How to become an actuary

On average, it takes 4-6 years to become an actuary in Australia with the most direct qualification study path. This includes your time at an accredited university. To become a Fellow, it takes around 5-7 years. 

Qualifying to be an actuary requires you to complete three programs. You’ll study the Foundation Program at an accredited university, through Institute and Faculty of Actuaries UK exams (facilitated by us), or with transfer credits from another actuarial society. 



You’ll study two Actuary Program subjects at an accredited university before you come to study with us remotely, as you work full time. Upon passing the Actuary Program, you’ll be a qualified actuary with the Associate designation. 



The Fellowship Program is the final program of study and allows you to specialise and be globally recognised with the Fellow designation. You’ll study this remotely with us as you continue to work. As a Fellow, you can work internationally and hold esteemed positions like an Appointed Actuary. 

Since 2019, our Education Program has transformed. Our pass rates have improved substantially. Our education culture has gone from a volunteer system to dedicated staff (actuarial educators) delivering our subjects. 

Students are at the heart of our education system, and with all the support we provide through Canvas (our learning management system) and tutorials we believe a well-prepared student should pass. 

We teach two subjects in the Actuary Program (you’ll complete the first two at an accredited university) ─ Asset Liability Management (ALM) and Communication, Modeling and Professionalism (CMP). 

For ALM, recent pass rates are:

• Semester one, 2022: 92%
• Semester two, 2022: 87%
• Semester one, 2023: 87%
• Semester two, 2023: 96%
• Semester one, 2024: 79%
• Semester two, 2024: 62%

For CMP, recent pass rates are: 

• Semester one, 2022: 92%
• Semester two, 2022: 91%
• Semester one, 2023: 82%
• Semester two, 2023: 79%

The Fellowship Program is made up of three subjects. You complete two principles subjects and one applications subject. 

You choose two of the following principles subjects: 

• BANK: Banking
• ERM: Enterprise Risk Management
• GIHPPA: General Insurance and Health Pricing and Portfolio Analytics
• GIHV: General Insurance and Health Valuation
• INV: Investment
• LIRPD: Life Insurance and Retirement Product Development
• LIRV: Life Insurance and Retirement Valuation

You choose one of the following subjects after you have completed, or attempted, two principles subjects:

• DSA: Data Science Applications
• GIA: General Insurance Applications
• LIA: Life Insurance Applications
• SRA: Superannuation and Retirement Applications

Recent pass rates of Fellowship subjects are:

• ERM, Semester one, 2023: 50%
• GIHPPA, Semester two, 2022: 52%. Semester two, 2023: 49%. 
• GIHV, Semester one, 2023: 61%. 
• INV, Semester two, 2022: 52%. Semester two, 2023: 49%. 
• LIRPD, Semester two, 2022: 63%. Semester two, 2023: 80%. 
• LIRV, Semester one, 2023: 76%. 
• DSA, Semester one, 2022: 81%. Semester two, 2022: 75%. Semester two, 2023: 78%. 
• GIA, Semester two, 2022: 75%. Semester one, 2023: 80%. Semester two, 2023: 83%. 
• LIA: Semester one, 2022: 53%. Semester two, 2022: 46%. Semester two, 2023: 52%. 
• SRA: Semester one, 2022: 71%. Semester one, 2023: 87%. 

There are no formal prerequisites for the Principles subjects, however we assume that students have studied (but not necessarily passed) all Foundation and Actuary Program subjects. 

For the Applications subjects, you must have sat, but not necessarily passed, two principles subjects. Additionally, these subjects have the following subject prerequisites: 

• Data Science Applications (previously known as Data Analytics Applications): knowledge of the Data Science Principles (Previously known as Data Analytics Principles) subject syllabus and a basic understanding of Python. 
• General Insurance Applications: General Insurance and Health Valuation, and General Insurance and Health Pricing and Portfolio Analytics. 
• Life Insurance Applications: Life Insurance and Retirement Valuation, and Life Insurance and Retirement Product Development. 
• Superannuation and Retirement Applications: Life Insurance and Retirement Product Development. 

It is not necessary to commence immediately but don’t wait too long. Take your time in completing the subjects. Sometimes rushing through the Program will give you the qualifications, but not the experience needed for you to be successful in your role. 

The Institute has accredited a list of actuarial degrees across eight universities in Australia and New Zealand, allowing students to study our Education Program as a part of their degree. 

You may be granted exemptions if you pass the relevant university subjects at grades that are consistent with the Actuaries Institute's standards. This means you may have completed the Institute's Foundation Program and half the Actuary Program without needing further study. 

Once you’ve graduated at university, you’ll need to: 

• Authorise your uni's nominated accreditation actuary to submit your exemption recognition form to the Institute 
• Sign up as a General Member and enrol to continue your Actuary Program studies with the Institute 

You’re then ready to continue on your post-uni qualification journey with us.

Don't worry if you don't have every exemption – you can complete them at an accredited university (or by distance study through IFoA examinations for Foundation at the Institute). Find out more about non award study. 

You may be eligible for exemptions even if the university you studied at is not accredited by the Actuaries Institute if you can prove that your subjects are aligned with those in the Foundation Program, and that you've achieved the academic standards required. 

You may submit applications for exemptions for the following four Foundation subjects: 

• CB1 - Business Finance 
• CS1 - Actuarial Statistics
• CB2 - Business Economics 
• CM2 - Economic Modelling

To apply for an allied study exemption, you need to: 

• Sign up as a member of the Actuaries Institute 
• Complete and submit an Application for Exemption (Non-Accredited University) with supporting documents 

To complete the remaining subjects you do not have exemptions for, you can complete the Foundation requirements through distance study with the Institute and Faculty of Actuaries (IFoA). Or, you may enrol in non-award study at an accredited university to complete subjects in both Foundation and Actuary programs. 

Applications are assessed by the Exemptions Committee in March, July, and November. 

Each university has a slightly different marking scale, so while the required standard is consistent across universities, the academic requirements differ slightly. This does not mean one university is easier than another. 


To be eligible for exemptions, you should be aiming for at least a credit in your university subjects. Each university will have details of their requirements.

There are two options to receive your exemptions: 

Enrol in non-award study at one of the accredited universities to complete required subject(s) for the exemption(s) (view more here).

Enrol in distance study and sit the UK Institute and Faculty of Actuaries (IFoA) examinations