfers work
If your prior study does not meet the requirements of accredited and allied study exemption pathways, you may still be eligible for some exemptions if you have:
- Completed Core Technical subjects or Specialist Technical subjects prior to December 2019; or Fellowship subject SP1 and SP9 prior to December 2021 – submit a Credit Transfer Application Form
- Completed actuarial studies overseas (including with the IFoA) – contact the Education Team to see how you may continue your study
Exemption fees
To claim your exemptions from an accredited or non-accredited university you need to become a member of the Actuaries Institute first and then pay the exemption fee.
The fee for all outstanding and new exemptions is $300 AUD per subject.
For individual advice on your exemption fees, please email the Member Services Team.
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