University of New South Wales Presentation to Actuarial Students

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University of New South Wales Presentation to
Actuarial Students

• Helen Martin BA FIAA
• IAAust Past President
• August 2003

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The ActuarialProfession in Australia

• Role of the Institute
• Initiatives activities
• Education Part III Review
• Why its a great profession!

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• Role of the Institute
• Professional body representing, and providing
  services to, members of the actuarial profession
  since 1897
• Over 2600 members, including students,
  Associates, Fellows Affiliates
• Vision IAAust aims to position the profession so
  that wherever there is uncertainty of future
  financial outcomes, actuaries are sought after
  for their valued advice and authoritative
  comment.

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• Role of the Institute
• IAAust represents the actuarial profession by
  creating, expanding and maintaining an
  environment where the skills of actuaries are
  widely used and valued through
• development of professional standards
• providing education, CPD forums for discussion
• promoting research development of actuarial
  science, and
• contributing to public policy.

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• Initiatives Activities
• Education
• Recognised as world class - flexible and
  innovative
• Continually evolving eg current Part III
  changes
• Partnership with universities important
• Asian education strategy
• CPD, Discussion forums, member services
• Conventions, forums seminars
• Journals, magazine, web-site
• Links with industry and other bodies
• Research, experience studies

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• Initiatives Activities
• Policy submissions representation
• General Insurance
• Public Liability Medical Indemnity
• Health Financing
• Ageing Retirement Incomes
• Governance prudential issues
• Financial reporting, accounting and executive
  options
• International involvement
• International Actuarial Association
• International Accounting Standards Board
• International Association of Insurance
  Supervisors

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• Education Part III Review
• Part I
• equivalent to UK 100 series subjects
• covers core technical material
• Part II (Actuarial Control Cycle)
• practical application across all areas
• leads to AIAA qualification
• Part III
• Specialist subjects by practice area
• leads to FIAA qualification

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• Education Part III Review
• Current Part III Structure
• Pass two Specialist subjects in- Finance-
  Investment- Life Insurance- General Insurance-
  Superannuation Planned Savings

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Education Part III Review

• Proposed Part III structure
• Each module is a half-year subject, all four
  modules must be completed

Module 1Investment Management
Module 2Specific Practice Area Skills
Module 3Specific Practice Area Skills
Module 4Business Applications
Part III
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• Education Part III Review
• Proposed Part III Structure
• Module 1 - compulsory
• provide adequate level of investment knowledge
• Modules 2 and 3 - at selection of student
• only one specialist area required
• develop technical and judgment skills
•  
• Module 4 compulsory
• non-practice area specific
• use judgement apply knowledge and skills to
  simulated commercial problems.

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• Education Part III Review
• Proposed Part III Structure
• Modules 2 and 3
• Existing courses split into two modules for-
  Life Insurance- General Insurance-
  Superannuation Planned Savings
• New combined Investment and Finance course
  established as two modules

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Education Part III Review

• Proposed Part III Structure
• Module 4
• combination of self study material 5 day
  intensive residential course
• traditional and non-traditional areas
• ethical issues corporate governance
• professional standards
• accredited communications course

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Education Part III Review

• Assessment
• Modules 1 - 3 combination of assignments exam
  (max. 20 based on assignments)
• Module 4 combination of case study (completed
  under exam conditions) examination
• Exploring possibility of other methods eg Viva
  Voce

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Education Part III Review

• Transition 2005 2006
• modules offered twice yearly from 2005
• two years to qualify under old structure
• Part III subjects passed prior to 2004 credit
  of two modules in the new structure
• Pass in one paper in 2004 credit of one module
  in new structure

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Why its a great profession!

• Valuable technical skills with wide application
• Areas of work many and varied
• Opportunities in financial services and beyond
• Member of respected profession
• Global qualification - mutual recognition
• Access to IAAust services and programs
• Industry/professional/political/regulatory
  involvement
• The opportunity to make a difference!

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• Want more information?
• Visit the IAAust website
• www.actuaries.asn.au
• Contact the IAAust Secretariat
• Institute of Actuaries of Australia
• Level 7 Challis House, 4 Martin Place
• Sydney 2000 AUSTRALIA
• Telephone [phone]
• Fax [phone]
• Email insact_at_actuaries.asn.au