Actuarial Exemptions
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. Information and procedures relating to applying for and obtaining exemptions can be found on the Monash Business School page.
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.
2. Single unit enrolment for a specific unit.
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
Additional Information on Exemptions
Below is a comprehensive overview provided by the Actuaries Institute on the study path to qualification as an actuary. It includes a list of all the subjects contained in each program, as well as any additional requirements relevant to completion of the respective programs. Most relevantly, subjects surrounded with a black circle are Actuarial Institute subjects for which exemptions can be obtained through your study at Monash (or other accredited universities). This is helpful in providing a visualisation of how obtaining exemptions will help you progress towards becoming a qualified actuary with the institute. More information surrounding the pathway to qualification can be found on the Actuaries Institute page.
The student guide has a comprehensive breakdown of all the exemption units in various degree options. To access the 2026 student guide, please click the button below.
