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Exemption Policy

How does the ANU qualify me to be an Actuary?

The Australian National University is accredited by the Institute of Actuaries of Australia to provide students with exemptions from the Part I professional examinations of the Institute. Exemptions are recommended subject to obtaining sufficiently high grades in designated courses taught within the Bachelor of Actuarial Studies and associated combined degrees.

The current Part I structure consists of eight Core Technical (CT) subjects.

Some courses from the ANU relate to subjects required by the Institute of Actuaries of Australia (IAAust) for professional accreditation. These subjects form Part I of the IAAust's education requirements. The relationships between ANU courses and the corresponding Institute subjects are set out in the following table.

ANU Course	Institute subject
Financial Mathematics (STAT2032)	CT1
Business Reporting and Analysis (BUSN1001) and Corporate Finance (FINM2001)	CT2
Introductory Mathematical Statistics (STAT2001) and Regression Modelling (STAT2008)	CT3
Stochastic Modelling (STAT3004) and Survival Models (STAT3032)	CT4
Life Contingencies (STAT3037) and Actuarial Techniques (STAT3038)	CT5
Risk Theory (STAT3035) and Credibility Theory (STAT3036)	CT6
Microeconomics 1 (ECON1101) and Macroeconomics 2 (ECON2102)	CT7
Investments (FINM3001) and Continuous Time Finance (FINM3003)	CT8

Prior to 2005, students sat ANU courses that mapped to the old Part I structure. Each subject in the old Part I structure maps on to the new CT structure as in the table below. The table also lists the ANU courses associated with each old and new exemption.

Students who have satisfied old exemption requirements by gaining appropriate marks in ANU courses prior to 2005, will be eligible for exemptions under the new structure according to the mapping in the table below.

New Institute Subject	New ANU Equivalents	Old Institute Subject	OLD ANU Equivalents
CT1 Financial Mathematics	STAT2032	102 Financial Mathematics	STAT2032
CT2 Finance and Financial Reporting	BUSN1001 and FINM2001	108 Finance and Financial Reporting	BUSN1001 and BUSN1002
CT3 Probability and Mathematical Statistics	STAT2001 and STAT2008/EMET2007	101 Statistical Modelling	STAT2001 and STAT2008/EMET2007
CT4 Models	STAT3004 and STAT3032	103 Stochastic Modelling	STAT3004 and FINM3003
		104 Survival Models	STAT3037 (taken pre-2004) and STAT3032
CT5 Contingencies	STAT3037 (2005 onwards) and STAT3038 (2005 onwards)	105 Actuarial mathematics 1	STAT3033 and STAT3038 (taken pre-2005)
CT6 Statistical models	STAT3035 and STAT3036	106 Actuarial Mathematics 2	STAT3035 and STAT3036
CT7 Economics	ECON1101 and ECON2102	107 Economics	ECON1101 and ECON2102
CT8 Financial Economics	FINM3001 and FINM3003	109 Financial Economics	FINM2002 and FINM3001

Note:

·         STAT3033 was last offered in 2004.
·         STAT3037 and STAT3038 have modified content from 2005.
·         BUSN1002 and FINM2002 are no longer part of the exemption structure from 2005.
·         FINM2001 is required in the new exemption structure from 2005.

Transition Arrangements

Individual circumstances may differ due to varying commencement dates and course structures. This is particularly the case for students who may have only partially completed the courses making up the exemptions for 104 and 105 during 2004 or earlier. Specific questions regarding appropriate courses that should be taken under individual circumstances should be directed to Tim Higgins (tim.higgins@anu.edu.au).

Grades Required

For IAAust subjects covered by a single ANU course, the standard for exemption is a Credit grade (60% or better).

For IAAust subjects covered by two ANU courses, the standard for exemption is a Credit average across the two courses (note that 59% in one course and 60% in another does not constitute an exemption) with a minimum of 50% P in each relevant subject. A grade of 50% PS which is achieved if a student sits and passes a supplementary exam is NOT sufficient.

In addition to an overall average of 60%, a minimum grade of 55% is required in the individual ANU courses that make up CT5 in order to be granted an exemption (for example, scores of 55 and 65 in Actuarial Techniques and Life Contingencies respectively would qualify you for exemption from subject CT5, but scores of 52 and 68 would not). 

Applying for Exemptions

In order to apply for exemptions from Part I of the Institute of Actuaries education requirement, students are required to write a request for their exemptions.

The request should simply state: "REQUEST FOR PART I EXEMPTIONS"

and the following details should be provided:

• student name
• student id
• email address(es)
• postal address(es).

 

Requests should either be emailed along with the required details to tim.higgins@anu.edu.au, or mailed to:

Tim Higgins
School of Finance and Applied Statistics
Faculty of Economics and Commerce ANU
ACT 0200

Following receipt of the request, an email will be sent to each student indicating the exemptions for which they are eligible. If there is a discrepancy between the students' beliefs regarding their eligibility for exemptions, and the university records, the discrepancy will be explored further and clarified.  

Once the eligible exemptions are verified and confirmed by the student a letter will be sent back to the student informing them of the exemptions, and a copy will also be sent to the Institute of Actuaries of Australia for processing.

Provided the student is a member of the Institute, the Institute will then contact the student via mail to inform them of how to go about claiming their exemptions including the costs involved.

Students can apply for exemptions from their study at ANU at anytime during the year. Eligible exemptions are passed to the Institute monthly.

Applications for exemptions will generally only be accepted within two years of completion of, or withdrawal from, the ANU degree which contained the courses taken by the student. 

Applications will generally only be accepted from students who have completed their study of exemption subjects at ANU.