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									                 Student Representative 2004/5                                                  Thrust 1: New Education Strategy
Greetings and Salutations!                                                        I recently received a copy of the Actuarial Education Noticeboard outlining
                                                                                  the transition arrangements and changes we might expect with the New
    I trust you have all survived and recovered from the last exam session.       Education Strategy (1 January 2005) . I thought that I might take the
                                                                                  opportunity to add some value by highlighting what I think to be the important
Having just completed my first term as Student Representative, I value the        issues as well as providing the following Excel Model to assess your personal
opportunity to continue in this position for another year. My thanks to the       situation.
Constituent for my renomination; I hope to continue with the initiatives I have
become involved in. At this time I think it is appropriate that I restate my      Much of the information found in this Document is based on " Assessment and
objectives as Student Representatives in the form of three thrusts:               Transition Arrangements for the 2005 Education Strategy (15 September
                                                                                  2004)" which can be found on the Institute/Faculty Website.
                                                                                  (www.actuaries.org.uk)
(1) Improve Communication to Student Members of ASSA
                                                                                  Come December 2004 , students will be informed of their position under the
(2) Encourange and Foster Student Research                                        new strategy and if choices have to be made, this must be done before the
                                                                                  next set of examinations in April 2005 and onwards. Once a student has
(3) Encourage Student Volunteerism and Particiaption within ASSA                  agreed his or her position in the 2005 strategy, changes will normally only be
                                                                                  allowed under special circumstances.
Over the past year, I have attempted to address (1) through the introduction of
the ASSA Student Newsletter. I am pleased that I have received such               General Principles used in setting Transition Arrangements were:
favourable response in this regard :) ! I hope to continue and strengthen the
Student Newsletter over the next year and look forward to your comments and
suggestions.
Over the past year, I have attempted to address (1) through the introduction of
the ASSA Student Newsletter. I am pleased that I have received such
favourable response in this regard :) ! I hope to continue and strengthen the
Student Newsletter over the next year and look forward to your comments and         (1) All passes that a student has gained under the old strategy should be
suggestions.                                                                        meaningful and map into something in the new strategy.

Thrust (2) I address under Student Research in this Newsletter and will             (2) It should aim to achieve a situation where students do not have to take an
continue to do so further into the future. Thrust 3 will be addressed in the next   increased number of examinations in the new strategy while still maintaining
Newsletter.                                                                         standards.

For those who sent in comments and suggestions from the previous                    (3) It would be inappropriate for students to qualify simply because of the
Newsletter, many thanks. From a number of the e-mails it is apparent that           syllabus change.
students would like to see some light hearted content in addition to the
serious stuff - I have not forgotten! I hope to develop some suitable ideas over
the coming weeks.


Lance Osburn ( Losburn@Oldmutual.com )
                            100 Series                                           Core Technical                                      Comments

     Check the boxes for the subjects you have passed to see the mapping to the New Strategy                  Each of CT1-CT8 will be examined by one paper of
                                                                                                              three hours duration. But, if feasible, both CT3 and CT7
101 Statistical Modelling                                    CT1    Financial Mathematics                     could be assessed by an electronic on-demand
                                                                                                              approach where students take their examination when
                                                                                                              they are ready (at specified assessment centres). This
                                                                                                              is still being debated by the Education Committee.
102 Financial Mathematics                                    CT2    Finance and Financial Reporting



103 Stochastic Modelling                                     CT3    Probability and Mathematical Statistics
                                                                                                              CT9 Business Awareness Module will not be assessed
                                                                                                              by a formal examination. Students who have been
104 Survival Modelling                                       CT4    Models                                    enrolled in the profession before 1 July 2004, will not be
                                                                                                              required to take the Business Awareness Module. The
                                                                                                              module consists of internet-based study, attendance at
105 Actuarial Mathematics 1                                  CT5    Contingencies                             a two day course and internet-based assessment. This
                                                                                                              course replaces the New Student Meeting: "Introduction
                                                                                                              to the Profession" (Optional)
106 Actuarial Mathematics 2                                  CT6    Statistical Methods
                                                                                                              For CT4 Models the paper will be set in two halves each
                                                                                                              of 90 minutes, one relating to 103 and one relating to
107 Economics                                                CT7    Economics                                 104, for the first two years up to including September
                                                                                                              2006. This is so that students who have 103 or 104
                                                                                                              need only take the half they are missing. However the
108 Finance and Financial Reporting                          CT8    Financial Economics                       option of sitting one half is only available to students
                                                                                                              who have an exemption because of transition in the
                                                                                                              other half.
109 Financial Economics                                      CT9    Business Awareness Model
                                                                                                              The four attempts rule will still apply for the Core
                                                                                                              Technical subjects and attempts on the 100 series
10* Enrolled with Institute/ Faculty prior to 30 June 2004                                                    subjects will be carried forward to attempts on the
                                                                                                              corresponding CT subjects. In the case of CT4, we will
                                                                                                              take the minimum number of attempts on 103 and 104.
  No Exemption                             Part Exemption                        Exemption                    If one of 103 or 104 has been passed, the number of
                                                                                                              attempts at CT4 will be set to 0.
                        Comments                                                                   200 Series & 301                                                     Core Applications

Under the transition arrangements, 201 corresponds to CA3                                                                                       CA11    Assets
Communications and will comprise two questions, each testing a               201 Communications                                                 CA12    Liabilities & Asset-Liability Management
different type of written communication.The paper will be two and a
half hours in length.                                                                                                                           CA2     Modelling
                                                                             301 Investment and Asset Management
Students will have a choice as to how to translate the 300 Series that                                                                          CA3     Communications
they have passed into credits in the new Core Applications stage and
Specialist Technical stage. The following rules apply:                                                 300 Series                                                     Specialist Technical

                                                                                                                                                ST0    Alternative Specialist Technical
(1) 301 will correspond only to the assets part of the Core                  302 Life Insurance
Applications Concepts Subject: CA11.                                                                                                            ST1    Health and Care

(2) 305 will correspond only to Finance and Investment Specialist            303 General Insurance                                              ST2    Life Insurance
Technical A: ST5.
                                                                                                                                                ST3    General Insurance
(3) The student can choose one out of 302, 303, or 304 to                    304 Pensions and Other Benefits
correspond to CA12 (Liabilities) In making the choice the student will                                                                          ST4    Pensions and Other Benefits
need to consider the Specialist Technical stage as well. The CA1
papers may only be taken separately by students who have an                  305 Finance and Investments                                        ST5    Finance and Investments A
exemption through transition from one paper.
                                                                                                                                                ST6    Finance and Investments B
(4) Students will only be allowed to use each 300 Series subject they
have passed once and cannot take the equivalent paper again in the
new strategy.
                                                                          Having selected your 300 series subjects passed, you must decide which to translate to Core Applications CA12 (CA - 1 subject
Each of ST1-ST6 will be tested by one three hour examination.             required) and which to translate to Specialist Technical (ST - 2 subjects required).
Fifteen minutes reading time will be available at the start of the
examination.                                                              ST0 Alternative Specialist Technical will be awarded when a
                                                                          student is given an exemption from a Specialist Technical             CA2 Modelling is new and will require attendance at a two
The current Certificate in Derivatives, which is at present not part of   examination by virtue of undertaking alternative study.               day course with a practical data handling assessment on
the Fellowship examinations, will map onto the new subject ST6            Exemption will be considered after a qualification has been           the second day. A student who has already passed one of
Finance and Investment Specialist Technical B. This will take effect      gained. The list is likely to include MPhil in a financial subject,   the 300 Series subjects will be exempted from CA2.
from 1 January 2005.                                                      MBA, MSc in Finance, Chartered Accountant, etc.
s




al
           400 Series                                   Specialistic Applications & UK Practice Modules                                                       Comments

Students working in the UK will have to take an additional paper (other than the Specialist Applications Paper) on UK practice known as a UK Practice Module. These will be tested by multiple
choice examinations of one and a half hours in length. The first part will be common to all practice areas and will test the generic principles of UK Financial Services. The second part will test UK
business practice, regulation, legislation and professional guidance notes in specific areas.

                                                  Practice Modules (only for those wanting to work in the UK)                  Each of SA1-SA6 will tested by one examination paper of three hours
                                                                                                                               in length. Fifteen minutes reading time will be available at the start of
   400 Fellowship Paper 1                   P1      Health and Care UK Practice Module                                         the examination.

                                            P2      Life Insurance UK Practice Module                                          There is no requirement to have passed the corresponding Specialist
                                                                                                                               Technical subject. However many students will decide to take a
                                            P3      General Insurance UK Practice Module                                       Specialist Applications subject that corresponds to one of their
                                                                                                                               Specialist Technical subjects. The Specialist Applications subjects will
                                            P4      Pensions and other Benefits UK Practice Module                             typically assume knowledge of the corresponding Specialist Technical
                                                                                                                               subject. If a student wishes to take SA5 Finance Specialist
                                                                                                                               Applications they are assumed to have studied the Core Reading in
                                            P5      Finance UK Practice Module
                                                                                                                               both ST5 and ST6 but need not have passed these subjects.
                                            P6      Investment UK Practice Module

                                                                     Specialist Applications                                   SA0 Research Dissertation Specialist Applications will be awarded
                                                                                                                               when a student is given an exemption from a Specialist Application
   400 Fellowship Paper 2                   SA0     Research Dissertation Specialist Applications                              examination by virtue of undertaking research dissertation. Any
                                                                                                                               programme will need to be discussed with the profession before a
                                            SA1     Health and Care Specialist Applications                                    student embarks on it.


                                            SA2     Life Insurance Specialist Applications                                     A student with a pass in a 400 Series Paper 1 only will still have to
                                                                                                                               take a Specialist Applications subject but exemptions will be given for
                                            SA3     General Insurance Specialist Applications                                  the appropriate UK practice module.

                                            SA4     Pensions and other Benefits Specialist Applications                        A student wishing to work in the UK with a pass in a 400 Series Paper
                                                                                                                               2 only will be given a test to cover the 400 Series Paper 1 that is
                                            SA5     Finance Specialist Applications                                            outstanding. (I.e. the relevant UK Practice Module)

                                            SA6     Investment Specialist Applications                                         A pass in a UK Practice Module is not needed for the Associate
                                                                                                                               (AIA/AFA) or Fellow (FIA/FFA) qualifications.
                                                        ASSA Student Newsletter October 2004

                                                                 Thrust 2: Student Research
After aiming to improve communication to ASSA Student members, my                 Possible forums for the presentation of student research include the following:
second key thrust as Student Representative is to promote Student Research.

                                                                                  (1) ASSA Sessionals
With this in mind I attended the Research Committee Meeting earlier this year
as well as initiated correspondance with the Actuarial Departments at a           (2) ASSA Convention
number of Universities. The outcome of these discussions can be summarised
as follows:                                                                       (3) South African Actuarial Journal

Three potential sources of Student Research were identified:                      The following comments with regard to the above should be noted:

    (1) Student Honours Projects as part of their Undergraduate Degrees           Students are tentative to present research at Sessionals and Conventions due
                                                                                  to a lack of experience and confidence. It is felt that this issue may be
(2) Student Masters Projects e.g. students completing their Post Graduate         overcome by students co-presenting projects along with an experienced
Diploma in Acturial Science at UCT can convert to a Masters Degree by             Supervisor. The Research Committee indicated that they would support such
submitting a suitable dissertation.                                               an approach provided that the topics are of interest to the Supervisor and
                                                                                  he/she has the time.
(3) Employer Based Research - this is mainly focused on Actuarial students in     Knowing that such support may be available, I would like to get a feel for how
the work environment who have the support of their employer in producing          many students would be interested in performing research with the purpose of
work related reaearch.                                                            presenting at Sessionals and Conventions. I would value your response and
                                                                                  comments to Losburn@Oldmutual.com
(4) Dissertations as part of the New Education Strategy - as you may know
(and if not, now you do!), the new strategy provides the opportunity to gain
credit for a Specialist Technical and possibly even a Specialist Applications     Congratulations to Andreas Michael who will be presenting his Honours
Subject by way of a suitable dissertation. I have attached the relevant           Research Paper at the Convention entitled: " The utilisation of provident-fund
document from the Institute/Faculty.                                              lump sum benefits in South Africa: a pilot study. "



(5) Private Research

								
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