Part I

The Institute of Actuaries of Australia (IAAust) currently accredits the Actuarial Department of Macquarie Universities 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. (International students commencing their tertiary studies mid-year will usually require 3½ years to complete the Part I units.)

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.

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, 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.