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Accreditation Part I

The Institute of Actuaries of Australia (IAAust) currently accredits the Actuarial Studies Department of Macquarie University to offer Part I subjects. Part I of the professional exams covers the fundamental skills required by actuaries. These units would normally be studies in a three year actuarial degree at Macquarie University or in the first three years of a double degree involving actuarial studies.

The syllabus for Part I of the Australian professional exams is identical to that for the United Kingdom professional exams. Thus the syllabus is available from the web site of the Faculty and Institute of Actuaries, the U.K. actuarial professional organisations.

There are 8 subjects in Part I. The UK professional association refers to them as the "Core Technical" subjects and labels them CT1 to CT8.

Graduates can apply for exemptions from the Part I subjects if they attain grades of Credit or better in the corresponding Macquarie University units.

Details of the units listed below can be found on the Undergraduate Units page in the Handbook.

CT2 Finance and Financial Reporting

Part I Subjects Corresponding Macquarie University Units

CT1 Financial Mathematics

ACST200 Mathematics of Finance or

ACST202 Mathematics of Finance

CT2 Finance and Financial Reporting

(ACCG105 Introductory Financial Accounting, ACCG106 Accounting Information for Decision-making or ACCG101 Accounting 1B )

(ACCG253 Financial Management in January 2010 summer course or earlier, or ACCG252 Applied Financial Analysis and Management)

CT3 Probability and Mathematical Statistics

STAT272 Probability
STAT271 Statistics I

CT4 Models

ACST354 or

ACST358 Survival Models
ACST359 Actuarial Modelling

CT5 Contingencies

ACST255 Contingent Payments 1
ACST355 Contingent Payments 2

CT6 Statistical Methods

ACST356 Mathematical Theory of Risk
ACST357 General Insurance Pricing and Reserving

CT7 Business Economics

If you commenced your Macquarie actuarial degree in 2009 or earlier:
ECON111 Microeconomic Principles
ECON110 Macroeconomic Principles or ECON201 Macroeconomic Analysis or ECON204 Macroeconomic Analysis.
If you commenced your Macquarie actuarial degree in 2010 or later:
ECON110 Macroeconomic Principles and ECON111 Microeconomic Principles.

CT8 Financial Economics

ACST305 Quantitative Methods for Asset Liability Management
ACST306 Quantitative Asset and Liability Modelling 1 and ACST307 Quantitative Asset and Liability Modelling 2

For subjects CT2 and CT7 it is necessary to gain grades of credit or better in both the relevant Macquarie University units to be recommended for the exemption.


For subjects CT3, CT4, CT5 and CT6, ideally you will earn this exemption by obtaining grades of credit or better in both the relevant Macquarie University units. If you only achieve this standard in one of the two units and obtain a Pass grade in the other, then the exemption will be recommended if and only if a SNG of at least 60 is achieved in both units and the average SNG is at least 65.