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Part III Orientation session

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

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Part III Orientation session

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  1. Part III Orientation session January 12 2011 Presenter: Philip Latham (Education Manager)

  2. 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?

  3. 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)

  4. 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

  5. Pathways in 2011 Associate and Fellow

  6. Situation 1: Associate PathwayThose 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

  7. 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 3A General Insurance Course 2A Life Insurance Course 6A Global Retirement Income Systems Course 5A Investment Management and Finance MODULE 2 OR OR PLUS PLUS PLUS PLUS OR Course 2B Life Insurance Course 3B General Insurance Course 5B Investment Management and Finance Course 6B Global Retirement Income Systems MODULE 3 PLUS Course 10 Commercial Actuarial Practice MODULE 4 Professionalism Course Fellow - FIAA

  8. Situation 2: Associate PathwayThose 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

  9. 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 3A General Insurance Course 2A Life Insurance Course 6A Global Retirement Income Systems Course 5A Investment Management and Finance MODULE 2 OR OR PLUS PLUS PLUS PLUS OR Course 2B Life Insurance Course 3B General Insurance Course 5B Investment Management and Finance Course 6B Global Retirement Income Systems MODULE 3 PLUS Course 10 Commercial Actuarial Practice MODULE 4 Professionalism Course Fellow - FIAA

  10. Situation 3: Associate PathwayThose 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

  11. Situation 3: Fellow PathwayThose 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 3A General Insurance Course 2A Life Insurance Course 6A Global Retirement Income Systems Course 5A Investment Management and Finance MODULE 2 OR OR PLUS PLUS PLUS PLUS OR Course 2B Life Insurance Course 3B General Insurance Course 5B Investment Management and Finance Course 6B Global Retirement Income Systems MODULE 3 PLUS Course 10 Commercial Actuarial Practice MODULE 4 Professionalism Course Fellow - FIAA

  12. Part III Education Program 2011 Course 1 Investments Course 7A Enterprise Risk Management MODULE 1 OR PLUS Investments Bridging Course PLUSBoth courses in ONE of the following specific practice areas: Life Insurance, General Insurance, Investment Management and Finance or Global Retirement Income Systems Course 3A General Insurance Course 2A Life Insurance Course 6A Global Retirement Income Systems Course 5A Investment Management and Finance OR MODULE 2 OR OR PLUS PLUS PLUS PLUS Course 2B Life Insurance Course 3B General Insurance Course 5B Investment Management and Finance Course 6B Global Retirement Income Systems MODULE 3 PLUS Course 10 Commercial Actuarial Practice(Compulsory) MODULE 4

  13. 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

  14. “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”

  15. 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)

  16. 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

  17. 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

  18. 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

  19. 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.

  20. 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

  21. 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)

  22. 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

  23. one Assignment (15%) one 3 hour exam (85%) Assessment – C1, 2A, 2B, 3A, 3B, 5A, 5B, 6A, 6B

  24. Assessment – Course 7A ERM • UK ST9 Exam (100%) • Attendance at 2 day ERM workshop is compulsory

  25. Assessment - CAP • Post-course Report (20%) • Case Study Exam (80%)

  26. Part III Pass Rates * 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%

  27. 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)

  28. 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

  29. 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 !

  30. 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

  31. 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

  32. Learning Management System Calendar Course overview Unit readings Discussion forums per unit

  33. Submitting Assignments Online Click on Assignment to bring up text

  34. Submitting Assignments Online Browse and upload your assignment Send for marking

  35. Tutorial presentations and audio 1) How to get to tutorial links

  36. A Chief Examiner’s perspective What do I need to do to pass the exam? Dwayne Penelope

  37. 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

  38. 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

  39. A Chief Examiner’s perspective (cont’d) How did our candidates go? Dwayne Penelope

  40. A Chief Examiner’s perspective (cont’d) Dwayne’s Results • 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

  41. A Chief Examiner’s perspective (cont’d) Penelope’s Results • Based on the 5 criteria, Penelope would pass (despite having a lower raw and scaled mark than Dwayne) as she has: • passed 4 of 6 questions (only 2 C’s) • having no weak responses (0 D’s) or SLKs (0 E’s)

  42. GOOD LUCK!!! All characters appearing in this work are fictitious. Any resemblance to real persons, living or dead, is purely coincidental

  43. Q & A

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