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Actuarial Program
Exemptions

Exemptions

If you want an exemption from Actuaries Institute subjects you’ll need to complete the exemption recognition form and submit it with a copy of your official academic transcript to BusEco-Econometrics@monash.edu

Exemption procedure for undergraduate courses

Exemptions details up to 2018

If you have an undergraduate Actuarial studies major or specialisation you may be eligible for exemptions for Part 1 subjects of the Actuaries Institute of Australia.

Exemption for each CT subject will be based on sufficient grades in one or more of the Monash units, listed below (Table 1). You need to take every unit relevant to a CT subject. For Part I exemptions, where only one unit is listed you must get a distinction grade in that unit.

Where two or three units are needed for exemption in any CT subject, final marks in those units will be weighted to assess the overall result.

The current weighting percentages are:

CT Subject	Monash Unit
CT1	BFC2340
CT2	ACC1100 (40%) and BFC2140 (60%)
CT3*	ETC1000 (25%) and either: a) ETC2520 (75%) or b) MTH2222 (37.5%) and MTH2232 (37.5%)
CT4	ETC2430 (35%) and ETC3430 (65%)
CT5	ETC3530 (65%) and ETC2430 (35%)
CT6	ETC3420 (50%) and ETC2420 (50%)
CT7	ECC1000 (55%) and ECC1100 (45%)
CT8	ETC3460 (50%) and ETC3510 (50%)
Part II	Honours or Postgraduate level studies
IIA	ETC4110 and ETC4120
IIB	ETC4130

*Changed from 2019

Exemptions from 2019

Foundation Program Subject	Monash Units
CS1 Actuarial Statistics	ETC1000 (25%), ETC2420 (25%), ETC2520 (35%), ETC3580 (15%)
CS2 Risk Modelling and Survival Analysis	ETC2420 (10%), ETC3420 (20%), ETC3430 (50%), ETC3550 (20%)
CM1 Actuarial Mathematics	If ETC2430 completed 2018 or prior ETC1000 (10%), ETC2430 (25%), ETC3530 (55%), BFC2340 (10%) If ETC2430 completed 2019 onwards ETC1000 (10%), ETC2430 (35%), ETC3530 (55%)
CM2 Financial Engineering and Loss Reserving	ETC3420 (20%), ETC3460 (25%), ETC3520 (55%)
CB1 Business Finance	ACC1100 (50%), BFC2140 (50%)
CB2 Business Economics	ECC1000 (55%), ECC1100 (45%)

Changes to exemptions from 2018-2019

Comparing the list of Monash Units between the two tables, there are some changes:

ETC3510 and BFC2340 are no longer included
ETC3580, ETC3520 and ETC3550 are additional units required from 2019

Transition arrangements

Students commencing studies in 2019 will follow the new Foundation Program structure listed in Table 2.

Students who complete all of Part I before the end of 2018 will be able to apply for exemptions based on the CT subjects, listed under exemptions in Table 1.

Students who commenced studies prior to 2019 can take a mix of two options outlined below.

Transition arrangement - option 1

Continue to gain exemptions under the CT structure up to 2018. Once the exemptions are obtained in CT subjects, these will be converted to exemptions in the equivalent Foundation Program Subjects.

The list of equivalences is provided below. Where more than one CT subject maps to a Foundation Subject, you need to have completed both of the CT subjects to claim exemption for the equivalent Foundation Subject.

Exemptions in these CT subjects up to 2018 can be converted to	Exemptions in these Foundation Program Subjects
Both CT1 and CT5	CM1
CT8	CM2
CT3	CS1
Both CT4 and CT6	CS2
CT2	CB1
CT7	CB2

Transition arrangement - option 2

Follow the new Foundation Program structure, using Table 2 to guide your selection of units. It does not matter what year these units were taken, with one exception: if you took ETC2430 in 2018 or before, to obtain exemption in CM1 you need to include BFC2340 in the list of required units for CM1.

Students who are nearly completed their degree are likely to choose Option 1, while Option 2 will suit students who are early in their degree.

It is normally okay to mix these Options. E.g. you may obtain exemptions in CT1 and CT5, and hence have this converted to an exemption in CM1 (Table 3). The same student might then complete CS2 based on the Foundation Program units listed under CS2 in Table 2.

Exemption procedure for the Master of Actuarial Studies

Exemption Details up to 2018

If you have are enrolled in the Master Actuarial Studies you may be eligible for exemptions for Part 1 subjects of the Actuaries Institute of Australia (www.actuaries.asn.au/studying-with-the-institute/part-i).

Where two or more units are listed, you’ll need to get an overall weighted average distinction grade, with a minimum of a credit in each unit. Part II exemptions need an overall weighted average high distinction grade.
Where two or three units are needed for exemption in any CT subject, final marks in those units will be weighted to assess the overall result.

CT subject	Monash Unit
CT1	BFC2340
CT2	not applicable
CT3	ETC5252
CT4	ETC2430(35%) and ETC5343 (65%)
CT5	ETC2430(35%) and ETC5353 (65%)
CT6	ETC5242 (50%) and ETC5342 (50%)
CT7	ECF5923 (50%) and ECF5927 (50%)
CT8	ETC5346 (50%) and ETC5351 (50%)
IIA	ETC4110 and ETC4120
IIB	ETC4130

Exemptions from 2019

From 2019, exemptions will be based on 6 subjects comprising the IFoA Foundation Program. Exemption for each Foundation Program subject is based on sufficient grades in the Monash units, listed below.

Where two or more units are listed, you’ll need to get an overall weighted average grade of 70%, with a minimum of 60% in each unit.

Foundation Program Subject	Monash Units
CS1 Actuarial Statistics	ETC5242 (25%), ETC5252 (50%), ETC3580 (25%)
CS2 Risk Modelling and Survival Analysis	ETC5242 (10%), ETC5342 (20%), ETC5343 (50%), ETC3550 (20%)
CM1 Actuarial Mathematics	If ETC2430 completed 2018 or prior: ETC2430 (35%), ETC5353 (55%), BFC2430 (10%) If ETC2430 completed 2019 onwards: ETC2430 (45%), ETC5353 (55%)
CM2 Financial Engineering and Loss Reserving	ETC5342 (20%), ETC5346 (25%), ETC3520 (55%)
CB1 Business Finance	AFC5950 (50%), BFC2140 (50%)
CB2 Business Economics	ECF5923 (50%) and ECF5927 (50%)

Associateship Program from 2020 Subject	Monash Units
Actuarial Control Cycle	ETC4110 (50%), ETC4120 (50%)
Core Data & Statistical Analysis	Monash units not yet finalised
Asset Management	Delivered by the Actuaries Institute
Communications, Modelling and Professionalism	Delivered by the Actuaries Institute

Changes from 2018 - 2019

Comparing the list of Monash Units between the two tables, there are some changes:

ETC2430 will be revised to include relevant content from BFC2340 for CM1
ETC5351 and BFC2340 are no longer included (formerly CT8 and CT1 respectively). ETC5351 will continue to run for CT 8 exemption
ETC3520 is a new unit to be offered from Semester 2 2019 for CM2
ETC3580 and ETC3550 are additional units required from 2019 for CS1 and CS2 respectively
AFC5950 and BFC2140 are units that students can elect to take for CB1 exemption

Transition arrangements

Students commencing studies in 2019 will follow the new Foundation Program structure (see table above)
Students who complete all of Part I before the end of 2018 will be able to apply for exemptions based on the CT subjects.
Students who commenced studies prior to 2019 can take a mix of two options - listed below.

Transition arrangement - option 1

Continue to gain exemptions under the CT structure. Once exemptions are obtained in CT subjects, these will be converted to exemptions in the equivalent Foundation Program Subjects. The list of equivalences is given below. Where more than one CT subject maps to a Foundation Subject, you need to have completed both of the CT subjects by 2018 to claim exemption for the equivalent Foundation subject.

Exemptions in these CT subjects up to 2018 can be converted to	Exemptions in these Foundation Program Subjects
Both CT1 and CT5	CM1
CT8	CM2
CT3	CS1
Both CT4 and CT6	CS2
CT2	CB1
CT7	CB2

Transition arrangement - option 2

Students who are nearly completed their degree are likely to choose Option 1, while Option 2 will suit students who are early in their degree.

It is normally okay to mix these Options. E.g. A student may obtain exemptions in CT1 and CT5, and hence have this converted to an exemption in CM1 (Table 3). The same student might then complete CS2 based on the Foundation Program units listed under CS2 in Table 2.

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Exemptions

Exemption procedure for undergraduate courses

Exemptions details up to 2018

Exemptions from 2019

Changes to exemptions from 2018-2019

Transition arrangements

Transition arrangement - option 1

Transition arrangement - option 2

Exemption procedure for the Master of Actuarial Studies

Exemption Details up to 2018

Exemptions from 2019

Changes from 2018 - 2019

Transition arrangements

Transition arrangement - option 1

Transition arrangement - option 2