Please visit our new website for more updated information, at http://asoc.unsw.edu.au/about/actuarial.
The Actuaries Institute (Institute) is the professional body representing the actuarial profession in Australia. ASOC highly recommends that you check out the website at http://www.actuaries.asn.au. There is a lot of information that could be of interest to you. At our level, role of the Institute is to provide actuarial education and qualifications. They maintain the actuarial education program in Australia, which consist of 3 parts: Part I, Part II and Part III. All actuarial studies program is recognised by the Institute which gives you exemptions to Part I of their actuarial education program. There are also courses at UNSW that gives you exemption to Part II, but they are not essential for you to complete the degree. There are many ways to become a member of the Actuaries Institute. The memberships include: For more information on membership in the Institute, visit http://www.actuaries.asn.au/becoming-an-actuary/becoming-a-member Note that all level of membership within the Institute has an attached membership fee. The fee structure can be found here: http://bit.ly/1dMug5h As a first year you don’t need to be a student member straight away, and you’re certainly not going to become a fellow/associate for a while. However, you can start by becoming a University Subscriber! This is a FREE subscription for university students to receive information from the Institute regarding education, news and career opportunities. ASOC HIGHLY recommends everyone to become a University Subscriber! Become a University Subscriber Note: University Subscribers are NOT members of the Institute. If you want to enrol in their courses or claim exemption, you must become a student member. What are Part I, II, III and Exemptions? Actuarial education in Australia consist of 3 parts and each part has several components. Each of which requires you to sit an exam administrated by the Institute. However, certain accredited universities, such as UNSW, have courses that grant you an exemption to these exams. That is, if you perform well enough in these university courses, you will obtain Part Is or Part IIs without having to sit the Institute’s exams. A big shock to a lot of people is that when you finish the actuarial studies degree, you are not technically an actuary yet, at least not by the Institute’s standards! Only when you have become an Associate of the Institute of Actuaries Australia (AIAA) or a Fellow of the Institute of Actuaries Australia (FIAA), then you are qualified to call yourself an Actuary. Part I consist of 8 Core Technical (CT) subjects that serve as the foundation of an actuary. They cover some of the basic financial, economic, accounting and statistical knowledge any actuary would require. Through the actuarial studies program at UNSW, you can obtain exemptions to all 8 CTs provided you met the academic requirements. In order to obtain exemptions to Part I, students must achieve an average of 65 (Credit) or above in the course(s) that correspond to the CTs. If your average is less than 65 but you have passed the course(s), then you do NOT need to redo the courses to try to get exemptions. Instead, you should just take the Institute’s exam so it does not delay your degree. For more information, contact the Institute on their website. Refer to the tables below for specific courses. Degree beginning in year: Bachelor of Commerce majoring in Actuarial Studies, or with another major/degree CT Subject Subject Weighting CT1 Financial Mathematics ACTL2001 CT2 Finance and Financial Reporting FINS1613, ACCT1501, ACCT1511 1/3 of Each CT3 Probability and Mathematical Statistics ACTL2002 CT4 Models ACTL2003, ACTL3001 1/3 ACTL2003 + 2/3 ACTL3001 CT5 Contingencies ACTL3002 CT6 Statistical Methods ACTL2003, ACTL3003 1/3 ACTL2003 + 2/3 ACTL3003 CT7 Economics ECON1101, ECON1102 1/2 of Each CT8 Financial Economics ACTL3004 Bachelor of Actuarial Studies or combined with another degree. CT Subject Subject Weighting CT1 Financial Mathematics ACTL2111 CT2 Finance and Financial Reporting ACTL1122 CT3 Probability and Mathematical Statistics ACTL2131 CT4 Models ACTL2102, ACTL3141 1/3 2102 + 2/3 3162 CT5 Contingencies ACTL3151 CT6 Statistical Methods ACTL2102, ACTL3162 1/3 2102 + 2/3 3141 CT7 Economics ECON1101, ECON1102 1/2 of Each CT8 Financial Economics ACTL3182 Note 1: that all second and third year courses are same as the 2012 or prior counterparts in terms of content, only the course code has changed. Note 2: for those who began their degree in 2013, there was the option to complete ACCT1501 and ACCT1511 instead of ACTL1122 for their CT2, in which case the weighting will be 1/3 of each course. However, for those who begins their degree in 2014, ACTL1122 is NOT offered anymore, therefore you must complete ACCT1501 and ACCT1511. CT Subject Subject Weighting CT1 Financial Mathematics ACTL2111 CT2 Finance and Financial Reporting FINS1613, ACCT1501, ACCT1511 1/3 of Each CT3 Probability and Mathematical Statistics ACTL2131 CT4 Models ACTL2102, ACTL3141 1/3 2102 + 2/3 3162 CT5 Contingencies ACTL3151 CT6 Statistical Methods ACTL2102, ACTL3162 1/3 2102 + 2/3 3141 CT7 Economics ECON1101, ECON1102 1/2 of Each CT8 Financial Economics ACTL3182 Part II consists of two courses: Exemptions to Part II can be obtained at UNSW by completing the courses ACTL4001, ACTL4002 and ACTL4003 with a Distinction average (75). These courses are usually taken in your fourth year and are NOT a requirement to complete the Bachelor of Actuarial Studies programs. Note that with the 3 year Bachelor of Actuarial Studies, i.e. the single degree, you will not be able to fit these 3 courses into your 3 year degree. The common scenarios are: It is important to note that unlike Part I, the Institute themselves do not teach or examine Part II. Therefore, studying at an accredited university is the ONLY way to gain exemption to Part II. So if you do not obtain a Distinction average or above you may wish to repeat some of the courses, usually your weakest one, to increase your average. Eligibility To enrol, all students should: Then submit the forms and transcript to the School Office in Quad 2061. The form can be found at: http://bit.ly/K1rXUw Note that there are NO exemptions of any kind for Part IIIs. Part III consists of four modules. Students must successfully complete one course from each module. To complete Module 1, students can either take the course 7A ERM through the Institute, any Part A (Module 2) or Part B (Module 3) course, a PhD in a relevant area or so on. In Module 2, students choose an area to specialisation from: Life insurance General insurance Global retirement income systems Investment management and finance Module 4 is a compulsory 4 day residential course with an 8 hour computer based assessment. Usually, Part III is completed while working. The costs of the courses taken through the Institute is quite high, approximately $2000 per course but companies usually provide some sort of financial support. E.g. they may pay for your first attempt. Why first attempt? Because Part III is very difficult and rarely do anyone complete their Part III without failing a course. The pass rate for these courses have hovered around 30% in the past!
Students are eligible for Part II enrolment if they have:
How to become an Actuary
What is the Actuaries Institute?
