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

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)

3 YR PRACTICAL EXPERIENCE REQUIREMENT

PROFESSIONALISM COURSE

Associate - AIAA

INVESTMENTS BRIDGING COURSE

www.actuaries.asn.au

http://www.actuaries.asn.au/

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

Course 1 Investments

Course 2A Life Insurance

Course 3A General Insurance

Course 5A Investment Management

and Finance

Course 10 Commercial Actuarial Practice

PLUS

OR OR OR

PLUS

Course 7A Enterprise Risk ManagementORMODULE 1

MODULE 2

MODULE 3

MODULE 4

Course 6A Global Retirement Income Systems

Course 2B Life Insurance

Course 3B General Insurance

Course 5B Investment Management

and Finance

Course 6B Global Retirement Income Systems

Investments Bridging Course

PLUS

PLUSPLUS PLUS PLUS

Fellow - FIAA

Part I

Part II (Actuarial Control Cycle)

Professionalism Course

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)



Associate - AIAA



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





and Finance


PLUS

OR OR OR

PLUS


MODULE 2

MODULE 3

MODULE 4





and Finance


PLUSPLUS PLUS PLUS

Fellow - FIAA

Part I

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


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)



Associate - AIAA



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.





and Finance


PLUS

OR OR OR

PLUS


MODULE 2

MODULE 3

MODULE 4





and Finance



PLUS

PLUSPLUS PLUS PLUS

Fellow - FIAA

Part I

Part II (Actuarial Control Cycle)


Part III Education Program 2011





and Finance

Course 10 Commercial Actuarial Practice(Compulsory)

PLUSBoth courses in ONE of the following specific practice areas: Life Insurance, General

Insurance, Investment Management and Finance or Global Retirement Income Systems

OR OROR

PLUS


MODULE 2

MODULE 3

MODULE 4





and Finance



PLUS

PLUSPLUS PLUS PLUS

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, [email protected], (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

• one Assignment (15%)• one 3 hour exam (85%)

Assessment – C1, 2A, 2B, 3A, 3B, 5A, 5B, 6A, 6B

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 RatesSemester 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

Course overview

Discussion forums per unit

Unit readings

Calendar

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.”

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

Dwayne’s Results


“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.”

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

Penelope’s Results


How did our candidates go?

Dwayne Penelope


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

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


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

Penelope’s Results

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

Documents

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