The actuarial education program in Australia comprises five parts and can take some years to complete. Part I is undertaken by either an Australian university undergraduate degree, or by correspondence with the Institute of Actuaries (UK). The Institute of Actuaries of Australia (Institute) currently accredits the actuarial departments of four Australian universities offering Part I subjects.
Part II of the program, the Actuarial Control Cycle, is an innovative means for learning how to apply actuarial skills to business situations. Developed by the Institute, this program is taught by universities in Australia. Members of the Institute completing Parts I and II achieve Associateship (AIAA).
The Part III education program is offered through the Institute, and builds on the concepts and processes of the Part II Actuarial Control Cycle. From 2005, students are required to complete four half-year courses.
After completing Parts I, II and III, students are required to attend the Institute Professionalism Course before becoming a Fellow (FIAA). 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.