Exemptions for our Foundation Program can be achieved in a few ways:
Upon completion of your studies, having met the required standards, you may apply and be awarded the subject exemptions. These exemptions are required to complete your studies with us and receive your Associate (AIAA) or Fellow (FIAA) designations.
Find out more about the process, including exemption fees.
We’ve collated some frequently asked questions for you.
EXEMPTION OPTIONS
Accredited universities
Accredited universities offer education programs that cover the Institute’s Foundation Program, plus two of our Actuary Program subjects (for more information, visit the Actuary Program exemptions page). You may be granted exemptions from Foundation Program subjects if you pass the relevant university subjects at grades that are consistent with the Actuaries Institute's standards.
To have your exemption(s) recognised, you will need to authorise the university to advise the Actuaries Institute of your eligibility for subject exemptions. This involves submitting your exemption recognition form to your Nominated Accredited Actuary (NAA) who will then submit it to us on your behalf, confirming you met the Actuaries Institute’s exemption standards. Once received, we will advise you of your exemption eligibility and, when you pay the relevant fee, that's when the exemptions are awarded.
More information about undergraduate and postgraduate courses at Australian and New Zealand accredited universities is available here.
Your journey to qualification:
Non-accredited universities (Australia and New Zealand)
You may be eligible for exemptions even if the university you studied at is not accredited by the Actuaries Institute. Once you are a current member, you may apply for exemptions by submitting an Application for Exemption (Non-Accredited University), which includes providing evidence that you have completed subjects that meet our subject objectives and achieved the academic standards required.
We will accept applications for exemptions for the following Foundation Program subjects:
- CB1 - Business Finance
- CS1 - Actuarial Statistics
- CB2 - Business Economics
- CM2 - Financial Engineering and Loss Reserving
Applications for exemption are assessed by the Actuaries Institute Exemptions Committee, which meets in March, July, and November. Applicants are notified of decisions following these meetings.
To complete your Foundation Program, you just need to enrol in the remaining subjects either as non-award study through our accredited universities or through distance study with the Actuaries Institute via the Institute and Faculty of Actuaries (IFoA). More details are on our Foundation Program subjects and syllabus page.
Your journey to qualification:
Completing Exemptions and credit transfer
If you don’t meet the exemption options via the current university pathways, the following credit transfer options may be possible:
Actuaries Institute and the Institute and Faculty of Actuaries (IFoA)
You can enrol in the Foundation Program subjects (CM1, CB1, CS1, CS2, CB2 and CM2) with us and complete the IFoA examinations. To enrol, you will need to join the Institute as a student member. Once your completed subject(s) are verified, you will receive a credit for the corresponding subject with the Actuaries Institute with no additional payment required.
Prior studies
You may be eligible for a direct credit transfer (at no additional cost) if you have completed:
- One or more Core Technical subjects (CT1 – CT8), Specialist Technical subjects (ST1 and ST9) prior to December 2019;
- Fellowship subject SP1 and SP9 prior to December 2021.
To have your prior studies recognised, you will need to submit a Credit Transfer Application Form which can be downloaded from our forms page.
International Studies
If you have completed actuarial studies in another country, email the Education team to find out how you might be able to continue your journey to qualification with us.
ADMINISTRATION & PROCESS
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 $300.00 per subject.
Transferring to the IFoA for your future study
The Actuaries Institute offers a high calibre online Education Program allowing you to study with us from anywhere in the world. However, if for various reasons such as relocation or employer preference, you intend to complete your examinations through the IFoA in the UK you may seek recognition for subjects you have completed with the Actuaries Institute.
Transfer of Prior Learning (TPL)
The Actuaries Institute has a mutual recognition agreement with the IFoA, therefore they use TPL to assess any student member wishing to complete their qualification with them. This includes reviewing eligibility to receive credit for prior learning.
If you wish to apply for TPL, you will be assessed on a portfolio basis, and not a subject-by-subject basis. In particular, please note that an application for TPL must be completed before you join the IFoA as a student member.
The Actuaries Institute can help you with some information for your application and more information can be found here.
FAQs
What if I don’t get the exemptions for my Foundation Program studies?
There are two options to receive your exemptions across Actuarial Statistics (CS), Actuarial Mathematics (CM), and Business Finance and Economics (CB) modules:
- Enrol in non-award study at one of the accredited universities to complete required subject(s) for the exemption(s) (View university courses here)
- Enrol in Foundation subjects with us and sit the UK Institute and Faculty of Actuaries (IFoA) examinations
What if I don’t get the exemptions for my Actuary Program studies?
You can enrol in non-award study at one of the accredited universities to complete required subject(s) for the exemptions relating to the Actuarial Control Cycle and Data Analytics Principles. (View university courses here)