Application for Exemption Recommendation: Original Transition Rule

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). 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. 

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 over 75%. 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 over 75%

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 over 75%. 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 over 75%