The Institute of Actuaries of Australia (IAAust) accredits actuaries through a five part education examination program. By studying a degree with Macquarie University Actuarial Studies Department you can gain exemption from either Part 1 or Part 1 and Part 2 of this examination program.

General information about the structure of the professional exams is available in the section of this site describing accreditation.

Exemption Authorisation

When you complete your studies the Department provides a recommendation to the Institute of Actuaries of Australia listing the Part I and/or Part II subjects for which you are eligible to claim exemption.

To allow us to disclose this information to the Institute, you will need to provide us with a signed copy of the authorisation to release information for exemptions form.

Earning Exemptions

Part I Subjects

Part I of the professional exams covers the fundamental skills required by actuaries. These units would normally be studies in a three year actuarial degree at Macquarie University or in the first three years of a double degree involving actuarial studies. (International students commencing their tertiary studies mid-year will usually require 3½ years to complete the Part I units.)

Part II Subjects

Macquarie University offers two control cycle units covering Part II of the professional exams.

You will be recommended for exemption from Part II if you attain grades of credit or better in the two Actuarial Control Cycle units. If you attain a credit or better in one of the units and only obtain a pass in the other, then the exemption will be recommended if and only if

• a Standardised Numerical Grade (SNG) of at least 57 is achieved in both units and the average SNG is at least 65, both SNGs being obtained in 2004 or earlier; or

• a SNG of at least 60 is achieved in both units and the average SNG is at least 65.