Question about Australian actuary exams

[nonpareilpearl]

Hello! I'm in the US and I am currently studying for the US actuary exams. I'm not sure where to post this, but I figured this would be a good place to start. I hope to move from the US to the Australia, hopefully sooner rather than later, but I'm not sure how the Australian actuary exams/career path differs from the US. Has anyone else here done this or have any advice/thoughts to offer? Any and all input appreciated.

(In the interest of full disclosure there are two places I'm considering moving to - the UK and Australia, so I'm posting a similar question over in the UK/Europe section of the board.)

Thanks! :)

[stbaugh13]

Hi I am also looking to move to Australia.

Depending on how far you have gone in the SOA exams will help you to determine if you would switch to the Australian Institute exams.

The institute exams are divided into 3 parts. The ASA designation will only give you exemptions from most of Part 1(which is CT1 - CT8). You will need to complete Parts 1 & 2 to become an Associate of the Institute.

Given that I am so close to becoming an ASA I have decided to get my FSA then apply to the Insitute for Fellowship via mutual recognition. I think thats easier for me than going through PArt 2 & 3.
You can also visit the Australian Institute's website for information.

[nonpareilpearl]

Thank you!

You mentioned that you were going to get your FSA rather than go through Part 2 and 3 because it was easier - I'm curious how? Is it easier because of exam material or less paperwork or...?

[stbaugh13]

Less Exam Material plus less time consuming.

By the way what kind of visa are you applying for.

[CraigLucas]

I believe you can get exemption from Part II of the IAAust with exam passes from other institutes, but the IAAust will under no circumstances grant exemption from any Part III exams.

[stbaugh13]

Tell me more on these exemptions for Part II exams. Unless you talking about the Australian universities exemption route I am clueless to what you are talking about.

[CraigLucas]

Tell me more on these exemptions for Part II exams. Unless you talking about the Australian universities exemption route I am clueless to what you are talking about.

I'm pretty sure that passing the FAP modules will give you exemption from Part II since the material is the same, alternatively you could do CA1 through the UK institute to get this exemption.

[stbaugh13]

Well I know that completing FAP gives exemption for CA1 of the UK institute but does CA1 give you exemptions for Part II of the Aussie Institute.

[stbaugh13]

If thats the case then it would be way simpler to do part III of the Aussie Institute instead of doing the SOA's fellowship exams.

[stbaugh13]

Just read this on the Australian Institute's website.

So I do not think that you can use FAP or CA1 to get exempted from Part II

There is one route to gain exemption from Part II:

Through being recommended for exemption by an accredited university after successfully completing courses equivalent to Part II.

[CraigLucas]

Just read this on the Australian Institute's website.

So I do not think that you can use FAP or CA1 to get exempted from Part II

There is one route to gain exemption from Part II:

Through being recommended for exemption by an accredited university after successfully completing courses equivalent to Part II.

Not sure about that, Part II certainly can be used for CA1 exemption. it says on actuaries.org.uk... im sure the agreement has to work the other way

[Oiler]

Well I know that completing FAP gives exemption for CA1 of the UK institute but does CA1 give you exemptions for Part II of the Aussie Institute.

This is not true. Students who have been granted an exemption from FAP by the SoA are not eligible to apply for an exemption from CA1)

http://www.actuaries.org.uk/students/pages/society-actuaries-students

[stbaugh13]

This is not true. Students who have been granted an exemption from FAP by the SoA are not eligible to apply for an exemption from CA1)

http://www.actuaries.org.uk/students/pages/society-actuaries-students

Reading fail. I did not write that. I said completing FAP gives an exemption from CA1.

[stbaugh13]

Not sure about that, Part II certainly can be used for CA1 exemption. it says on actuaries.org.uk... im sure the agreement has to work the other way

Craig I have sent an email to the Australian Institute to ascertain if completing FAP gives an exemtion from PART II-Actuarial Control Cycle.

[stbaugh13]

This is from Liz Harding in reference to Part II exemtptions.

I apologise for my delayed response. I was out of the office for a couple days this week, and I am still catching up on my emails. Part II of the Actuaries Institute education program can only be obtained at an accredited Australian university. The accredited universities you may take our Part II program from are: the Australian National University (Canberra), Macquarie University (Sydney), the University of Melbourne (Melbourne), the University of New South Wales (Sydney).



Please let me know if you have any further questions.



Kind regards,




Liz Harding | Education Officer
Actuaries Institute

Level 7 Challis House, 4 Martin Place, Sydney NSW 2000, Australia

t +61 (0) 2 9233 3466 d +61 (0) 2 9239 6116 | f +61 (0) 2 9233 3446
liz.harding@actuaries.asn.au | www.actuaries.asn.au | Twitter @ActuariesInst