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Careers - Qualifying 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. These exams may be sat through either the Institute of Actuaries (leading to the qualification FIA: Fellow of the Institute of Actuaries) or the Institute of Actuaries of Australia (leading to the qualification FIAA: Fellow of the Institute of Actuaries of Australia). Institute of Actuaries Core Technical stage The first group of exams cover mainly technical material. Students are required to pass all of the following:
Core Applications stage The second set of subjects cover key actuarial concepts and approaches in solving actuarial problems. Students are required to pass the following:
Specialist Technical stage The Specialist stages test higher order skills. The Specialist Technical stage test the principles behind each of the subjects. Students are required to pass two subjects from:
Specialist Application stage The Specialist stages test higher order skills. The Specialist Application stage test the application of the principles from the Technical stage to professional problems. Students are required to pass one subject from:
The exams for all of the papers except CT9 and CA2 are held half-yearly, in April and in September. The Business Awareness Module (CT9) and Modelling (CA2) papers are residential courses. There is no formal requirement relating to the order in which subjects are taken. However, it is strongly recommended that the Core stages are studied before the Specialist stages. Also The Specialist Application paper assumes knowledge of the content of the Specialist Technical syllabus. Please see the Institute of Actuaries website for more details on the course structures, syllabuses and timing. Institute of Actuaries of Australia Part 1 The first group of exams cover mainly technical material and are set by the Institute of Actuaries in the United Kingdom. See Core Technical Stage above. Students are required to pass CT1 – CT8. Part 2 (Actuarial Control Cycle) The Actuarial Control Cycle consists of two 400-level papers offered as a distance learning course by Macquarie University and the University of Melbourne. Paper one is offered in the first semester and paper two in the second semester. Students enrol directly with the university and then apply for exemption from the Institute of Actuaries of Australia. Students should have completed at least 6 of the Core Technical exams to be able to enrol in the Actuarial Control Cycle course. Part 3 The Part 3 exams test the student's ability to apply what the student has learned to various practical situations and consists of four modules: Module 1 - Investments Module 2 & 3 – Specific Practice Area one of the following subjects (split into two papers)
Module 4 - Commercial Actuarial Practice The exams for the papers comprising Modules 1, 2 and 3 are held half-yearly, in May and in November. The Commercial Actuarial Practice paper is a residential course held in Australia. There is no formal requirement relating to the order in which subjects are taken. However, it is strongly recommended that the Part 1 and Part 2 subjects are studied before a candidate attempts Part 3, as Part 3 assumes knowledge of the content of the Part 1 and Part 2 syllabi. Please see the Institute of Actuaries of Australia website for more details on the course structures, syllabuses and timing. |
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