Master of Actuarial Science @unimelb

[kasio]

Hi all!

So I'm currently studying the Bachelor of Environments in Engineering but I was hoping to become an actuary. My aim is to transfer into Melbourne Bcom and major in actuarial science. If that fails I was thinking of trying to get into Msc in Actrl Sci as a possible option after I graduate from my Bachelors. I understand that doing the masters would exempt me from only part 1 out of three parts of the Actuaries Institute exam.

What I would like to know is what people normally do to complete the other parts of the exam after a masters. Do they get a job as a trainee actuary while studying for the exams? Would it take a long time to get accredited?

Thanks for reading, any help would be appreciated.

[acinod]

Hey Kasio!

Always glad to hear from another aspiring actuary. After your part 1s, you have 2 parts left.

Almost all the information you need can be found in the link below but I'll try to answer your questions specifically.
https://www.actuaries.asn.au/studying-with-the-institute

Part II - Actuarial Control Cycle (also known as APC - Associate Professionalism Course)
You can do this at 6 universities in Australia. In Victoria, you can do it at Melbourne or Monash. I'm not too sure about the Monash syllabus but for Melbourne, it will consist of 3 subjects APC 1, 2 and 3 which can be done in 1 year.

Part III - 4 exams
There are 4 exams for 4 subjects that you do AT HOME. Actually it's a lot more complicated than just 4 'subjects' so I'll let you have a look here. https://www.actuaries.asn.au/studying-with-the-institute/part-iii
Basically you study in your own time and you can take as many subjects as you want per semester. Just have to pay the exam fee.

Now onto what you normally do while you do Part 2 and 3. You will usually do these while you are working as a grad at some sort of actuarial-related company. Most companies that value actuaries will pay for your exam fees and textbooks as well as providing you a few days off to study. It is useful to work while studying as experience really helps with Part 3s. Although, you can get away with not having a job whilst doing Part 2 since you still have to go to Uni but Part 2 are usually distance education anyways.

Regarding how long it will take to get accredited. There are two accreditations. Associateship and Fellowship. Associateship requires Part 2 and 3 years experience. So that takes 4 years minimum after part 1s. Fellowship requires Part 2+3 and takes around 3 years. Assuming you do part 2 in 1 year and part 3 is 2 years. However the average I heard for part 3 is around 3-4 years. So take 10+ years so it really depends on you. The difference between Fellowship and Associateship is you are qualifed overseas with Fellowship as well whilst Associateship is only in Australia.

Anyways hope that helps and I wish you best of luck for your studies!