Institute Exemption Policy
The Institute grants exemptions from Part I and Part II subjects of the actuarial education program when student members have:
- Completed relevant subject(s) approved by the Institute;
- Achieved sufficiently high marks in these subjects;
- Have either been recommended by an Institute accredited university or a university who has had one or more of their subjects pre approved by the Institute or approved by the Institute Exemptions Committee; and
- Have paid the appropriate exemption fee
Students are required to have gained a sufficiently high mark at an accredited university in the relevant subjects that relate to their exemption application.
Similar performance standards are required for students who have attended a non-accredited university with pre-approved courses and for students seeking exemption through the Institute Exemptions Committee.
Details of required pass rates can be obtained directly from the accredited universities or from the Institute’s web site and Student Handbook.
Students are not required to wait until the completing of their degree to be eligible/apply for any Part I or Part II exemptions.
There are three main routes to gain Exemption from Part I:
- Through being recommended for exemption by an accredited university after successfully completing subjects equivalent to Part I.
- By applying to the Institute Exemptions Committee to assess individual subjects deemed to be equivalent to Part I subjects CT2, CT3, CT7 and CT8 at non-accredited universities in Australia or New Zealand (students attending non-accredited universities cannot gain exemption from subjects CT1, CT4, CT5, and CT6).
- Through being recommended for exemption by a non-accredited university who has had one or more of their subjects pre approved by the Accreditation Committee as being equivalent to one or more of Part I subjects CT2, CT3, CT7 and CT8.
There is one route to gain exemption from Part II:
Through being recommended for exemption by an accredited university after successfully completing courses equivalent to Part II.
Payment of Exemption Fees
Students who completed their Part I and/or Part II through one of the four accredited universities are required to pay their Part I and/or Part II exemption fees within two years from the date the university advises the Institute of eligibility for exemption. This may be at the completion of a qualification, or at the completion of an individual course. Students should be aware of this date and should seek notification from the University as to when their name has been put forward to the Institute.
Depending on individual circumstances, and after having formally applied for an extension, students may be granted an additional 12 months (on top of the two year exemption fee period) to pay their exemption fees but will be charged an additional 25% of the exemption fee. This deadline is final. After this date the student will lose his/her eligibility to be granted exemptions.
Students who have:
- Attended an Institute Accredited University
- Attended a University that is not accredited by the Institute
- Studied courses at a non-accredited university that have been pre-approved by the Institute Accreditation Committee
- Transitioned between the 100 series and CT series
- Attended an Institute Accredited University
Students who have attended an Institute Accredited University
If a student has completed any subjects that are part of the accredited Part I and Part II program at one of the Institute accredited universities and sufficiently high marks were obtained, on authorisation of the student, the "Nominated Actuary" (usually the Professor or Head of Department) will inform the Institute of any recommendations for exemptions. This can include actuarial, non-actuarial and non-award students.
If a student has completed subjects at an accredited university that are not part of the accredited program but which they consider equivalent to some or all of the Part I subjects and sufficiently high marks were obtained, the student is to apply for exemption to the "Nominated Actuary" at that university in the first instance, and then the "Nominated Actuary" has the discretion to either make a recommendation for exemption, reject the application, or refer the application on to the Institute Exemptions Committee if it is considered appropriate.
If an Institute accredited university grants a student a subject credit for subjects covering all of the substantial topics in one or more Part I subjects because that student has taken part in an exchange program overseas, then the "Nominated Actuary" can recommend this student for exemption to the Institute, if the subject/s covered a substantial portion of one or more of the Part I subjects and sufficiently high marks were obtained. If a student has studied abroad and completed subjects which do not directly map on to Part I subjects and for which the accredited university does not grant a subject credit, then that student will not be able to apply for exemption as the subject was studied overseas. If a student transfers from a non-accredited university to study actuarial studies at an Institute accredited university, and the accredited university grants the student a subject credit for subjects equivalent to a Part I subject (as these courses were completed at the previous university), then the "Nominated Actuary" may recommend this student for exemption to the Institute, if sufficiently high marks were obtained in these subjects.
Students who have attended a University that is NOT accredited by the Institute
If a student completes subjects that are equivalent to Part I subjects CT2 (Finance and Financial Reporting), CT3 (Statistical Modelling), CT7 (Economics) and CT8 (Financial Economics) at a non-accredited university in Australia or New Zealand, or an overseas university as approved by the Education Council Committee, then the student can apply to the Institute Exemptions Committee for exemptions from those Part I subjects if:
- Sufficiently high marks have been obtained in the relevant subjects studied at the non-accredited university and;
- The subjects were completed no more than 6 years prior to the application.
- The Exemption Committee will only consider the following Part I subjects CT2 (108), CT3 (101), CT7 (107) and CT8 (109). Applications for exemption will NOT be considered if they are not supported by ALL relevant documentation (please see application to the exemption committee).
- Potential applicants should refer to the Part I Subject CT2 (108), CT3 (101), CT7 (107) and CT8 (109 syllabi on the Institute website http://www.actuaries.asn.au/ & the UK Institute of Actuaries website http://www.actuaries.org.uk/ when deciding whether to apply for an exemption.
- Original or certified copies of the academic transcript (s) indicating the completion of all relevant courses must be submitted.
- Applicants should clearly identify which parts of the university courses correspond to the objectives of the Institute Part I subject syllabus. This is particularly important for Subject CT8 (109).
- There is an administration fee of $40.00 plus GST per subject being applied for.
- An exemption fee of $100.00 will apply only if you have been granted an exemption. This fee is payable within one year from the date the exemption is being granted.
- Only current members of the Institute of Actuaries of Australia can apply to the exemption committee.
If a student has studied actuarial studies at a university outside of Australia and New Zealand, which is accredited by the UK Institute of Actuaries, and the student can provide a written recommendation for Part I exemptions (original or certified copy required) from the relevant Professor or the UK Institute of Actuaries, then he/she will be eligible for the equivalent Part I exemptions.
If a student has completed SoA subjects (at grades 6-10) which the UK Institute of Actuaries recognise as equivalent to one or more of subjects CT1-CT8 of Part I and, therefore, would grant exemptions from these subjects, the Institute will also grant the relevant exemptions on production of original/certified copies of SoA results transcripts.
If a student has completed subjects at a university outside of Australia and New Zealand that is not accredited by the UK Institute of Actuaries, then the student is not eligible for Part I exemptions through the Institute (subject to points 8 and 9 above).
Students who are in transition between the 100 series and CT series
Students who have completed Part I subjects through a non-accredited university, and are in transition (i.e. have partially completed Part I through the 100 series) may apply to the exemptions committee for an exemption in subject 103 up to December 2006, providing they have completed the equivalent of subject 103 prior to January 2005.
Part I Fees
Part I Institute Exemption Fee
If a student has been recommended for one or more Part I exemptions from one of the five accredited universities, the student is required to pay to the Institute an exemption fee. The exemption fee will be A$100 per subject which must be paid within two years of completing the course, in order to gain exemption from the Institute Part I subject/s. No exemption fee is payable when a candidate who has passed Part I subjects (101-109 or CT1 - CT8) of the IoA (London) examinations seeks exemption from the corresponding subjects in Part I of the Institute.
All members who have granted eligibility of exemptions for Part I and Part II before 1st July, 2012 are entitled to pay the old exemption fee for that particular year.
Part I Exemption Fee Relief
Candidates in emerging countries can apply for exemption fee relief from Part I by completing the Part I Fee Relief Application Form (available on the Members' site) and returning it to the Institute office. Please note relief does not apply to Part I UK Exam.
Part II Fees
Part II Institute Exemption Fee
There is also an exemption fee payable by the student to the Institute in order to obtain exemption from Part II of the Institute syllabus. The exemption fee will be A$500.00 (for the whole Actuarial Control Cycle course) and it must be paid within two years of completing the course. Candidates in emerging countries can apply for exemption fee relief from Part II by completing the Part II Fee Relief Application Form (available on the Members' site) and returning it to the Institute office.
Part II Exemption Fee Relief
Candidates in emerging countries can apply for exemption fee relief from Part II by completing the Part II Fee Relief Application Form and returning it to the Institute.
For further information on Exemptions you can contact us via:
T: +61 (0) 2 9233 3466