The actuarial education program in Australia comprises five parts and can take some years to complete. Part I is undertaken by either an Australian university undergraduate degree, or by correspondence with the Institute of Actuaries (UK). The Institute of Actuaries of Australia (Institute) currently accredits the actuarial departments of five Australian universities offering Part I subjects.

Part II of the program, the Actuarial Control Cycle, is an innovative means for learning how to apply actuarial skills to business situations. Developed by the Institute, this program is taught by universities in Australia. Members of the Institute completing Parts I and II achieve Associateship (AIAA).

The Part III education program is offered through the Institute, and builds on the concepts and processes of the Part II Actuarial Control Cycle. From 2005, students are required to complete four half-year courses.

After completing Parts I, II and III, students are required to attend the Institute Professionalism Course before becoming a Fellow (FIAA). The 45 week Practical Experience Requirement, which was introduced in 2001 will no longer be a requirement for accreditation as FIAA after 1 January 2010.