Foundation Program

The Foundation Program is the first step in your path to become an actuary.

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Overview

You can study the Foundation Program through an accredited university degree, Institute and Faculty of Actuaries UK exams (facilitated by us), or with transfer credits from another actuarial society. If you're taking IFoA exams, you must become a General Member and enrol directly with us. We have two exam periods each year, with enrolments in January/February and July.

Study duration

On average, it will take you 3-5 years of full-time study to complete your accredited actuarial degree. 

  • Undergraduate degrees: around 3-4 years full-time study. 
  • Combined degrees: around 5 years of full-time study.
  • Postgraduate degrees: around 1.5-2.5 years of full-time study.
Qualification received

There is no professional qualification awarded for the Foundation Program by the Institute. However, completing this program is the prerequisite to our Actuary Program.

Career options

The Foundation program trains you for graduate or junior analyst positions, so you can work while studying the Actuary Program. These include:

  • Junior analyst
  • Actuarial analyst
  • Data analyst

Core modules

Six subjects across three modules:

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Actuarial Statistics

(CS)

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Actuarial Mathematics

(CM)

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Business Finance & Economics

(CB)

Subject syllabuses

Browse all Foundation Program subjects and syllabuses in detail.

CS1 - Actuarial Statistics

View the syllabus.

You will learn:

  • Data Analysis Techniques: Master the creation and interpretation of visualisations and statistics. Apply tools for exploratory data analysis and methods like principal component analysis to simplify complex data sets.
  • Understanding Random Variables and Distributions: Explore properties and uses of key probability distributions. Apply techniques to generate and sample from these distributions to understand their statistical behaviours.
  • Statistical Inference and Regression Analysis: Develop skills in statistical inference for parameter estimation, confidence intervals, and hypothesis testing. Utilise linear and generalised linear regression models to analyse relationships between data sets.
CS2 - Risk Modelling and Survival Analysis

View the syllabus.

You will learn:

  • Random Variables and Distributions for Risk Modelling: Model and calculate insurance risk using statistical distributions, including deductibles and reinsurance effects. Fit these distributions to data, estimate parameters, and evaluate fit.
  • Time Series Analysis: Master time series models to forecast and analyse time-indexed financial and economic data. Understand stationarity, autoregressive, and moving average models for real-world application.
  • Stochastic Processes in Insurance: Utilise Markov models and stochastic processes to analyse risks and claims in insurance. Estimate transition intensities and apply these models in practical scenarios like survival and health models.
CM1 - Actuarial Mathematics for Modelling

View the syllabus.

You will learn:

  • Theory of Interest Rates: Master the time value of money and interest rate theories, including the term structure. Apply these to real-world examples involving calculations for interest rates, discounting, and evaluating present values of cashflows. 
  • Equation of Value and Applications: Employ the equation of value for financial issues like loan repayments, bond pricing, and project evaluations. Apply methods like net present value and internal rate of return to assess investment projects. 
  • Decrement and Multiple Life Models: Explore modelling of cashflows affected by mortality using life insurance and annuity contracts. Extend these models to complex scenarios like health insurance and multiple-risk environments using multiple-state Markov models. 
CM2 - Economic Modelling

View the syllabus.

You will learn:

  • Rational Economic Theory: Study rational economic decision-making and asset pricing using utility functions. Explore rational choice theory, utility theory, and the Efficient Markets Hypothesis to understand investment management and economic behaviours of investors. 
  • Measures of Investment Risk: Use financial risk measures including variance, VaR, and Expected Shortfall to analyse investments. Explain how these measures relate to utility functions and how insurance companies mitigate financial risks. 
  • Asset Valuations: Prepare portfolio selection and asset pricing using models like CAPM and multifactor models. Understand the application of term structure models and credit risk assessment in financial valuation. 
CB1 - Business Finance

View the syllabus.

You will learn:

  • Corporate Governance and Organisation: Explore corporate governance, financial reporting regulation, and ethical responsibilities. Understand stakeholder dynamics and the impacts of corporate actions on shareholder wealth and social responsibilities.
  • Corporate Financing: Discuss corporate structures, financing methods, and the influence of capital structures and financing options on corporate decisions. Examine the role of taxation in corporate financing strategies. 
  • Evaluating Corporate Projects: Learn methods for evaluating corporate investment projects, focusing on the relationship between cost of capital and project nature. Use various techniques to assess project viability and risks. 
CB2 - Business Economics

View the syllabus.

You will learn:

  • Economic Schools and Historical Applications: Explore different economic schools and their impact on business, focusing on historical economic events like the Great Depression and the 2008 financial crisis, and their influence on modern economic and financial policies. 
  • Microeconomics: Understand consumer behaviour, firm theory, and market dynamics. Discuss how market conditions, advertising, and various market structures such as monopolies and competitive markets influence business decisions and pricing strategies. 
  • Macroeconomics and Government Role: Examine macroeconomic variables and government interventions. Describe how government policies, globalization, and economic theories like monetary and fiscal policies affect business operations and financial markets. 
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Accredited universities

Build your foundation at the best universities in Australia and New Zealand

Eight universities across Australia and New Zealand offer actuarial degrees including Foundation subjects, which means you'll study the program as part of your degree. If you’ve already completed a degree, you have a similar academic background or if you’ve completed actuarial studies overseas, we also offer other pathways to qualification.

Foundation Program fees

Foundation fees

Foundation exam fees refer to non-accredited university exam fees. They cover Institute and Faculty of Actuaries (IFoA) exam costs only. Subject reading materials can be purchased separately via the IFoA e-shop.

2025 IFoA exam fee

From $657 AUD per subject.
Next enrolment period opens in July 2025.

Subject materials

From ActEd UK.

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General Member fee

From $180/year AUD

Become a member
Actuarial Mathematics (CM) and Actuarial Statistics (CS) subjects


$779 AUD per subject

Available from  ActEd (UK) . Visit their website for pricing.

Business Finance & Economics (CB) CB1 and CB2 subjects

$657 AUD per subject

Available from  ActEd (UK) . Visit their website for pricing.

Exemptions

$300 AUD per subject

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. 

Foundation Program exam dates

Please note that students wishing to enrol in these Institute and Faculty of Actuaries (IFoA) exams need to become a General Member two weeks before the enrolment close date. You must enrol online through us.

Semester 1 2025 - enrolment and result dates

Date

Action

30 January 2025

Exam enrolment opens

16 February 2025

Exam enrolment closes

3 July 2025

Exam results announced

Semester 1 2025 - April exam dates

Date

Exam

Monday 7 April

CB2

Tuesday 8 April

CM1A

Wednesday 9 April

CM1B

Thursday 10 April

CS2A

Friday 11 April

CS2B

Tuesday 15 April

CS1A

Wednesday 16 April

CS1B

Tuesday 22 April

CM2B

Wednesday 23 April

CB1

Semester 2 2025 - enrolment and result dates

Date

Action

3 July 2025

Exam enrolment opens

20 July 2025

Exam enrolment closes

4 December 2025

Exam results announced

Semester 2 2025 - September exam dates

Date

Exam

Monday 8 September

CS2A

Tuesday 9 September

CS2B

Wednesday 10 September

CB1

Thursday 11 September

CM1A

Friday 12 September

CM1B

Monday 15 September

CS1A

Tuesday 16 September

CS1B

Wednesday 17 September

CM2A

Thursday 18 September 

CM2B

Friday 19 September

CB2

Further study and exemptions

After the Foundation Program, there are two more stages of actuarial study. After you complete the program, you will:

  1. Apply for exemptions
  2. Become a General Member
  3. Continue to study the Actuary Program with us. 

If you're a member and missing a few subjects, you can still enrol to sit the Foundation exams. We facilitate these on behalf of IFoA. We can enrol for you, connect you with other students, and supply the resources to help you succeed. We're here to help you navigate the whole process.

Please note that if you don’t achieve your exemption, you can still continue your actuarial studies with us. 

Ready for the next step in your qualification journey?

Once you complete the Foundation Program, you can enrol for the Actuary Program. Then, you can specialise with the Fellowship Program. Continue on your journey to actuarial excellence with us.

Actuary in grey suit smiling