Professional Recognition

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 also recognised as a Center of Actuarial Excellence by the Society of Actuaries. 

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. 

Australian Qualifications 

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 and one-year work experience. 

Until the end of 2019, qualification as an Associate of the Institute of Actuaries of Australia (AIAA) is attained on completion of the subjects in Foundation Program and Part II, three years practical experience and completion of a Professionalism Course. From 2020, it requires Foundation Program, Actuary Program, one-year work experience and completion of C, M & P (Communications, Modeling and Professionalism) course. 

Foundation Program 

Foundation Program requirements are covered by the relevant subjects in the Bachelor of Actuarial Studies or Master of Actuarial Studies

Actuary Program 

Until 2019, Actuary Program requirements are covered by ACTL4001ACTL4002 and ACTL4303 in fourth year or ACTL5100ACTL5200 and ACTL5303 in the master degrees. From 2020, ACTL4303 and ACTL5303 is not an exemption from the Actuary Program, and ACTL4305 in the fourth year or ACTL5305 in the master degrees will be additionally offered for the new subject, Data Analytics Principles in Actuary Program. 

Transition Arrangements 

If you commenced 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. 

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A student advisor assisting a student at the Business School Student Centre desk

Application for Exemption Recommendation

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.

2020 and Onward

2019 and Earlier 

Fellowship Program 

Fellowship Program requirements consist mostly of modules completed by distance education through the Institute of Actuaries of Australia. These are usually undertaken on a part-time basis after completing the Foundation Program and Actuary Program subjects. Until 2020, UNSW actuarial students in the honours degree or the Master of Actuarial Studies degree were able to attain exemption in the Enterprise Risk Management module by completing the courses ACTL4301/ACTL5301 and ACTL4302/ACTL5302 at the required standard. 

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AGSM FAQs