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Part I of the Institute Education Program |
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Introduction |
This section provides information for students undertaking Part I of the Institute education program. The Institute does not directly examine its Part I subjects. However, it relies on an exemption process for students enrolled in accredited Australian university undergraduate actuarial studies. For those students not enrolled in an accredited undergraduate actuarial program, the Institute has arranged for its students to sit the Institute of Actuaries (IoA) (London) examinations twice yearly, in April and September. Residents of Australia can obtain learning material for the Part I IoA (London) examinations from ActEd Australasia. Non-award subjects leading to exemptions are also offered to graduates by the five accredited universities: Australian National University (ANU), Macquarie University, the University of Melbourne, University of New South Wales (UNSW) and Curtin University.
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Part I Tuition & Examinations |
The Institute does not teach or examine Part I of its syllabus. Various study paths are available to candidates in order for them to gain exemptions from the Institute Part I:
Ø Accredited undergraduate and postgraduate actuarial studies courses offered by Australian National University (ANU); Curtin University of Technology; Macquarie University; the University of Melbourne and the University of New South Wales (UNSW);
Ø IoA (London) examinations for Part I Subjects CT1 - CT8. More information available here.
Ø Non-accredited undergraduate and postgraduate courses in Australia and New Zealand can be assessed by the Institute Exemptions Committee for certain Part I exemptions.
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Accredited Undergraduate and Postgraduate Courses | Please click HERE for the lists the Australian universities that offer programs particularly relevant to the actuarial examinations.
Holders of these degrees may qualify for exemptions from some or all of the Part I subjects (CT1 - CT8).
The standard of university subject grade required to obtain exemption from the equivalent Part I subjects is as follows:
Ø Australian National University students must obtain a credit average grade.
Ø Curtin University of Technology students must obtain at least a mark of 73% in the Curtin unit, for subjects CT1 & CT6 and an average of at least 73%, with a minimum of at least 65% in each of Curtin units for all the other subjects.
Ø Macquarie University students must obtain at least a credit grade;
Ø University of Melbourne students must obtain 73% or higher for subjects 101,107 & 108 and must perform at a similar level in end of semester examinations for all other subjects;
Ø University of New South Wales students must obtain a credit grade or higher.
After the student has given authorisation to the relevant university, that university advises the Institute of the graduating student's eligibility for Part I subject exemptions. If students are existing Institute members, the Institute advises graduating students of their eligible exemptions.
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Graduates from non actuarial programs | It is possible for non-actuarial students to gain exemptions from certain parts of the Part I syllabus. Students who studied at Australian and New Zealand Universities can apply for an exemption from one or more of subjects CT2, CT3, CT7 and CT8 by completing an application form and returning it to the Institute office.
These applications will then be considered by the Institute Exemptions Committee who meet in February, May, September and November to assess applications for exemption. Applicants are notified of decisions following these meetings.
The exemptions are from the following subjects:
v CT2 Finance and Financial Reporting
v CT3 Probability & Mathematical Statistics
v CT7 Economics
v CT8 Financial Economics
For more information about the exemption policy please download the application form available under education/forms.
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Entry to IoA(London) Actuarial Examinations | As an alternative to completing Part I through an accredited university, the Institute has arranged that its student members are able to sit the Part I examinations offered through the IoA (London), which are held twice yearly, in April and September.
Candidates should think very carefully before entering for an examination. The current cost of sitting each exam is approximately A$535.00. The actual cost varies for each examination, as the cost is based on the exchange rate between the Australian dollar and the English pound sterling at the relevant time. Actual costs are listed on the application form.
Institute candidates must not apply directly to the IoA (London) for examination entry. Also, if candidates inadvertently complete an entry form designed for members of the IoA (London) and send it direct to the UK their application will not be accepted.
Enrolments must be received by the Institute office by the closing date stated previously, and accompanied by the appropriate fee. All on-line entries are acknowledged by the Institute by email. However, it is the candidate's responsibility to ensure that an acknowledgment is received as late entries or amendments will not be accepted under any circumstances after the closing date. Receipts for all entry fees received are issued by the Institute. After the closing date, all entry fees are then remitted to the IoA (London). The IoA (London) does not permit refunds or transfer of funds to the next exam sitting after the closing date, except in special circumstances.
Approximately two to four weeks before the date of the first exam, Institute candidates will receive from the exam supervisor in their city/country a letter containing:
Ø instructions to candidates
Ø advice on times and venues for the exams; (N.B. All Sydney and Melbourne exams start at 9.30 am and 2.00 pm)
Ø an attendance permit, which must be brought into the examination room by the candidate for identification purposes.
Please note that, in Sydney and Melbourne, the Institute office acts as the exam supervisor for the IoA (London) exams. In all other cities and countries, a local exam supervisor is nominated by the IoA (London).
More information is available here.
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Core Reading | Core Reading for the Part I subjects (CT1 - CT8) is produced by the IoA (London). The purpose of Core Reading is to ensure that tutors, students and examiners have a clear understanding of the requirements of the syllabus. It gives a complete coverage of the syllabus and, in examinations; students are expected to demonstrate their understanding of the concepts in the Core Reading.
Core Reading is available for purchase from ActEd Australasia. To help prepare for the examinations in each subject, most candidates order part or all of the ActEd Australasia's Combined Materials Pack. This contains a study guide along with:
v Course Notes
v Question and Answer Bank
v Series X Assignments
Also available are:
v Mock Exam
v Formulae & Tables for Actuarial Examinations
A marking service for the above assignments or mock exams is available for purchase. There are various forms of marking services that are outlined in the complete ActEd Australasia course material booklet. Candidates who have to sit a subject again may obtain a special Retaker Pack from ActEd Australasia.
For details and prices, contact ActEd Australasia direct.
All Part I IoA (London) examination papers are of three hours’ duration. Copies of past examination papers are available on the IoA (London) website (http://www.actuaries.org.uk/).
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Part I Syllabus |
An outline of the Part I Syllabus is available HERE.
Students who are submitting applications to the Exemptions Committee, please click HERE to view the full Part I Syllabus.
Note:
Candidates may take Part I subjects in any order that they choose. However, there is considerable merit in following the listed order of the subjects in the syllabus. Candidates must pass the Part I IoA (London) examinations in (or obtain exemption from) all eight subjects in order to complete Part I.
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