Practical Experience Requirement
The Institute of Actuaries of Australia’s Practical Experience Requirement provides a structured framework to assist students to gain practical experience while completing their studies. The program also assists students in achieving relevant workplace skills and experience.
Members will be allowed to attend the Professionalism Course for the purposes of achieving Associate status and the new “actuary” designation if they have:
- Completed Part I, Part II of the education program or are eligible for all Part I and II exemptions and are Members of the Institute
- Completed at least 2 years of the required 3 years experience
- Completed the 2 year or 3 year PER sign off form and returned it to the Institute
Information on the Practical Experience Requirement
1.What is the 2 Year - Practical Experience Requirement (PER)?
To meet the 2 Year PER you must have at least ‘two years’ of ‘Practical Experience’ before you will be allowed to attend the Institute Professionalism Course.
‘two years’ means the equivalent of 90 full-time working weeks. A full-time working week means at least 35 hours of work time. In other words, you need to do at least 3,150 (90 x 35) hours of ‘Practical Experience’ before you can complete the sign off form to attend the Institute’s Professionalism Course.
2.What is the 3 Year – Practical Experience Requirement (PER)?
After 1 January 2010, to become an Associate and attain the designation “actuary”, members will have to have three years’ practical experience. This is considered to be equivalent to 135 full-time working weeks, where a full-time working week means at least 35 hours of work time. The PER must span 3 calendar years and experience prior to 31 December 2009 can be counted.
3.When can I begin counting my Practical Experience?
Members can begin counting their PER from the date they commence (or commenced) eligible work, provided it is after they commence(d) approved actuarial tertiary study or Part I exams via correspondence.
4.What activities qualify for the PER?
Activities that qualify for the PER are those that make professional use of what members have studied in order to become an actuary. They include:
- Work that makes use of economic, financial and statistical principles to solve professional problems;
- Work that deals with the financial implications of uncertain events;
- Work in the financial services sector, which includes insurance, superannuation, banking and investments;
- Actuarial work in Health, Energy and academic areas.
5. What activities do not qualify for the PER?
Activities that have nothing to do with the financial services sector which includes insurance, superannuation, banking and investments or actuarial work in Health, Energy and academic areas do not qualify.
6.When must I register for the PER Program?
You do not need to register for the PER. You only need to submit the PER form once you have completed 2 or 3 years of the PER.
7.Completion of PER and Sign-off
At the end of your 90/135 full time working weeks, you must sign a Sign-off Form confirming that you have met the PER. You must get this form counter-signed by your Manager who will confirm that he or she believes that you have met the PER.
You can send in the completed form to the Institute office as soon as you have met the requirement.
This form must be received and processed PRIOR to your registering for the Institute’s Professionalism Course. If your form is not received, you will not be accepted into the Professionalism Course.
For further information on the Practical Experience Requirement you can contact us via:
T: +61 (0) 2 9233 3466