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					Part III Orientation session
January 12 2011
Presenter: Philip Latham
(Education Manager)
                 Session outline
•   Institute Education Team
•   Changes to Part II in 2011
•   Pathways in 2011
•   Delivery arrangements for Part III in 2011
•   Assessment
•   Pass rates
•   Policies and Procedures
•   Improvements to Part III
•   What is Part III study like?
•   Elearning and online assignments
•   A Chief Examiner’s perspective (pass criteria)
•   Any questions you have?
Introducing the Institute Education Team

•   Philip Latham, Education Manager
•   Carmen Joseph, Program Manager
•   Rebecca Moore, Volunteer Manager
•   Jennifer Burns, Universities Relationship Manager
•   Shreya Trasy, Education Officer (Part III)
•   Belinda Hannan, Education Officer (Part I and II)
               Changes in 2011
• Part II 2011
• Institute considers this one subject with one
  exemption
• Is comprised of:
   – Part IIA – The Actuarial Control Cycle
   – Part IIB – Investment and Asset Modelling
• Part IIB content is drawn from Units 1 and 2 of Part III
  Course 1 Investments
• Part IIB content is the same as the Investments
  Bridging Course
Pathways in 2011

Associate and Fellow
                            Situation 1: Associate Pathway
       Those who completed Part II The Actuarial Control Cycle in 2010 and were not Associates



                                             PART I
                                          (Foundation)


                                            PART II
                                         (Control Cycle)


                                        INVESTMENTS
                                      BRIDGING COURSE


                                      3 YR PRACTICAL
                                 EXPERIENCE REQUIREMENT


                               PROFESSIONALISM COURSE


                                       Associate - AIAA

www.actuaries.asn.au
                                Situation 1: Fellow Pathway
     Those who completed Part II The Actuarial Control Cycle in 2010 and were not Associates
                                                         Part I

                                      Part II (Actuarial Control Cycle)

                    Course 1 Investments                          Course 7A Enterprise Risk Management
MODULE 1                                                 OR

                                                                                           PLUS
                                                                        Investments Bridging Course


                                                         PLUS
              Course 2A              Course 3A                       Course 5A                    Course 6A
MODULE 2       Life Insurance        General Insurance             Investment Management          Global Retirement
                                                                         and Finance              Income Systems


                 PLUS           OR       PLUS             OR            PLUS                OR       PLUS
              Course 2B              Course 3B                       Course 5B                    Course 6B
MODULE 3       Life Insurance
                                     General Insurance
                                                                   Investment Management          Global Retirement
                                                                         and Finance              Income Systems



                                                         PLUS
                                 Course 10 Commercial Actuarial Practice
MODULE 4

                                           Professionalism Course


                                                   Fellow - FIAA
                            Situation 2: Associate Pathway
         Those who have not completed Part II The Actuarial Control Cycle by the end of 2010.




                                             PART I
                                          (Foundation)


                                          PART II 2011
                                 (PART IIA ACC + Part IIB Inv)


                                      3 YR PRACTICAL
                                 EXPERIENCE REQUIREMENT


                               PROFESSIONALISM COURSE


                                       Associate - AIAA

www.actuaries.asn.au
                               Situation 2: Fellow Pathway
      Those who have not completed Part II The Actuarial Control Cycle by the end of 2010.

                                                           Part I

                                    Part II 2011 (Part IIA ACC + Part IIB Inv)

                   Course 1 Investments                             Course 7A Enterprise Risk Management
MODULE 1                                                   OR



                                                           PLUS
             Course 2A                 Course 3A                       Course 5A                  Course 6A
MODULE 2      Life Insurance           General Insurance             Investment Management        Global Retirement
                                                                           and Finance            Income Systems


                PLUS           OR          PLUS             OR            PLUS               OR      PLUS
             Course 2B                 Course 3B                       Course 5B                  Course 6B
MODULE 3      Life Insurance
                                       General Insurance
                                                                     Investment Management        Global Retirement
                                                                           and Finance            Income Systems



                                                           PLUS
                                Course 10 Commercial Actuarial Practice
MODULE 4

                                             Professionalism Course


                                                     Fellow - FIAA
                            Situation 3: Associate Pathway
    Those who completed the study of all Part I and II subjects to the required exemption standard
       before the end of 2009 but had not achieved Associate status under the pre-2010 rules.




                                              PART I
                                           (Foundation)


                                             PART II
                                         (Control Cycle)


                                      3 YR PRACTICAL
                                 EXPERIENCE REQUIREMENT


                               PROFESSIONALISM COURSE


                                       Associate - AIAA

www.actuaries.asn.au
                                       Situation 3: Fellow Pathway
  Those who completed the study of all Part I and II subjects to the required exemption standard before the end of 2009 but had
                                  not achieved Associate status under the pre-2010 rules.

                                                                     Part I

                                                  Part II (Actuarial Control Cycle)

                           Course 1 Investments                               Course 7A Enterprise Risk Management
MODULE 1                                                             OR

                                                                                                       PLUS
                                                                                    Investments Bridging Course


                                                                     PLUS
                    Course 2A                    Course 3A                       Course 5A                    Course 6A
MODULE 2              Life Insurance             General Insurance             Investment Management          Global Retirement
                                                                                     and Finance              Income Systems


                        PLUS           OR            PLUS             OR            PLUS                OR       PLUS
                    Course 2B                    Course 3B                       Course 5B                    Course 6B
MODULE 3              Life Insurance
                                                 General Insurance
                                                                               Investment Management          Global Retirement
                                                                                     and Finance              Income Systems



                                                                     PLUS
                                           Course 10 Commercial Actuarial Practice
MODULE 4

                                                       Professionalism Course


                                                               Fellow - FIAA
              Part III Education Program 2011

                Course 1 Investments                            Course 7A Enterprise Risk Management
MODULE 1                                                 OR

                                                                                         PLUS
                                                                      Investments Bridging Course


                                                         PLUS
             Both courses in ONE of the following specific practice areas: Life Insurance, General
            Insurance, Investment Management and Finance or Global Retirement Income Systems

           Course 2A                Course 3A                      Course 5A              OR    Course 6A
MODULE 2   Life Insurance   OR      General Insurance     OR     Investment Management          Global Retirement
                                                                       and Finance              Income Systems


             PLUS                       PLUS                          PLUS                         PLUS
           Course 2B                Course 3B                      Course 5B                    Course 6B
MODULE 3   Life Insurance
                                     General Insurance
                                                                 Investment Management
                                                                       and Finance
                                                                                                Global Retirement
                                                                                                Income Systems



                                                         PLUS
                               Course 10 Commercial Actuarial Practice
MODULE 4                                   (Compulsory)
        Changes to Part III in 2012
• Course 1 Investments and Course 5A and 5B Investment
  Management and Finance will be continued until the end
  of 2012 through Access Macquarie
• Course 1 Investments will not be offered after the end of
  2012, but will continue to be recognised
• Any additional Part A or Part B subject can be completed
  to fulfil Module 1
• Council has also agreed in principle that from 2012 Part
  III Module 1 can be satisfied by completing other broader
  financial training, subject to criteria being approved
  (possibilities include PhDs, Accountancy qualifications,
  CPA)
• Future of C5A and C5B beyond 2012 will be determined
  by mid 2011
          “actuary” Designation

• Prior to 1 January 2010 only FIAAs could call
  themselves “actuaries”
• All members who have obtained AIAA status will
  remain AIAAs
• From 1 January 2010 all those who meet the new
  requirements for AIAA will also achieve the
  designation “actuary”
       New “actuary” Designation

• AIAAs under the pre-2010 rules will become
  “actuaries” when they have completed the following
  additional requirements:
   – 3 year Practical Experience Requirement
   – Professionalism Course
   (NB current AIAAs and those who have completed
     their Part I and II study to the required standard
     by end of 2009 do not have to complete the
     Investments Bridging Course)
    Delivery arrangements for 2011

• Access Macquarie will deliver C1 Investments, C5A
  and C5B Investment Management in 2011
• Institute will continue to deliver Life Insurance,
  General Insurance and Global Retirement Incomes
  Systems courses
       Access Macquarie Delivery

• Access Macquarie is the commercial arm of
  Macquarie University
• Teaching staff from Macquarie University will teach
  on the program
• C1, 5A and 5B remain Institute courses. The Institute
  will continue to manage enrolments, support and
  exam administration
• Access Macquarie will manage access to learning
  resources and teaching delivery
       Access Macquarie Delivery
• Students details will be forwarded on to Macquarie at
  intervals during the enrolment period
• Macquarie will contact students on how to access
  learning resources through their Learning
  Management System (Blackboard) at the start of the
  semester
• The Institute’s printed Course Materials will NOT be
  used.
• Macquarie are developing lecture notes and
  workshop activities that will be made available to
  students via their LMS throughout the semester
  before each workshop
       Access Macquarie Contact

• If you have an enquiries related to accessing
  teaching materials in Macquarie’s LMS or
  workshops, please contact:
• Maree Moses, Actuarial Studies Department,
  Macquarie University, mmoses@efs.mq.edu.au, (02)
  9850-8574.
    Access Macquarie Workshops
• Access Macquarie courses will include a series of 5
  x 5 hour workshops held on Saturdays in Sydney
• C1 will have 5 face to face workshops in Sydney and
  2 face to face workshops in Melbourne.
• 5B and 5A workshops will be held in Sydney only.
• Remote students will be able to participate in the
  Sydney workshops using web conferencing
• Workshops will be recorded
• See the Institute website for workshop dates
   Institute delivery of Part III
• Tutorials (3 per semester)
• Learning Management System (LMS)
   • News forum
   • Course calendar of upcoming events
   • Discussion forums (managed by Course
     Leaders/Fellows)
   • Course readings
   • Past exams, assignments, tutorial presentations and
     tutorial audio
• Institute website - BoE reports
• Access to Institute staff via email
• Study groups (formal/informal)
  Assessments (candidate number)
• To ensure that assessments are marked objectively,
  candidates’ identities remain anonymous
• Candidates will be issued with a candidate number
  (usually after week 5) which is to be used for all
  assessments
• Candidate numbers will start with “11” for 2011 and
  “1” for sem 1 e.g.111xxx
  Assessment – C1, 2A, 2B, 3A, 3B,
         5A, 5B, 6A, 6B

• one Assignment (15%)
• one 3 hour exam (85%)
    Assessment – Course 7A ERM

• UK ST9 Exam (100%)
• Attendance at 2 day ERM workshop is compulsory
            Assessment - CAP

• Post-course Report (20%)
• Case Study Exam (80%)
                      Part III Pass Rates
               Semester 1 2005                                30%
               Semester 2 2005                                34%
               Semester 1 2006                                37%
               Semester 2 2006                                38%
               Semester 1 2007                                38%
               Semester 2 2007                                41%
               Semester 1 2008                                44%
               Semester 2 2008                                49%
               Semester 1 2009                                44%
               Semester 2 2009                                40%
               Semester 1 2010                               40%*
               Semester 2 2010                               41%*
* Includes non-Fellows taking C7A ERM. In Sem 1 2010 pass rate
excluding C7A ERM was 42%. In Sem 2 2010 pass rate excluding C7A
ERM was also 41%
     Part III Policies and Procedures
•   Student Handbook (available on web)
•   Fee relief (50% of full fees)
•   Practical Experience Requirement
•   Special consideration
•   Students with disabilities
•   Exam Performance Interviews
•   Temporary exam centres
•   Academic honesty
•   Withdrawal from subjects (early and late)
    How Part III is different from university

•   Greater responsibility for learning
•   Less structure to study
•   Imbalance of life roles (competing)
•   Increased individual pressure
•   Less contact with others (more isolated)
•   Open book exams
•   Complex judgement
•   Mastery learning approach – requires deep learning
         What you can do to help
• Form links/study groups with people (tutorials,
  forums, work)
• Discuss requirements with work
• Be familiar with the web support mechanisms
• Set up a study routine and stick to it !
     Who are the Part III students?

• Over 70% based in Australia
• Over 500 enrolments each semester
• Majority work in General/Life Insurance
• 95% have completed Part I and Part II
• 40% spend 11-15 hours per week studying Part III
  (60% spend 11-20+ hours)
• Average time to complete Part III is three years
• 60-70 new fellows qualify each year
               Myths and Facts
• The Institute sets pass rates at a certain percentage
• You must pass the assignments to pass the subject
• Discussion Forums are just for Q and A
• Qualified Fellows recommend at least 15+ hours of
  study per week
• Highly unlikely that you will pass the subject if you
  don’t pass the exam
                  Learning Management System
                                 Calendar




Course overview


  Unit readings




Discussion forums
     per unit
               Submitting Assignments Online




Click on Assignment
   to bring up text
              Submitting Assignments Online




Browse and upload
 your assignment



Send for marking
      Tutorial presentations and audio




1) How to
get to
tutorial
links
  A Chief Examiner’s perspective

What do I need to do to pass the exam?




   Dwayne                Penelope
 A Chief Examiner’s perspective (cont’d)
          “I murdered questions 1 and 5, they were about
          embedded value which I have a lot of. I think question 3
          was okay but I didn’t spend enough time on questions 2
          and 6. But overall I think I did enough to pass.”


                      Dwayne’s Results

     Question           1      2     3       4      5      6     Total
  Available Marks      20     15     15     15     20     15     100
   Average Mark        12      7     8       8      8      6         49
Raw Student Marks      18      5     12      9     19      5         68
Scaled Student Mark    18      5     12     10     18      6         69
  Student Grade         A     D      B      C       A      D
 A Chief Examiner’s perspective (cont’d)
                  “I answered all the questions and think I made
                  reasonable attempts at all of them. I thought the
                  first question was pretty easy since I work in
                  embedded value, but I didn’t spend a lot of time
                  on it.”
                        Penelope’s Results

     Question             1      2      3      4      5       6       Total
  Available Marks        20     15     15     15      20     15       100
   Average Mark          12      7      8      8      8       6        49
Raw Student Marks        15      9      7     10      11      8        60
Scaled Student Mark      15      9      8      11     13      9        65
  Student Grade           B      B      C      B      B      C
A Chief Examiner’s perspective (cont’d)

     How did our candidates go?




   Dwayne                 Penelope
  A Chief Examiner’s perspective (cont’d)
                            Dwayne’s Results
      Question         1     2    3    4    5    6    Total   Pass   Result
   Available Marks     20    15   15   15   20   15   100     100     100
    Average Mark       12    7    8    8    8    6     62      62     49
 Raw Student Marks     18    5    12   9    19   5     68      58    Pass
Scaled Student Mark    18    5    12   10   18   6     67      61    Pass
   Student Grade       A     D    B    C    A    D                    Fail
Based on the 5 criteria, Dwayne would fail (despite having passed
  on the scaled and raw marks basis) due to:
• having more than 1 weak response (2 D’s) but no SLK’s (0 E’s
  or X’s)
However, due to the close nature of the results, it is likely that this
  exam would be treated as a borderline case
  A Chief Examiner’s perspective (cont’d)
                           Penelope’s Results
     Question         1     2    3    4    5    6    Total   Pass   Result
  Available Marks     20    15   15   15   20   15   100     100     100
   Average Mark       12    7    8    8    8    6     62      62     49
 Raw Student Marks    15    9    7    10   11   8     60      58    Pass
Scaled Student Mark   15    9    8    11   13   9     65      61    Pass
   Student Grade      B     B    C    B    B    C                   Pass

Based on the 5 criteria, Penelope would pass (despite having a
  lower raw and scaled mark than Dwayne) as she has:
i) passed 4 of 6 questions (only 2 C’s)
ii) having no weak responses (0 D’s) or SLKs (0 E’s)
                   GOOD LUCK!!!




All characters appearing in this work are fictitious. Any resemblance to
           real persons, living or dead, is purely coincidental
Q&A

				
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