Foundation Program

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.

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

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

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.

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.

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. 

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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. 

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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. 

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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.