Seven Australian universities currently offer accredited education programs that cover the Institute's Part II syllabus. These universities are expected to offer subjects from the new Associateship program in 2020.
Students may be granted exemptions from Part II based on university grades that are consistent with Institute standards.
Exemptions for Part II (to be replaced by the Associateship program in 2020) may be granted if a Student Members of the Institute has:
- completed relevant university subjects (by the end of 2019);
- achieved sufficient marks in those subjects;
- been recommended by an accredited university; and
- paid the appropriate exemption fee.
Students are not required to wait until they have completed their degree to apply for any exemptions. Upon authorisation, the student's university advises the Institute of the student's eligibility for exemptions. The Institute then advises the student of their exemption eligibility.
Students who did not complete Part II - The Actuarial Control Cycle to the required exemption standard by the end of 2010 are required to complete Part II (i.e. Part IIA - The Actuarial Control Cycle and Part IIB - Investment and Asset Modelling) by the end of 2019, or transfer to the Associateship Program.
Information on new exemption requirements for the Associateship Program will be updated in due course.
Students who pass 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.
For exemptions granted from 1 January 2018, the exemption fee is $100.00 per subject. This is increasing to $300.00 per subject effective 1 May 2019 (for all subjects) and all unpaid exemption orders will be converted to this new price on 1 May 2019.
Existing Student Members of the Actuaries Institute who do not yet have any recommendations for exemption(s), and subsequently receive 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. Students will be required to pay for these exemptions in the next membership subscription period.
For your exemption fees, please contact the Member Services Team.
Mutual Recognition Agreement for Associates
The Actuaries Institute currently holds mutual recognition agreements with the following actuarial associations:
- Actuarial Society of South Africa (ASSA)
- Canadian Institute of Actuaries (CIA)
Associates of the above associations may be accepted as Associate Members of the Institute of Actuaries of Australia subject to satisfying the following conditions:
- The applicant must have qualified as an Associate by examination, and be a current financial Associate of one of the above-mentioned bodies.