Actuarial Exemptions and Pathway to Qualifications Guide

How do I qualify as an actuary?

Completing the Bachelor of Commerce degree does not qualify you as an actuary. Instead, you will have developed a strong actuarial foundation and may have completed part of the professional qualification requirements. The governing body of the actuarial profession sets the criteria necessary to qualify as an actuary.

The requirements to qualify as an actuary depend on which professional body you join, e.g.,the Actuaries Institute in Australia, the Institute and Faculty of Actuaries (IFoA) in the UK, or the Society of Actuaries (SOA) in the USA. However, all professional bodies generally require you to complete two types of examination: core examinations that equip you with the basic skill set necessary for an actuary; and practical examinations where you are required to apply the basic skill set and use judgment in a practical environment.

To qualify as a Fellow of the Institute of Actuaries of Australia (FIAA), you must complete three levels of study with the Actuaries Institute.

Foundation Program

The Actuaries Institute requires you to complete the Foundation Program which includes six subjects, CS1, CS2, CM1, CM2, CB1 and CB2.

Actuary Program

The aim of this part of the qualification is to introduce a generalised actuarial approach to a range of business problems. It introduces areas of practice and provides an insight into how actuarial techniques can be used in non-traditional fields.

The Actuary Program comprises four subjects:

• Actuarial Control Cycle (ACC)
• Data Science Principles (DSP)
• Asset and Liability Management (ALM)
• Communication, Modelling and Professionalism (CMP)

The University of Melbourne offers ACTL40006/90010 Actuarial Practice and Control I, and ACTL40007/90011 Actuarial Practice and Control II for the exemption of Actuarial Control Cycle and ACTL40012/90019 Data Analytics in Insurance 2 for the exemption from Data Science Principles.

Asset and Liability Management and Communication, Modelling and Professionalism are delivered by the Actuaries Institute.

overview of the Actuary program

Fellowship Program

The Fellowship Program is examined directly by the Actuaries Institute and is not currently taught in universities.

The Fellowship Program comprises two Principles subjects, one Application subject, and a further year of practical experience.

overview of the Fellowship program

Is the FIAA qualification recognised in other countries?

The Actuaries Institute currently holds mutual recognition agreements with the following actuarial associations:

Canadian Institute of Actuaries (CIA)

Casualty Actuarial Society (CAS)

Institute and Faculty of Actuaries (IFoA)

Institute of Actuaries of India (IAI)

New Zealand Society of Actuaries (NZSA)

Society of Actuaries (SOA)

Society of Actuaries in Ireland (SAI)

Actuarial Society of South Africa (ASSA)

If you have obtained FIAA from the Actuaries Institute, you can apply for consideration as a Fellow of an actuarial association listed above under corresponding mutual recognition agreements.

What is an Associate of the Actuaries Institute?

To become an Associate of the Institute of Actuaries of Australia (AIAA), you need to:

• Pass all components of the Foundation and Actuary Programs; and
• Complete one year of relevant work experience.

Exemptions

What are the exemption subjects and what level is required?

If you complete certain subjects at the University of Melbourne, and achieve a sufficiently high standard, you will be recommended for exemption from the corresponding Actuaries Institute subjects. The table below sets out the correspondence between university subjects and Institute subjects.

Foundation Program

Undergraduate students starting in 2026

Institute subject	University subject	Weight of university subject in exemption
CM1	ACTL20001 Introductory Financial Mathematics	50%
	ACTL30003 Contingencies	50%
CM2	ACTL20005 Intermediate Financial Mathematics	50%
	ACTL30009 Advanced Financial Mathematics	50%
CS1	MAST20004 Probability	25%
	MAST20005 Statistics	30%
	ACTL30004 Actuarial Statistics	45%
CS2	ACTL20006 Survival Models	33.33%
	ACTL30002 Actuarial Modelling II [1]	33.33%
	ACTL30007 Actuarial Modelling III [2]	33.34%
CB1	FNCE10002 Principles of Finance	50%
	ACCT10001 Accounting Reports and Analysis	50%
CB2	ECON10004 Introductory Microeconomics	50%
	ECON10003 Introductory Macroeconomics	50%

Undergraduate students starting in 2019 - 2025

Institute subject	University subject	Weight of university subject in exemption
CM1	ACTL20001 Introductory Financial Mathematics	50%
	ACTL30003 Contingencies	50%
CM2	ACTL20004 Topics in Actuarial Studies	33.33%
	ACTL30006 Intermediate Financial Mathematics	33.33%
	ACTL40004 Advanced Financial Mathematics or ACTL90003 Mathematics of Finance III	33.34%
CS1	MAST20004 Probability	33.33%  [3]
	MAST20005 Statistics	33.33%  [3]
	ACTL30004 Actuarial Statistics	33.34%  [3]
CS2	ACTL30001 Actuarial Modelling I	33.33%
	ACTL30002 Actuarial Modelling II	33.33%
	ACTL30007 Actuarial Modelling III	33.34%
CB1	FNCE10002 Principles of Finance	50%
	ACCT10002 Introductory Financial Accounting	50%
CB2	ECON10004 Introductory Microeconomics	50%
	ECON20001 Intermediate Macroeconomics	50%

Postgraduate students starting in 2019-2026

Institute subject	University subject	Weight of university subject in exemption
CM1	ACTL90001 Mathematics of Finance I	50%
	ACTL90005 Life Contingencies	50%
CM2	ACTL90021 Topics in Insurance and Finance	33.33%
	ACTL90002 Mathematics of Finance II	33.33%
	ACTL90003 Mathematics of Finance III	33.34%
CS1	MAST20004 Probability	33.33%  [4]
	MAST20005 Statistics	33.33%  [4]
	ACTL90008 Statistical Techniques in Insurance	33.34%  [4]
CS2	ACTL90006 Life Insurance Models I	33.33%
	ACTL90007 Life Insurance Models II	33.33%
	ACTL90020 General Insurance Modelling	33.34%
CB1	ACCT90042 Accounting and Finance for Actuaries	100%
CB2	ACTL90022 Economics for Actuaries	100%

Actuary Program

Students starting the Actuary program in 2020 and onwards

Institute subject	University subject	Weight of university subject in exemption
Actuarial Control Cycle	ACTL40006 Actuarial Practice and Control I or ACTL90010 Actuarial Practice and Control I	50%
	ACTL40007 Actuarial Practice and Control II or ACTL90011 Actuarial Practice and Control II	50%
Data Science Principles	ACTL40012 Actuarial Analytics and Data II or ACTL90019 Data Analytics in Insurance 2	100%

What level is required to be recommended for exemptions?

Exemptions from individual Institute subjects are based on weighted average of plus-minus in the corresponding university subjects passed (i.e., a minimum mark of 50). For each university subject, the plus-minus is calculated relative to its exemption cutoff using the university mark.

For ACTL subjects, the exemption cutoff is announced by subject coordinators after the results are released at the end of the semester. Students who are awarded a grade of H1 or H2A usually meet the exemption cutoff (i.e., having a plus-minus ≥ 0), while students who are awarded H3, P or N usually do not. Students who are awarded H2B often meet the exemption cutoff, but this is not always the case.

For non-ACTL subjects, the +/- is calculated by

(i) the university mark minus 73 for subjects taken prior to 2026 Semester 1, including 2026 Summer Term;

(ii) the university mark minus 70 for subjects taken from 2026 Semester 1 and onwards.

Example 1: David would like to determine his eligibility for CM1 exemption. He obtained a university mark of 86 in ACTL20001 and a mark of 70 in ACTL30003. The corresponding exemption cutoff for these two subjects are 71 and 74, respectively. In terms of plus-minus, he has +15 (=86-71) in ACTL20001 and -4 (=70-74) in ACTL30003. 
His weighted average +/- is 15 * 50% + (-4) * 50% = 5.5 > 0, hence David is eligible for the CM1 exemption.

Example 2: Daisy would like to determine her eligibility for CB1 exemption. She obtained a mark of 78 in FNCE10002 in 2025 Semester 2, and she intends to take ACCT10002 in 2026 Semester 1.

Since she obtained +5 (=78-73) in FNCE10002, she needs a minimum of -5 in ACCT10002, i.e., a university mark of 65 (=70-5) to be eligible for the CB1 exemption.

If you do not obtain the mark(s) needed to achieve exemption from the corresponding Institute subject, you do not need to repeat the university subject(s), so long as you achieve a P grade or above. In this case, the subject will still be credited towards your degree.

What is the best approach to sitting or resitting subjects to obtain exemptions outside of your degree?

If you did not have the chance to attempt a certain exemption subject during your degree, or if you have previously passed a subject but did not achieve the mark required for exemption, you may be able to take (or retake) the subject through the University’s Community Access Program (CAP) via single subject study. Studying through the University provides access to lectures, tutorials and peer support. However, if you retake a subject you have already passed, the enrolment will not count towards the credit requirement of your degree and will not appear on your official degree transcript.

Please note that single subject study is not available to student visa holders or applicants.

More information on the single subject study can be found at:

https://study.unimelb.edu.au/how-to-apply/single-subject-study

Resitting subjects through the Actuaries Institute is often more cost-effective and can be more flexible, with two exam opportunities each year. Note, however, that each exam covers the content of multiple university subjects, and exam dates are likely during semester, which may disrupt your university studies. Key dates for the exams offered by the Actuaries Institute can be found at:

https://www.actuaries.asn.au/learning/key-dates

When should I resit subjects?

The time will depend on your individual circumstances and progression through your degree. In most cases, the best time to retake a university subject via CAP single subject study is after the completion of your BCom or Masters degree. If you plan to retake a subject while completing your degree, this must be managed carefully to avoid course overload. The Centre will not automatically permit a student to enrol for exemption purposes only.

Dual-delivery subjects

The Centre of Actuarial Studies offers the Actuarial Control Cycle subjects (ACTL90010 Actuarial Practice and Control I and ACTL90011 Actuarial Practice and Control II), and the Data Science Principles subject (ACTL90019 Data Analytics in Insurance 2) in both on-campus and online modes.

After graduation, these subjects may be taken via CAP single subject study in online mode. If you take these subjects as part of your degree, you must study on campus. Please note that single subject study is not available to student visa holders or applicants.

More information about the online study model of these subjects can be found here:

https://fbe.unimelb.edu.au/economics/act/courses/distance_education

How do I receive my exemptions?

On completion of your degree, you are eligible to apply for exemptions. To apply, you should complete the Exemption Eligibility Recommendation form available at

https://fbe.unimelb.edu.au/economics/ACT/courses/exemption_information

Further information about the process for applying for exemptions is available at that webpage.

The Actuaries Institute

The Actuaries Institute (formerly known as the Institute of Actuaries of Australia) is the body that governs the conduct of the actuarial profession in Australia.  Among other things, it sets professional standards and a code of conduct by which all actuaries must abide, as well as setting the syllabus for qualification as an actuary.

Who can join the Actuaries Institute?

Anyone undertaking the actuarial program can join the Actuaries Institute. The membership application form can be found at:

https://www.actuaries.asn.au/membership/become-a-member

Detailed information about membership types, benefits and fees is available at that webpage.

When should I join the Actuaries Institute?

We would suggest that you become a student (General membership) member around the same time as you formally apply for your exemptions, unless you plan to sit for an Institute exam prior to that.

We strongly encourage you become a university subscriber (which is a free membership type) to the Actuaries Institute as soon as possible. Further information on how to sign up as a university subscriber can be found at:

https://www.actuaries.asn.au/become-a-university-subscriber

Further information about the Actuaries Institute can be found on their website:

http://www.actuaries.asn.au. You can contact the Actuaries Institute by email at: actuaries@actuaries.asn.au

How does the Foundation Program correspond with other professional bodies?

Institute and Faculty of Actuaries (IFoA)

The syllabi of the Foundation Program are equivalent to the syllabi of the Core Principles subjects (CS1, CS2, CM1, CM2, CB1, CB2) offered by the IFoA. To obtain credits from IFoA subjects, details can be found at:

https://actuaries.org.uk/qualify/become-an-actuary/transfer-of-prior-learning/

Further information about the Institute and Faculty of Actuaries can be found at

http://www.actuaries.org.uk

Society of Actuaries (SOA)

There are also similarities between the courses offered by the Society of Actuaries in the USA and the Foundation Program. You can apply for exemptions from some of the Society of Actuaries’ subjects if you have completed some or all of the Foundation program.

Exemptions for Subjects CS1, CS2, CM1, CM2, CB1, CB2 with the Actuaries Institute that were earned via the fully accredited actuarial program at the University of Melbourne are eligible for SOA waiver credit. The SOA’s policy for exam waiver rules that pertain to the Actuaries Institute’s Foundation program subjects can be found at

https://www.soa.org/globalassets/assets/files/edu/2025/ifoa-waiver-rules.pdf

If you have university exemptions, you do need to first apply for your exemptions with the Actuaries Institute. There is currently no charge to apply for waiver credit with the SOA. Here’s a link to the waiver application form:

https://www.soa.org/globalassets/assets/Files/Edu/edu-app-waiver-fac-ins.pdf

More details about the Society of Actuaries education programs can be found at:

https://www.soa.org/education/general-info/default/

Contact the Society of Actuaries for further information or enquiries.