Institute of Actuaries of Australia

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The Institute of Actuaries of Australia has a heritage which dates back to 1897. In that year, the Actuarial Society of New South Wales was formed. The inaugural meeting of seventeen members took place in Sydney on 19 October 1897. Prior to this date a handful of actuaries had been involved in helping establish and manage several important financial institutions in the colonies of New South Wales and Victoria.

Initially, actuaries served the public interest by helping to ensure the soundness of life insurance offices and friendly societies and acting as arbiters of equity in life company bonus distributions. Actuarial fields of activity broadened following the second world war to include superannuation, investment, and, from the 1970s, general insurance.

By 1919, actuaries resident in other States and New Zealand had joined the Actuarial Society of New South Wales and the name was changed to the Actuarial Society of Australasia. The Society published its first bulletin in 1945 and the first of the now-biennial conventions was held in 1953.

Further name changes occurred up to 1963 when The Institute of Actuaries of Australia and New Zealand was incorporated. When New Zealand actuaries formed their own society in 1977, the name changed to The Institute of Actuaries of Australia.

The Institute was instrumental in the introduction of actuarial education at Macquarie University in 1968. The introduction of Australian Fellowship examinations in 1980 marked a new maturity for the profession in this country. Prior to this, Australian actuaries had to pass UK final examinations in order to qualify.

As part of the worldwide actuarial profession, the Institute maintains regular contact with overseas actuarial associations. In particular, the current examination system ensures close links with the Faculty and Institute of Actuaries (Edinburgh & London).

The Institute of Actuaries of Australia represents the actuarial profession by creating, expanding and maintaining an environment where the skills of actuaries are widely used and valued.

The Institute:

establishes and maintains professional standards for the protection of the public
provides pre-qualification and continuing professional education
creates forums for discussion about contemporary and relevant issues
promotes research and the development of actuarial science, and
contributes to and informs the debate on public policy.