Actuarial credentialing and exams

The actuarial credentialing and exam process usually requires passing a rigorous series of professional examinations, most often taking several years in total, before one can become recognized as a credentialed actuary. In some countries, such as Denmark, most study takes place in a university setting. In others, such as the U.S., most study takes place during employment through a series of examinations. In the UK, and countries based on its process, there is a hybrid university-exam structure.

The education system in Australia is divided into three components: an exam-based curriculum; a professionalism course; and work experience (IAA-Ed 2013). The system is governed by the Institute of Actuaries of Australia.

The exam-based curriculum is in three parts. Part I relies on exemptions from an accredited under-graduate degree from either Monash University, Macquarie University, University of New South Wales, University of Melbourne, Australian National University or Curtin University (IAA-Part I 2013). The courses cover subjects including finance, financial mathematics, economics, contingencies, demography, models, probability and statistics. Students may also gain exemptions by passing the exams of the Institute of Actuaries in London (IAA-Part I 2013). Part II is the Actuarial control cycle and is also offered by each of the universities above (IAA-Part II 2013). Part III consists of four half-year courses of which two are compulsory and the other two allow specialization (IAA-Part III 2006).

To become an Associate, one needs to complete Part I and Part II of the accreditation process, perform 3 years of recognized work experience, and complete a professionalism course.

To become a Fellow, candidates must complete Part I, II, III, and take a professionalism course. Work experience is not required however, as the Institute deems that those who've successfully completed Part III have shown enough level of professionalism.

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