The Institute of Actuaries of Australia does not teach or examine Part I. Various study paths are available to candidates in order for them to gain exemptions from the Institute's Part I.
Part I can be completed through one or more of the following methods: -
- Through one of the six accredited universities ( Face to Face)
- By distance through the London Institute of Actuaries
- Australian or New Zealand non accredited university
- By credit transfer
Six Australian universities offer programs particularly relevant to the actuarial examinations.
The standard of university subject grade required to obtain exemption from the equivalent Part I subjects (CT1 - CT8) is as follows:
- Australian National University students must obtain a credit average grade.
- 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 other subjects.
- Macquarie University students must obtain at least a credit grade.
- 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.
- University of New South Wales students must obtain a credit grade or higher.
- Monash University (provisional accreditation). Students must obtain a minimum average of 70% (Distinction) with a minimum of 60% (credit) in each component subject.
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.
More information about undergraduate and postgraduate courses at the six Australian accredited universities click here.
2.Entry to London Institute of Actuaries Examinations
As an alternative to completing Part I through an accredited university, student members are able to sit the Part I examinations offered through the London Institute of Actuaries, which are held twice yearly, in April and September.
Institute candidates must not apply directly to the London Institute of Actuaries for examination entry. Applications made directly to the London Institute of Actuaries will not be accepted.
To find out more about London Institute of Actuaries Examination and exam entry policies please click here. 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:
- Course Notes
- Question and Answer Bank
- Series X Assignments
Also available are:
- Mock Exam
- Formulae & Tables for Actuarial Examinations
For details and prices, contact ActEd Australasia .
All Part I IoA (London) examination papers are of three hours’ duration. Copies of past examination papers are available on the IoA (London) website.
3.Australian and New Zealand Non Accredited Universities
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 March, July and November to assess applications for exemption. Applicants are notified of decisions following these meetings.
The exemptions are from the following subjects:
- CT2 Finance and Financial Reporting
- CT3 Probability & Mathematical Statistics
- CT7 Economics
- CT8 Financial Economics
For more information about the Exemptions Committee please click here.
4. Credit Transfer
If you have completed one or more Part I subjects through one of the followings:-
- London Institute of Actuaries
- Society of Actuaries
- Casualty Actuarial Society
then you might be eligible for a credit transfer at no additional cost when you join the Institute of Actuaries of Australia.
Part I Syllabus
Part I Syllabus can be downloaded from here.
Part I 2012 Syllabus and core readings can be downloaded from here.
For further information on the Part I Education Program you can contact us via:
T: +61 (0) 2 9233 3466