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The Institute of Actuaries of Australia (IAAust) is the professional body of actuaries in Australia and to become a Fellow of the Institute an actuarial education program needs to be undertaken. Full details of this education program is available on the IAAust website. The program comprises five sections:

  1. Part I covers the fundamental skills required by actuaries and can be undertaken via Macquarie University, or by correspondence with the Institute of Actuaries (UK).

  2. Part II of the program, the Actuarial Control Cycle, educates students on how to apply actuarial skills to business situations. Developed by the Institute, this program is taught by Macquarie University. Members of the Institute completing Parts I and II achieve Associateship (AIAA).

  3. The Part III education program is offered through the IAAust, and builds on the concepts and processes of the Part II Actuarial Control Cycle.

  4. After completing Parts I, II and III, students are required to attend the Institute Professionalism Course before becoming a Fellow (FIAA).

  5. All students who complete all Part III Exams in or after 2001 will also need to satisfy the Practical Experience Requirement, before final accreditation as FIAA.