Application for exemption recommendation – Original transition rule (before 2020)

Important information: From 2019, the Institute of Actuaries of Australis (IAAust) makes 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 are able to achieve exemption by either this original transition rule or the 2020 rule depending on your situation.

Part I (CT1-CT8)Foundation Program
CT3CS1
CT4 & CT6CS2
CT1 & CT5CM1
CT8CM2
CT2CB1
CT7CB2

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 Actuary Program from 2020 (see the 2020 rule). For the detailed information regarding transition arrangement please check the webpage of Actuaries Institutes.

For the Part III 7A, 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.

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.

Instructions for Applying for Exemption
Important Information for Exemption Fees

Undergraduate - Bachelor of Actuarial Studies

CT SubjectCourse CodeCourse Name
CT1ACTL2111Financial Mathematics for Actuaries
CT2ACCT1501Accounting & Financial Management 1A
ACCT1511Accounting & Financial Management 1B
 FINS1613Business Finance
CT3ACTL2131Probability & Mathematical Statistics
CT4'ACTL2102Foundations of Actuarial Models
 ACTL3141Actuarial Models and Statistics
CT5ACTL3151Life Contingencies
CT6''ACTL2102 Foundations of Actuarial Models
 ACTL3162General Insurance Techniques
CT7ECON1101Microeconomics 1
 ECON1102Macroeconomics 1
CT8ACTL3182Asset Liability and Derivatives
Part II A+
ACTL4001Actuarial Theory & Practice A
 ACTL4002 Actuarial Theory & Practice B
Part II B 
ACTL4303Asset-Liability Management
Part III Course 7A + +
ACTL4301Model for Risk Management
 ACTL4302Risk & 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%

Postgraduate

CT SubjectCourse CodeCourse Name
CT1ACTL5102Financial Mathematics
CT2ACTL5108Finance for Actuaries
CT3ACTL5101Probability & Statistics for Actuaries
CT4^ACTL5103Stochastic Models for Actuarial Applications
 ACTL5104Actuarial Statistics
CT5ACTL5105Life Insurance & Superannuation Models
CT6^^ACTL5103Stochastic Models for Actuarial Applications
 ACTL5106Insurance Risk Models
CT7ECON5103Business Economics
CT8ACTL5109Financial Economics for Insurance & Superannuation
Part II A+ACTL5100Actuarial Theory & Practice A
 ACTL5200Actuarial Theory & Practice B
Part II B 
ACTL5303Asset-Liability Management
Part III Course 7A + +
ACTL5301Model for Risk Management
 ACTL5302Risk & 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%

Application instructions

Students will normally need to have completed their degree before their application will be approved and forwarded to the Institute of Actuaries of Australia. The application involves:

Electronic form

Please note that academic transcripts are no longer required.

Important information for exemption fees

From 1 May 2019, the exemption fee is $300.00 per subject.

Current students should ensure that their eligibility for exemptions is recorded as soon as practicable. Students will first need to become members of the Actuaries Institute for them to process these exemptions.

Click here to read more