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The actuarial profession is an internationally recognised profession where members work in areas of life insurance, general insurance, global pensions, investment advice and many other aspects of financial projections and advice. Many actuaries work for large companies operating in one or more of these areas and some actuaries work as independent consultants or in small groups providing fee for service advice on relevant areas.
In Australia an actuary normally refers to an Associate or a Fellow of the Actuaries Institute of Australia. In the UK an actuary normally refers to an Associate of the Institute and Faculty of Actuaries or a Fellow of the Institute and Faculty of Actuaries. In the USA an actuary normally refers to an Associate/Fellow of the Society of Actuaries or an Associate/Fellow of the Casualty Actuarial Society. There are actuarial bodies in many other countries which have various membership requirements. Generally once qualified as an actuary in any one of the major bodies, one is fairly universally recognised to practice as an actuary around the World - though certain particular requirements may apply if one moves to a new country, before assuming full professional responsibilities.
In many fields of finance and business – the major ones being:
The actuarial Institutes or Societies in each of Australia, UK and USA provide a system of examinations to enable people to qualify as Associates or Fellows by examination. In some cases there are relevant work experience requirements to fulfil.
To become a fully qualified actuary in Australia, you must complete the Foundation, Actuary and Fellowship programs. The Foundation program can be completed at Monash University as part of the Bachelor of Commerce with a major in Actuarial studies or as part of the Bachelor of Commerce Specialist with a specialisation in Actuarial sciences. Two Actuary program subjects can be completed by continuing on to the honours year at Monash.
You can also study the Foundation and Actuary program through our Master in Actuarial Studies.
The examination system of the Actuaries Institute has three parts with changes transitioning from 2019 to 2023:
An Associate of the Actuaries Institute is entitled to the designation ‘Actuary’ and is a Fully Qualified Actuary (FQA) according to the standards of the International Actuarial Association.
Admission as an Associate is changing at the end of 2019 and includes satisfactory completion of:
For an Actuary who is already an Associate, Fellowship of the Institute of Actuaries of Australia (FIAA) requires completion of the Fellowship Program, undertaken through the Actuaries Institute. Further details may be found at Actuaries Institute.
Yes, the Monash actuarial programs are fully accredited with the Actuaries Institute.
Students progressing through to full qualification will find the later exams will have an emphasis on more qualitative skills, developing skills for the profession and being able to apply theory to more 'real-world' situations.
Successful completion of third year units in the actuarial program requires significant competence in mathematics. As well as a good level of mathematics at school it can be helpful if a student completes one or more university-level mathematical units.
Exemption from Actuaries Institute subjects is based on a recommendation from Monash's Nominated Accreditation Actuary which advises that the student has obtained grades which satisfy the Actuaries Institute's standard for exemption. The required Monash units for each subject and marks for exemption are listed on our website.
You can find out more about our actuarial offerings by clicking the relevant links:
If you have a question that you cannot find an answer to, you can email your question to us or you can request an appointment with the Nominated Accreditation Actuary.
You can also contact other actuarial students at Monash Actuarial Student Society.