Careers - Entry Requirements

Qualification

To become a qualified Actuary, it is necessary first to complete a series of professional exams.

To be able to complete these exams, it is recommended that prospective students should have a university degree with mathematics or statistics as a major subject, or an honours degree in a non-mathematical subject, with at least 200-level papers in mathematics or statistics. In addition, the mathematical or statistical papers should have, as a minimum, B-average grades.

Most people in New Zealand who embark on an actuarial career work as an actuarial analyst, and study for the exams while they are working. Employers normally have a programme of study leave for actuarial analysts. A large amount of study in the evenings and at weekends is also required.

As an alternative you may enrol in an Actuarial Studies programme at a university. For further information, see Training.

It may be useful for anyone who wants to apply for a position as an actuarial analyst to have experience working in:
a financial services company
an actuarial consulting organisation
an accounting firm
a computer company
a funds management company
any job involving mathematics or statistics


Membership Requirements

To begin studying as an actuary, it is necessary to join the New Zealand Society of Actuaries and an overseas actuarial body which offers an actuarial qualification. Most students initially join the Institute of Actuaries in the United Kingdom or the Institute of Actuaries of Australia but membership of other actuarial bodies is also recognised in New Zealand.

As membership of an overseas actuarial body is a requirement for sitting the exams, it is suggested that prospective students apply for membership as soon as they decide to enter the profession, and well in advance of the exam entry date.

For details of how to apply, see What to do next.

Training

Actuarial analysts gain an important part of their skills on the job.

However, to become qualified actuaries, analysts must also pass a number of professional exams. These normally take between 5 and 8 years to complete.

The first group of exams cover mainly technical material and are set by the Institute of Actuaries in the United Kingdom. These exams are sat by students enrolled with both the Institute of Actuaries and the Institute of Actuaries of Australia.

The remaining exams test the student's ability to apply what the student has learned to various practical situations. These exams may be sat through either the Institute of Actuaries of Australia (leading to the qualification FIAA: Fellow of the Institute of Actuaries of Australia) or the Institute of Actuaries (leading to the qualification FIA: Fellow of the Institute of Actuaries). The structure of these later exams are different depending on which qualification is sought.

Further details on the exam structures can be found in Careers – Qualifying.

Exams are held twice each year. Most exams may be sat in Auckland, Christchurch or Wellington. The New Zealand Society of Actuaries makes the arrangements for these exams.

It is possible to obtain exemptions from some parts of the first group of the exams by obtaining good grades in certain degree courses or the postgraduate Diploma in Financial Mathematics offered by Victoria University in Wellington.

Degrees in Actuarial Science can be taken at several Australian universities, including Macquarie University, the University of Melbourne, the Australian National University and the University of New South Wales, from which further information may be obtained. These degrees allow students to be exempt the first two parts of the Institute of Actuaries of Australia exams.

What to do next

To start down your career path to becoming an actuary you need to join the New Zealand Society of Actuaries and an overseas actuarial body which offers an actuarial qualification.

The following form needs to be sent to the New Zealand Society of Actuaries for approval:
New Zealand Society of Actuaries Application for Membership

The New Zealand Society of Actuaries Application for Membership requires a Fellow of the New Zealand Society of Actuaries to support the application.

The following sets out the requirements for joining the Institute of Actuaries and the Institute of Actuaries of Australia.


Institute of Actuaries

The Overseas Institute Students Application Form is to be sent to the New Zealand Society of Actuaries, P.O. Box 161, Carterton

The Institute of Actuaries application form requires:
details of the prospective student's educational background including certified copies of academic records.
two people to sign a referee’s declaration. The referees should be people of some standing, e.g. university professor, doctor, minister of religion, Fellow of the Faculty or Institute of Actuaries, or other professionally qualified people, who have known the applicant personally for at least two years. Members of an applicant’s own family cannot be accepted as referees.

Institute of Actuaries of Australia

The Institute of Actuaries Australia Students Application Form

The following form needs to be sent to the Institute of Actuaries of Australia for approval:
Application for Affiliate Membership (Student Enrolment)

The Institute of Actuaries of Australia application form requires:
details of the prospective student's educational background including certified copies of academic records.
two people to sign a referee's declaration. The referees have to have known the applicant for at least 12 months. Members of an applicant’s own family cannot be accepted as referees.