This page refers to exemption under the Foundation and Actuary program structure of the Actuaries Institute. The information is provisional as the ANU is currently undertaking reaccreditation with the Actuaries Institute under the new structure. For exemption arrangements under the old structure, click here. Please see the Actuaries Institute website for information about the changes to the education program and the requirements to become an Associate and Fellow of the Actuaries Institute, including transition arrangements.
The Foundation program structure consists of six subjects. The correspondence between ANU undergraduate courses and Institute subjects are set out in the following tables.
2019 - current
|ANU undergraduate course||Institute subject|
|Introductory Mathematical Statistics for Actuarial Studies (STAT2013) (50%) and Regression Modelling for Actuarial Studies (STAT2014) (50%)||CS1|
|Introduction to Stochastic Processes (STAT2005) (25%) and Survival Models (STAT3032) (25%) and Risk Modelling 1 (STAT3057) (50%)||CS2|
|Financial Mathematics (STAT2032) (50%) and Life Contingencies (STAT3037) (50%)||CM1|
|Investments (FINM2003) (1/3) and Continuous Time Finance (FINM3003) (1/3) and Risk Modelling 2 (STAT3058) (1/3)||CM2|
|Business Reporting and Analysis (BUSN1001) (50%) and Corporate Finance (FINM2001) (50%)||CB1|
|Microeconomics 1 (ECON1101) (50%) and Macroeconomics 2 (ECON2102) (50%)||CB2|
The ANU postgraduate courses which correspond with the Part I exemptions are set out below.
2019 - current
|ANU postgraduate course||Institute subject|
|Principles of Mathematical Statistics for Actuarial Studies (STAT6013) (50%) and Regression Modelling for Actuarial Studies (STAT6014) (50%)||CS1|
|Introduction to Stochastic Processes (STAT7004) (25%) and Survival Models/Biostatistics (STAT7042/8003) (25%) and Risk Modelling 1 (STAT8057) (50%)||CS2|
|Financial Mathematics (STAT6046) (50%) and Life Contingencies (STAT6043) (50%)||CM1|
|Applied Investments (FINM7008) (1/3) and Continuous Time Finance (FINM7003) (1/3) and Risk Modelling 2 (STAT8058) (1/3)||CM2|
Business Economics (ECON8069)
The ANU courses which will correspond with the university-offered component of the Actuary Program are set out below.
|ANU course||Institute subject|
|Actuarial Control Cycle 1 (ACST4031/ACST8040)||Actuarial Control Cycle (50%)|
|Actuarial Control Cycle 2 (ACST4032/ACST8041)||Actuarial Control Cycle (50%)|
|Data Analytics Principles (100%)|
The minimum standard for exemption is a 65 per cent weighted average with a minimum of 55 per cent in each relevant course.
The minimum standard for exemption is a 70 per cent weighted average with a minimum of 60 per cent in each relevant course.
Exemptions in the NUS Joint Degree
Exemptions for the NUS joint degree are generally the same as described above. However some of the courses described above are not sat at ANU in the joint degree. The following table describes differences between the above tables and the exemption arrangements under the NUS joint degree:
|Institute Subject||Difference in exemption arrangement|
|CB1||Exemption based on ACC1002X (50%), FIN2004 (25%) and FIN3101 (25%) at NUS|
|CB2||Exemption based on EC3101 (50%) and EC3102 (50%) at NUS|
The exemption grade requirement for NUS subjects is as per discussions above.
Applying for Exemptions
Students should only apply once they have completed their studies at ANU. Applications for exemptions will generally not be accepted from students who are mid-way through their actuarial studies at ANU. Applications for exemptions will generally only be accepted within four years of completion of, or withdrawal from, the ANU degree in which the student was enrolled.
In order to apply for exemptions, students should fill out the following form and email it to firstname.lastname@example.org. Students should fill in all parts of the form (including the exemptions they believe they are eligible for) with the exception of the accreditation actuary signature and date of signature. The accreditation actuary will check the form for the accuracy of the eligible exemptions. Students who wish to apply for exemptions due to study external to ANU should contact email@example.com before filling out the above form.
Unless the student indicates otherwise by email, it will be assumed that they wish for their exemption to be processed by the Institute. A copy of the exemption letter will be sent to the Institute for processing, after which the Institute will then contact the student to inform them of how to go about claiming their exemptions, including the costs involved.
For the Society of Actuaries (SOA), ANU courses can be used to obtain the Validation by Educational Experience (VEE) Requirements as follows:
|ANU Course||SOA VEE subject|
|Introductory Mathematical Statistics/Principles of Mathematical Statistics (STAT2001/2013/6039/6013)||Mathematical Statistics|
|Accounting and Finance|
|Microeconomics 1 (ECON1101) and Macroeconomics 1 (ECON1102) or Business Economics (ECON8069)||Economics|
Any questions about this exemption policy should be directed to Adam Butt (firstname.lastname@example.org).