Part I

CHANGES TO ENHANCE THE ACTUARIAL EDUCATION PROGRAM

In 2019, the Actuaries Institute will commence the implementation of changes to enhance the actuarial education program.  These changes are designed to:

  • improve the consistency and quality of students’ education experience;
  • modernise the program delivery using up-to-date technology;
  • ensure the curriculum is better able to keep pace with industry changes over time;
  • provide broader pathway options for students in the Fellowship program; and
  • enhance the data analytics, communication and business skills of all actuaries.

PART I CHANGES 2019 - 2020     

Part I will be replaced by the new Foundation Program.

The new Foundation Program follows the Institute and Faculty of Actuaries (IFoA) Curriculum 2019 and can be undertaken at an accredited university or directly with the Actuaries Institute.  The program includes seven subjects, with some new elements, particularly around data analytics.  

It will commence in 2019 for students studying directly with the Actuaries Institute and across 2019/2020 for those undertaking studies at the accredited universities.

Existing Part I Program

New Foundation Program

 Comprises 8 Core Technical subjects:

 Comprises 7 Core Principle subjects:

CT1

Financial Mathematics

CS1

Actuarial Statistics 1

CT2

Finance and Financial Reporting

CS2

Risk Modelling and Survival Analysis

CT3

Probability and Mathematical Statistics

CM1

Actuarial Mathematics 1

CT4

Models

CM2

Financial Engineering and Loss Reserving

CT5

Contingencies

CB1

Business Finance

CT6

Statistical Methods

CB2

Business Economics

CT7

Business Economics

CB3

Business Management

CT8

Financial Economics

*Note that the information in each Syllabus document headed ‘Links to other subjects’ is only relevant to the IFoA Syllabus.

 

TRANSITION TO FOUNDATION PROGRAM

Part I exemptions that students already have will be transferred over to the Foundation Program, based on the mapping shown below.


edu part 1 changes

Students studying Part I at an accredited university

Some accredited universities will revise their curricula in 2019, to align with the new Foundation subjects. Others will introduce these changes in 2020.

These revised curricula will only apply to new students commencing their university degrees from when the changes are implemented (i.e. in either 2019 or 2020).

If you commenced your degree prior to 2019 you will not have to complete the new CB3 Foundation subject and you will not experience any change to your university program of study.  However, the way your university subjects are granted exemption from Actuaries Institute exams will change as follows:

  • If you achieve exemption level in university subjects which map to Part I subjects CT1-8, you will be awarded exemptions for the equivalent new subject under the Foundation Program (see important note below).
  • If you do not reach exemption level for some CT1-8 subjects and therefore need to re-sit these with the Actuaries Institute directly, from January 2019 you will need to complete the exams for the corresponding subjects in the new Foundation Program.

Students studying Part I directly with the Actuaries Institute

The exemptions process will continue to form part of the new exam structure. For exemptions in the new Foundation Program, students must have been granted a pass from the applicable Part I subject(s) by 1 February 2019 (see important note below). Otherwise, from 2019, students will study the new Foundation Program subjects directly with the Actuaries Institute.

IMPORTANT NOTE

For Foundation exams CM1 and CS2, which have two applicable subjects in Part I (CT1&CT5 and CT4&CT6 respectively), students need to obtain an exemption standard in both applicable Part I subjects to obtain an exemption in the new Foundation subject.

If you have a pass or exemption in only one of these subjects, Semester 2, 2018 is the last chance to pass the remaining one.

If you have not passed or got an exemption in both examinations you will need to sit the new Foundation subject as a whole from Semester 1, 2019.

To help you with your planning, the dates for Semester 2, 2018 have been published on the key dates webpage.  Enrolments opened on 2 July 2018.


Over the next few months, we will be communicating with members on proposed changes to Part II and Part III.

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.