Students who commence their actuarial studies prior to 2019 may be subject to transition arrangements.
For the purposes of transition, students will be categorised into one of two groups based on the completion of Part II (consisting of Part IIA - The Actuarial Control Cycle and Part IIB - Investment and Asset Modelling).
Students who obtain a full exemption from Part II by the end of 2019.
Students who do not obtain a full exemption from Part II by the end of 2019 (including those who attempt Part II prior to 2020 but do not gain a full exemption, and those commencing the new Actuary Program from 2020).
To become an Associate, Group A students need to:
- Attend the Professionalism course by the end of 2019 and complete three years of relevant work experience; or
- Pass the new Communication, Modelling and Professionalism subject (which will replace the Professionalism Course in 2020) and complete one year of relevant work experience.
To become a Fellow, Group A students must:
- Group A Associate requirements; and
- pass four Part III or Fellowship Program subjects, one or two of which must be either CAP or a new Module 3 Applications subject in the Fellowship Program.
To become an Associate, Group B students need to:
- Pass all components of the new Actuary Program; and
- Complete one year of relevant work experience.
To become a Fellow, Group B students need to:
- Complete the Group B Associate requirements; and
- Pass three Part III or Fellowship Program subjects, one (and only one) of which must be either CAP or a new Module 3 Applications subject; and
- Complete a further year of relevant work experience.
The following diagram provides a visual representation of the two different study pathways to be taken by Group A and Group B students to become an Associate (AIAA) and Fellow (FIAA).
1. A Group A student may also elect to become a Group B student by gaining exemption for what they have completed under the existing Part II program and completing the additional Actuary Program requirements.
1. Group B students achieving an exemption standard in Actuarial Control Cycle 1&2 in 2019 or earlier will gain an automatic exemption from the new Actuarial Control Cycle subject.
2. Group B students achieving an exemption standard in Investment & Asset Modelling in 2019 or earlier will gain an automatic exemption from the Asset Liability Management subject.
CREDITS AND PRE REQUISITES
1. Students who have passed an existing Part III subject cannot also enrol in the replacement Fellowship subject and count this towards their three or four modules required for Fellowship.
Replacement subjects are outlined in the table below.
2. There is no ‘replacement’ subject for 5B and therefore students who have taken 5B are not restricted in which new Fellowship subjects they may enrol.
3. Students currently studying will be given a minimum of two additional attempts to pass an existing subject.
4. Students who have attempted and not passed an existing Part III subject that ceases to be offered may choose to transition to the most similar new Fellowship subject as outlined in the table below.
5. Some subjects in the new Fellowship Program have pre-requisites (students must have sat the subject but not necessarily have passed the assessment), as follows:
- Life Insurance Applications (Pre-requisites: Life Insurance and Retirement Valuation, and Life Insurance and Retirement Product Development).
- Retirement Applications (Pre-requisite: Life Insurance and Retirement Product Development).
- General and Health Insurance Applications (Pre-requisites: General and Health Insurance Valuation, and General and Health Insurance Product Development).
6. Specific credits will also be provided to students who have studied nominated Part III subjects (see table below) to enable them to meet the pre-requisite requirements for the following new Fellowship subjects:
EXISTING PART III SUBJECTS AND MOST SIMILAR NEW FELLOWSHIP SUBJECTS
Students who have passed one or more Part III subjects will receive a credit for each of these passes under the new Fellowship Program. These will count towards both the three (Group B) or four (Group A) subjects they need to pass in the Part III/Fellowship Program.
INVESTMENT BRIDGING COURSE
1. Members who have only completed Part II the Actuarial Control Cycle (i.e. have not also completed Part IIB – Investment and Asset Modelling) must take the Investments Bridging Course (until end 2019) or the Asset Management subject (from 2020) to become Associates, unless they have completed all Part I and Part II study to the exemption standard before end 2009.
2. Members who have only completed Part II the Actuarial Control Cycle (i.e. have not also completed Part IIB – Investment and Asset Modelling) by 1 January 2010 must take the Investments Bridging Course (until end 2019) or the Asset Management subject (from 2020) to become Fellows (unless they have completed Part III past subject C1, Part III existing subject 5A or passed the CFA qualification) to ensure that they have met the International Actuarial Association’s minimum Investments education standards.
C7A ERM EXEMPTIONS
Exemptions for Part III Course 7A Enterprise Risk Management may be granted if a Student Member of the Institute has:
- Completed relevant university subjects by the end of 2020;
- Achieved sufficient marks in those subjects;
- Been recommended by an accredited university – currently Australian National University and University of New South Wales (please check eligibility dates with your university); and
- Paid the appropriate exemption fee.