Exemptions are formal recognition from the Actuaries Institute that you have already met the requirements for specific subjects in the actuarial qualification pathway through prior study. For Monash students, exemptions are based on a recommendation from the University’s Nominated Accreditation Actuary, confirming that your grades meet the Institute’s required standard.

By achieving the required marks in accredited Monash units, you can be granted exemptions from subjects in the Foundation Program and parts of the Actuary Program, meaning you do not need to complete these directly through the Institute. The specific Monash units required for each exemption, along with the marks needed, are listed in the Exemptions section of the Student Guide attached below this page.

How to Access Exemptions at Monash
Monash students can obtain exemptions by:

• Completing the relevant accredited undergraduate units within the Bachelor of Actuarial Science or Commerce Specialist (Actuarial Studies) degree

• Repeating units via Masters, Graduate Diploma, or Graduate Certificate study

• Taking a single unit enrolment to improve marks in a specific subject

• Studying the relevant Foundation Program subject directly through the Actuaries Institute

Other Institute-Recognised Pathways
In addition to accredited course exemptions, the Actuaries Institute offers:

• Allied study exemptions – for similar non-accredited degrees (e.g., maths, business, economics, finance)

• Credit transfers – for prior study through another recognised actuarial body or international university

Retaking Units to Improve Marks
If your grades do not meet the 70% weighted average and/or the 60% minimum requirement for an individual unit, you can repeat the unit through one or more of the following options:

1. Masters, Graduate Diploma, or Graduate Certificate study to repeat particular units within a postgraduate course.

   • Postgraduate Actuarial course options

   • Graduate study options

2. Single unit enrolment for a specific unit.

   • Single unit enrolment process

   • Example: A student wanting to repeat ETC3530 for CM1 subject exemption could enrol in ETC5353 as a single unit or as part of a postgraduate course.

3. Direct study through the Actuaries Institute for the relevant Foundation Program subject.

Before repeating a unit, confirm with the Nominated Accreditation Actuary that it remains suitable for exemption purposes.

For more information, please contact the Monash Nominated Accreditation Actuary:

Dan Zhu - dan.zhu@monash.edu

The student guide has a comprehensive breakdown of all the exemption units in various degree options to refer to that document, click the link below.