Exemptions

IMPORTANT NOTE

Some accredited universities have revised their curricula for 2019, to align with the new Foundation subjects. Others will introduce these changes in 2020. 

These revised curricula will only apply to new students commencing their university degrees from when the changes are implemented (i.e. in either 2019 or 2020). 

If you commenced your degree prior to 2019 you will not experience any change to your university program of study for Part I/Foundation level subjects. However, the approach to granting exemptions from Actuaries Institute exams will change as follows: 

  • If you achieve exemption level in university subjects which map to Part I subjects CT1-8, you will be awarded exemptions for the equivalent new subject under the Foundation Program.
  • If you do not reach exemption level for some CT1-8 subjects and therefore need to re-sit these with the Actuaries Institute directly, you will need to complete the exams for the corresponding subjects in the new Foundation Program.
  • For Foundation exams CM1 and CS2, which have two applicable subjects in Part I (CT1&CT5 and CT4&CT6 respectively), students need to obtain an exemption standard in both applicable Part I subjects to obtain an exemption in the new Foundation subject.
  • If you have not passed or got an exemption in both examinations you will need to sit the new Foundation subject as a whole.

Students who begin their degrees based upon the previous curriculum (CT Subjects) will have until December 2023 to pass and claim their exemptions. These will be mapped to the corresponding subjects in the new curriculum.

You don't have to wait until you've completed your degree to apply for exemptions.

Universities Accredited by the Actuaries Institute

The accredited universities listed below offer accredited education programs that cover the Institute’s Foundation Program syllabus. Students may be granted exemptions from the Foundation Program based on university grades that are consistent with Institute standards.

Exemption eligibility

Australian National University An average of at least 65%, with a minimum of 55% in each relevant subject
Bond University
A Credit average with a minimum of a pass for each subject
Curtin University An average of at least 73%
Macquarie University An average of at least 65%
Monash University
An average of at least 70%, with a minimum of 60% in each relevant subject
University of Melbourne An average of 70-73% by subject
University of New South Wales An average of at least 65%
Victoria University of Wellington* A grade of B+, approximately 75%, in all courses necessary for the subject exemption.

*provisionally accredited

Upon authorisation, the student’s university advises the Institute of the student's eligibility for Foundation subject exemptions. The Institute then advises the student of their exemption eligibility.

For more information about undergraduate and postgraduate courses at Australian accredited universities, see University Courses.

Universities Accredited by the Institute and Faculty of Actuaries

Students who study at a university outside of Australia and New Zealand, which is accredited by the Institute and Faculty of Actuaries, and can provide a certified copy of the recommendation letter from the relevant Professor or the Institute and Faculty of Actuaries, and produce certified copies of the academic transcript(s), may be eligible for Foundation Program exemptions.

Students who study at a university outside of Australia and New Zealand that is not accredited by the Institute and Faculty of Actuaries are not eligible for exemptions through the Actuaries Institute.

To apply for exemption, students should submit an Application for Exemption (IFoA Accredited University).

Examinations

The exemptions process will continue to form part of the new exam structure. For exemptions in the new Foundation Program based on the CT subjects, students must have been granted a pass from the applicable Part I subject(s) by 1 February 2019. Students will gain exemptions by studying the new Foundation Program subjects directly with the Actuaries Institute.

If you have any questions on the new program or transition arrangements, please email education@actuaries.asn.au

Non-Accredited Universities in Australia and New Zealand

Students who study at a university in Australia or New Zealand that is not accredited by the Actuaries Institute may until 31 December 2019 apply for an exemption from CT2 - Finance and Financial Reporting, CT3 - Probability & Mathematical Statistics, CT7 - Economics or CT8 - Financial Economics. Students attending non-accredited universities cannot gain exemption from CT1 - Financial Mathematics, CT4 - Models, CT5 - Contingencies or CT6 - Statistical Methods.

From 1 January 2020, students who study at a university in Australia or New Zealand that is not accredited by the Actuaries Institute may apply for an exemption only from  (new curriculum subjects) CB1 - Business Finance, CS1 - Actuarial Statistics, CB2 - Business Economics or CM2 - Financial Engineering and Loss Reserving

To apply for exemption, students should submit an Application for Exemption (Non-Accredited University).

Applications for exemption are assessed by the Institute Exemptions Committee, which meets in March, July and November. Applicants are notified of decisions following these meetings.

Credit Transfer

In 2019, the Actuaries Institute will commence the implementation of changes to enhance the actuarial education program.

From 1 January to 31 December 2019,  students may be eligible for a direct credit transfer at no additional cost, if they have completed  one or more Core Technical subjects (CT1 – CT8), Specialist Technical subjects (ST1 and ST9), one or more Foundation Program subjects (CM1, CB1, CS1, CS2, CB2 and CM2) and the Professionalism Course through a recognised Actuarial Professional Body. The Actuaries Institute will honour credit transfers from other professional bodies based on their respective arrangements with the Institute and Faculty of Actuaries.  

Applications for Credit Transfer will only be accepted for current members of the Actuaries Institute.

EXEMPTION FEES

Students who have passed Core Technical subjects (by December 2018:  CT1 - CT8), or Core Principles subjects (from 2019:  CS1, CS2, CM1, CM2, CB1, CB2) through the Institute and Faculty of Actuaries (IFoA) examinations and verify their completed subject(s), will receive a credit for the corresponding subject with the Actuaries Institute and are not required to pay an exemption fee.

However, students who pass these subjects through the Accredited Universities are required to pay an exemption fee. Students will first need to become members of the Actuaries Institute for us to process these exemptions.

From 1 May 2019, all outstanding and new exemption fees will be $300.00 per subject. 

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