Actuaries Institute requirements - previous qualification structure

The Australian National University (ANU) is accredited by the Actuaries Institute (the Institute) to provide students with exemptions from the Part I, Part II and some of the Part III requirements of the Institute. 

For exemption arrangements under the new 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. It may be possible to transfer your exemptions to another actuarial society such as the Institute and Faculty of Actuaries (UK) or the Society of Actuaries (US).

Part I

The Part I structure consists of eight Core Technical (CT) subjects. The correspondence between ANU undergraduate courses and CT subjects are set out in the following tables.

The ANU postgraduate courses which correspond with the Part I exemptions are set out below. 

Part II

Part II of the Institute requirements comprises Part IIA - the Actuarial Control Cycle - and Part IIB - Investment and Asset Modelling. From 2012, the ANU courses which will correspond with the Part II exemption are set out below.

Part III – Module 1 – Course C7A

One element of Part III of the Institute requirements comprises Course C7A which sits in Module 1.  From 2015, the ANU courses which will correspond with the exemption from Course C7A – Module 1 of Part III are set out below.

Grades Required

Part I

Until 2018, for Institute subjects covered by a single ANU course, the standard for exemption is a Credit grade (60 per cent or better). For Institute subjects covered by two ANU courses, the minimum standard for exemption is a Credit average across the two courses with a minimum of 50 per cent P in each relevant course. A grade of 50 per cent PS (which is achieved if a student sits and passes a supplementary exam) is not sufficient.

From 2019, for Institute subjects covered by a single ANU Course, the standard for exemption is 65 per cent or better. For Institute subjects covered by two ANU courses the minimum standard for exemption is a 65 per cent average across the two courses, with a minimum amount of 55 per cent in each relevant course.

Should a student sit two courses counting toward a single Institute subject, one in 2018 or earlier, and one in 2019 or later, the minimum standard for exemption across the two courses will be 62.5 per cent, with individual course minimums applying based on the timing of the ANU course.

Part II

From 2012, the standard for exemptions from the Institute Part II is achievement of a weighted Distinction grade average (70 per cent or better) over the combination of the three courses ACST4031/8040, ACST4032/8041 and ACST4033/8033, with a minimum requirement of 60 per cent in each course. Each course counts 1/3 towards the Part II exemption.

Part III

From 2015, the standard for exemptions from the Institute Part III – Module 1 - Course C7A Enterprise Risk Management is achievement of a weighted average mark of 75 per cent or better over the combination of the two courses ACST8060 and ACST8061, with a minimum requirement of 65 per cent in each course. Each course counts 50% towards this exemption.

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:

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 adam.butt@anu.edu.au. Students should fill in all parts of the form (including the exemptions they believe they are eligible for, taking into account any transition arrangements) 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 adam.butt@anu.edu.au 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.

Any questions about this exemption policy should be directed to Adam Butt (adam.butt@anu.edu.au).