Study to qualification

The New Zealand Society of Actuaries does not offer its own education programme, therefore our students study through overseas professional bodies. The most common qualifications are through the Actuaries Institute (Australia) and the Institute and Faculty of Actuaries (UK), but there are qualifications recognised from other associations as well. These are set out on the Becoming a Member page.

On average, it takes around six to eight years to complete your actuarial qualifications. If you have studied a quantitative subject at a high level, you may be eligible for one or more exemptions to shorten the time to qualify.

Resources for Students

Choosing an Education Provider

Things to think about when choosing your actuarial education provider:

Time of day; and time of year exams are scheduled for. For example, some UK exams take place at UK time which might be midnight in NZ.
Where you might want to live in the future. The Australian market environment and legislation is more similar to New Zealand’s. UK exams may be better suited to the European market.
Employer’s Preference. You may want to check what your employers’ preference is particularly if they are paying for the exams.
Note that it is possible to change to another institute at any time. Australia and UK use the same stage 1 papers so you won’t have to re-do this stage if you transfer.

Useful links and further information

Victoria University of Wellington offers a major in Actuarial Science. Visit their website for more information.

The route to qualification will depend on which Institute you choose to qualify through. As mentioned above the Actuaries Institute (Australia) and the Institute and Faculty of Actuaries (UK) have more information on their website.

Australia

The Certified Actuarial Analyst (CAA) is an international professional qualification offered by CAA Global, a joint venture training organisation set up by the Institute and Faculty of Actuaries (UK) and the Society of Actuaries (USA). It provides training, qualification by examination, and ongoing professional development to technical analysts. The CAA qualification is a shorter, easier course of study which does not meet the requirements to qualify as an “Actuary” in New Zealand. The NZ Society of Actuaries is not associated with the CAA qualification and does not provide training or support for CAA candidates or charterholders. See the CAA Global website or the Institute and Faculty of Actuaries website for more information.

Change to Part I exams – The structure of the Part I exams are changing from semester 1, 2019. The new structure involves the merging of CT1 & CT5, and CT4 & CT6. The Institute and Faculty of Actuaries, who is instigating the change, has the best source of information on their website.

Exemptions from certain subjects can be gained if a student can demonstrate that they have learned the content elsewhere. More information about exemptions is available from the educations providers websites:

Australia