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
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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
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 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.
The current weighting percentages are:
CT Subject | Monash Unit |
|---|---|
CT1 | |
CT2 | |
CT3* | ETC1000 (25%) and either: |
CT4 | ETC2430 (35%) and ETC3430 (65%) |
CT5 | ETC3530 (65%) and ETC2430 (35%) |
CT6 | ETC3420 (50%) and ETC2420 (50%) |
CT7 | |
CT8 | |
Part II | Honours or Postgraduate level studies |
IIA | |
IIB |
*Changed 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 | ETC5342 (20%), ETC5346 (25%), ETC5352 (55%) |
CB1 Business Finance | ACC1100 (50%), BFC2140 (50%) |
CB2 Business Economics | ECC1000 (55%), ECC1100 (45%) |
Students will also need to complete ETC2410, as it is a prerequisite for some of the third year ETC units.
Comparing the list of Monash Units between the two tables, there are some changes:
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 |
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.
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).
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 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 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 | |
CT2 | not applicable |
CT3 | |
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 | |
IIA | |
IIB |
From 2019, exemptions will be based on 6 subjects comprising the 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 at least 70%, with a minimum of 60% in each unit.
Foundation Program Subject | Monash Units |
|---|---|
CS1 Actuarial Statistics | ETC5242 (25%), ETC5252 (50%), ETC3580/ETC5580 (25%) |
CS2 Risk Modelling and Survival Analysis | ETC5242 (10%), ETC5342 (20%), ETC5343 (50%), ETC3550/ETC5550 (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%), ETC5352 (55%) |
CB1 Business Finance | ACF5950 (50%), BFC2140 (50%) |
CB2 Business Economics | ECX5953 (100%) or ECF5923 (45%) and ECF5927 (55%) |
| Actuary Program from 2020 Subject | Monash Units |
|---|---|
| Actuarial Control Cycle | ETC4110 (50%), ETC4120 (50%) |
| Data Analytics Principles | ETC5250 |
| Asset and Liability Management | Delivered by the Actuaries Institute |
| Communication, Modelling and Professionalism | Delivered by the Actuaries Institute |
Students will also need to complete ETC2410, as it is a prerequisite for some of the third year ETC units.
Comparing the list of Monash Units between the two tables, there are some changes:
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 |
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. 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.
