From 2019, the Institute of Actuaries of Australia (IAAust) made changes in their actuarial curriculum. As a result, the Parts I, II, and III are replaced by the Foundation Program (including, six subjects: CS1+2, CM1+2, CB1+2), Actuary Program and Fellowship Program respectively. 

UG/PG students commencing their degree in 2019 and earlier, will not have any changes in their curriculum relevant to the Part I. The exemption will be awarded based on the mapping to the new curriculum (Foundation Program). Please refer to the mapping table below. However, the students who commenced studies in 2018 and 2019 can achieve exemption by either this original transition rule or the 2020 rule depending on your situation. 

PART I (CT1-CT8)

FOUNDATION PROGRAM

CT3

CS1

CT4 & CT6

CS2

CT1 & CT5

CM1

CT8

CM2

CT2

CB1

CT7

CB2

Note that if an exam in the new curriculum has two applicable subjects in the current curriculum, they will need to obtain exemptions in both subjects to be able to obtain exemption in the new subject (CS2, CM1). 

For the Part II, students who obtain a full exemption from Part II (A+B) by the end of 2019 will continue to follow the previous path to be an Associate. If not, students need to study the subjects in the Actuary Program from 2020 (see the 2020 rule and check the information for the exemption standard). For the detailed information regarding transition arrangement please check the webpage of Actuaries Institute. 

For the Part III 7A, until 2020, UNSW actuarial students in the Honours degree or the Master of Actuarial Studies degree can attain exemption in the Enterprise Risk Management module by completing the courses ACTL4301/ACTL5301 and ACTL4302/ACTL5302 at the required standard. 

Exemptions are usually granted for Foundation Program (Part I) courses when you have achieved Credit or above in the average of the corresponding UNSW courses. 

Application instructions 

Students should submit the exemption applications in Foundation Program after they have completed all applicable subjects in their curriculum. Applications for Actuary Program will continue to be accepted with Foundation Program and separately.

Exemptions 

At UNSW, we offer programs that cover the Institute’s Foundation Program. You may be granted exemptions from Foundation Program subjects if you pass the relevant university subjects at grades that are consistent with the Actuaries Institute's standards. 

  • CT SUBJECT

    COURSE CODE

    COURSE NAME

    CT1

    ACTL2111

    Financial Mathematics for Actuaries

    CT2

    ACCT1501

    Accounting & Financial Management 1A

     

    ACCT1511

    Accounting & Financial Management 1B

     

    FINS1613

    Business Finance

    CT3

    ACTL2131

    Probability & Mathematical Statistics

    CT4'

    ACTL2102

    Foundations of Actuarial Models

     

    ACTL3141

    Actuarial Models and Statistics

    CT5

    ACTL3151

    Life Contingencies

    CT6''

    ACTL2102

    Foundations of Actuarial Models

     

    ACTL3162

    General Insurance Techniques

    CT7

    ECON1101

    Microeconomics 1

     

    ECON1102

    Macroeconomics 1

    CT8

    ACTL3182

    Asset Liability and Derivatives

    Part II A+

    ACTL4001

    Actuarial Theory & Practice A

     

    ACTL4002

    Actuarial Theory & Practice B

    Part II B 

    ACTL4303

    Asset-Liability Management

    Part III Course 7A ++

    ACTL4301

    Model for Risk Management

     

    ACTL4302

    Risk & Capital Management

    'Grade of CT4 = (1/3 of ACTL2102) + (2/3 of ACTL3141)

    ''Grade of CT6= (1/3 of ACTL2102) + (2/3 of ACTL3162)

    + Part II A exemptions based on the average mark for the two courses; exemption recommendations given for an average of 75% and above. Part II A+B will be calculated on the average of all three courses.
    ++ Part III 7A exemptions based on the average mark for the two courses; exemption recommendations given for an average of 75% and above.

  • CT SUBJECT

    COURSE CODE

    COURSE NAME

    CT1

    ACTL5102

    Financial Mathematics

    CT2

    ACTL5108

    Finance for Actuaries

    CT3

    ACTL5101

    Probability & Statistics for Actuaries

    CT4^

    ACTL5103

    Stochastic Models for Actuarial Applications

     

    ACTL5104

    Actuarial Statistics

    CT5

    ACTL5105

    Life Insurance & Superannuation Models

    CT6^^

    ACTL5103

    Stochastic Models for Actuarial Applications

     

    ACTL5106

    Insurance Risk Models

    CT7

    ECON5103

    Business Economics

    CT8

    ACTL5109

    Financial Economics for Insurance & Superannuation

    Part II A+

    ACTL5100

    Actuarial Theory & Practice A

     

    ACTL5200

    Actuarial Theory & Practice B

    Part II B 

    ACTL5303

    Asset-Liability Management

    Part III Course 7A ++

    ACTL5301

    Model for Risk Management

     

    ACTL5302

    Risk & Capital Management

    ^Grade of CT4 = (1/3 of ACTL5103) + (2/3 of ACTL5104)

    ^^Grade of CT6= (1/3 of ACTL5103) + (2/3 of ACTL5106)

    + Part II exemptions based on the average mark for the two courses; exemption recommendations given for an average of 75% and above. Part II A+B will be calculated on the average of all three courses.
    ++  Part III 7A exemptions based on the average mark for the two courses; exemption recommendations given for an average of 75% and above.

    If you commenced your study in 2020, review the eligibility requirements for exemption. 

If you commenced your study in 2020, review the eligibility requirements for exemption.