Transition Rules

For the purposes of transition rules, students will be categorised into one of two groups:

  • Group A: students who obtain a full exemption from Part II by the end of 2019.
  • Group B: 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 Associate Program from 2020).

Group A

This group of students will essentially continue to follow the existing path to Associateship and Fellowship.

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 Communications, Modelling and Professionalism subject (which will replace the Professionalism Course in 2020) and complete one year of relevant work experience.


 

 

DECISION TREE

An interactive Decision Tree will be made available to assist you work out your pathway to Associateship / Fellowship as soon as possible.  Students will be advised when this becomes available.

In the meantime, if you have any questions on the new program or transition arrangements, please email education@actuaries.asn.au - the Education Team will be pleased to assist.

 
 
 
 

To become a Fellow, Group A students must:

  • attend the Professionalism course by the end of 2019 or pass the new Communications, Modelling and Professionalism subject from 2020 onwards; 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.

Note:  A Group A student may also elect to become a Group B student1 by gaining exemption for what they have completed under the existing Part II program and completing the additional Associateship Program requirements.

GROUP B

This group of students will essentially follow the proposed new path to Associateship and Fellowship.

To become an Associate, Group B students need to:

  • pass all components of the new Associate Program2; and
  • complete one year of relevant work experience.

To become a Fellow, Group B students need to:

  • complete the above 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 one year of relevant work experience.

Transition Diagram

The following diagram provides a visual representation of the two different study pathways to be taken by Group A and Group B students to achieve Associateship and Fellowship.

dia4

Note:  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 Associateship Program requirements.

* Group B students gaining an above exemption standard in Actuarial Control Cycle 1&2 in 2019 or earlier will gain an automatic exemption from the Core Actuarial Management subject.

** Group B students gaining an above exemption standard in Investment & Asset Modelling in 2019 or earlier will gain an automatic exemption from the Asset Management subject.


For Group B students who attempted Part II prior to 2020 and gained an above exemption standard (to be agreed) in:

  • Actuarial Control Cycle university subjects: they gain an exemption from the new Core Actuarial Management subject;
  • Investment and Asset Modelling university subject: they gain an exemption from the new Asset Management subject.

For Group B students who attempted Part II prior to 2020 and gained an above exemption standard (to be agreed) in:

  • Actuarial Control Cycle university subjects: they gain an exemption from the new Core Actuarial Management subject;
  • Investment and Asset Modelling university subject: they gain an exemption from the new Asset Management subject.

Additional Transition Rules

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.

2019 is the last year that the current Professionalism Course will be run.  From 2020 onwards, it will be replaced with a new assessed subject Communications, Modelling and Professionalism which all students will need to complete to become an Associate or Fellow.

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.


Existing Part III and new Fellowship replacement subjects

dia5

Note:  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 in.


Students currently studying Part III in 2018 will be given a minimum of two additional attempts to pass an existing subject. 

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.

Existing Part III and new Fellowship most similar subjects

dia7

Note: There is no ‘most similar’ subject currently identified for 5B Wealth Management and Finance.  As future subjects are developed we will advise students part-way through 5A/5B of their options.

Specific credits will also be provided to students who have studied nominated Part III subjects (see table below) in recognition of the pre-requisite requirements for the following new Fellowship subjects:

  • Life Insurance Applications
  • General and Health Insurance Applications
  • Retirement Applications

Specific Part III credit recognition for pre-requisite requirements of new Fellowship subjects

dia8

Existing transition rules regarding the Investments related study will change from 2020.  See below:

Associates

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 completed all Part I and Part II study to the exemption standard before end 2009.

Fellows

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 standards.