To become an actuary you need both theoretical and practical training. The Foundation, Actuary and Fellowship programs provide the intellectual depth and rigour you need to work as an actuary. The Education Program also requires practical work experience to ensure you can focus your skills on real-life situations, communicate effectively, work with key internal and external stakeholders and lead people and functions.
The work experience requirements may differ depending on transition arrangements and where you are in your progress through the program.
Three Year Practical Experience Requirement (Group A Students)
You need three years practical experience to become an Associate and attain the designation ‘actuary’. Three years is the equivalent of 135 full-time working weeks (the equivalent of 45 full-time working weeks per year with a full-time working week of at least 35 hours of work time). Your practical experience must span at least three calendar years.
The One Year Practical Experience Requirement (Group B Students)
Associate - To obtain Associate designation, you need to have completed and passed the Foundation Program and four Associateship subjects and have completed one year in a supervised, relevant work environment.
Fellow – Once you complete the Associate Program, you can enter the Fellowship program. You must pass three Fellowship subjects to qualify (one subject from each Module) and complete one further year of supervised relevant work experience.
What qualifies as Practical Experience?
Practical experience is all about activities that make professional use of what you have studied. The Actuaries Institute supports members using their actuarial skills and knowledge in a wide range of working environments. Experience which will count towards the PER may include technical skills and knowledge, problem solving, model development, analysis, communication, and professionalism. Examples include work:
- that makes use of economic, financial or statistical principles to solve professional problems.
- that deals with the financial implications of uncertain events.
- in the financial services sector, including insurance, superannuation, banking and investments.
- which uses your skills and knowledge in diverse areas such as health, energy, climate and the environment, pricing models in mining, or academic areas
You can begin counting work experience from the date you commence eligible work, if you have started approved actuarial tertiary study.
You do not need to register or enrol for work experience - but you must submit a sign-off form upon completion of each year of experience. This form must be counter-signed by your manager.