Exemptions

Universities accredited by the Actuaries Institute

Accredited universities offer education programs that cover the Institute’s Foundation Program. You may be granted exemptions from Foundation Program subjects if you pass the relevant university subjects at grades that are consistent with the Actuaries Institute's standards.

To have your exemption(s) recognised, you will need to authorise the university to advise the Actuaries Institute of your eligibility for Foundation Program subject exemptions.  Once received, we will advise you of your exemption eligibility and, when you pay the relevant fee, that's when  the exemptions are awarded.

For exemptions in the new Foundation Program based on the CT subjects of the previous syllabus, you will need to have been granted a pass from the applicable Part I subject(s) by 1 February 2019 and will have until 31 December 2023 to claim these CT exemptions.

For more information about undergraduate and postgraduate courses at Australian and New Zealand accredited universities available here.

UK Institute and Faculty of Actuaries exams offered through the Actuaries Institute

You can also gain exemptions if you are studying the new Foundation Program subjects directly with the Actuaries Institute. Once your completed subject(s) are verified, you will receive a credit for the corresponding subject with the Actuaries Institute with no additional payment required.

Non-accredited universities in Australia and New Zealand

You may be eligible for exemptions even if the university you study at is not accredited for the purposes of the Actuaries Institute.

From 1 January 2020, students can apply for an exemption from the following new curriculum subjects:

  • CB1 - Business Finance.
  • CS1 - Actuarial Statistics.
  • CB2 - Business Economics.
  • CM2 - Financial Engineering and Loss Reserving.

To apply for exemption, you need to submit an Application for Exemption (Non-Accredited University).

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

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

Credit Transfer

You may be eligible for a direct credit transfer (at no additional cost) if you have completed:

  • one or more Core Technical subjects (CT1 – CT8), Specialist Technical subjects (ST1 and ST9) prior to December 2019;
  • one or more Foundation Program subjects (CM1, CB1, CS1, CS2, CB2 and CM2);
  • Fellowship subject SP1 and SP9 prior to December 2021.

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

Exemption fees

To claim your exemptions from an accredited or non-accredited university you need to become a member of the Actuaries Institute first and then pay the exemption fee.

As from 1 May 2019, the fee for all outstanding and new exemptions is $300.00 per subject.

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