Institute of Actuaries of Australia

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Main Site: http://www.actuaries.asn.au

Contents

History

A wide range of CPD programs covering all the main practice areas of actuaries is offered by the Institute. These programs include education, training, seminars, discussion forums and the Biennial Convention. Members receive discounted rates to attend some events while other events are provided on a complimentary basis such as Horizons and some Insights. CPD offers a range of benefits including a forum for technical and professional discussion and development, thought leadership, networking, acquiring new knowledge, a catchment for identifying and resolving emerging issues, a forum for providing feedback between members and Institute Committees and Taskforces, an opportunity to debate industry issues and a source of information/technical expertise to assist in policy development. Surveys of delegates attending professional development events regularly indicate that the event exceeded their expectations and was relevant to their professional needs.

The Institute of Actuaries of Australia has a heritage which dates back to 1897. In that year, the Actuarial Society of New South Wales was formed. The inaugural meeting of seventeen members took place in Sydney on 19 October 1897. Prior to this date a handful of actuaries had been involved in helping establish and manage several important financial institutions in the colonies of New South Wales and Victoria.

Initially, actuaries served the public interest by helping to ensure the soundness of life insurance offices and friendly societies and acting as arbiters of equity in life company bonus distributions. Actuarial fields of activity broadened following the second world war to include superannuation, investment, and, from the 1970s, general insurance.

By 1919, actuaries resident in other States and New Zealand had joined the the Actuarial Society of New South Wales and the name was changed to the Actuarial Society of Australasia.

The Society published its first bulletin in 1945 and the first of the now-biennial conventions was held in 1953.

Further name changes occurred up to 1963 when The Institute of Actuaries of Australia and New Zealand was incorporated. When New Zealand actuaries formed their own society in 1977, the name changed to The Institute of Actuaries of Australia.

The Institute was instrumental in the introduction of actuarial education at Macquarie University in 1968 (prior to this, Australian actuaries had to pass UK final examinations in order to qualify). The introduction of Australian Fellowship examinations in 1980 marked a new maturity for the profession in this country.

As part of the worldwide actuarial profession, the Institute maintains regular contact with overseas actuarial associations. In particular, the current examination system ensures close links with the Faculty and Institute of Actuaries (Edinburgh & London).


Benefits of Membership

Access to a wide ranging CPD program

Actuary Australia magazine (Ten issues per year - March - December)

Australian Actuarial Journal

Access to Members-only website content

Unique networking opportunities with business leaders

Institute Information Bulletin

Representation to Government and regulators on key issues affecting the profession

Professional Standards and Guidance Notes for the actuarial profession

Eligibility to participate in Committees and Taskforces

Access to Members' Discussion Forums

Annual Report and Presidential Address

Find An Actuary Service

Registration of Consulting Actuarial Firms

Access to Practice Committees Newsletters

Research

Job Advertisement Service


Our Vision

The vision of the Institute of Actuaries of Australia is to position the profession so that whenever there is uncertainty about future financial outcomes, actuaries are sought after for their valued advice and authoritative comment.

The Institute is first and foremost an accreditation body for the actuarial profession. The Institute provides a pre qualification education program and professionalism course which lead to professional accreditation. This accreditation provides a valuable benefit in that it enables a member to practice as an actuarial analyst (Associate) or as a fully qualified actuary (Fellow). The 2004 Member Survey revealed that the provision of professional accreditation and certification (ie. qualification) is the most important role of the Institute.

Continuing Professional Development

A wide range of CPD programs covering all the main practice areas of actuaries is offered by the Institute. These programs include education, training, seminars, discussion forums and the Biennial Convention. Members receive discounted rates to attend some events while other events are provided on a complimentary basis such as Horizons and some Insights. CPD offers a range of benefits including a forum for technical and professional discussion and development, thought leadership, networking, acquiring new knowledge, a catchment for identifying and resolving emerging issues, a forum for providing feedback between members and Institute Committees and Taskforces, an opportunity to debate industry issues and a source of information/technical expertise to assist in policy development. Surveys of delegates attending professional development events regularly indicate that the event exceeded their expectations and was relevant to their professional needs.

Actuary Australia

Actuary Australia is the Institute’s 32 page full colour magazine. The magazine is published monthly (March to December) covering information of current and topical interest for actuaries and other professionals. Feature articles in Actuary Australia address topics across the financial services spectrum including superannuation, life insurance and wealth management, general insurance, health, banking and finance, risk management, and regulatory and policy issues. The magazine also covers matters of professional interest such as education, technology, the environment, sustainability, socially responsible investment, changing demographics and climate change. Apart from providing members with a wide range of technical and professional information, Actuary Australia acts as a valuable public relations tool by reflecting the diverse, fun and human side of the profession both to internal and external audiences. The magazine also highlights the social and other networking activities available to different groups of members. The 2004 Member survey revealed that 90% of survey respondents are regular readers of the magazine. Over 80% of respondents said that they spend up to sixty minutes reading the magazine and 40% keep the magazine for more than a year.

Australian Actuarial Journal

The Australian Actuarial Journal (AAJ) is the official journal of the Institute. The Journal is published quarterly, widely distributed to an international audience and provides an important outlet for high quality research papers. AAJ publishes technical, professional and research papers produced by members of relevance to actuaries and experts in financial risk, with a particular focus on Australian, New Zealand and Asian topics. The main section of the Journal is a Features Articles section which contains papers that have been peer reviewed. The Journal also contains official Institute submissions and shorter practical papers. The 2004 Member Survey indicated that almost one third of respondents are regular readers of the Journal.

Website

The Institute’s website is the main point of contact for members and the broader community about the work of actuaries and the actuarial initiatives of the Institute. It contains a wide range of valuable intellectual property including papers, presentations and audio files from professional development events, access to articles in the Australian Actuarial Journal and Actuary Australia, Public Policy Submissions, Discussion Papers, Professional Standards and Guidance Notes, Presidential Addresses, Annual Reports, Fact Sheets, Newsletters and various other publications and reports such as Lump Sum Experience Investigations. The new website will contain a fast effective search engine, be more user friendly and feature more current and personalised information. The new website will also enable the capacity to search for information by a range of criteria including key words, author, title of document and year of publication.

Business Networks

The Institute has recently introduced a Business Luncheon program featuring high profile speakers from the financial services industry. These luncheons provide an excellent opportunity for networking and hosting your clients. Other CPD programs also provide networking opportunities with business leaders.

Information Bulletin

The Institute’s weekly Information Bulletin contains a wide range of important material including notices of forthcoming CPD events, job advertisements, changes to Professional Standards and other notices to members

Public Policy Submissions

The Institute actively contributes to and informs the debate on public policy on behalf of members. The Institute is well known in government circles as a source of authoritative, professional and independent comment for the financial services sector and for non- traditional areas such as health, environment, climate change, genetics and information technology. The Institute is well positioned to provide advice to governments and regulatory authorities, and comment on issues in the media.

Professional Standards

The Institute establishes and maintains professional standards and guidance for the actuarial profession. Developed by (or closely in conjunction with) the relevant Practice Committee, professional standards provide protection to the public by establishing best practice in a particular area where the profession operates. Professional Standards and/or Guidance Notes have been developed on general insurance, superannuation, life insurance, investments and health. In addition, a Code of Professional Conduct and Disciplinary Scheme apply to all members thereby serving to further raise the professionalism and integrity of the actuarial profession. The 2004 Member Survey indicated that respondents believe promoting high professional and ethical standards in professional practice is an important role of the institute.

Eligibility to Participate in Committees and Taskforces

Some 500 members actively participate on Institute Committees and Taskforces on a wide range of current and topical issues affecting the profession and business. Members have the opportunity to participate on such Committees and Taskforces when vacancies occur from time to time.

Access to Members Discussion Forums

Join our forum. This is a place to communicate with other members, ask questions and get information. A great place to logon and get some insightful knowledge or helpful information.

Annual Report and Presidential Address

All members receive a copy of the Institute’s Annual Report and Presidential Address both of which contain valuable information about current and future issues for the actuarial profession

Find an Actuary Service

The Institute regularly receives inquiries from the public seeking the expertise of an actuary on technical and other matters such as financial modelling, actuarial certificates, valuing beneficiaries’ benefits and lotteries. In order to respond to such inquiries, the Institute has established a central register of Fellows and their areas of specialisation as part of the Find an Actuary Service. Fellows who wish to be contacted in their area of expertise can have their name and contact details placed on the central register.

Registration of Consulting Actuarial Firms

The Institute requires consulting actuarial firms to register with the Institute which ensures that the firm acts in accordance with the principles of the Code of Professional Conduct and is predominately under the control of actuaries who are working for it.

Newsletters

Produced by the Institute’s various Practice Committees, electronic newsletters provide technical and other relevant information for a particular practice area. Members can opt to receive the online newsletters for their specific area/s of practice. To date newsletters are available for the health and general insurance practice areas. This is a valuable service for members’ sense of community, networking and receiving up to date information in their practice area.

Research

In order to enhance its research contribution, the Institute has established the Actuarial Research Centre of Australia (ARCA). The purpose of ARCA is “to arrange and make accessible high quality, independent research that applies actuarial science to relevant issues of public significance”. The values that will drive ARCA are quality, independence and relevance of the research it arranges. There is a particular focus on research with strong commercial benefits in either the private or public sectors. The benefits to members of ARCA include the production of high quality intellectual property, the further development of actuarial science and a public platform in policy for the profession. The 2004 Member Survey revealed that members believe the Institute should do more to support research and development of actuarial science and professional practice.

Job Advertisement Service

To assist members with their career, the Institute provides a notification service for recruitment purposes. Job advertisements are sent to all members in a weekly information bulletin

Becoming a Member

Students

Affiliate Members who enrol in the Institute’s education program are referred to as Student Members. Student Members receive all regular benefits of membership and are entitled to enrol in courses and examinations or claim course exemptions.

Applications for admission as a Student Member of the Institute of Actuaries of Australia should be lodged on the prescribed Membership application form. All applicants are required to have their application forms signed by two referees, supply a certified copy of their academic record and pay the current joining and membership fees.

Graduates

In order to enter the actuarial profession, graduates from an Australian or New Zealand university must have degrees with mathematics as a major subject, or at an honours level in a non-mathematical subject, provided that a sufficiently high standard of mathematics has been demonstrated during the university course or at school.

School Leavers

Need to have completed the equivalent Higher School Certificate in each State and received a ranking of 95 or higher when converted. Subjects must include English and high level Mathematics.

Mathematics required for Australian school leavers;

  • NSW Mathematics Extension 1 and Mathematics Extension 2;
  • VIC Specialist Mathematics;
  • QLD Mathematics C;
  • SA (and NT) Specialist Mathematics;
  • WA Calculus;
  • TAS Mathematics Specialised;
  • ACT Specialist Mathematics

These mathematics subjects are generally taken by students who wish to proceed to tertiary studies that require the strongest of mathematical preparations, such as actuarial studies, mathematics, statistics, engineering and physical sciences.


New Zealand

Four passes in the University Bursaries Examination including English, Maths with Calculus and/or Maths with Statistics; the passes in the mathematical subjects averaging 70% for the Universities Bursaries Examination.

International Baccalaureate (IB)

An IB Diploma with English and Maths at higher level (HL).

Please note that the Eligibility for School Leavers above is a guide only (further information and individual assessment will be based on submitting an application form to the Institute and providing the necessary documents).

Other

Not withstanding the above, if you can gain entry into one of the accredited university in an actuarial course and have paid the relevant fees then you will be eligible for membership as a student member of the Institute of Actuaries of Australia.

Full Time Students

Student Members who are currently enrolled in an approved university course on a full time basis are classed as Full Time Student Members. These Members are entitled to subsidised membership fees. Refer to the fees page for current fees. Full Time Student Members receive the same services as for Student Members above.

Applications for admission as a Full Time Student Member of the Institute of Actuaries of Australia should be lodged on the prescribed Membership application form. All applicants are required to have their application forms signed by two referees, supply a certified copy of their academic record and pay the current joining and membership fees.

Affiliates

The Institute of Actuaries of Australia has introduced a category of membership for Affiliates. This is both in response to interest expressed by professionals who work with actuaries or are involved in similar fields of interest, and to provide membership for members of other actuarial organisations that have concluded a signed agreement* with the Institute, or who are members of an organisation which is a member of the International Actuarial Association.

If you are someone who has a keen interest in the actuarial profession and the education, professional development and public policy program of the Institute, or wish to join as an overseas qualified actuary, we would be delighted to have you join as an Affiliate member.

Affiliate membership carries no actuarial qualification. Overseas qualified actuaries should refer to the eligibility criteria for Associate or Accredited membership if they wish to gain a practising qualification with this Institute, as determined below.

Those wanting to join the Institute’s Education Program should refer to the Student and Full Time Student sections above.


Associates (AIAA)

Associates are Members who have part-qualified towards Fellowship and are usually employed as Actuarial Analysts. Associates are usually university graduates and are provided with a certificate and the use of the letters AIAA after their name. Associates receive the same services as Affiliate Members.

Admission as an Associate of the Institute of Actuaries of Australia (AIAA) is granted following satisfactory completion of Parts I and II of the Institute’s education program and subsequent approval by the Institute’s Council.

Overseas qualified actuaries may also apply for Associate membership if they have qualified by examination through a recognised overseas actuarial association and remain Fellows in good standing of that association.

Applications for admission as an Associate of The Institute of Actuaries of Australia should be lodged on the prescribed Membership application form. All applicants are required to have their application forms signed by two referees, supply certified copies of qualifications and pay the current joining and membership fees.

Accredited Members

Accredited Members are actuaries who have qualified overseas. Upon completion of a period of gaining local experience by living and working in Australia, and having recently completed a recognised Professionalism course, Accredited Members may apply for transfer to Fellowship. Accredited Members are actuaries.

Fellows of the Institute of Actuaries (IoA), the Faculty of Actuaries (FoA), the Society of Actuaries (SoA), the Society of Actuaries in Ireland (SAI) the Canadian Institute of Actuaries (CIA) and the Actuarial Society of India (ASI) may be accepted as Accredited Members of the Institute of Actuaries of Australia if they satisfy the following conditions:

  • They must be a current financial Fellow of one of the above mentioned bodies.
  • The applicant is required to have been resident and working in Australia for at least six months and to have gained suitable experience in local actuarial practice.
  • The applicant is required to have passed a recognized Professionalism Course within the previous 5 years (or earlier at the discretion of the Council). For this purpose recognized Professionalism Courses include those of:
    • The Institute of Actuaries of Australia
    • The Institute of Actuaries (IoA)
    • The Faculty of Actuaries (FoA)
    • The Society of Actuaries (SoA)
    • The Casualty Actuarial Society (CAS)
    • The Actuarial Society of South Africa (ASSA)
  • One of the Fellows signing the nomination form must be satisfied that the applicant understands the Code of Conduct of the Institute of Actuaries of Australia.

In addition, Fellows of the Casualty Actuarial Society (CAS) and the Actuarial Society of South Africa (ASSA) may also be admitted as Accredited Members if they satisfy the conditions 1-4 above and qualified as a Fellow through examination from either IoA, FoA, SoA or CAS.

Fellows of the New Zealand Society of Actuaries may also be admitted as Accredited Members if they:

  • satisfy the conditions 1,3 and 4 above;
  • have been resident and working in Australia and/or New Zealand for at least six months and have gained suitable experience in local actuarial practice; and
  • qualified as a Fellow through examination from either IoA, FoA, SoA or CAS.

Transfer from Accredited Members to Fellows:

In response to the signing of mutual recognition agreements, the Institute of Actuaries of Australia will accept the transfer of an Accredited Member of the Institute of Actuaries of Australia who is currently a FIA, FFA, FSA, FSAI, FCIA or FASI to a Fellow of the Institute of Actuaries of Australia (FIAA) after a waiting period of six months, during which time they must work and reside in Australia.

In respect of a Member admitted as an Accredited Member under the terms of the Institute's policy with respect to Fellows of the New Zealand Society of Actuaries (as set out above), the Institute of Actuaries of Australia will accept the transfer of such an Accredited Member to a Fellow of the Institute of Actuaries of Australia (FIAA) after a waiting period of six months, during which time they must work and reside in either or both of Australia and New Zealand.

Until such time as there are mutual recognition agreements with the other bodies, the normal waiting period for Accredited Members prior to becoming a FIAA is three years, during which time they must reside and work in Australia and maintain current financial membership as a Fellow of their overseas body.

Applications for admission as an Accredited Member of the Institute of Actuaries of Australia should be lodged on the prescribed Membership application form obtained from the Institute's website. All applicants are required to have their application forms signed by two referees, supply certified copies of qualifications and pay the current joining and membership fees.

Mutual Recognition Agreements

Institute of Actuaries

Faculty of Actuaries

Society of Actuaries

Casualty Actuarial Society

Actuarial Society of India

Canadian Institute of Actuaries

Society of Actuaries in Ireland

Agreement with the Institute of Actuaries of Japan

Fellows

Fellowship with the Institute is granted once a Member has either:

  • been approved by Council for the qualification of Fellow of the Institute of Actuaries of Australia (FIAA) after having passed or been exempted from examinations of the Institute, satisfied twelve months practical experience in the field and completed a recognized professionalism course; or
  • been approved by Council for the qualification of Fellow of the Institute of Actuaries of Australia (FIAA) after having completed the required experience of living and working in Australia (or, in certain cases, in either or both of Australia and New Zealand) as an Accredited Member.

Fellows:

A Fellow of the Institute of Actuaries of Australia is a fully qualified actuary. Fellows are entitled to use the letters FIAA after their name and may sit on Institute committees, stand for Council, vote in Council elections and and at General Meetings. The FIAA qualification is recognised in many countries and is held in high esteem both within Australia and within the international actuarial community.

Life Members:

Life membership is conferred on Fellows in acknowledgment of extraordinary services to the Institute. Proposals for Life Membership are voted on by Council and if in favour, are nominated for election at the next General Meeting. Life Members are excused ongoing dues payments.

Voting Members:

All Fellows are Voting Members. Voting occurs at Council elections, Annual General Meetings and Extraordinary General Meetings.

Applications

New Members

Applications for admission as a member of the Institute of Actuaries of Australia should be lodged on one of the prescribed forms listed below. All applicants are required to have their application forms signed by two referees, supply a certified copy of their academic record and pay the required joining fee.

Click on the link below for New Membership Application Form

Membership Application Form

Current Joining Fees

Re-instatement

Prior members, who may have resigned or allowed their membership to lapse, may apply in writing for reinstatement.

Please contact the Institute Membership Coordinator linh.luong@actuaries.asn.au for details of how to arrange this

Renewals

Members are invoiced for dues renewals at the end of each calendar year and renewal payments are due by 31 January for the new year. Renewals may be made on-line by Members after logging in. Members who default on their dues payment will have their membership terminated. Re-instatement incurs penalties and/or a rejoining fee. Members are therefore advised to resign if they do not intend to pay the renewal fee.

Transfer

Members who meet the necessary eligibility requirements may apply for transfer to another category of membership. Click on the following links to find the current eligibility criteria and how to apply:

Transfer from Associate to Accredited Member

Transfer from Accredited Member to Fellow

Transfer To or From Affiliate

Additional Forms and Services: Find an Actuary Nomination form