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Student Handbook

VIEWS: 10 PAGES: 93

									Student Handbook
2011
                                          Student Handbook



Welcome
2010 will be remembered as the year that South Africa was in the spotlight for a number of right
reasons. We were established firmly on the international map when South Africa successfully
hosted the FIFA World Cup. On the actuarial front, the Actuarial Society of South Africa hosted
an even more successful International Congress of Actuaries. During 2010 the Society was also
proud to offer its own fully independent professional actuarial qualifications (Fellowship and
Associateship) and is now part of the family of internationally recognised Associations offering
recognised actuarial qualifications. These qualifications are formally recognised by Mutual
Recognition Agreements with the actuarial professions in the UK, Ireland and Australia, as well as
by the International Actuarial Association (IAA) and a number of regulators in African countries.
We can rightfully say that our qualifications are now truly internationally recognised and locally
relevant.


In 2010, we were also reminded of the global and local challenges that face all professionals in
South Africa. The global economy remains fragile while in South Africa we are mindful of the
tremendous opportunities that the country has to grow and become a major world player, while
ensuring basic dignities for all people in this country. Thus as we look forward to 2011 and
beyond, it is absolutely critical that our professionals have an in-depth knowledge of local
conditions, international best practice and a focus on the highest professional standards. In
doing this, our members will be equipped to make a real difference in developing our society
and economy.


Successful developing markets such as ours are also taking part in global developments. An
example is the Society‘s role as one of the 14 signatories establishing the global CERA
(Chartered Enterprise Risk Actuary) designation. The development will establish an exciting new
field of activity for actuaries world-wide and in South Africa. This qualification will also reinforce
our vision to be a profession which serves our stakeholders as a primary source of authoritative
advice and thought leadership in the understanding, modeling and management of financial
and other measurable risks.




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                                          Student Handbook



The South African actuarial profession is held in the highest regard internationally and is known
for pioneering work in the fields of Health and AIDS modelling. A number of South Africans are in
leadership positions in the IAA, including Desmond Smith, who will be President of the IAA in
2012. Developing syllabuses that include the specific issues relating to Africa in general and
South Africa in particular, and teaching and examining those syllabuses to international
standards, will establish an actuarial profession of stature for the benefit of all our stakeholders.


We remain mindful of the legacy of the excellent actuarial education from the UK that has been
the route to qualification for actuaries in South Africa in the past years. Indeed, the South African
qualification still has very close ties to the UK in oversight of the education system and the use of
UK examinations as a distance learning option for the Associate level subjects and the new
Enterprise Risk Management subject. These ongoing ties are also reflected in the Mutual
Recognition Agreement between the UK and South African actuarial professions that will allow
the future exchange of skills between our two countries, as well as ongoing syllabus discussions
that will ensure that best international practice is a key focus across the curriculum.


We welcome you as students in the South African qualification process and wish you every
success in your examinations and careers.


We look forward to your joining our international community of actuarial professionals.




Peter Doyle
President
2010-2011




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                                          Student Handbook




Table of contents
1        Introduction                                                   7
1.1      Overview                                                       7
1.1.1    Professional Designations Available                            7
1.1.2    The Curriculum                                                 7
1.1.3    Transitional Arrangements                                      12
1.1.4    Academic Record                                                13

1.2      Student Services                                               14
1.2.1    Contacting Us                                                  14
1.2.2    Hours of Business                                              15
1.2.3    Other Sources of Information                                   15
1.2.4    Actuarial Society (AS) Website                                 16
1.2.5    Contact Details                                                16

1.3      Membership                                                     17
1.3.1    Becoming a Student Member                                      17
1.3.2    Subscriptions                                                  17
1.3.3    Library Membership                                             18
1.3.4    Lapsed Membership                                              18

1.4.     Student Liaison Committee                                      19

2        Provision of the curriculum                                    20
2.1      Overview of Subject Provision                                  20
2.2      Accredited University Option                                   21
2.3      Distance Learning Examination Option                           24
2.4      A302: Communications                                           25
2.5      Part F1                                                        25
2.6      Part F2                                                        26

2.7      Professional Skills Modules Offered by the AS                  29
2.7.1    A401: Business Awareness Module                                29
2.7.2    A402: Model Documentation, Analysis and Reporting Module       32
2.7.3    A404 & F304: Professionalism                                   35

2.8      Work-Based Skills (WBS)                                        37
2.8.1    Student Requirements: Associateship                            39
2.8.2    Student Requirements: Fellowship Level                         39
2.8.3    The Review Questions                                           40
2.8.4    WBS Registration Form                                          41
2.8.5    Time Taken for Acquisition of Skills                           41

2.9      F200: Research Option                                          41




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3         International recognition and transition                                       42
3.1       Transitional Arrangements                                                      42
3.1.1     Transition from the UK System                                                  42
3.1.2     Practice Modules                                                               42
3.1.3     Work-Based Skills                                                              43

3.2       Mutual Recognition Agreements                                                  44
3.2.1     Mutual Recognition Agreements                                                  44
3.2.2     Details on the Mutual Recognition between the AS and the Faculty and the       44
          Actuarial Profession
3.2.3     International Actuarial Association                                            45
3.2.4     Recognition of FASSA in the Rest of Africa                                     45

4         Examinations and exemptions                                                    46
4.1       Planning a Route through the Examinations                                      46

4.2       Guidance on Study Hours and Examination Preparation                            48
4.2.1     Examination Preparation Sessions                                               49

4.3       Examination Arrangements                                                       49
4.3.1     Examination Entries                                                            49
4.3.2     Examination Centers                                                            51
4.3.3     Candidates with Specific Requirements                                          53
4.3.4     Fees Refunded and Carried Forward                                              55
4.3.5.    Electronic Calculators                                                         57
4.3.6     Examiners‘ Advice on Rounding Calculations                                     57
4.3.7.    Cheating                                                                       58
4.3.8     Examination Results                                                            58
4.3.9     Examinations Appeals Policy and Procedure                                      59
4.3.10    Student Examination Counselling                                                62

4.4       Exemptions                                                                     64
4.4.1     Overview of Exemption Process                                                  64
4.4.2     Exemption Application Process                                                  64

5         Professional Qualifications                                                    67
5.1       Qualification Classes                                                          67
5.1.1     Class of Associate                                                             67
5.1.2     Class of Fellow                                                                67

5.2       Professionalism                                                                68
5.2.1     What is a Profession?                                                          69
5.2.2     Regulation of The Actuarial Profession                                         69
5.2.3     The Professional Conduct Standards                                             69
5.2.4     Continuing Professional Development (Cpd)                                      69
5.2.5     Disciplinary Scheme                                                            69

5.3       Volunteerism In The Actuarial Profession                                       70




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         Appendices                                                                                       72
         Appendix A: Admission Requirements for Membership Classes                                        73
         Appendix B: Table of AS Subjects and UK Equivalents                                              77
         Appendix C: 2011 Education Calendar of Events                                                    79
         Appendix D: Schedule of Education Fees                                                           82
         Appendix E: Examination Regulations                                                              84
         Appendix F: Regulations for The Award of F200: Research Option                                   86




Disclaimer: It is the students responsibility to ensure that he/she uses the most recent and updated version
of the Student Handbook. The Student Handbook on the website will always be the latest version.




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                                          Student Handbook




1. Introduction
This section contains practical general information on the education system that serves as an
introduction for those considering actuarial studies, as well as a reference throughout their
studies. Much of this information is expanded in later sections.



1.1 Overview
1.1.1 Professional Designations Available
The AS offers two professional designations: that of Associate of the Actuarial Society (AMASSA)
and that of Fellow of the Actuarial Society (FASSA). Both of these will entitle the member to use
the term ―actuary‖ to describe themselves.


The Associateship provides a general background in financial risk management and will enable
members to apply their toolkit of actuarial techniques in a wide variety of areas. It is particularly
useful for those who are not working in one of the traditional practice areas for actuaries in
South Africa, such as life insurance or retirement funds. The Associateship does not entitle the
actuary to perform statutory roles in South Africa.


The Fellowship builds on the base of subjects required for the Associateship and provides an in-
depth specialization in any one of the five main practice areas. There is further development in
higher-order thinking skills, particularly in actuarial judgment. The Fellowship is required for
statutory roles in South Africa.


1.1.2 The Curriculum
Subjects Required for Associateship (AMASSA)
The subjects leading to the Associate qualification are grouped into four parts. All these subjects
have to be completed to meet the requirements for the AMASSA designation. Detailed
syllabuses for all the subjects can be found at:


http://www.actuarialsociety.org.za/Education/Overview-of-Actuarial-Education/Curriculum-487.aspx




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Part A1 (Foundation Technical)
These subjects draw from a number of disciplines outside actuarial science and form the
foundation required to pursue in-depth actuarial studies. The three subjects in this part are:


A101: Probability and Mathematical Statistics,
A102: Economics, and
A103: Finance and Financial Reporting.


Part A2 (Intermediate Technical)
These subjects provide the basic toolkit of actuarial techniques that are used in a number of
practical applications. The five subjects in this part are:


A201: Financial Mathematics,
A202: Models,
A203: Contingencies,
A204: Statistical Methods, and
A205: Financial Economics.


Credit for these parts can primarily be gained by achieving a sufficiently high standard in
equivalent subjects as part of a degree programme at universities accredited by the AS. By
doing this, the student will be exempted from the equivalent subject in the professional
curriculum. Those who do not achieve a sufficient standard in the subject or do not do an
accredited degree will be able to write the equivalent UK examination as a member of the AS
without having to join the UK Profession.


Part A3 (Core Principles)
These subjects provide the background and principles that allow students to apply their
actuarial techniques in a wide variety of situations. The Communications subject also develops
the key skill of communicating technical concepts to non-technical audiences. The two subjects
in this part are:


   A301: Actuarial Risk Management
   A302: Communications




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Credit for A301 can primarily be gained by achieving a sufficiently high standard in an
equivalent subject as part of a degree programme at universities accredited by the AS. By
doing this, the student will be exempted from the equivalent subject in the professional
curriculum. Those who do not achieve a sufficient standard in the subject or do not do an
accredited degree will be able to write the equivalent UK examination as a member of the AS
without having to join the UK Profession. Some universities also offer A302 as part of a degree
programme, and students can achieve exemption through doing the equivalent course.
Students not achieving exemption for A302 can write the AS paper in this subject which is
offered twice a year.


Part A4 (Associateship Professionalism Skills)
These subjects focus on the ability of the student to deliver their technical competence in a
practical context that allows an actuarial profession to play a valuable role in society. The four
subjects in this part are:


   A401: Business Awareness Module,
   A402: Model Documentation, Analysis and Reporting,
   A403: Associateship Work-based Skills (WBS), and
   A404: Associateship Professionalism Course.


A401 and A402 are based on two-day seminars that include a formal assessment of the student.
For further details on these subjects, see A401 and A402 under ‗Professional Skills Modules offered
by the Society‘ (section 2.7). A403 is a practical one year supervised integration of actuarial
knowledge with skills learned at the workplace. For further details, see the Work-Based Skills
section (2.8). A404 is a one-day course focusing on the professional qualities required of an
actuary. Further details of this course can be seen under ‗Professionalism‘ (section 2.7.3).


Subjects Required for Fellowship (FASSA)
There are six parts of the Fellowship qualification. All subjects in Parts A1, A2 and A3 as set out
above need to be completed in addition to Parts F1, F2 and F3, which are set out below.
Detailed syllabuses for all the subjects can be found at:

http://www.actuarialsociety.org.za/Education/Overview-of-Actuarial-Education/Curriculum-
487.aspx




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Part F1 (Fellowship Principles)
These subjects extend the techniques and applications learned in the Associate subjects to a
more in-depth level by focusing on specific practice areas. Further actuarial techniques relating
to the practice area are developed with specific practical applications in that area. Students
are required to do two out of the following six subjects, including at least one out of F101, F102,
F103 and F104.


      F101: Health and Care Principles,
      F102: Life Insurance Principles,
      F103: General Insurance Principles,
      F104: Pension and Other Benefits Principles,
      F105: Finance and Investment Principles, and
      F106: Enterprise Risk Management (Exams for this subject are written in April/Sept semester)


There are two options for students to complete this part:
(i)        Students do these courses as part of a post-graduate course at certain accredited
           universities and, on attaining a sufficient standard in the examination, will be
           recommended for exemption from the equivalent professional subject; or
(ii)       Students pass the AS examination in the subject. These examinations are the same as the
           university paper, and the pass standard will be the same as the exemption standard for
           the equivalent university course.


For F106, AS members write the equivalent UK examination (ST9) as a member of the South
African profession, without having to join the UK Profession.


More details on the provision of this part are set out in Section 2.5 with F106 covered in Section
2.3.




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Part F2 (Fellowship Applications)
These subjects focus on the in-depth applications in a specific area with a focus on South
African practice, as well as international best practice. Students will have to do one of the five
options for the Applications Paper (F201 to F205 below) and one of the five options for the
Practice Modules (F211 to F215 below). Generally, students will choose the same Practice Area
for both the Applications Paper and the Practice Module, although this is not mandatory. The
Applications Paper focuses on higher-order thinking skills and actuarial judgment, while the
Practice Module is a multiple choice paper testing knowledge of South African practice. There is
also a Research Option where a Masters level research paper can be written instead of the
Applications Paper. The Practice Module will still have to be completed if this option is exercised.


   F200: Research Option
   F201: Health and Care Applications
   F202: Life Insurance Applications
   F203: General Insurance Applications
   F204: Pension and Other Benefits Applications
   F205: Investment Applications


   F210: Generic Practice Module
   F211: Health and Care Practice Module
   F212: Life Insurance Practice Module
   F213: General Insurance Practice Module
   F214: Pension and Other Benefits Practice Module
   F215: Investment Practice Module


These subjects are examined directly by the AS and the AS also offers tuition for these subjects.
More details on this are set out in Section 2.6. Details of the F200 Research Option are set out in
Section 2.6 and Appendix F.




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                                          Student Handbook



Part F3 (Fellowship Professionalism Skills)
These subjects focus on the ability of the student to deliver their technical competence in a
practical context that allows an Actuarial Profession to play a valuable role in society. The four
subjects in this part are:


   A401: Business Awareness Module,
   A402: Model Documentation, Analysis and Reporting,
   F303: Fellowship Work-based Skills (WBS), and
   F304: Fellowship Professionalism Course.


A401 and A402 are based on two-day seminars that include a formal assessment of the student.
For further details on these subjects, see A401 and A402 under ‗Professional skills modules offered
by the Society‘ (section 2.7). F303 is a practical three year supervised integration of actuarial
knowledge with skills learned at the workplace. For further details, see the Work-Based Skills
section. F304 is a one-day course focusing on the professional qualities required of an actuary.
Further details of this course can be seen under ‗Professionalism‘ (section 2.7.3).


1.1.3 Transitional Arrangements
Certain transitional arrangements apply for students converting from the UK examination system
to the South African system. In particular, all credits towards the UK qualification earned by the
end of 2009 will be fully recognised as a credit in the South African system. More detail on
transitional arrangements is set out in Section 3.1.




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                                          Student Handbook




1.1.4 Academic Records
We launched the new Actuarial Qualification for the Society at the end of 2009 for
implementation 1 January 2010. We used a number of data sources in order to construct our
database. You are able to view your Academic Record at any time by taking the following
steps below:




1        Go to http://cpd.actuarialsociety.co.za/

2        Follow the "forgot your password" instructions the first time you login to receive a new
         password.
3        Then login and click on the "academic record" link from the menu bar on the left-hand
         side of the website, or use the giant button in the centre panel.


Possible reasons for your profile not appearing on the database:


   You have not verified your academic records on our system.
   You have not applied for exemptions for A401 Business Awareness and A402 Model
    Documentation, Analysis and Reporting with either the Actuarial Society or the Faculty or I
    UK Profession. We have not received your results of the most recent A402 exams. An
    updated list of results will be circulated as soon as all results for the June/July 2010 courses
    have been received.




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1.2 Student Services
The Student Services section of the Actuarial Society of South Africa (AS) is responsible for:

   Student admissions
   Subject credits and exemptions
   Administering the examinations on behalf of the Board of Examiners
   Administering the examination Counselling service
   Administering the work-based skills requirement
   Arranging of tuition for fellowship applications and other professional skills subjects
   Arranging professionalism courses
   Sale of educational publications, including core reading for fellowship applications subjects
   Online access to academic records
   Student Data base

1.2.1 Contacting Us
Please use the following contact details should you have a query pertaining to one of the
services below:
Name & Contact Details                  Responsibilities
Christelle Mouton                       A401 (UK CT9), Business Awareness Module,
courses@actuarialsociety.org.za         A402 (UK CA2), Model Documentation, Analysis &
+27 (0)11 717 6257                      Reporting Module
+27 (0)86 570 5122                      A302 (UK CA3)
                                        Communications Module
                                        Professionalism
Carmen Abrahams                         Work-Based Skills
registrar@actuarialsociety.org.za       Examinations
+27 (0)11 717 6254                      Exemptions
+27 (0)86 570 5120                      ATO registration
Philentia Russouw                       Membership
philentia@actuarialsociety.org.za       Subscription Renewals
+27 (0)21 509 5951
+27 (0)21 509 0160
Renche Jansen                           Account Related Queries
Renche@actuarialsociety.org.za          or philentia@actuarialsociety.org.za
+27 (0) 21 509 0099



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You can contact the Education Office by post at:
The Actuarial Society of South Africa
Room 137b, 1st Floor, Central Block
Wits University, Braamfontein
2000


Enquiries related to AS Membership or subscription renewals:
The Actuarial Society of South Africa
PO Box 4464
Cape Town
8000


1.2.2 Hours of Business
Hours of business are: Monday to Friday from 8:00 until 16:00.


1.2.3 Other Sources of Information
Along with the Student Handbook, we provide further information throughout the year via:


   The Education Notice board on the Actuarial Society Website (The Actuarial Society website
    is regularly updated and is essential for keeping up-to-date on changes to education
    arrangements
    http://www.actuarialsociety.org.za/Overview-of-Actuarial-Education-480.aspx on

   The AS education website
   Emailed notices provided via the AS mail
   Emailed Education Updates, provided by the Student Liaison Committee or Education Office
   Emailed Student Newsletters, provided by the Student Representative on Council who sits on
    the Student Liaison Committee. (slc@actuarialsociety.org.za.)




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                                         Student Handbook




1.2.4 Actuarial Society Website
www.actuarialsociety.org.za



The education (student) pages of the website contain practical information such as the
education calendar, the student handbook, examination dates, examination results past
examination papers and examiners‘ reports, syllabuses, guidance on study and examination
techniques, the lists of suggested additional reading, and links too many downloadable forms
and documents.


The website is a free information resource for the latest developments from within the profession.
You will find briefing statements, press releases, responses to consultations, CMI reports,
conference papers, sessional meeting papers and the latest news.


We welcome comments on any aspect of the website.
Please email your comments to: registrar@actuarialsociety.org.za.


1.2.5 Your Contact details
Please ensure that your contact details are kept up-to date by informing the AS membership
office of any changes.




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                                         Student Handbook




1.3 Membership
1.3.1 Becoming a Student Member
In order for you to enter for examinations or apply for exemptions, you must first apply for student
membership of the AS of South Africa.

Applications
You can apply for membership by completing the student membership application form that
can be found on the following link
http://www.actuarialsociety.org.za/South-African-Education/How-to-become-a-student-member-490.aspx

Also note that all prospective students must read the minimum academic requirements for
membership also found at the above link. If they have any questions regarding this, they can
contact philentia@actuarialsociety.org.za.

Your applications must be completed in full or the application will not be processed. Your
application should NOT be faxed or emailed. Payments can be made on receiving your invoice
after your application has been approved.

If you are a student and would like to register for an examination sitting, you must ensure that
your membership application is sent at least six weeks before the examination session opens for
registration to avoid disappointment.

Fees
Refer to Annexure D for membership fees. Payments should only be made once you receive
your invoice after your application has been approved. Unfortunately we cannot accept
payments by credit card.

1.3.2 Subscriptions
South African students now only have to register with one professional body: The AS of South
Africa. All examinations can be written through the AS. Subscriptions are due in January each
year and a remittance advice will be sent to your correspondence address during December. If
you do not receive one, please contact the Membership Office in Cape Town or download a
Membership Application Subscription Renewal Form from the AS Website
http://www.actuarialsociety.org.za/South-African-Education/How-to-become-a-student-member-490.aspx.

Your member confirmation letter will be sent to you once your membership has been approved
and will include the fees due, based on the level of membership you are granted.




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                                          Student Handbook




1.3.3 Library Membership
Stakeholders interested in the AS are able to apply for Library Membership. This enables access
to actuarial communication (e.g. student communication seminar dates etc) but does not give
access to writing AS exams.

For further information contact
Monique Bouwers
Monique@actuarialsociety.org.za

Or

Philentia Russouw
philentia@actuarialsociety.org.za

It is the responsibility of each member who has previously paid a pre-employed student reduced
rate fee to ensure that they confirm that they are still pre-employed and eligible to renew their
membership at the pre-employed rate. Payment by cheque/money order/bank draft/EFT
payments must be drawn on a South African bank and made payable to AS. Charges arising
from other methods of payment, e.g. bank transfers must be added to the payment.

Banking Details
Account Name: Actuarial Society of South Africa
Account Type: Current Account
Account Number: 07 000 5478
Bank: Standard Bank
Branch: Adderley Street, Cape Town
Branch Code: 02 00 09
Swift Code: SBZAZAJJ


1.3.4 Lapsed Membership
If your membership has lapsed for any reason and you want to register for examinations, your
membership will have to be reinstated. Contact the Membership Office in Cape Town (021 509
5242) for details of how to do this, and for the reinstatement fee. Further details are also
available on the website:
http://www.actuarialsociety.org.za/South-African-Education/How-to-become-astudent-member-490.aspx.




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1.4 Student Liaison
1.4.1 Student Liaison Committee
The Student Liaison Committee (SLC) is the primary link between the AS and its student
membership. Although the SLC is primarily focused on Education Matters and is a subcommittee
of the Education & CPD (ECPD) Board, the committee also has cross-board committee
functions.


Committee members include the Newly Qualified Fellow and Student Representative who sit on
the Council of the Actuarial Society. The committee aims to have broad coverage of the
student membership by having members representing the major examination centers
(Johannesburg, Cape Town and Durban) and companies. The committee also has delegates at
each accredited South African university.
The SLC is responsible for producing the Student Newsletter (representing the independent view
of the Student Representative) and notices covering Education related updates. The SLC also
aims to host events to promote the local Actuarial brand and encourage student participation
in such events. Further to this, the SLC will do what it can to assist students in their pursuit of the AS
qualifications.


The SLC aims to:
   Create a familiar and easy line of communication between students and the society;
   Keep students informed;
   Manage students‘ expectations by ensuring that relevant information is communicated;
   Encourage student interaction with the AS,
   Encourage student volunteerism,
   Promote the actuarial brand amongst student members and prospective student members;
    and
   Support students in their pursuit of the South African Fellowship Qualification.


Contact the SLC on: SLC@actuarialsociety.org.za




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2. Provision of the Curriculum
This section contains practical information on the various courses and exams available to
complete the professional qualifications of the AS.



2.1 Overview of Subject Provision
In Section 1, the curriculum and the provision of each stage of the curriculum are described. A
summary of the methods of the provision of each stage is set out below and expanded in later
sections.


Part A1, A2 and A3
   Exemptions through Accredited University Programmes (see Section 2.2)
   Distance Learning Option: via UK exams written as AS members (see Section 2.3)
   Communications (A302): AS Examination (see Section 2.4)


Part F1
   Exemptions through Accredited University Postgraduate Courses (No need to complete
    degree/diploma) (see Section 2.5)
   Distance Learning Option: AS Examination (see Section 2.5) F106 is done via a UK exam
    written as AS members (see Section 2.3)


Part F2
   AS Examination (see Section 2.6)
   Tuition: AS Course Leader System (see Section 2.6)
   Research Option (see Section 2.9 and Appendix F)


Part F4 and A3
   AS 1-day/2-day courses (see Section 2.7)
   Work-Based Skills: Practical supervised work experience with recording of learning‘s (see
    Section 2.8)




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2.2 Accredited University Option
Accredited South African universities have had a long and successful track record of providing a
large part of the education necessary to become actuaries. The majority of students who qualify
as actuaries in South Africa have completed an actuarial degree at an accredited university.


Exemptions from the Examinations of the AS
Depending on the subjects taken at university and the marks obtained, completion of a
university degree or diploma can lead to a recommendation for exemption from some/all of the
actuarial examinations A101-A103, A201-A205 & A301-A302.


Certain universities may also offer students courses which can lead to exemption from some of
the later subjects F101-F105. With these subjects, unlike those listed above, it is not necessary to
complete a full degree/diploma in order for an exemption to be recognised by the AS. Students
often complete such subjects on a part-time basis.


Students who do not achieve the required exemption standard must write the AS examination
(see Section 2.3 ‗Distance Learning).


The application form and procedure to be followed to apply for an exemption can be found at:
http://www.actuarialsociety.org.za/South-African-Education/Exemptions-498.aspx.



Selecting an Accredited University
When a student is considering entering an actuarial programme at a university, it is important
that the student is fully aware of how many exemptions may be available on completion of the
programme, as well as the range of other subjects covered in the programme.




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Below is the list of Universities currently accredited with the AS.
UNIVERSITY              CONTACT DETAILS
Cape Town               http://www.commerce.uct.ac.za/ManagementStudies/

                        Tel: +27 (0)21 650 4375
                        Email: Com-faculty@uct.ac.za

Pretoria                http://web.up.ac.za/default.asp?ipkCategoryID=2057

                        Tel: +27 (0)12 420 3488
                        Email: johanna.hellberg@up.ac.za

Stellenbosch            http://academic.sun.ac.za/statistics/

                        Tel: +27 (0)21 808 3952
                        Email: actuarial@sun.ac.za

Witwatersrand           http://web.wits.ac.za/Academic/Science/Stats/Home.htm

                        Tel: +27 (0)11 717 6277
                        Email: Maud.Manuel@wits.ac.za

Free State              http://www.uovs.ac.za/faculties/index.php?FCode=04&DCode=117&DivCode
                        =0

                        Tel: +27 (0)51 4012945 / 2299
                        Email: schallR@ufs.ac.za or koningF@ufs.ac.za

North West              http://www.puk.ac.za/fakulteite/natuur/scsms/index_e.html
(Potchefstroom          Tel: +27 (0)18 299 2575
Campus)                 Email: bmi@nwu.ac.za



Accreditation of Universities

The AS of South Africa has awarded interim accreditation to the above universities offering
actuarial education. The level of accreditation awarded is based on the extent of the actuarial
programme(s) offered at a university and the proven ability of the university to offer sustained
actuarial education at an appropriate standard.




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The level of accreditation awarded to a university indicates the subject range for which the
university is authorised by the AS to offer exemptions, as follows:
ACCREDITATION LEVEL             EXEMPTIONS MAY BE AVAILABLE FOR THE FOLLOWING EXAMINATIONS
Level 1                         Some or all of A101-A103
Level 2                         A101-A103 and some or all of A201-A205 & A302 (optional)
Level 3                         All of the above and some or all of the A301 & F101 – F105


Please see table below for names of university and subjects for which they carry exemption
agreements.


Accredited Universities with Exemption Agreement Subjects (For update 1 January 2011)
UNIVERSITY               A1 SUBJECTS          A2 SUBJECTS         A3 SUBJECTS         F1 SUBJECTS
Cape Town                A101-A103            A201-A205           A301 & A302         F101-F105
Pretoria                 A101-A103            A201-A205           A301                F102 & F105
Stellenbosch             A101-A103            A201-A205           A301 & A302         F101 – F105
Witwatersrand            A101-A103            A201-A205           A301                F101-F105
Free State               A101-A103            A201-A205           -                   -
North West               A101-A103            A201-A205                               -


Provision of Learning Material
Universities will provide the associated learning material for each subject.

For the F1 subjects, universities may recommend that students also purchase the ActEd tuition
material.

Duration of Study
A typical actuarial student will spend four years of fulltime study at an accredited university,
though some programmes are for three years, but cover a more limited range of subjects.

Past experience has shown that about half the graduates from such university programmes may
go on to qualify as Fellows after a further five years of part-time study.




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2.3 Distance Learning Examination Option
Certain student members of the AS may not wish to go the university exemption route outlined
above, but may wish to enroll directly with the AS for examinations. Students are then able to
register to write the AS examinations when they are ready. This route can also be used by
students who have not achieved the require grade for exemption purposes at an accredited
university.


This will apply for all the subjects in Part A1 and A2, as well as A301 and F106


The dates for these examinations will be the same as those published for the UK, but will take
place at the stated examination venues in South Africa. Students will enroll through the AS for
these examinations and pay the fees to the AS. However, the papers that are used for these
examinations will be the same as for the UK examinations. Examination dates can be found in
Appendix C.


Students must follow instructions for registration for examination as indicated on the AS of South
Africa‘s website:
http://www.actuarialsociety.org.za/Registration-492.aspx



Students will have the option of tuition provided by ActEd as per the current set-up. Material for
the selected subject can be ordered directly from the UK:
http://www.Acted.co.uk



The material is distributed from Johannesburg once the order is received by, and instruction
received from, the UK.




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2.4 A302: Communication
The UK Profession discontinued their written Communications paper after the April 2010 sitting.
UK students must enroll for this subject through the UK. The AS will continue to examine this
subject directly through a written paper offered twice a year.



2.5 Part F1
The AS will be conducting its own examinations for Fellowship Principle (Part F1 series) subjects.
Two examinations per subject per year will be offered. Examinations will be set by accredited
universities to coincide with those at the end of the attendance-based university courses
(May/June and end Dec/Nov). Non university students will register with the AS and sit the
examinations at the university venue or at an AS-administered venue (i.e. administrations will be
managed by the AS). The time allocations for the university examination and the AS examination
will be the same. The AS will advise students of the examination dates at least three months prior
to the date of the examination.


An oversight examiner has been appointed by the AS to report to the Board of Examiners on the
standard and content of the papers.


It is envisaged that universities will provide attendance based tuition at least once a year in the
north (Pretoria or Johannesburg) and once a year in the south (Cape Town or Stellenbosch) for
each subject F101-F105.


Tuition support may be provided through attendance of short courses (offered by universities) or
via the distance learning option, where the material can be ordered through ActEd:
http://www.Acted.co.uk.



Advertisements for university courses will be circulated via email and will be posted on the
Society‘s website ‗Education Notice Board‘. Students may register for courses or be required to
register with the respective university for the postgraduate diploma/degree in order to
participate in the course, but do not have to complete the postgraduate diploma/degree for
an exemption recommendation to be recognised by the AS. Students only pay for the courses
they attend. The minimum entrance requirements for courses are set by the university.




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University tuition in 2011 is likely to be available as follows, though the number of course
members may be limited by the offering institution.
SUBJECT                                      FIRST SEMESTER                     SECOND SEMESTER
F101 Health and Care Principles              UCT/Stellenbosch                   WITS
F102 Life Insurance Principles               UCT/Stellenbosch                   WITS
F103 General Insurance Principles                                               UCT/Stellenbosch/WITS
F104 Pensions and Other Benefits             UCT/Stellenbosch                   WITS
Principles
F105 Finance and Investment Principles                                          UCT/Stellenbosch/WITS


2.6 Part F2
Part F2 examinations are set directly by the Society under the direct supervision of the Board of
Examiners. For dates for these examinations in 2010 please see Appendix C.

Tuition Support for Fellowship Applications subjects and Practice Modules
The AS of South Africa conducts tuition support sessions to assist students in preparing for South
African Fellowship Applications examinations.

The presentation of the courses is based on the principles of adult learning where the students
must take full responsibility for their own learning. Course Leaders will facilitate learning, but
actual learning will depend on the students‘ efforts.

The purpose of the Fellowship Applications (Part F2) examinations is to assess a student‘s
capability to practice as a Fellow actuary in a professional environment. This requires students to
analyze, evaluate and make complex judgments to solve problems. Although a comprehensive
and thorough knowledge of the practice field is an essential requirement to enable the thinking
and judgment activities, knowledge testing is not the major focus of the paper.

The presentation strategies used in the courses are therefore not based on covering the full
range of knowledge content in the field. The Core Reading for the subject will provide the
outline for the knowledge that needs to be acquired. Course Leaders will provide guidance on
other resources that should be consulted and may complement the Core Reading with
additional notes in some cases. This requires you to read and to study the assigned readings
before attending the tuition session. Core reading can be ordered from
courses@actuarialsociety.org.za




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At this level a student should take responsibility for their own studying. It will be expected that
students arrive at each of the sessions well prepared and eager to learn through active
participation. The strategies used will focus more on solving problems and the exercising of
complex judgment. Strategies will, amongst others, include the use of case studies or scenarios
for discussions or assignments.

These courses are designed specifically for each of the subjects concerned, taking into account
their unique features. South African specific legislation, regulation, taxation and practice, as it
applies to actuaries working in the appropriate specialist field, will be a feature of these courses,
as will the application of more general principles and concepts in a South African environment.

The core reading for the Generic Practice Module provides important supplementary learning
material for the F2 series of examinations.

The foundations of international best practice will be an underpinning principle.

The organisation of each course has been assigned to a Course Leader who is a senior Fellow
actuary and has an academic background, as well as being a specialist in the field.

South African Practice Modules
The focus of the Practice Modules are centered on knowledge of South African legislation,
taxation, process and regulatory structures, financial services, etc.

The Modules cover the Specific Fellowship Application core reading (F2 series) plus a generic
module. The Generic core reading will cover South African specific information where the F2
series core reading covers the subject specific information. Generic reading can be ordered
from courses@actuarialsociety.org.za

Seminar Tuition Strategy
As an alternative to a lecture/traditional course presentation strategy, most of the courses will
have components or will be presented following a seminar tuition strategy. The seminar series
times and venues will be arranged by Course Leaders to suit all concerned as far as possible.
Depending on the location of students, attempts will be made to offer support in both the
Western Cape and Gauteng. After the information of the courses is circulated via the AS mail
and posted on the web, students must contact appointed Course Leaders as soon as possible to
facilitate the planning.
Course leaders will provide guidance on resources that should be consulted and may provide a
schedule for knowledge preparation before the scheduled seminar.


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Interactive Web-Based Learning
Some Course Leaders also make use of an interactive web-based learning system which
includes core reading, lectures and other notes. Facilities for forums, electronic interactive
sessions and chat lines are included and will be facilitated by at least one senior practicing
actuary.

Individual student difficulties with particular sections of the syllabus are addressed on-line.

Face-to-face contact time will constitute workshops involving case studies which will include
practical examples and industry insights (three to five three-hour workshops).

Questions and answers will be provided to facilitate self-study.

Learning and Reading Material
Core reading for each subject as well as the Core reading for the Generic Practice Module is
provided by the AS Education Office.
The purpose of Core Reading is to ensure that tutors, examiners and students have a clear and
shared appreciation of the requirements for the examinations. The Core Reading gives a
complete coverage of the syllabus so that the appropriate depth and breadth is apparent. In
examinations, you are expected to demonstrate your understanding of the concepts in the
Core Reading. These are based on the legislation, guidance notes, etc. which are in force when
the Core Reading is published, i.e. in November in the year preceding the examinations.
Examiners have the Core Reading when setting papers.

The Core Reading is updated each year to:
   Reflect changes in the syllabus
   Reflect current practice
   Improve clarity

Core Reading may be ordered from courses@actuarialsociety.org.za or, in the case of (UK-
based) distance learning courses, from ActEd. http://www.acted.co.uk.
Students who do not attend courses may wish to order material for the related subject from
ActEd in the UK for study support purposes http://www.Acted.co.uk.
However, it should be noted that the South African courses depart significantly from the UK
courses in some cases.

Course information Information on when and how to register for scheduled courses is posted on
the Society‘s website and is also circulated to students via the AS mail. For further information,
please contact: courses@actuarialsociety.org.za.




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2.7 Professional Skills Modules Offered
2.7.1 A401: Business Awareness Module
If the following information does not answer your query, please e-mail
courses@actuarialsociety.org.za.


Registration for the Business Awareness Module
Students should have at least six months‘ work experience in a permanent position before this
module is undertaken. Where a course is over-subscribed, preference will be given to students
meeting the above requirement. Application forms are circulated via the AS email and posted
on the Society‘s website.


The application form must reach the Education Office by the deadline given on the form. Late
entries will only be accepted if places are available. Late applicants are required to complete
pre-course preparation by the deadline.


Pre-course Reading Material and Online Tutorials
The Business Awareness Module involves a 2-day course, with pre-course study and a post-
course online exam, that has been designed to help people joining the Actuarial Profession
understand:


   The business environment they will be working in, including the related challenges‘
   how to tackle business-related problems‘ and
   their professional responsibilities.


The pre-course study should take 25-30 hours and will consist of:


   Online tutorials (at www.i-coach.com/) Students will be able to study these at home if they
    have a PC, or at work with their employer‗s permission.
   Reading material to prepare for a business game (at www.i-coach.com/)
   A case study to analyze for the strategy part of the course (at www.i-coach.com/)
   Legal material (at https://vula.uct.ac.za/portaL).




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In order to benefit fully from the course, it is essential that students carry out all the pre-course
work.


The online tutorials referred to above are those that must be studied pre-course. The remainder
of the tutorials may be completed pre- or post-course and may take a further 7-10 hours. They
must be completed before taking the post-course online test.


The AS of South Africa will monitor the student‗s interaction on the i-coach website.


Students that have not done the appropriate pre-course reading, tutorials and law assignments
one week in advance of course date will forfeit their place on the course, with no refund of
monies.


Two-day course
Qualifying students will receive an attendance letter for attending the 2-day course. In order to
obtain a letter, a student must be present for all sessions of the course and take part in all
activities. The letter will be presented at the end of the course.


If a student has to cancel his or her course for other than medical reasons, all monies will be
forfeited.


The Profession reserves the right to cancel any particular course, for any reason, not less than ten
working days before the scheduled starting date of the course. Enrolled students will then have
to register for another date. Under these circumstances, there will be no additional cost to the
student.


The AS will aim to hold the courses four times per year: twice in Johannesburg and twice in Cape
Town. This is dependent on sufficient demand.


The programme runs from 08h00 to 19h30 on the first day and from 08h00 to 18h30 on the
second. Students must make their own travel and accommodation arrangements. Students may
NOT leave early on the second day. Students who leave before completion of the course will
not be given an attendance letter.




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Post-course Online Examination
The Profession recommends that the online exam should be taken within two to four weeks after
the two-day course. It is necessary to pass this examination to gain a pass in A401 (UK CT9).


The examination is not timed, but normally takes less than two hours to complete.


Students are required to take the examination without assistance. The assessment regulations of
the Profession are set out in the Examination Regulations, except that a student may refer to any
of the material received during the two-day course, either in the Registration Pack or as
handouts during the course. The pass mark for the examination is 75%.


The examination may be taken on any computer with internet access. In order to take the
examination, a student has to log into the i-coach website as usual. The examination will
automatically become accessible to a student two weeks after he or she has attended the two-
day course.


A student will be advised online whether he or she has passed or failed the examination
immediately after completing it. Students are advised to print this result for record purposes. A
student may take the exam as many times as necessary in order to pass. The AS of South Africa is
able to monitor how many times a student takes the exam before passing, but this will only be
used for generic management information purposes.


Final Completion of Module
If a student has not completed the module successfully within 18 months of being given a
Special Access Code, it will be necessary to discuss the situation with the course convener. This
may result in an additional fee becoming payable.


Passing Subject A401
Results will be published at the end of each month and entered onto each candidate‘s AS
academic record by the Society. UK Students will need to apply for Exemption with the UK.




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2.7.2 A402: Model Documentation, Analysis and Reporting Module
A402 Model Documentation, Analysis and Reporting requires attendance at a two-day course
with an assessment by way of a practical modeling assignment on the second day. The purpose
of the first day is to ensure that students understand the nature of the assessment and are
familiar with the software provided.

The successful candidate will be able to demonstrate:
•   Analysis and summary of data.
•   Development of a model to solve a numerical problem.
   Documentation of the model by way of an audit trail (including an explanation of the
    methods used and the model‘s outputs).
•   Ability to interpret and apply the results.
•   Communication of the project to a technical audience by way of a summary (including
    description of the data, assumptions, method, results and conclusions).

Prior to the course students will be provided with course notes, a practice assignment and links
to additional sample assignments. Students will be required to hand in an assignment before
being admitted to the course. On the first day of the course students will be provided with
additional information on good practice and examination requirements and be given the
opportunity to apply these principles. On the second day the assessment takes place under
examination conditions.

Registration forms are circulated via the AS email and posted on the Society‘s website.
Registration forms have to reach the office by the closing date on the form.

Prerequisites
Actuarial students should only apply if:

   They have passed all the subjects in the A100 and A200 series (CT1 – CT8). A pass in another
    subject in the A300, F100 or F200 series may be substituted for a pass in the A100 and A200
    series.
   They have at least one year of actuarial work experience.
   They have employer approval.
   They have worked through the sample projects on the UK Profession‘s website
    http://www.actuaries.org.uk/students/pages/ca2 under the links Student, our exams
    explained, practical Exams, Subjects CA2, Past Papers section.
   They have a working knowledge of computer based spreadsheets and word processing
    packages (specifically MicroSoft Office version 2007.



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It is also recommended that candidates gain experience of performing calculations and
developing models in spreadsheet based packages before attending the course.


For Re-takers
Please note that attendance of the one-day examination only is exclusively for candidates who
have previously attended both days of an A402 (UK CA2) course and exam. In addition the
candidate should have attained at least a FA or received exam Counselling since the previous
exam.


Allocation of Places
The offering of the course is dependent on sufficient demand. In the event of a course being
oversubscribed, the AS applies selection criteria. Priority will be given to students who are closest
to qualifying, after which a first-paid-first-served basis will apply. Where selection criteria for
oversubscribed courses are applied, students who are not selected will retain their credit on the
AS‘s account.


Confirmation of Registrations
Student registration for courses will be confirmed seven working days after the closing date by
email.


Cancellations
No refunds will be provided in the event of students withdrawing from the module.
If a student withdraws, and thereby creates a vacancy for another student, the vacancy will be
filled at the AS‘s discretion. Neither the withdrawing student nor his/her employer will have any
say in who takes the vacant position on the module.


The Profession reserves the right to cancel any particular course, for any reason, not less than ten
working days before the scheduled starting date of the course. Enrolled students will then have
to register for another date. Under these circumstances, there will be no additional cost to the
student. In this event, all fees will be refunded.




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Pre-course Material and Assignment
Pre-course material (including the ActEd full course material) will be provided to the student. A
pre-course assignment will be emailed to applicants shortly after the closing date. Your
completed attempt at this assignment must be emailed, and submitted one week before the
module start date, otherwise you will forfeit your place. Submission details will be provided with
confirmation of registration. You also need to bring an electronic or paper copy of your attempt
along for use on the first day of the course.


Passing subject A402
Results will be released in the 12th week after the completion of the examination and entered
onto each candidate‘s AS academic record by the Society. UK Students will need to apply for
Exemption with the UK.




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2.7.3 Professionalism – subjects A404 & F304
Professionalism Courses for Newly-Qualified Actuaries
The satisfactory completion of the Professionalism Courses for Associates and Fellows is a
requirement for admittance as an Associate or Fellow member of the AS of South Africa.


After the publication of the results of each F200 examinations series, registration forms for the
Professionalism Courses are circulated via the AS mail and posted on the Society‘s website.
Newly qualified applicants must submit their registration forms before the stated closing date.


Note: Preference for these courses will be given to candidates who have completed all the
other requirements for Associateship and Fellowship, including Practice Modules, and who are
most advanced in their Work- Based Skills (WBS) requirements.


Learning Objectives
The Professionalism Courses provide members with an opportunity to reflect on what it means to
be a professional. It aims to facilitate knowledge of the obligations, risks and responsibilities of
being a member of the actuarial profession. It also seeks to strengthen the professional network
of those attending.

At the completion of the course, participants should be able to:

   Understand the meaning of professionalism.
   Apply the principles of ethical decision-making.
   Know how to deal with conflicts of interest.
   Describe the obligations and responsibilities of a professional.
   Understand the standards expected of members by their colleagues, their employers, their
    clients, the public and the regulators.
   Understand the key features of the Professional Conduct Standards applicable to actuaries
    in South Africa.
   Identify unprofessional conduct and know how to deal with it appropriately.
   Identify situations where other expertise is required.
   Appreciate the importance of Continuing Professional Development.
   Reflect on the future of the actuarial profession and on how to contribute to its success.




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Topics
The following topics will be covered through a combination of prescribed reading, group
discussions, and participation by delegates in presentations and role playing, and presentations
by experienced actuaries:


   The definition and characteristics of a profession.
   The framework adopted by the AS for developing the profession, consisting of cognitive,
    normative and organisational strands.
   The Professional Conduct Standards and the Actuaries‘ Code.
   Corporate Governance in the AS, including the workings of the Disciplinary Scheme.
   Regulatory roles of actuaries and the specialised requirements set for actuaries in reserved
    roles.
   Continuing Professional Development requirements.
   Issues facing the profession, including ethical dilemmas.


Learning resources
Delegates will be required to prepare before attending the course. They will have to complete
preparation work on case studies and read documents identified as prescribed reading.
Delegates may be required to do a Multiple Choice Questionnaire on day 1 of the course.


The following documents will be included as prescribed reading:


   Conflicts of Interest and the Actuary, a memorandum by Mort and Hunter from Edward
    Nathan & Friedland, dated 2 July 2002.
   Professions in Society, a paper by C.S. Bellis, presented in 2000.
   Planning Lifelong Professionalisation Learning for Actuaries, a paper by M.W. Lowther and W.
    McMillan, presented in a slightly different format at the Actuarial Conference of South Africa
    in 2006 and published in the South African Actuarial Journal in 2006.
   The Professional Conduct Standards and The Actuaries‘ Code, issued by the UK Professional
    bodies, as well as the Professional Conduct Standards of the AS of South Africa.
   The CPD requirements of the AS of South Africa.
   A number of case studies.




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2.8 Work-Based Skills (WBS)
The AS is keen to develop the practical aspects of your training as well as the theoretical
aspects. The work-based aspect of your training is a further opportunity for you to learn. Work-
Based skills offer the opportunity to understand how practical considerations can affect
theoretical models. In addition, you develop personal skills in the work environment. We want to
encourage you to develop a culture of self assessment and professional development to help
you to plan your future as an actuary. We also want to encourage you to discuss ideas and
thoughts with colleagues. Work-based Skills forms an important part of the route to qualifying as
an Associate or a Fellow.


All students who became a member of the Faculty of Actuaries or the Actuarial Profession or the
AS after 30 June 2004 must meet the WBS requirements in order to qualify as an actuary.


Students who have already commenced with WBS via the UK system, but who intend to qualify
through the AS of South Africa must register for WBS with the AS in South Africa. Credit will be
awarded for skills already acquired, as well as time completed.


University students need to join the AS if they wish to start their WBS learning log during periods of
work experience.

WBS needs to be done through an employer who is registered as an Actuarial Training Office
(ATO) with the AS. Registration as an ATO is free, and students should check whether their
employer is an ATO. An ATO does not need to have a qualified actuary working for it. A list of
ATOs can be found on the AS website http://www.actuarialsociety.org.za

Key Areas
The aims of the work-based learning period cover the acquisition of specific skills in the following
key areas:
   Technical application of actuarial skills
   Judgment
   Professional and ethical
   Communication
   Commercial
   Information technology
   Management




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In addition, bearing in mind the continuing development aims, skills associated with being a
positive, reflective learner will also be emphasised.


You are required to maintain a learning log of your programme of professional development.
This must cover a period of three years for Fellowship and one year for Associateship.


Definitions
Supervisor: This will typically be your manager at work who will be doing your regular appraisals
and will be able to influence the learning opportunities made available to you.


It is expected that you will meet the supervisor on a regular basis. The purpose of these meetings
is to:

◗ review your progress to date

◗ discuss what skills should be addressed in the next review period


Mentor: A Fellow member of the Society who reviews your learning activities undertaken and
discusses future activities with you. The mentor will be responsible for monitoring your
development during the learning period.


You will be expected to meet with your mentor at least once a year. The purpose of these
meetings is to:


    Review your progress to date
    Discuss review questions that you have answered
    Discuss what skills should be addressed in the next review period
    Consider what training is needed – both on-the-job and through relevant courses


The mentor will need to sign off the student‘s learning log for a review period (i.e. annually).


The mentor is required to sign-off on the annual WBS form to the AS indicating that he/she had
discussed your development and that you have complied with WBS for the period. At the end of
the process the mentor will provide the final sign-off when you have completed the WBS
programme.




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2.8.1 Student requirements: Associateship Level
The WBS requirements for students to qualify as an Associate member of the Society are as
follows:


a) Students must have a minimum of one year‘s work experience.
b) Students must maintain a ―learning log‖ which includes:
          completing a review form documenting the skills acquired (See AS website),
          completing a minimum of four review questions,
          attending formal learning activities (minimum of 10 hours), and
          arranging periodic reviews with their supervisor, as well as their mentor.


c) On completion of the actuarial examinations and steps a) and b), students must submit their
―Final Sign-Off Form‖ to the AS which has been signed off by the mentor (See AS website).


2.8.2 Student requirements: Fellowship level
The WBS requirements for students to qualify as a Fellow member of the AS are as follows:


a) Students must have a minimum of three years‘ work experience.
b) Students must maintain a ―learning log‖ which includes:
          completing a review form documenting the skills acquired as well as an annual sign off
           form (once every 12 months) (See AS website),
          completing a minimum of 12 review questions (over three years),
          attending formal learning activities (minimum of 30 hours over three years),
          arranging periodic reviews with their supervisor to discuss the review form as well as the
           review questions, and
          arranging periodic reviews with their mentor


c) Students must submit their annual sign-off form on an annual basis to the AS.
d) On completion of the actuarial examinations and steps a) and b), students must submit their
―Final Sign-Off Form‖ to the AS which has been signed off by the mentor (See AS website).




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2.8.3 The Review Questions
You are expected to answer review questions that aim to make you reflect on your current work
experience, e.g. discussing the questions with colleagues before presenting a reasoned answer
as part of the evidence for the next mentor review.


The answers would typically be not more than 1 000 words and the emphasis is on content rather
than literary style. Where appropriate, bullet points or notes may be used in preference to an
essay. The mentor may require you to add to the answers provided if it is felt that insufficient
thought has been given to the question.


As an alternative to completing a review question, you will be allowed to put forward a piece of
work or assignment that you have done at work which is a demonstration of your learning and
development, e.g:


   a PowerPoint presentation set up by you,
   a model that you have built with an audit trail, or
   an original letter that you have written to a client (internal or external) dealing with an
    actuarial principle, etc.


In each case, a short paragraph will be required to describe what the purpose of the
assignment was and what you have learned from the experience.


Students will be allowed to put forward a maximum of six assignments in combination with six
review questions. Every one of the seven dimensions must be addressed by at least one of the
assignments/review questions and the remaining questions/assignments can be drawn from any
key dimension.

Students for Associateship are required to answer a minimum of four different questions covering
four different key dimensions. Students for Associateship will be allowed to put forward a
maximum of two assignments in combination with two review questions.
It is also possible that you might revisit a question/ assignment at a later stage in your training.

For Fellowship, you are required to answer a minimum of twelve different questions/assignments
with at least one question/assignment addressing each key area. The remaining
questions/assignments can be drawn from any key area.



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A record of review questions addressed and a note on the discussion should be included as part
of the review on skills acquisition. Your attempts on the review questions will normally be
attached.

2.8.4 WBS Registration Form
You will be sent a WBS Registration Form when you join the Society, for completion and return
within one month of receipt, on which you must provide details of your nominated mentor. If you
do not know who your mentor is at the time of joining or are not working when you join the
Society there is an option to defer the start of your WBS.

2.8.5 Time taken for Acquisition of Skills
Students must start maintaining their learning logs on joining the profession. Your log must then
be reviewed twelve months after joining to ensure there has been time for evidence of
development. After one year, if the mentor is satisfied, the work-based learning requirements for
the Associate qualification will have been met. After three years, with periodic reviews (at
twelve month intervals), if the mentor is satisfied, the work-based learning requirements for the
Fellowship qualification will have been met. This period of time helps to ensure that you have an
exposure to a variety of work and technical situations and to develop your professional
judgment. While these are the normal time periods, special cases will be considered. You will be
required to continue your learning logs up to qualification, as these can then form the basis of
records for Continuing Professional Development (CPD).


2.9 F200: Research Option
The AS has introduced an alternative form of assessment at the Fellowship Applications (F200)
level comprising a research degree. This allows a route for students interested in research to
progress towards becoming a Fellow of the AS by undertaking original research as an alternative
to completing one of the Fellowship Applications examinations set by the Society.

Candidates must register for a postgraduate degree (at Masters or higher level) in actuarial
science at a South African university accredited by the AS for this purpose, and in addition
register for the research assessment in F200 by completing the AS registration form.

The proposal for the research will be expected to be of the level of an MPhil or PhD research
degree and must be agreed with the supervisors and the Board of Examiners.

For full details on the Regulations for the Awarding of the F200: Research Option - Appendix F.




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3. International Recognition and
Transition
This section sets out the detail of the transitional arrangements from the UK education system as
well as the international recognition that ensures that the South African qualification is part of the
family of world class and globally recognised actuarial qualifications.



3.1 Transitional Arrangements
3.1.1 Transition from the UK System
In the transition from the UK to the South African system, the primary aim was to ensure that all
credits recognised under the UK system carry through to the South African system and that
students will not lose any UK credits earned prior to the end of 2009. Therefore all UK credits will
have a one-to-one mapping to a credit in the South African system. Where the UK subject does
not have a direct South African equivalent (such as SA5 and ST6) a credit for a subject at the
appropriate level will be given on the South African system. A table of South African subjects
and the equivalent UK subjects is in Appendix B. These credits will be transferred free of charge
at whatever point the student chooses to join the South African system.

Any credits earned for UK subjects passed after 2009 and recognized under the Mutual
Recognition Agreement (see section 3.2.2) will require the payment of an exemption fee before
it will be recognized as an AS credit.

3.1.2 Practice modules (F211 to F215)
These subjects became a requirement to complete the FASSA qualification from September
2008, and all students who did not attempt any UK Specialist Applications subject (UK or South
African version) before September 2008 are required to complete a full Practice Module (one of
F211 to F215) as part of the FASSA requirements.

Students who attempted a UK Specialist Applications (UK or South African version) subject
before September 2008 but did not pass any of those subjects by that date are required to
complete the generic part of the Practice Module only. This has the special subject code F210
and consists of questions on general financial services practice in South Africa only (subject F211
to F215 include this generic part as well as questions on the specialist area covered in the
related, F201-F205, subject).



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Students who passed a UK Specialist Applications subject (UK or South African version) prior to
September 2008 are exempted from the Practice Module requirement for completing the FASSA
qualification.


3.1.3 Work-Based Skills
All AS students who have commenced Work Based Skills (WBS) after January 2009 need to be
registered with AS for WBS and are required to comply with all set requirements and periods.
AS Students who have already commenced with Work Based Skills (WBS) via the UK system must
register for WBS with the AS. Credit will be awarded for documents completed as well as time
completed. Students have to indicate on their registration form when their WBS period started
and this will include WBS via the Faculty and Institute system. Students must keep all documents
(answers to Review Questions and Review Forms) completed during the WBS period in case the
AS requests students to hand in their WBS documents for random assessment.


Students that joined the UK Profession prior to 30 June 2004 and were not required to complete
the UK WBS in order to complete a UK qualification, will also not be subject to the South African
WBS requirements to complete an AS qualification with the Society. However, these students will
still need to demonstrate three years ‗relevant work based experience for the Fellowship, and
one year for the Associateship. This includes Faculty students who were previously not subject to
a work-based experience requirement, who will then be required to submit evidence certified
by a Fellow actuary of the required period of work based experience.




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3.2 International Recognition
3.2.1 Mutual Recognition Agreements

A Mutual Recognition Agreement (MRA) is a formal agreement between two professional
actuarial organizations formalising recognition of each other‘s professional qualification
(Associates and Fellows) as equivalent to their own, and certifying that they will award members
of the other country membership of their professional body after complying with certain
specified professional requirements.


At the core of the agreement lies a mutual recognition of equivalence of education standards.
For the South African qualification, mutual recognitions effectively provide our qualification with
international recognition and our actuaries‘ equal status as world class professionals. We
acknowledge the importance of mutual recognition, given the global mobility of the profession.


On 29 May 2009 the AS of South Africa signed an MRA with the UK Profession. Further mutual
recognition agreements were signed with the Institute of Actuaries of Australia on 13 November
2009 and the Society of Actuaries in Ireland on 3 March 2010.


3.2.2 Details on the mutual recognition between the AS and the Faculty and Actuarial
Profession
The main part of the mutual recognition is at a qualification level where Associates and Fellows
will be able to get the respective professional qualification of the other organisation after a year
of work experience in the other country, passing the Practice Module of that country, and a few
other professional requirements.


Subject passes will be recognized mutually on a one-to-one basis up to Associate level, on the
payment of exemption fees. This will not apply to A302 after the middle of 2010. Note however
that all UK credits earned before the end of 2009 will be recognised in the South African system
indefinitely, and recognition of these credits by the AS will be at no further cost. There is no
subject-by-subject recognition for the Fellowship level subjects (Part F1 and Part F2) so students
at this level must pass all of the required examinations of one professional body for these parts of
the qualification.




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The full text of the UK/Society MRA can be found on the AS website at
http://www.actuarialsociety.org.za/Portals/1/Documents/bcda23b6-dd2c-456a-9509-4d9af51a7fc6.pdf



Students and other members who intend to use any aspect of the MRA for recognition of all or
part of a qualification are advised to read all the detail of this treaty.


3.2.3 International Actuarial Association
The actuarial qualifications of the AS are recognized by the International Actuarial Association
(IAA) as fully compliant with the educational requirements of the IAA. Fellows and Associates of
the AS are recognized as Fully Qualified Actuaries in terms of membership of the IAA.


3.2.4 Recognition of FASSA in the Rest of Africa
The regulations of Botswana, Ghana, Lesotho, Malawi, Swaziland, Tanzania, Uganda and
Zambia make no specific reference to the professional qualifications of an actuary in a statutory
role. In all of these countries, we believe that a member with the FASSA designation will be able
to perform a statutory role. In all of these instances, the regulator of the countries should be
approached to approve a specific individual performing a statutory function.


The regulations of Kenya, Mauritius, Namibia, Nigeria and Zimbabwe refer to specific actuarial
designations for statutory roles, but do not in include FASSA, although in most cases there is some
latitude for the regulator to approve individuals at their discretion. In particular, for Kenya,
Mauritius and Namibia, we have written indication from the regulator that they would consider
those with FASSA designations in these statutory roles.


The AS will continue to engage with regulators and local actuarial societies in all of these
countries to promote the recognition of FASSA and ensure formal recognition in local legislation
where necessary. In many cases, legislation will need to be revised shortly to reflect the
changed organisation of the UK Profession.




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4. Examinations and Exemptions
This section contains practical details on study, exams and exemptions and should be read in
detail before commencing any actuarial studies.



4.1 Planning a Route through the Examinations
Foundation Technical and Intermediate Technical
When attempting the Foundation and Intermediate Technical subjects it is worth remembering
that some subjects build upon others. There are therefore some logical routes through the
subjects if you are doing these subjects for the first time using the distance learning option
(university degrees will be structured to teach the material in a logical order). The particular
route chosen may depend on the area in which you are working or on any exemptions you
have been awarded.


A103 – Finance and Financial Reporting assumes some knowledge of A201
A202 – Models assumes knowledge of A201 andA101
A203 – Contingencies assumes knowledge of A101, A201 and A202
A204 – Statistical Methods assumes knowledge of A101 and A202
A205 – Financial Economics assumes knowledge of A102, A201 and A202
Anyone working in general insurance may prefer to take A204 at any stage after studying A201
or if you are working in investment, you may prefer to take A102 and A205 before A202, A203
and A204.


This is not a compulsory sequential order. You should decide your own route through the
Foundation and Intermediate Technical subjects based on your preference and experience.




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Fellowship Applications
The Fellowship Applications subjects require the student to have both knowledge of South
African practice and a good understanding of practical issues. Students with little practical
experience may find these subjects difficult if they attempt them early in their career.


A practical approach will be expected from candidates in all subjects. While evidence of
practical experience may help the candidate, it will not be demanded, but breadth of
knowledge and evidence of judgment are to be expected of candidates taking the Fellowship
Applications subjects.


Statistics from analysis of previous examination results under the UK system have shown that
students who attempt the equivalent of a Fellowship Principles subject and the linked Fellowship
Applications subject in the same examination session are less likely to attain a pass in both than
students who write the subjects in separate sessions. This suggests that the amount of work
required to take a subject at the Fellowship Principles and Fellowship Applications stages
together is often underestimated. It also emphasises the need for students to develop maturity of
thought and understanding before attempting the Fellowship Applications papers. If these
subjects are to be attempted in one examination session, we recommend that this is done
towards the end of a student‘s attempts at the Fellowship Principles series, rather than at the
start.




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4.2 Guidance on Study Hours and Examination Preparation
The actual amount of time each student needs to spend on a particular subject will vary from
student to student. Quality of study time is more important than quantity of study time. The
following minimum guidelines are suggested:


SUBJECT                                            STUDY TIME
Foundation Technical Subjects (A101-A103)          Between 125 and 150 hours, depending on the
                                                   subject and an individual student‘s past
                                                   education background in the subject. (per
                                                   subject)
Intermediate Technical Subjects (A201-A205)        200 hours
Actuarial Risk Management (A301)                   600 hours
Model Documentation, Analysis and Reporting        Students should allow 20 to 30 hours to work
                                                   through the course material, pre-course
(A402)
                                                   assignment and sample assignments on the
                                                   website (this assumes that some preparation
                                                   for this module forms part of the Work-Based
                                                   Skills) plus a two-day course
Communications                                     50 hours
Fellowship Principles subjects (F100)              400 hours
Fellowship Applications subjects (F200)            600 hours
Practice Modules                                   40 hours


Students studying at the same time as working will need to be mindful of the examination dates
for the various subjects that take place at different times of the year, and the demands of their
own working schedule. Students should also be aware that adapting to studying and working on
a full-time basis can take time, and be realistic when entering for examinations.




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4.2.1 Examination Preparation Sessions
Many examiners with experience of marking actuarial scripts have noted that students may be
unsuccessful, not because they do not have the fundamental knowledge and understanding of
the subject, but because they have weaknesses in their examination technique. This is
particularly true for the later academic subjects (A301, F100 & F200 subjects). The AS offers
sessions in Johannesburg and Cape Town a few weeks before each examination session to assist
students in developing good examination skills. Notice of sessions will be circulated via email.
Booking is required to ensure adequacy of venue and parking facilities.



4.3 Examination Arrangements
The AS of South Africa offers their assessments under formal assessment regulations. The full
examination regulations are set out in Appendix E Please ensure you are aware of these.


These regulations apply specifically to the examination run by the AS in the F1 and the F2 series
(and from the second half of 2010 in A302). The AS examinations that use the UK papers in the
A1, A2 and A3 series will be run under regulation of the UK examinations which are similar but
should be checked at http://www.actuaries.org.uk.


4.3.1 Examination Entries
A notice confirming that registrations are open for the appropriate session will be circulated by
e-mail and posted on the Society‘s website with the examination registration forms.

When downloading an examination entry form from our website, students are asked to ensure
that they have completed the correct form for their category and included their AS membership
number and ARN and name where applicable.

If you require Special Requirments, please complete the normal examination entry form and the
Special Requirements form.

Examination entry forms must be returned to the contact details provided on the entry form and
must be accompanied by the appropriate fee.

The AS will soon open a facility for entering for examination online. Please follow the directions
which will also be on the website.




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Late entries will not be accepted for any examination
Examination entry applications received after the closing date will not be accepted.
Candidates are advised to submit entry applications well in advance of the closing date it is the
personal responsibility of each student to ensure that the Registrar has received your
examination entry by the closing date. No allowance will be made for any errors or omissions by
candidates, employers or other persons, by the postal authorities or failure of transmission by fax.


Confirmation of receipt
Confirmation of receipt of examination entries will be published weekly on the AS website during
the registrations period. This website confirmation will also confirm the examination centre you
have selected and papers entered. Please check the details carefully and advise the Registrar
immediately if they are not correct. If you do not receive an acknowledgement, please contact
the Registrar registrar@actuarialsociety.org.za by the closing date for entries at the latest.


Bulk entries by companies
Some students pass their forms to the personnel or training department of their company which
forwards entry forms in bulk to the Society with the appropriate fees. If this approach is used by
your employer, please request the contact person from your employer to contact our registrar
registrar@actuarialsociety.org.za for appropriate guidance on bulk submissions. Always check,
allowing sufficient time to take remedial action, if necessary, that your entry has been processed
by your company, and received by the AS


If your company pays by EFT or by transferring a payment into our account, then you must
ensure that the details are sent to us confirming what and to whom the fees relate. If we receive
fees without the paperwork or the paperwork without details of the fees then we cannot process
the entry. Electronic payment must be made in good time to ensure that the payment is
received in our account before the closing date.


For those students who submit entries close to the closing date please be aware that you are
unlikely to receive confirmation of receipt of such an entry until a few days after the closing
date. This can cause problems if there are any discrepancies which need to be rectified.




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Students joining the AS who wish to enter the examinations must have been confirmed as
student members, having paid any fees and subscriptions due or outstanding, at least two
weeks prior to the relevant closing date for entry to the examinations.


We are unable to accept any entries that are received after the closing date due to our very
tight schedule for dispatching examination material to centre‘s and examiners, including
candidate lists, after the closing date. Forms received after the closing date will be destroyed.


Entry Changes – Candidates must ensure that their entry application is completed with the
correct examination(s) and centre location. Any changes requested to examination entries after
the closing date must be made in writing. Each case will be considered on an individual basis.


Examination Permits
An examination permit will available for download from your student record site, no later than
three weeks before the examinations, advising you of your candidate number, to be quoted on
your examination script. A weekly report on permits sent out will be published on the web. Please
contact the registrar if you have not received your permit three weeks prior to the examination.
The permit will include examination centre address details and the time of the examination.
Again, please check the details to ensure that they are correct.


4.3.2 Examination Centers
A list of available examination centers is provided in the instructions that accompany the
examination entry form as well as on the website. Candidates wishing to sit at a centre not
shown in the entry instructions must make early application. Requests for additional centers will
be considered based on demand and availability. The deadline for such applications will be
displayed in the entry instructions and requests made subsequently cannot be considered.




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Addresses of the current examination centers
Cape Town (Venue 1)
Sanlam Training Centre
Strand Road
Bellville
Parking – behind Antoon Benning Flats. This is the only area to be used by examination
candidates.


Cape Town (Venue 2)
Metropolitan
Learning Resource Center 7/G
1 Mispel Road
Bellvile


Durban (Venue 1)
University of Kwazulu Natal
Innovation Centre
Gate 9
Francois Road
Durban


Durban (Venue 2)
EG Malherbe Library (UKZN)
Examinations Department
Room 449
Level 4, Shepstone Building
Howard College Campus
King George V Avenue
Durban
Parking – at Gate 6, outside the Main Gate. This is the only parking available.




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Johannesburg (Venue 1)
UNISA
Florida Campus, Block C Room 609 & 309
Cnr Christian de Wet and Pioneer Road,
Florida, Johannesburg


Please Note: Examination centers change from time to time. Students will be informed of such
changes, but please check the student notice board.


4.3.3 Candidates with Specific Requirements
Special needs may constitute:
   Candidates with disabilities, and
   Candidates requesting alternative examinations arrangements (e.g. overseas candidates).


Note:
Arrangements for any given special circumstance will not automatically be transferred to any
other examination session.


Candidates with Disabilities
Candidates requiring special arrangements because of disability, dyslexia, Repetitive Strain Injury
and long term injury, etc. must inform the Registrar when they first submit an entry application.


All such applications must be clearly titled “Specific Requirements “and must be sent separately
to any other applications. All ―specific requirements‖ applications must consist of a completed
application form, an explanatory covering letter and supporting documentation, such as a
medical certificate or doctor‘s note.


In order to set up appropriate arrangements, we would ask students to submit their applications
a minimum of two weeks before the closing date. Please ensure the medical evidence or report
is provided at least three weeks before the start of the examinations, and, where applicable,
also include an indication by the medical practitioner for the extra time requirement.




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Applications will be kept on file and the same arrangements will be made for each subsequent
entry as long as candidates indicate this is still required by ticking the appropriate box on the
entry form. If any changes to the current arrangements are required, candidates must inform the
Registrar at registrar@actuarial.org.za and provide supporting documentation as above.


The AS reserves the right to contact those students requiring special arrangements on a periodic
basis to obtain up-to-date medical information.


Procedure for requesting alternative examination arrangements
Please consult ‗Candidates with Specific Requirements‘ on the website for the policy and
application form
http://www.actuarialsociety.org.za/South-African-Education/Examinations/Logistics-493.aspx



Cancellation of Examination
If your attempt to sit an examination which is suspended, cancelled or otherwise nullified
because of reasons such as load shedding or environmental factors (whether before, during or
after the examination sitting itself) the AS will waive the fee for your next attempt at that
paper(s). The Society reserves the right to decide not to reschedule any examination or to
provide any compensation.




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4.3.4 Fees Refunded and Carried Forward
Refunding of Examination Fees
The AS of South Africa concedes that in certain situations, it may be reasonable for candidates
to request that the examination fees that they have paid for an examination that still needs to
be written be refunded to them or be carried forward as credit towards a future examination
session.


Note: For Modules offered by the AS please refer to policy as indicated on appropriate
registration forms.


Definition of terms
―Examination fees‖ are any fees paid to the AS in order to allow a student to write an
examination of the Society.


A ―Refund‖ is the payment to the student, in full or in part, of examination fees paid to the
Society.


―Carrying forward of fees‖ is the recording of a portion of the amount paid by the student in
examination fees as a credit towards payment of examination fees for a future examination
session (or for any other services provided by the AS).


Conditions for Refunds
Before examination registration closing date:
AS refunds will only be given to those who pay the full fee and submit a Fees Refund Application
form to the exam team on or before the exam closing date. Supporting documentation is not
required with this form. No administration will be charged.




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After the exam registration closing date (post closing date application):
Refunds will only be given to candidates who pay the full fee and that are unable to sit the
exam due to circumstances beyond their control, such as illness or accident. Post closing date
applications must be sent to the Exam Team within three weeks of the exam date. All refunds will
incur an administration charge of 20% of the exam entry fee. Post closing date refunds
applications must consist of a completed application form, an explanatory covering letter and
supporting documentation such as a medical certificate or doctor‘s note.


Examples of acceptable forms of supporting documentation are:
   Unexpected illness/injury – medical certificate or doctor‘s note
   Incident/emergency – police or fire certificate
   Death of family member – death certificate or letter from employer
   Unexpected loss of job – letter from employer (termination of contract)
   Job commitment – a signed letter on a company letterhead from management stating your
    unavailability.


The following situations are not acceptable grounds for a refund:
   Not prepared for the exam
   Event on same day – wedding, holiday, business meeting, etc
   Pre-existing medical condition
   Moving house
   Did not receive exam permit


Please return your completed form to the Registrar at registrar@actuarialsociety.org.za

No fees carried forward will be given if a candidate is present for the examination.

Review and amendment
Any amendment to the terms of this policy must be made through a legitimate decision of the
Council of the AS. This policy will be reviewed in September 2011.


Please refer to the Society website for forms to be completed.




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4.3.5 Electronic calculators
Candidates may use an electronic calculator in the exam subject to the following conditions:


   They must bring their own calculator. No one will be given any extra time if they choose not
    to use a calculator or if a calculator breaks down in the course of the exam. Exam
    supervisors will not have extra batteries or calculators.
   Under no circumstances should hand-held personal computers of any description be taken
    into the exam room.
   Calculators must be silent, be visual display only, and be battery or solar powered.
   Any stored data or stored program facilities must be cleared before the calculator is taken
    into the exam room.
   Candidates should show all intermediate results for their calculations to gain full marks for a
    correct answer.


Only the following calculators are permitted:


   Casio FX82 (with or without any suffix)
   Casio FX85 (with or without any suffix)
   Hewlett Packard HP9S
   Hewlett Packard HP12C (with or without any suffix)
   Sharp EL531 (with or without any suffix)
   Texas Instruments BA II Plus (with or without any suffix)
   Texas Instruments TI-30 (with or without any suffix)
   The above list is reviewed each year by the ECPD Board


4.3.6 Examiners’ advice on rounding calculations
Differing answers may be obtained depending on whether figures obtained from tables or from
calculators are used in the calculations but candidates are not penalized for this. However,
candidates may be penalized where excessive rounding has been used or where insufficient
working is shown.




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4.3.7 Cheating
Any incident of alleged cheating in the examinations is taken very seriously. While there have
been very few cases of alleged cheating in actuarial examinations, anyone caught attempting
to cheat will be risking their Professional membership. Details can also be found in Examination
Regulations in Appendix E.


4.3.8 Examination results
Publication of Examination Results
Pass lists will be officially published on the AS‘s website on the dates indicated in the Education
Calendar. The names of successful candidates in each examination will be published in
alphabetical order (by surname).


Examiners’ comments on failed candidates
Unsuccessful candidates will be notified of their grades of failure, which will be FA, FB, FC or FD
(except A401-CT9, which is only graded F in the case of a fail). Any grade of failure shown is an
indication of the overall standard achieved. The mark ranges below are given to assist those
candidates who have failed the examination to assess the degree of improvement required.


FA 1–5 percentage points below the pass mark
FB 6–15 percentage points below the pass mark
FC 16–25 percentage points below the pass mark
FD More than 25 percentage points below the pass mark


An FD grade (or repeated FC grades), after proper and full preparation, suggests that a
candidate should consider their plans carefully and seek advice where appropriate. It might be
helpful to talk to an actuarial colleague, to consider examination counselling or to approach
the Course Coordinator or BOE Administrator


Pass marks
As a matter of principle, we do not publish pass marks but look at performance of students from
session to session and adjust the pass mark in any one session to be consistent and ensure the
students who pass are qualified to work as Actuaries.




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Board of Examiners’ Reports
Reports by the Board of Examiners on individual subjects of the examinations and a copy of the
relevant examination papers are made available on the website from the results publication
date. Questions papers for practice Modules are not made available since the questions in the
multiple choice banks may be used again.


4.3.9 Examinations appeals policy and procedure
This section contains details of the current examinations appeals policy and procedures. It
explains the rights to an appeal against a decision of the Board of Examiners. It also applies to
other forms of assessment which form part of the qualification process.


All requests under the Appeals Policy and Procedure will be treated impartially and
confidentially and will not impact in any way on future assessment decisions on individual cases.


The Director of Education is responsible for overseeing and managing the administration of the
appeal process, including monitoring the progress of appeal reviews and ensuring adherence to
time scales.


Right of Appeal
You may make an appeal on the following grounds:
   you believe that an administrative or procedural error has occurred, and/or
   you believe that the grade awarded was inappropriate.


Once an appeal is requested, an initial check will be made in the Registry to ensure that no
obvious administrative mistake has been made. In the unlikely event that such a mistake is
found, which materially affects the result (i.e. pass rather than fail), then the result will be
amended accordingly and the appeal fee will be refunded in full.




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Outcome
There are two possible outcomes to the appeal application:
   an improvement to your result for the assessment (i.e. pass rather than fail), or
   no change in your result for the assessment.


Procedure
   An Appeal Form (available on the website) must be completed and sent with the
    appropriate fee and received by the Registrar within 10 working days of the publication of
    the results. All requests should be sent by recorded delivery to the Registrar. You may also fax
    or email the appeal form. Please see the contact details section for where to send the form.
   The receipt of an appeal form will be acknowledged within five working days. The Society
    reserves the right to refuse applications for an appeal that are received after the deadline.
    Any applications for an appeal not accompanied by the appropriate fee will be refused.
   The Registrar will then forward the appeal form along with your examination script and
    relevant examination materials to the assigned Principal Examiner who will undertake a
    scrutiny of the answer paper to ensure that the marks awarded are appropriate.
   The Principal Examiner will then send the examination script with comments and a
    recommendation to a nominee for final consideration and for quality control purposes.
   The Principal Examiner will submit a report and the script to the Director of Education, and
    the Chairman of the Board of Examiners.
   The Director of Education will send the appeal result letter to you. A copy of the appeal form
    and appeal report letter will be retained with the script at the Education Office for one year
    after submission of the appeal.

In the event that an appeal results in a revision of the original examination result, you will be
notified and the fee will be refunded accordingly. If the original result is not revised, the appeal
fee will not be refunded.

Once the appeal has been completed and the result communicated to you, the Society will not
enter into any further correspondence regarding the appeal.

Turnaround time for processing the appeal
You will normally receive the results of an appeal from the Director of Education no later than 30
working days after receipt of the appeals request form at the Education Office. If an undue
delay is expected (e.g. due to illness, holidays) then you will be notified.




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Appeal fee
A fee of R5 000.00 is payable for each paper reviewed.


Additional important information
Examination counselling
If you wish to have examination counselling in case your appeal fails, you have to apply for this
before the examination counselling closing date. Processing of the appeal will always take
precedence over the examination counselling.


Registering to re-sit a failed examination whilst an appeal process is in progress
Whilst you are awaiting the outcome of an appeal you should not wait for the result before
applying to re-sit the examination that is under review or appeal, and/or other examinations. An
outstanding appeal does not exclude you from the deadline dates for submission of
examination entries. In the event that an appeal results in a change of a fail grade to a pass, a
full refund of any examination entry fee paid for subsequent relevant examinations will be
made.


Monitoring of reviews and appeals
The Director of Education will monitor appeals made and their outcomes and prepare a bi-
annual report for the Board of Examiners. This will include an analysis of individual appeals
together with statistical monitoring by subject, location and gender. Where an appeal and its
outcome may affect other candidates, e.g. a major procedural error, this will immediately be
drawn to the attention of the Chairman of the Board of Examiners.


Contacts
Please contact the Registrar at registrar@actuarialsociety.org.za if you have any queries
regarding this policy. However, it should be noted that the Registrar will not be able to enter into
specifics about your examination paper.




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4.3.10 Student Examination Counselling
AS Students who have written an examination of the AS of South Africa may apply for student
counselling from the AS for the following subjects, F100‘s (ST) F200‘s (SA) as well as A401, A402
and A302. To apply for counselling for the earlier subjects e.g. A100‘s and A200‘s and A301
please refer to the UK Website Such a counselling session presents a student with the opportunity
to discuss their examination performance with one of the examiners. The primary purpose of
student counselling is to provide unsuccessful students with insight into their performance,
allowing them to prepare and perform more satisfactorily in future examination sessions.


Students who have failed the examination in a subject (or more than one subject), may apply
for student counselling no later than 30 days after publication of the examination results on the
website of the AS. Application forms may be downloaded from the AS‘s website
www.actuarialsociety.org.za or may be requested from the Education Office of the AS
registrar@actuarialsociety.org.za


Completed student counselling request forms must be submitted to the Education Office of the
AS. Students who have requested Counselling will be contacted so that arrangements may be
made with regards to scheduling, venues, etc.


A fee will be charged for student counselling as set out in Appendix D. No student counselling
session will be arranged before confirmation of payment has been received. Payment
instructions will be detailed on the student counselling request form. The counselling fee will
apply to each counselling session (i.e. if a student requests counselling for two subjects, they will
have to pay the counselling fee twice).


When a counselling request is received from a student, the Principal Examiner for the relevant
subject(s) will be informed and requested to liaise with the other examiners to identify who will
be available for the counselling. Once an examiner has been identified, a suitable date, time
and venue will be negotiated by the Education Office, to accommodate both the examiner
and the student.


To assist examiners in preparing for the counselling, the following guidelines to examiners may be
considered.




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Before the Counselling session:
a) Procure a copy of the student‘s examination script from the Education Office, if this is not
already in the examiner‘s possession.
b) Review the examination paper and student‘s script.
c) Identify some questions in which the student performed above average and why.
d) Identify some questions in which the students performed below average and why.
e) Identify examination technique issues.


During the counselling session:
a) Discuss general examination technique and study skills, such as
   preparation using past papers,
   generating sufficient individual points,
   time management, and
   Brevity and clarity in answers, etc
b) Discuss student‘s strengths, using samples of questions where they performed above average.
c) Discuss student‘s development areas, using samples of questions where they performed
below average, explaining what was expected, relative to what the student wrote.
d) Highlight overall examination technique issues.


Note: Examination counselling is not a channel for appealing an examination result. Students will
not be permitted to view their own scripts during the session.




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4.4 Exemptions
4.4.1 Overview of exemption process
Examinations passed and exemptions granted by the Faculty or Actuarial Profession as members
of the UK Profession up to the end of 2009 will be transferred, at no additional cost, as credits
towards the South African qualification on request of students. UK information was transferred to
the South African database in January 2010 and students have been contacted to verify these
records.
Please find the mapping of the South African and UK subject codes in Appendix B.


To apply for exemptions you must be a registered member of the AS of South Africa. For
information on becoming a student member refer to section 1.3.1. No exemption applications
can be processed until a membership number has been issued by the AS.


4.4.2 Exemption Application Process, you are only liable for exemptions for subject’s
completed at AS accredited universities or other societies
(To be completed only after receipt of a membership number from the AS)
The application forms must be completed fully. These can be found at
http://www.actuarialsociety.org.za/South-African-Education/Exemptions-498.aspx



The required documentation for such an application includes a letter of recommendation for
exemption(s) from your university‘s Accreditation Actuary. Applications must be sent with the
correct payment. Details of exemption fees payable can be found in Appendix D at the end of
this document. Requests for invoices may be directed to the Registrar of the AS
registrar@actuarialsociety.org.za


Original Official Academic Records must be submitted with the application. Incomplete
application forms will not be processed.
Invoices will be sent from the Finance Department. A payment needs to be made in order for
the Exemption to be reflected on your Academic Record. Proof of payment must be sent to the
Finance Departments (Please do not make payment before you have received an invoice).


Applications for exemptions will take approximately 21 working days to process from the date
that we receive the complete application. This is subject to change according to the




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complexity of your application and the volume of applications received at peak application
times. You will be notified in writing of the outcome of any application for exemptions received.




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University Documentation
If you have completed an accredited programme, you must submit the following three
documents:
   a certified copy of your degree certificate;
   an original Official Academic Record (i.e. not simply a printout from a website or a certified
    copy); and
   a Letter of Recommendation for exemption by the university‘s Accreditation Actuary.

Exams passed with other actuarial bodies
If you have completed examinations or a programme with a recognised actuarial or other
professional body, you must include with your application:

◗ A certified copy of your examination certificate, or alternatively, a certified official letter from

the actuarial body or professional body.

◗ (If you are applying for exemption from A401) a printout of your online results.

Certification of documents
All certification of copies (where required) should be done by a Commissioner of Oaths.

Important Information
The AS strongly advises you to:

◗ apply for your exemptions as soon as possible after completing and passing one or more of the

recognized qualifications, and

◗ contact the Registrar of the Actuarial Society registrar@actuarialsociety.org.za immediately if
you are concerned that our records do not hold details of exemptions you may be entitled to.

Note: If you do not formally apply for exemptions for which you believe you are eligible, or if you
are eligible for an exemption but do not pay the relevant fee, your exemptions record will be
incomplete and, as a result, you will not appear on the final qualification pass lists when you
expect to do so. Exemption based on performance in university courses will only be considered if
application for exemption is received within four years of the student leaving university.




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5. Professional Qualifications
5.1 Qualification Classes
5.1.1 Class of Associate
If you have completed all Foundation Technical, Intermediate Technical and Core Principle
subjects, attended an Associateship Professionalism Course and met the one-year Work-based
Skills requirement, you may apply to be transferred from the class of Student member to the class
of Associate member (AMASSA).


You will not be prompted to transfer from the class of Student to the class of Associate on
completion of the relevant subjects, but you can apply to be transferred to the class of
Associate if you wish. We would generally expect those people who wish to complete their
studies at the Associate level (and not go on to the Fellowship level) to join this class — this may
either be because the person is working in a non-traditional area and looking for a general
actuarial qualification, or if they are looking for a career break. You may continue to study for
the Fellowship after being so transferred.


Details on the process to follow can be obtained from the Membership office


5.1.2 Class of Fellow
In order to be admitted as a Fellow of the AS (FASSA), you are required to have successfully
completed or passed all the A series subjects (excluding A303 and A304), plus two of the
Fellowship Principle subjects and one of the Fellowship Applications subjects and its appropriate
Practice Module. In addition you need to submit certification by your WBS Mentor of completion
of your three years Work-based Skills (WBS) requirement. Attendance of a two-day
Professionalism cource is compulsory and compliance will be confirmed on your academic
record.

Eligible candidates are required to complete and submit the membership application or transfer
form. The appropriate subscription will have to be paid and details can be obtained from the
Membership Office in Cape Town.

Council will be advised of the list of new Fellows, and the individuals will be advised by way of a
congratulatory letter signed by the President of the Society.




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5.2 Professionalism
Professionalism forms part of an actuary‘s training and ongoing development. The following
requirements are in place as part of the AS‘s qualification:
   the compulsory completion of the Business Awareness Module: This module includes a two-
    day course and on the second day devotes three hours to professionalism.
   A one-day Professionalism event must be attended as part of the qualification process for an
    Associate and a two-day professionalism course, within 12 months after completing all of the
    examinations, for a Fellow.


As you progress as a student, you need to be familiar with the full content of the Code of Values
and Conduct as this Code applies to all memebers.


5.2.1 What is a Profession?
Six key characteristics of a profession are:


   Members join together to apply specialised skills.
   These skills have been developed through appropriate education.
   Members have a special relationship with those served.
   Members are recognised by the public as an authority in their field of expertise, able and
    willing to serve the public interest.
   A profession is self-regulating regarding the competence and conduct of its members.
   Members display a high level of integrity in exercising judgment.


The Society formally holds regular sessional meetings, seminars and conferences at which
technical and professional ideas are exchanged. These ideas are also disseminated through the
AS South African Actuarial Journal).


In addition, ad hoc committees are set up regularly to discuss matters of concern or interest,
such as proposed legislation,




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5.2.2 Regulation of the actuarial profession
The following is a list of items that reflect how the AS regulates its members:


   Code of Values and Conduct
   Continuous Professional Development (CPD)
   Disciplinary Scheme
   Practicing certificates
   Professionalism courses
   Guidance Notes
   Education


Details of these are included on the website and the first three are considered briefly below.


5.2.3 The Professional Conduct Standards
The written guidance given on professional conduct by the AS of South Africa is contained in the
Code of Values and Conduct. The Code of Values and Conduct are a set of standards that we,
as a profession, have developed over time and that describe, or set out principles about the
way we have agreed to behave in the conduct of our business. All members must conform to
the spirit and letter of the standards. Where there is any doubt, guidance should be sought from
the Professional Matters Board.


5.2.4 Continuous Professional Development (CPD)
CPD is vital to the well-being of the profession and ensuring the maintenance of professional
competence by actuaries. Changes have been made to the Profession‘s requirements over the
last few years, and the current requirements appear on the Society‘s website. All professionally
active actuaries are required to do a minimum level of CPD.


5.2.5 Disciplinary scheme
The AS of South Africa has a disciplinary procedure which considers allegations of professional
misconduct. This procedure includes people external to our profession in the process.




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5.3 Volunteerism in the Actuarial Profession
The AS has implemented a volunteer system that delivers on the Society‘s vision and strategic
initiatives to develop the profession, as well as delivering on the members‘ needs for personal
and professional development.

The objectives of the programme are:

   to facilitate the ongoing professional development of members,
   to build a network of actuarial professionals,
   to expose members to a wider range of skills and experiences,
   to operate cost-effectively,
   to act as a reservoir of ―corporate memory‖,
   to pool actuarial skills to deliver services to all stakeholders of the Society, and
   to promote thought leadership and frank open discussion on actuarial issues

The benefits of participating as volunteers are:

   acquiring work-based skills for students,
   making a contribution to their profession,
   gaining wider skills and experience,
   building a network of actuarial colleagues,
   making new friends,
   working with leaders in the profession,
   gaining other perspectives on work issues;
   meeting a challenge;
   influencing their broad working environment,
   influencing positively the profession‘s reputation,
   interacting with other professionals – accountants, lawyers, statisticians, etc
   learning and keeping up-to-date with new developments,
   representing employers,
   providing a service to others,
   helping develop other people,
   passing on their skills and knowledge,
   contributing to transformation of the profession,
   gaining personal recognition,




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   participating in interesting and stimulating work, and
   linking actuarial work and current issues in the workplace
Students are encouraged to participate in the volunteer activities of the AS.


Please note that volunteer work is not paid. The Society may at its discretion reimburse a
volunteer for out-of-pocket expenses.


Members interested in participating in the AS‘s education activities as volunteers should contact:
cisca@actuarialsociety.org.za




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Appendices
A:       Admission Requirements for Membership Classes
B:       Table of AS Subjects and UK Equivalents
C:       2010 Education Calendar of Events
D:       Schedule of Education Fees
E:       Examination Regulations
F:       Regulations for the Award of F200 (Research Option)
G:       Guidance on Mathematics by Subject




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Appendix A:
Admission Requirements for Membership Classes
A.1. Student Membership
For admission as a Student Member of the AS of South Africa a person must have passed either
Mathematics II or Mathematical Statistics II (on the mainstream level, rather than any ancillary
level) through a recognised university, and have met the following minimum performance
requirements.


   At least 70% for Mathematics I, or
   At least 65% for Mathematics II or Mathematical Statistics II, or
   A Bachelors degree, with a major in Actuarial Science, from a university with full Level 2
    accreditation from the AS, and with passes in subjects equivalent to at least seven of the
    eight A100 and A200 level subjects of the AS;,or
   An Honours (or equivalent four-year) degree in Actuarial Science, including a pass in Subject
    A301 of the AS (CA1), or
   A degree with a major in Mathematics, Mathematical Statistics or Actuarial Science and
    have met the following minimum performance requirements
   At least 60% for one of Mathematics, Mathematical Statistics or Actuarial Science (in the
    second or third year of study), or
   Have reached the standard required for an exemption from any of the A200 examinations.


Note: Where a minimum mark is specified for a particular subject this refers to the average mark
for all modules which constitute that subject.




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A.2. Associateship (AMASSA)
Students are required to complete all the components below to be admitted as Associates:
Part A1 (Foundation Technical)
A101: Probability and Mathematical Statistics
A102: Economics
A103: Finance and Financial Reporting


Part A2 (Intermediate Technical)
A201: Financial Mathematics
A202: Models
A203: Contingencies
A204: Statistical Methods
A205: Financial Economics


Part A3 (Core Principles)
A301: Actuarial Risk Management
A302: Communications


Part A4 (Associateship Professionalism Skills)
A401: Business Awareness Module
A402: Model Documentation, Analysis and Reporting
A403: Associateship Work-based Skills
A404: Associateship Professionalism Course




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A.3. Fellowship (FASSA)
Students are required to complete all components in Parts A1, A2, A3 and F3. Students must also
complete two subjects in Part F1, and in Part F2 one subject in the F20x range and one subject in
the F21x range.

Part A1 (Foundation Technical)
A101: Probability and Mathematical Statistics
A102: Economics
A103: Finance and Financial Reporting

Part A2 (Intermediate Technical)
A201: Financial Mathematics
A202: Models
A203: Contingencies
A204: Statistical Methods
A205: Financial Economics

Part A3 (Core Principles)
A301: Actuarial Risk Management
A302: Communications

Part F1 (Fellowship Principles)
F100: Alternative Fellowship Principles
F101: Health and Care Principles
F102: Life Insurance Principles
F103: General Insurance Principles
F104: Pension and Other Benefits Principles
F105: Finance and Investment Principles
F106: Enterprise Risk Management

Part F2 (Fellowship Applications)
F200: Research Option
F201: Health and Care Applications
F202: Life Insurance Applications
F203: General Insurance Applications
F204: Pension and Other Benefits Applications
F205: Investment Applications




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F210: Generic Practice Module
F211: Health and Care Practice Module
F212: Life Insurance Practice Module
F213: General Insurance Practice Module
F214: Pension and Other Benefits Practice Module
F215: Investment Practice Module


Part F3 (Fellowship Professionalism Skills)
A401: Business Awareness Module
A402: Model Documentation, Analysis and Reporting
F303: Fellowship Work-based Skills
F304: Fellowship Professionalism Course


Note: Certain transitional arrangements are in place, see Section 3.1




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Appendix B:
Table of AS subjects and UK equivalents
AS SUBJECT CODES                           FACULTY & ACTUARIAL PROFESSION SUBJECT CODES
A101: Probability and Mathematical
                                     CT3: Probability and Mathematical Statistics
Statistics


A102: Economics                      CT7: Business Economics


A103 Finance and Financial
                                     CT2: Finance and Financial Reporting
Reporting


A201: Financial Mathematics          CT1: Financial Mathematics


A202: Models                         CT4: Models


A203: Contingencies                  CT5: Contingencies


A204: Statistical Methods            CT6: Statistical Methods


A205: Financial Economics            CT8: Financial Economics


A301: Actuarial Risk Management      CA1: Actuarial Risk Management


A302: Communications                 CA3: Communications


A401: Business Awareness Module      CT9: Business Awareness Module


A402:Model Documentation,
                                     CA2: Model Documentation, Analysis and Reporting
Analysis and Reporting


F101: Health and Care Principles     ST1: Health and Care Specialist Technical


F102: Life Insurance Principles      ST2: Life Insurance Specialist Technical


F103: General Insurance Principles   ST3: General Insurance Specialist Technical




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AS SUBJECT CODES                           FACULTY & ACTUARIAL PROFESSION SUBJECT CODES
F104: Pension and Other Benefits
                                           ST4: Pension and Other Benefits Specialist Technical
Principles


F105: Finance and Investment
                                           ST5: Finance and Investment Specialist Technical A
Principles


F106: Enterprise Risk Management
                                           ST9: Enterprise Risk Management
Principles


F200: Research Option                      SA0: Research Option


F201: Health and Care Applications         SA1: Health and Care Specialist Applications


F202: Life Insurance Applications          SA2: Life Insurance Specialist Applications


F203: General Insurance Applications       SA3: General Insurance Specialist Applications


F204: Pension and Other Benefits
                                           SA4: Pension and Other Benefits Specialist Applications
Applications


F205: Investment Applications              SA6: Investment Specialist Applications



Note:    1. ST0 and ST6 have no direct South African equivalents, but credit in these subjects
before the end of 2009 will lead to credit for an F1 subject in the South African system.
2. SA5 has no direct South African equivalent, but credit in this subject before the end of 2009 will
lead to credit for an F2 subject in the South African system. See also Section 3.1: Transitional
Arrangements




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            Appendix C:
            2011 Education Calendar of Events
            This is for the distance learning option and is the same date and paper as the UK professional
            exams

            TIMETABLE 2011
             SESSION 1
               th    th
             18 -29 April 2011
  April 2011      Friday         Monday       Tuesday       Wednesday        Thursday      Tuesday      Wednesday     Thursday
                  15th April     18th April   19th April    20th April       21st April    26th April   27th April    28th April
  9.00 AM         A202           A301-1       A201          A205             A103          A203         A102          A204
                  (CT4)          (CA1-1)      (CT1)         (CT8)            (CT2)         (CT5)        (CT7)         (CT6)
  13.30PM         A101           NO EXAM      A301-2        NO EXAM          NO EXAM       NO EXAM      NO EXAM       F106
                  (CT3)                       (CA1-2)                                                                 (ST9)

                                                   May 2011       Monday 30th May
                                                   9.00 AM        F201-F205
                                                                  (SA1-SA6)
                                                   13.30 PM       F210-F215
                                                                  (P1-P6)

                                                   A302 (CA3) TBC for session 1 AND 2
                                                   F100’s (ST’s) TBC for session 1 AND 2

            SESSION 2
            26th September-7th October 2011
September    Monday           Tuesday            Wednesday        Monday         Tuesday      Wednesday     Thursday      Friday
2011         26th             27th               28th             3rd October    4th          5th October   6th October   7th
             September        September          September                       October                                  October
9.00 AM      A301-1           A201               A205             A103           A203         A102          A204          A202
             (CA1-1)          (CT1)              (CT8)            (CT2)          (CT5)        (CT7)         (CT6)         (CT4)
13.30PM      NO EXAM          A301-2             NO EXAM          NO EXAM        NO EXAM      NO EXAM       F106          A101
                              (CA1-2)                                                                       (ST9)         (CT3)

                                                   Nov 2011       Tuesday 1st Nov
                                                   9.00 AM        F201-F205
                                                                  (SA RSA 1-6)
                                                   13.30 PM       F210-F215
                                                                  (P1-P6)
            RESULTS PUBLICATION DATE:
            First Semester
            A Series – 1 July 2011
            A301 – 15 July 2011
            F Series – 29 July 2011


            Note:    Results will only be released if member‘s fees are up to date.




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2. Course Dates
Date          Event                           Module    Target       Location       Objective
                                              Code      Audience
17/18 Jan     Model Documentation,            A402      Students     Stellenbosch   Tuition plus exam
              Analysis and Reporting (Full)   (UK:
                                              CA2)
1/2 Feb       Model Documentation,            A402      Students     Pretoria       Tuition plus exam
              Analysis and Reporting (Full)   (UK:
                                              CA2)
3/4 Feb       Model Documentation,            A402      Students     Pretoria       Tuition plus exam
              Analysis and Reporting (Full)   (UK:
                                              CA2)
7 Feb         Model Documentation,            A402      Students     Pretoria       Exam only
              Analysis and Reporting          (UK:
              (Retake)                        CA2)
17/18 Feb     Fellowship Professionalism                Qualifiers   JHB             Mandatory requirement for
              Course                                                                new qualifiers
16/17         Fellowship Professionalism                Qualifiers   CT              Mandatory requirement for
March         Course                                                                new qualifiers
6/7 June      Model Documentation,            A402      Students     Pretoria       Tuition plus exam
              Analysis and Reporting          (UK:
                                              CA2)
8/9 June      Model Documentation,            A402      Students     Pretoria       Tuition plus exam
              Analysis and Reporting          (UK:
                                              CA2)
9/10 June     Model Documentation,            A402      Students     Stellenbosch   Tuition plus exam
              Analysis and Reporting          (UK:
                                              CA2)
10 June       Model Documentation,            A402      Students     Pretoria       Exam only
              Analysis and Reporting          (UK:
              (Retake)                        CA2)
13/14 June    Model Documentation,            A402      Students     Stellenbosch   Tuition plus exam
              Analysis and Reporting          (UK:
                                              CA2)
21/22 June    Business Awareness Module       A401      Students     CT             Tuition
              (BAM)                           (UK:                                  Online exam
                                              CT9)
22/23 June    Business Awareness Module       A401      Students     CT             Tuition plus exam
              (BAM)                           (UK:                                  Online exam
                                              CT9)
1/2 Sep       Fellowship Professionalism                Qualifiers   CT             Mandatory requirement for
              Course                                                                new qualifiers
19/20         Fellowship Professionalism                Qualifiers   JHB
              Course
11 Nov        Associate Professionalism                 Students     CT
              Course
24/25 Nov     Business Awareness Module       A401      Students     CT             Tuition plus exam
              (BAM)                           (UK:                                  Online exam
                                              CT9)
28/29 Nov     Business Awareness Module       A401      Students     JHB            Tuition plus exam
                                              (UK:                                  Online exam
                                              CT9)
5/6 Dec       Model Documentation,            A402     Students      Stellenbosch   Tuition plus exam
              Analysis and Reporting          (UK:
                                              CA2)




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6/7 Dec       Model Documentation,            A402   Students      Pretoria       Tuition plus exam
              Analysis and Reporting (full)   (UK:
                                              CA2)
8/9 Dec       Model Documentation,            A402   Students      Stellenbosch   Tuition plus exam
              Analysis and Reporting          (UK:
                                              CA2)
8/9 Dec       Model Documentation,            A402   Students      Pretoria       Tuition plus exam
              Analysis and Reporting          (UK:
                                              CA2)
12/13 Dec     Module Documentation,           A402   Students      Pretoria       Tuition plus exam
              Analysis and Reporting (Full)   (UK:
                                              CA2)
14 Dec        Model Documentation,            A402   Students                     Exam Only
              Analysis and Reporting          (UK:
              (Retake)                        CA2)




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Appendix D:
Schedule of Education Fees
This section sets out the educational fees approved by Council. For membership fees and any
updates please refer to the AS Website.


1. Admission Fees
SUBJECT                                                                        ZAR
Admission fees per student                                                     R300.00


2. Examination Fees
SUBJECT                                                                        ZAR
A101 – A205                                                                    2600.00
A302: Communication                                                            4000.00
F100 Series: Fellowship Principles                                             3600.00
F200 Series: Fellowship Applications                                           3600.00
F210 Series: Practice Module                                                   1025.00
F211 – F215 Series: Practice Module                                            2050.00
F106: Enterprise Risk Management                                               3750.00

AS students writing UK examinations for the A100, A200 and A300 series will be subject to fees set
in the UKL and converted to rand. These will be advised prior to entering for the relevant
examination.


3. Exemption Fees
SUBJECT                                                                        ZAR
A100 series: Foundation Technical (per subject)                                R1850.00
A200 series: Intermediate Technical (per subject)                              R1850.00
A301: Actuarial Risk Management                                                R4950.00
A302: Communication                                                            R2665.00
F100 Series: Fellowship Principles (per subject)                               R2665.00




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4. Tuition Fees
SUBJECT                                                                         ZAR
F200 tuition offered by the AS (50% for re-takers)                              R10500.00
Mock Exam for F200 (if done outside the tuition course                          R1300.00
A401: Business Awareness Module                                                 R7000.00
A402: Model Documentation, Analysis and Reporting                               R5500.00
A402: Model Documentation, Analysis and Reporting – Re-taker                    R2750.00
F304: Fellowship Professionalism Course                                         R5500.00


5. Core Reading
SUBJECT                                                                         ZAR
F200 Course (per course, excludes R100.00 postage if not collected)             R630.00


6. Exam Counselling
SUBJECT                                                                         ZAR
For F100 and F200 examinations (per exam)                                       R2500.00


7. Remarking/Appeals
SUBJECT                                                                         ZAR
For F100 and F200 examinations (per exam)                                       R5000.00


8. Credit transfer from the UK system
All credits earned in the UK system up to the end of 2009 will be transferred to the AS system
free of charge. This is regardless of when these credits were transferred. However, all UK credits
earners after the end of 2009 that are transferred to the AS under the subject-by-subject
recognition in the Mutual Recognition Agreement will be subject to the exemption fees in
Section 3 above. This includes a fee of R1890.00 for transferring A401 and A402.




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Appendix E:
Examination Policy will give you details on:


1. Exam Entries, which will cover the submission of your exam entries, application for special
    arrangements, changing entries, exam permits and exam centers.
2. Conduct at venue, which will include Attendance, Photographic Identity, Permitted,
    Stationery, Calculators and Interruptions to the examinations.
3. The Question Paper
4. Negated Attempt
5. Work-Based Skills
6. Fees



1. Exam Entries
1.1 Submitting your Exam Entries
If you wish to enter for the exams, you must submit an entry application to the exam team
(exams@actuarialsociety.org.za) by the specified closing date. All applications MUST be

accompanied by the correct fee.
Students are asked to read and familiarize themselves with the exam entry policies, together
with the exam entry regulations found on the AS website, before submitting an application for
exam entry.
Candidates are advised that in submitting an entry for the exams, they confirm having read and
understood the exam regulations and policies.
It is the personal responsibility of candidates to ensure that their application and payment has
been received before the closing date. This includes candidates that forward their forms to the
company accounts department for payment. Candidates are advised to contact the Exams
Team before the closing date.
No allowances will be made for any errors of omission by candidates, employer of other person,
by the postal authorities or failure of transmission by fax or online.




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Exam entries will not be accepted unless the candidate has paid all entrance fees, subscription,
tuition, exemption and examination fees that may be due, and has complied with the
Examination Regulations and with the requirements of the Bye-Laws of the Actuarial Society of
South Africa. Forms without a valid payment will not be processed.


1.2 Changing your Entries
Candidates must ensure that their entry application is completed with the correct exam(s) and
centre location. Changes to exam entries will not be accepted after the closing date for any
reason.


1.3 Exam Permits
Candidates will receive an exam permit three weeks before the exam. This permit contains
confirmation of their exam centre and candidate number. Candidates that have not received
their exam permit should contact the Exams Team for a copy. Please allow two working days for
such requests to be actioned.
Candidates are strongly advised to visit our website at www.actuarialsociety.org.za to check for
any important news or updates shortly before the exam sitting.


1.4 Exam Centers
Candidates MUST specify the centre at which they intend to sit. Candidates that wish to sit at a
centre not listed in the entry instructions are advised to contact the Exams Team before the
closing date specified in the exam entry instructions.
Requests made subsequently for an alternative centre cannot be considered. Applications
indicating a centre not shown as available will not be processed unless this location as been
agreed with the Exams Team in advance.




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2 CONDUCT AT THE EXAMINATIONS
2.1 Attendance
Candidates will not be allowed into the examination room after the first half hour has elapsed
unless they have been delayed due to exceptional circumstances.
Candidates may not leave the examination room after the first until the first half hour has lapsed
unless they have been delayed due to exceptional circumstances.
Candidates may not leave the examination room until after the first half hour of the time
available for writing answers has elapsed. If they wish to leave they must hand their answer
booklets to the invigilator as proof of attendance, along with the examination paper. You should
not that if you attend the examination your script will be handed in to be marked, regardless of
how much you write. You cannot ask for the script not to be submitted. If you leave the exam
early please leave the room quietly as so not to disturb the other candidates
Candidates who are absent from the first A302 paper for any reason are not permitted to sit the
second A302 paper as this is treated as one exam overall.
No candidate may leave the examination room temporarily without the permission of the
invigilator.
Any candidate may leave the examination room temporarily without the permission of the
invigilator.
Any candidate not attending the examination will be marked as absent and this will not count
as an attempt.
Should you not be able to attend your examination there is no need for you to inform either the
centre or the exam team. Any absentees will be recorded as such and not counted as an
attempt. Any candidates who is ill at the time of the examination and feels their performance
has been affected by this must advise the Examination Team accompanied by a doctor‘s
certificate within three weeks of the exams. This will be forwarded to the Board of Examiners for
consideration.
Examination times- All candidates must ensure that they are present at least 30 minutes before
the exam starts.
All candidates should be seated at least 10 minutes before the start of each exam paper at the
correct desk allocated to them by the invigilator.
Please ensure that you bring your exam permit to the examination and leave it on your
invigilator to check.




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During the 10 minutes before the start of the examination candidates should read the
instructions on both the answer booklet and the examination paper. Also in this time they must
ensure the boxes of the front cover of the booklet are complete with the necessary details.
Pencils should not be used to write answers that are to be marked in the answer booklet.
Candidates may not smoke in the examination room.
Food will not be allowed due to the disturbance it causes to other candidates
Drinks will be allowed.
No talking is allowed once the examination has commenced and the invigilator must not be
asked their opinion on any of the questions.
Candidates must stop writing at the end of the examination when told to do so. Any candidate
who continues to write will be notified to the Board of Examiners.
Candidates should remain in the examination room until all scripts have been collected.


2.2 Photographic Identity
Each student will be required to show a form of photographic identification when appearing for
each examination. At the start of the examinations your photographic identification must be
placed on the examination desks so that it may be checked during the examination by an
invigilator. You should therefore ensure that your identification is clearly visible on the desk. The
following are acceptable as identification
   A current passport
   Driver‘s license
   Identity book (South African)
If you do not hold one of these forms of identification, then you are expected to obtain one
before the date of the exam.


2.3 Examination Stationary
Candidates may not take their own books or notes into the exam room. Candidates will be
issued with the following stationery for the exam:
   Exam answer script
   Scrap paper on which to make notes
   Formulae and Tables
   Graph paper where required




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If candidates run out of space in the exam answer script, sheets of lined continuation paper will
be given out upon request once the exam has commenced. Candidates should not write on
more than one exam answer script. Candidates may make notes on the scrap paper in pencil,
but must use a pen when writing their answers in the exam answer script.
Pages must not be torn out of the booklet to be used as scrap paper.
Candidates must not bring into the examination room their own notes or books, they must leave
their bags and coats away from their desks at the sides of the examination. The Actuarial Society
of South Africa bears no responsibility for loss or theft of possessions whilst examinations are being
held at the examination centre.


2.4 Permitted Calculators
Candidates may use an electronic calculator in the exam subject to the following conditions:
They must bring their own calculator. No one will be given any extra time if they choose not to
use a calculator or if a calculator breaks down in the course of the exam. Exam supervisors will
not have extra batteries or calculators.
Under no circumstances should hand-held personal computers of any description be taken into
the exam room.
Calculators must be silent, be visual display only, and be battery or solar powered.
Any stored data or stored program facilities must be cleared before the calculator is taken into
the exam room.
Candidates should show all intermediate results for their calculations to gain full marks for a
correct answer.
Only the following calculators are permitted:
   Casio FX82 (with or without any suffix)
   Casio FX85 (with or without any suffix)
   Hewlett Packard HP9S
   Hewlett Packard HP12C (with or without any suffix)
   Sharp EL531 (with or without any suffix)
   Texas Instruments BA II Plus (with or without any suffix)
   Texas Instruments TI-30 (with or without any suffix)




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The above list is reviewed each year by the ECPD Board Candidates may not take their own
books or notes into the exam room. Candidates will be issued with the following stationery for the
exam:
   Exam answer script
   Scrap paper on which to make notes
   Formulae and Tables
   Graph paper where required
If candidates run out of space in the exam answer script, sheets of lined continuation paper will
be given out upon request once the exam has commenced. Candidates should not write on
more than one exam answer script. Candidates may make notes on the scrap paper in pencil,
but must use a pen when writing their answers in the exam answer script.


2.5 Interruption to the Examination
Candidates should be aware that perfect conditions cannot be guaranteed, for example we
have no influence over external noise. If any interruptions occur during the examination
candidates must continue to write their answers, all incidents are notified on a report by the
invigilator, which is forwarded to the Board of Examiners. If concerned you should follow this up
with the Exams Team to ensure that the incident has been reported as it cannot be taken into
account after the results publication. Any prolonged interruptions e.g. fire alarm or security alert
which causes the examination to be stopped will again be notified on a report by the invigilator,
which is forwarded to the Board of Examiners. Should you be instructed to leave the room you
must leave your question paper and answer booklet on the desk and not speak to anyone
outside the examinations room. As soon as you are able to re-enter the examination room you
should continue answering the questions. Extra time will be given to accommodate the lost time
if appropriate. If too much time has been lost, e.g. more than an hour, the invigilator will collect
scripts and examination papers and the scripts will be marked on the answers made in the time
available taking into account the incident that interrupted the examination. At the end of the
examination you will find a Comment Forms to complete if you wish to register any problems.
Candidates should be aware of security at all times and not leave bags unattended outside of
the examination room and ensure they have their attendance permits with them on entering the
examination room.




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3 QUESTION PAPER
Question papers must be handed back to the invigilator at the end of the examination.
Candidates are not permitted to take them out of the examination room for security. Question
papers are posted on the website shortly after the exams.



4 NEGATED ATTEMPT
If your attempt to sit an examination paper(s) is suspended, cancelled or otherwise nullified
(whether before, during or after the examination sitting itself) by the Actuarial Society of South
Africa, we will waive the fee for the next attempt at that paper (s). The Actuarial Society of South
Africa reserves the right to decide not to reschedule any examination or to provide any
compensation depending on circumstances.
Candidates wishing to withdraw their exam entry should refer to the refunds policy for
information.



5 WORK BASED SKILLS
If you joined the Actuarial Society of South or the UK profession as a student after 30 June 2004,
to be able to transfer to class of FELLOW not only do you need to have completed all your
exams but you also need to have completed all the criteria for Work- Based Skills.
If you have not completed a registration form and returned this to us or informed us why you are
deferring completion then you will not be able to enter for the exams. If you need further
assistance please contact: http://www.actuarialsociety.org.za/Education/Professional-
Requirements/Work-Based-Skills-506.aspx



6 FEES
For the conditions surrounding the Refund of Exam Fees and the Carrying Forward of Fees please
check the relent policies on the website http://www.actuarialsociety.org.za




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Appendix F:
Regulations for the award of F200: Research Option


1. Registration
The candidate will register for a postgraduate degree (at Masters or higher level) in actuarial
science at a South African university accredited by the Actuarial Society for this purpose and in
addition register for the examination in F200 by completing the AS registration form. The
Education Office will notify the Board of Examiners of the candidate‘s intention to be examined
by research. The degree for which the candidate is registered must be a degree by research
only; coursework should not be included in the assessment of the candidate‘s qualification for
the degree.
Candidates must comply with the registration requirements as outlined by the selected university


2. Research proposal
2.1 In addition to any requirements imposed by the university, the candidate must submit
together with his AS application, a research proposal specifying the aims of the research, the
research questions to be addressed and the methods to be used, including any hypotheses to
be tested or surveys to be conducted. The proposal will also include a preliminary survey of the
literature on the subject of the proposed research, establishing the need for that research. It will
state the date by which the dissertation or thesis is expected to be submitted for examination as
provided below.


2.2 The Board of Examiners will, subject to the approval of the ECPD Board, setup a
subcommittee to consider both the application for approval (probably in conjunction with
Research Comm) and the proposals for research to qualify for F200. This subcommittee will
comprise of the Chairs of the Research Committee and the Board of Examiners (or their
nominees) and two fellow members with research experience (particularly experience in
supervising and examining postgraduate at masters or PhD level) with alternates as
replacements where there are conflicts of interest.




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2.3 In considering such a proposal the subcommittee will consider not only the academic merits
of the proposed research but also:


   its relevance to the Profession,
   the extent to which it would extend the knowledge of the profession and its understanding
    of the field concerned,
   the understanding conveyed by the candidate in his/her specification of the problem to be
    researched,
   any ethical issues that may arise, particularly with regard to interviews with or surveys of
    individual subjects.


2.4 In the light of the report and recommendation received from the subcommittee on the
research proposal, the Board of Examiners will decide whether:
   to accept it without amendment;
   to accept it subject to minor amendment;
   defer it for reconsideration subject to revision; or
   to decline it.


2.5 The Board of Examiners will inform the candidate of its decision. If necessary, it will also inform
the candidate of its requirements regarding any ethical issues that may arise.


2.6 If a proposal is accepted subject to minor amendment, the Board of Examiners will refer the
amended proposal to the subcommittee for implementation.


2.7 If a proposal is deferred for reconsideration subject to revision, the Board of Examiners will
refer the revised proposal to the subcommittee for reconsideration, and re-submission.


2.8 Notwithstanding the above procedure, the acceptance of a research proposal by the
Board of Examiners is subject to its acceptance by the university.


2.9 The Board of Examiners will report to the ECPD Board on any research proposals considered
and its decision under par 2.4




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3. Progress Reports
The candidate will be expected to submit progress reports to the subcommittee at least every
quarter of the year. This will enable an opportunity for early intervention should the
subcommittee decide that the research – though worthy of a degree – is not of suffi cient
standard to pass as research for SA purposes, or that the student did not follow the agreed
research route/topic/process as agreed at the outset.


4. Structure of Dissertation
The dissertation is likely to contain most of the following elements:
   an abstract
   a statement of the problem
   literature review
   a section on the design of the study (qualitative / quantitative)
   data collection analysis
   conclusions and recommendations
   non-technical communication of conclusions


5. Completion of requirements
The subcommittee will confirm compliance with all requirements and, after consultation with the
university, make a recommendation to the Board of Examiners to award the SA0 recognition as
alternative examination at the Specialist Application (SA) level. The Board of Examiners will
report on such passes to the ECPD Board and Council.
Candidates qualifying by this route will be required to pass a full Practice Module (F211-F215) in a
specialist field before qualifying.


6. Once the dissertation is successfully completed
The AS will encourage the candidate to submit a paper(s) to the South African Actuarial Journal
an actuarial conference, the British Actuarial Journal (BAJ) or another appropriate journal on the
work that the candidate has completed, or while the work is proceeding. A copy of the project
report must be given to the AS.


7. Publication of Results
A pass list of successful candidates will be published.




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