Exemptions

EXAMINATIONS

The exemptions process will continue to form part of the new exam structure. For exemptions in the new Foundation Program based on the CT subjects, students must have been granted a pass from the applicable Part I subject(s) by 1 February 2019. Students will have until 31 December 2023 to claim these exemptions. Students will gain exemptions by studying the new Foundation Program subjects directly with the Actuaries Institute.

If you have any questions on the new program or transition arrangements, please email education@actuaries.asn.au

Universities Accredited by the Actuaries Institute

The accredited universities offer accredited education programs that cover the Institute’s Foundation Program. Students may be granted exemptions from Foundation Program subjects based on university grades that are consistent with Institute standards.

Upon authorisation, the student’s university advises the Institute of the student's eligibility for Foundation subject exemptions. The Institute then advises the student of their exemption eligibility.

For more information about undergraduate and postgraduate courses at Australian accredited universities, see University Courses.

NON-ACCREDITED UNIVERSITIES IN AUSTRALIA AND NEW ZEALAND

Students who study at a university in Australia or New Zealand that is not accredited by the Actuaries Institute may until 31 December 2019 apply for an exemption from CT2 - Finance and Financial Reporting, CT3 - Probability & Mathematical Statistics, CT7 - Economics or CT8 - Financial Economics. Students attending non-accredited universities cannot gain exemption from CT1 - Financial Mathematics, CT4 - Models, CT5 - Contingencies or CT6 - Statistical Methods.

From 1 January 2020, students who study at a university in Australia or New Zealand that is not accredited by the Actuaries Institute may apply for an exemption only from  (new curriculum subjects) CB1 - Business Finance, CS1 - Actuarial Statistics, CB2 - Business Economics or CM2 - Financial Engineering and Loss Reserving

To apply for exemption, students should submit an Application for Exemption (Non-Accredited University).

Applications for exemption are assessed by the Institute Exemptions Committee, which meets in March, July and November. Applicants are notified of decisions following these meetings.

Universities Accredited by the Institute and Faculty of Actuaries

Students who study at a university outside of Australia and New Zealand, which is accredited by the Institute and Faculty of Actuaries, and can provide a certified copy of the recommendation letter from the relevant Professor or the Institute and Faculty of Actuaries, and produce certified copies of the academic transcript(s), may be eligible for Foundation Program exemptions.

Students who study at a university outside of Australia and New Zealand that is not accredited by the Institute and Faculty of Actuaries are not eligible for exemptions through the Actuaries Institute.

To apply for exemption, students should submit an Application for Exemption (IFoA Accredited University).

Credit Transfer

From 1 January to 31 December 2019,  students may be eligible for a direct credit transfer at no additional cost, if they have completed  one or more Core Technical subjects (CT1 – CT8), Specialist Technical subjects (ST1 and ST9), one or more Foundation Program subjects (CM1, CB1, CS1, CS2, CB2 and CM2) and the Professionalism Course through a recognised Actuarial Professional Body.

Applications for Credit Transfer will only be accepted for current members of the Actuaries Institute.

EXEMPTION FEES

Students who have passed Core Technical subjects (by December 2018:  CT1 - CT8), or Core Principles subjects (from 2019:  CS1, CS2, CM1, CM2, CB1, CB2) through the Institute and Faculty of Actuaries (IFoA) examinations and verify their completed subject(s), will receive a credit for the corresponding subject with the Actuaries Institute and are not required to pay an exemption fee.

However, students who pass these subjects through the Accredited Universities are required to pay an exemption fee. Students will first need to become members of the Actuaries Institute for us to process these exemptions.

From 1 May 2019, all outstanding and new exemption fees will be $300.00 per subject. 

For individual advice on your exemption fees, please contact the Member Services Team.