Without this membership you cannot practice as an actuary in Australia. The IAAust is heavily involved in the process for membership, and it is a vital and active pursuit you must take if you want to become an actuary.
Firstly you must complete a relevant undergraduate degree found at one of only six Australian universities (the list is found on the IAAust’s website). This degree must be an approved course by the institute and is usually something like a Bachelor of Commerce with a major in Actuarial Studies or a specific Bachelor of Actuarial Studies. The specificity of this process cannot be understated, as the IAAust will not accept you unless you follow their program.
Once you have completed your degree and applied with the IAAust you will become a student member. However, this is just the beginning of your journey. The IAAust requires that you pass an examination, which is held twice yearly. Next you must partake in the Actuarial
Control Cycle which is held at only four of the previously mentioned six universities. Two of the universities offer online delivery options preventing you from having to make a possible interstate move. In this environment you will learn how to apply your actuarial skills to real life business situations.
The next step is to complete four half-year courses as specified by the IAAust. These are designed to further your specialist knowledge of actuary studies and will involve elective decisions in area such as life insurance, general insurance and superannuation.
Only a very few postgraduate courses exist in actuarial studies and these are designed to further your specialist knowledge and employability. Their length is between one and two years and they generally involve a research element at some point in their undertaking. Students should note, however, that a fellowship with the IAAust should be their overall goal as this will give them the greatest chances of employment in a prestigious industry.