WORK EXPERIENCE REQUIREMENTS
The Three Year PER (Group A Students)
After 1 January 2010, members are required to have three years practical experience in order to become an Associate and attain the designation ‘actuary’. Three years is the equivalent of 135 full-time working weeks (with a full-time working week considered to be at least 35 hours of work time). The PER must span at least three calendar years.
The One Year PER (Group B Students)
Associate - To obtain Associate designation, a candidate will have completed and passed the Foundation Program and four Associateship subjects and have completed one year in a supervised relevant work environment.
Fellow - On completion of the Associate Program, candidates may enter the Fellowship program. Candidates must pass three Fellowship subjects to qualify, one subject from each Module, and complete one further year of supervised relevant work experience.
Activities that qualify for the PER are those that make professional use of what members have studied in order to become an actuary. They include:
- work that makes use of economic, financial or statistical principles to solve professional problems;
- work that deals with the financial implications of uncertain events;
- work in the financial services sector, including insurance, superannuation, banking and investments; or
- actuarial work in health, energy or academic areas.
COUNTING YOUR WORK EXPERIENCE
Members can begin counting their work experience from the date they commence eligible work, provided it is after commencing approved actuarial tertiary study at an accredited university or Foundation examinations (or equivalent) via correspondence.
One year is the equivalent of 45 full time working weeks (with a full time working with considered to be at least 35 hours of work time)
Members are not required to register or enrol for work experience, but do need to submit a sign-off form upon completion of each year of experience, counter-signed by their manager.
START COUNTING YOUR WORK EXPERIENCE FROM THE DATE YOU COMMENCE WORK.