Professional recognition

The UNSW Australia Business School actuarial degree is accredited by the Actuaries Institute in Australia.

Our degrees are recognised for Validation by Educational Experience (VEE) by the North American Society of Actuaries and Casualty Actuarial Society. We are also recognised as a Center of Actuarial Excellence by the North American Society of Actuaries.

The Actuaries Institute has a mutual recognition agreement with the Institute and Faculty of Actuaries (IFoA) in the UK. Students who wish to complete their studies with the IFoA may be eligible to receive credit for subjects for which they have credit with the Actuaries Institute. The information for Transfer of Prior Learning (TPL) including the application form can be found on the IFoA website.

The profession of actuary is one of the oldest in the financial world. It is 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.

For the detailed information, please check the following web pages of Actuaries Institutes:

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 ACTL4001, ACTL4002 and ACTL4303 in fourth year or ACTL5100, ACTL5200 and ACTL5303 in the Masters degrees. From 2020, ACTL4303 and ACTL5303 is not an exemption from Actuary Program, and ACTL4305 in fourth year or ACTL5305 in the Masters degrees will be additionally offered for the new subject, Data Analytics Principles in Actuary Program.

Fellowship Program

Fellowship Program requirements consist mostly of modules completed by distance education through the Institute of Actuaries of Australia usually 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 are able to attain exemption in the Enterprise Risk Management module by completing the courses ACTL4301/ACTL5301 and ACTL4302/ACTL5302 at the required standard.