Fellowship Program
The Fellow designation (FIAA) is globally recognised. Add depth and specialisation to your training with two Principles subjects, one Applications subject and a further year of practical experience.
Overview
The Fellowship Program is delivered 100% online, including all teaching and assessments. We offer two 16-week semesters annually. You'll be taught by our dedicated educators with tutorials and guest speaker presentations. You’ll first choose two Principles subjects, which will serve as the prerequisites for your following Applications subject.
On average, it will take you 1.5 years to complete the Fellowship Program and become a Fellow. This includes one further year of practical experience, which is completed at the same time as your online study.
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.
Each Applications subject has prerequisite Principles subjects. You must have sat, but not necessarily passed, two Principles subjects. Additionally, these subjects have the subject prerequisites outlined in the subject detail below. It is also assumed that you have a working knowledge of excel and basic knowledge of R.
To enrol, you need to be a General Member and enrol directly with us.
After successfully completing the Foundation, Actuary and Fellowship Programs and your professional experience requirements, you'll receive the internationally recognised Fellow (FIAA) designation. If you complete the Enterprise Risk Management subject, you will be eligible to attain the CERA designation.
The Fellow qualification is globally recognised, allowing you to work internationally. It also enables you to hold esteemed positions like an Appointed Actuary, where you provide strategic advice to CEOs and boards.
Newly qualified Fellows hold roles including:
- Actuarial Consultant
- Pricing Manager
- Equity Analyst
- Credit Risk Manager
- Reinsurance Specialist
Experienced Fellows hold roles like:
- Appointed Actuary
- Head of Product and Pricing
- Chief Data Scientist
- Consulting Partner
- Leadership positions such as CEO or Board Chair
Choose specialised subjects
Two Principles subjects and one Applications subject, covering these fields:
Life Insurance
General Insurance
Health insurance
Banking
Enterprise Risk Management
Investment
Superannuation and Retirement
Data Science and AI
Principles subjects available in Semester one.
Choose from four.
You will learn to:
- Analyse and value uncertain cash flows for life insurance and retirement products from the provider’s viewpoint.
- Evaluate policy liabilities, emerging profit, capital adequacy, economic value and net solvency position.
- Set out a process to analyse changes in profit, surplus or embedded value.
- Evaluate the business planning process.
You will learn to:
- Describe general insurance, health insurance, and injury compensation cover products, operations and claims.
- Understand why we value insurance liabilities, relevance to profit, performance, and capital adequacy.
- Plan and produce appropriate methods, models, and parameters to value uncertain future cashflows.
- Identify key considerations when selecting a valuation procedure.
You will learn to:
- Understand banking industry operations, regulation, products and pricing.
- Identify and apply techniques to measure the main risks (credit, market, operations).
- Describe the key funding sources and analyse the associated pricing and economics.
- Describe the key forms of bank capital and principles and methods for liquidity and capital management.
You will learn to:
- Explain the context, purpose, and benefits of ERM to stakeholders.
- Apply the elements of a risk management process in an organisation.
- Critique and propose an effective structure for risk management in an organisation.
- Demonstrate the use of techniques to assess and manage risk.
Principles subjects available in Semester two
Choose from three.
You will learn to:
- Consider customer expectations and operating environment for life and retirement products.
- Conduct experience reviews.
- Produce product pricing and profit tests.
- Design and implement risk management frameworks and processes.
You will learn to:
- Apply a range of actuarial pricing approaches to a range of general and health insurance risks.
- Explain the portfolio management process, including the key stakeholders and their considerations.
- Construct profitability reviews and experience reviews, and explain the results.
- Explain reinsurance arrangements.
Recommended (but not essential) that GIHV is attempted before GIHPPA.
You will learn to:
- Formulate investment objectives and investment policy suitable for an investor’s liabilities.
- Evaluate theories about how investment markets determine asset prices.
- Evaluate and apply methods for asset valuation and selection.
- Evaluate methods of portfolio construction, management and performance assessment.
Applications subjects (choose one)
You must have already attempted two principles subjects before you begin your Applications subject. Please note Google Colab is a requirement for Data Science Applications and possibly other subjects listed above. If you’re unable to access Google Colab (for example, due to firewall restrictions), you may use an equivalent solution with prior approval from us.
You will learn to:
- Describe the operation of an Australian general insurance company, the needs of stakeholders, and the input of the Appointed Actuary.
- Describe the Australian commercial, legislative, regulatory and professional environment with a focus on actuarial involvement and prudential requirements.
- Understand the processes and apply the actuarial control cycle to pricing, valuations, reinsurance, capital and risk management.
Prerequisites: General Insurance and Health Valuation (GIHV) and General Insurance and Health Pricing and Portfolio Analytics (GIHPPA).
You will learn to:
- Describe the Australian commercial and regulatory life insurance environment.
- Apply the actuarial control cycle, prepare inputs and produce outputs for product management, valuations, risk management and business planning.
- Evaluate components, outcomes and interactions arising from these processes.
- Describe and apply the Australian prudential and professional requirements of actuarial advice.
Prerequisites: Life Insurance and Retirement Valuation (LIRV) and Life Insurance and Retirement Product Development (LIRPD).
You will learn to:
- Discuss ageing population issues and the principles of retirement systems.
- Interpret the regulatory and environmental factors of the Australian retirement income system.
- Understand all aspects of Australian defined contribution funds and retirement income products.
- Apply the actuarial control cycle to manage projects and develop models to support consumer decision-making.
Prerequisites: Life Insurance and Retirement Product Development (LIRPD) and one other Principles subject.
*SRA is only offered in Semester 1. ^An exception to the second principles subject prerequisite applies to certain members. To be eligible for the exception you must have passed, or been granted exemptions, for all Foundation and Actuary Program subjects and LIRPD. Contact [email protected] to apply for the prerequisite exception.
You will learn to:
- Assess the impact of complex business environments on all phases of data science projects.
- Use a range of data science tools and techniques to successfully solve realistic business problems.
- Contribute to the successful implementation of data driven change in an organisation.
Prerequisites: Two Principles subjects, Python knowledge and Google Colab.
Assessments
Past assessments for members
As a member, you can access past assignments and exam papers to practice and test your knowledge. Get ahead in your program with these helpful resources.
Program fees
Fellowship Program feesIncludes subject fees and printed subject fees. Please note you must be a member before you enrol. If you’re already an Associate, you have a different fee to a General Member. | Subject fees | Printed subject materialsThese are optional. | Member feesBecome a member |
|---|---|---|---|
| All Fellowship Program subjects | $3,700 AUD | From $265 AUD to $295 AUD (GST exempt) | Associate from $330 AUD/year
|
Please note: all fees need to be paid prior to the enrolment close date and we do not accept late enrolments. When you enrol, it’s assumed that you have agreed to, and understood, the enrolment terms and conditions . Please contact us if you have any questions.
Qualifying countries fee relief
The Actuaries Institute offers students in qualifying countries financial relief from Actuary Program enrolment fees for Actuaries Institute developed subjects. To qualify for fee relief students must:
- Be a current full-time resident of, and working in, a qualified country.
- Be personally paying for the course fees and not being reimbursed.
- Have their salary paid in the local currency.
Students who qualify for fee relief pay 50% of the scheduled enrolment fee for an Actuary Program subject. To apply for Fellowship Program free relief , students should submit an Application for Actuary Program Fee Relief prior to enrolling in Actuary Program subjects. Find out which countries qualify for fee relief here .
Fellowship Program dates
Please note exam dates cannot be moved.
| Date | Action |
| 16 December 2024 – 20 January 2025 | Enrolment period |
| 20 January | Semester begins |
| 22 January | Orientation Session |
| 27 June | Results released |
| Date | Exam |
| 10 March | Assignment due – excluding Data Science Applications |
| 14 April | Results released |
| 17 April | Data Science Applications Assignment Due |
| Date | Action |
| 28 April | General Insurance and Health Valuation Exam |
| 29 April | Life Insurance and Retirement Valuation Exam |
| 30 April | Data Science Applications Exam |
| 1 May | Banking Exam |
| 1 May | General Insurance Applications Exam |
| 1 May | Life Insurance Applications Exam |
| 2 May | Superannuation and Retirement Applications Exam |
| 2 May | Enterprise Risk Management Exam |
| Date | Action |
| 10 June – 7 July | Enrolment period |
| 7 July | Semester begins |
| 9 July | Orientation Session |
| 12 December | Results released |
| Date | Action |
| 25 August | Assignment Due – excluding Data Science Applications |
| 25 September | Assignments Results Released |
| 3 October | Data Science Applications Assignment Due |
| Date | Action |
| 13 October | General Insurance and Health Pricing and Portfolio Analytics Exam |
| 14 October | Life Insurance and Retirement Product Development Exam |
| 15 October | Data Science Applications Exam |
| 16 October | General Insurance Applications Exam |
| 16 October | Life Insurance Applications Exam |
| 17 October | Investment Exam |
Results and pass lists
Explore results and pass lists for all our qualification programs.
"The General Insurance Applications (GIA) subject is highly relevant to the work of an Appointed Actuary and beneficial for any actuary. The education team made expectations clear, with tutorials by GIA Chief Examiner Jacqueline Reid, an easy-to-use Learning Management System, helpful study materials, an assignment marking guide, and abundant study tips."
Key forms
Important forms you may need for the Fellowship Program.
Introduction to Fellowship Application subjects
Hear from our actuarial Educators and leading Fellows about the range of Fellowship Application subjects available, and how they fit within the overall actuarial qualification pathway.
Ready for the next step in your qualification journey?
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