At UNSW School of Risk and Actuarial Studies, our degrees have received professional recognition by the Actuaries Institute (Australia), the Society of Actuaries (North America) and Casualty Actuarial Society for Validation by Educational Experience (VEE). We're recognised as a Centre of Actuarial Excellence (CAE) and have earned University-Earned Credit (UEC) Program status for the FM exam and SRM exam (beginning January 1, 2023) by the Society of Actuaries. In 2021, we received the CAS University Award.
The Actuaries Institute has a mutual recognition agreement with the Institute and Faculty of Actuaries (IFoA) in the UK. If you wish to complete your studies with IFoA, you may be eligible to receive credit for subjects with the Actuaries Institute. The information for Transfer of Prior Learning (TPL), including the application form, can be found on their website.
The profession of actuary is one of the oldest in the financial world. It’s highly regarded and requires the completion of, or exemption from, examinations set by the professional bodies.
The Actuaries’ Institute, the Institute and Faculty of Actuaries (UK), the Society of Actuaries (North America) and the Actuarial Society of South Africa have mutual recognition arrangements that allow qualified Fellows to practice as fully qualified actuaries in their respective countries – with appropriate experience requirements. Qualified actuaries can also practice in many other countries without taking any additional examinations.
To qualify as an actuary in Australia requires the completion of, or exemption from, subjects in the professional syllabus of the Actuaries Institute. From 2019, qualification as a Fellow of the Institute of Actuaries of Australia (FIAA) requires the completion of subjects in Foundation Program, Actuary Program and Fellowship Program (previously known as Parts I, II and III respectively) of the professional examinations, as well as relevant work experience.
Qualification as an Associate of the Institute of Actuaries of Australia (AIAA) is attained on the completion of relevant university subjects at a required level of performance (i.e. exemption), relevant work experience, coupled with the completion of two additional examinations offered exclusively by the Actuaries Institute.
From 2020, the university components of the Actuary Program (Actuarial Control Cycle, Data Science Principles) are covered by ACTL4001, ACTL4002 and ACTL4305 in the Undergraduate degree, and ACTL 5100, ACTL5200, and ACTL5305 in the Postgraduate degree.
If you commenced your actuarial study prior to 2019, you may be subject to transition arrangements. Transition arrangements seek to cater for the courses you may have already completed and the timing of the implementation of the new syllabus. Take a look at the transition structure, new syllabus and how to become a Fellow.
All students are required to submit an application to have an exemptions recommendation letter issued by the UNSW School of Risk and Actuarial Studies for the Foundation Program and Actuary Program of the Institute of Actuaries of Australia.
Please read the relevant information based on when you started.
We have earned University-Earned Credit (UEC) Program status for the FM exam and SRM exam beginning January 1, 2023. This UEC program facilitates the pathway for students who pursue the SOA profession. Students in Master of Actuarial Studies, Master of Actuarial Studies (extension) taking ACTL5102 (FM) and ACTL5110, ACTL5301 (SRM) and scoring at or above the approved UEC mark are eligible to earn credit for SOA FM and SRM exams. The existing waiver rule of the SOA exams based on credit earned from the courses accredited by the Actuaries Institute is still available for the non-UEC courses. In other words, students have opportunities to earn waivers from the SOA preliminary examinations (P, FM, LTAM, STAM, IFM, SRM) and all of three VEE subjects with a combination of the UEC program courses and the Actuaries Institute's accredited courses. Please refer to the following UEC overview page: https://www.soa.org/education/resources/uec/uec-program/ for any inquiries about the SOA’s UEC program, including the conditions that UEC university and its students must satisfy to earn exam credit.
For those who like to study accredited courses in the Foundation Program and Actuary Program of the Actuaries Institute on a non-award basis, the list of accredited courses in Master of Actuarial Studies and exemption rules can be found in the table of Postgraduate 2021+ and the details of the courses can be found in course outline.
For a non-award enrolment (deadline, application fees), please visit Future Students.
AGSM @ UNSW Business School will provide recognition of prior learning into MBA programs for students who complete ACTL5100, ACTL5200, and ACTL5305 in Actuary program as non-award enrolments. This will include specified credit for the relevant analytics course in each MBA program and unspecified credit for up to two electives.