Fellowship Program

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

View the syllabus.
 


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.

View the syllabus.

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.

View the syllabus.

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.

View the syllabus.

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.

View the syllabus.

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.

View the syllabus.

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. 

View the syllabus.

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.

View the syllabus.

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). 

View the syllabus.

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). 

View the syllabus.

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.  

View the syllabus.

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.