Exemptions

Part I

The Actuaries Institute may grant exemptions for Part I subjects if Student Members of the Institute have:

Part II

Exemptions for Part II may be granted if a Student Members of the Institute has:

  • completed relevant university subjects;
  • achieved sufficient marks in those subjects;
  • been recommended by an accredited university; and
  • paid the appropriate exemption fee.

Student Members are not required to wait until they have completed their degree to apply for any Part I or Part II exemptions.

Part III

Exemptions for Part III Course 7A Enterprise Risk Management may be granted if a Student Member of the Institute has:

  • completed relevant university subjects;
  • achieved sufficient marks in those subjects;
  • been recommended by an accredited university – currently Australian National University and University of New South Wales; and
  • paid the appropriate exemption fee.
University of New South Wales 2013 onwards - completed ACTL 5301 and ACTL 5302 *. Achieved a distinction average across the two subjects (provided the lower score was at least a credit)
Australian National University 2015 onwards - completed ACST8060 and ASCT8061. Achieved a 75% average across the two subjects with at least 65% in each subject.

*Backdating arrangements are available for the UNSW courses completed between 2010 and 2012 only. Please contact the UNSW Nominated Accreditation Actuary to see if you meet these requirements. 

PROFESSIONALISM COURSE

The following courses are approved as the equivalent of the Actuaries Institute’s Professionalism Course for the purpose of meeting our requirements for Associates and Fellows:

  • Institute and Faculty of Actuaries (IFoA) Professional Skills Course;
  • Society of Actuaries (SoA) Fellowship Admissions Course; and
  • Actuarial Society of South Africa’s (ASSA) Fellowship Professionalism Course.

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.

The current exemption fee is $100.00 per subject. From 1 May 2019, the fee will be $300.00 per subject.  The fee for any exemption application received after 30 April 2019 will be $300.00 per subject.

Existing Members of the Actuaries Institute who already have recommendations for exemptions recorded by the Institute, and pay for those exemptions by 30 May 2019, will be charged the exemption fee that was applicable at the time(s) the exemptions were recorded.

Current students should ensure that their eligibility for exemptions is recorded as soon as practicable, and that they apply for those exemptions no later than 30 April 2018.

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